币界网报道：Hyperliquid rebounded quickly after the $JELLYJELLY manipulation incident in March, setting new highs in trading volume, open interest and $HYPE price. The decentralized perpetual contract exchange currently accounts for 78% of the on-chain derivatives market with its high-performance Layer1 chain and unique HLP vault mechanism. Although the $JELLYJELLY incident exposed the problem of centralized governance of validators, the platform avoided systemic collapse through the intervention of HyperFoundation. After the crisis, the Hyperliquid ecosystem expanded rapidly and has launched 21 new dApps covering NFT, DeFi and other fields. Its native token $HYPE adopts a community-first distribution model, with 70% of the supply allocated to users and transaction fees reduced by staking. Anonymous whale traders continue to choose the platform for high-leverage transactions, pushing it to become the core battlefield for on-chain speculation.