•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Hyperliquid has been one of crypto’s biggest recent success stories, ranking among the 10 largest cryptocurrencies by market capitalization. It is also the newest name on that list: the platform launched in November 2024, while most other top-10 tokens have been around for five years or longer.
The momentum is largely tied to its trading platform. Hyperliquid is a decentralized exchange designed to deliver performance comparable to centralized venues, including fast execution and competitive trading fees. Its real-world activity reflects that traction, with perpetual futures volumes approaching $200 billion per month.
Although Hyperliquid is described as decentralized, it uses a relatively small validator set. The Hyperliquid site lists 30 validators, which is far below other major networks. Ethereum has about 900,000 validators, Cardano has nearly 3,000, and Solana has over 700.
Fewer validators can increase the risk that a small group exerts outsized control. One example cited involves March 2025, when a trader opened a short position on JELLY, a low-cap meme coin, and then promoted the token’s price on other decentralized exchanges.
According to the article, the Hyperliquid Liquidity Pool inherited the short position and would have been exposed to large losses. At one point, it was down $13.5 million. Hyperliquid’s validators voted to manually delist JELLY and close the position at $0.0095, rather than the inflated market price of $0.50.
Hyperliquid does not impose know-your-customer (KYC) requirements. Traders can connect a crypto wallet and deposit USD Coin, which is a key appeal of decentralized exchanges—but it also creates vulnerabilities.
The article notes that bad actors can exploit the privacy and openness of decentralized platforms for illegal activity, including money laundering. In late 2024, on-chain analysts flagged wallets linked to North Korean hackers trading on Hyperliquid, and the article says the token’s price fell by more than 18%. In 2025, Chinese police were reportedly working on cases involving crypto money laundering on Hyperliquid.
The piece also highlights that suspected illegal activity and the absence of KYC can draw regulatory scrutiny. As a response, Hyperliquid announced a $29 million investment in the Hyperliquid Policy Center, intended to develop a clearer, regulated pathway for decentralized finance (DeFi) in the U.S. Still, the article concludes that decentralized exchanges remain risky for now.
The article acknowledges Hyperliquid’s strengths, including its focus on perpetuals trading and features such as a summary card intended to make trading activity shareable and drive organic user marketing.
However, it argues that validator concentration is a major concern. The author says they are not confident in decentralized exchanges as investments, pointing to the pattern that some decentralized platforms can surge briefly but struggle to sustain growth—citing Uniswap as an example—and states they plan to stay away from Hyperliquid.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
