3.62亿美元去哪了？Hyperliquid反击FUD，一场对账背后的去中心化路线之争

marsbitОпубликовано 2025-12-24Обновлено 2025-12-24

Введение

2025年12月20日，一篇技术文章《Reverse Engineering Hyperliquid》通过逆向工程指控Hyperliquid存在9项严重问题，包括3.62亿美元资金缺口及“上帝模式后门”，称其是“伪装成区块链的中心化交易平台”。Hyperliquid官方迅速回应，澄清资金缺口实为用户资产从Arbitrum跨链桥迁移至HyperEVM原生链的账面差异，总储备金43.51亿USDC与用户余额完全吻合。官方部分澄清了技术质疑，如“CoreWriter”权限受限、测试网残留代码已隔离、8个广播地址为抗MEV措施等，但未正面回应治理提案不可查询及跨链桥无强制提款机制的问题。回应中，Hyperliquid还罕见批评竞品Lighter、Aster等依赖“中心化排序器”，强调自身“全状态上链”的透明度优势。此外，团队承认近期做空HYPE代币的地址属于前员工个人行为，与现团队无关。此次事件凸显了DeFi协议架构复杂化下的审计挑战，也反映出Hyperliquid在去中心化演进中仍需平衡性能、透明与权限分散。

2025 年 12 月 20 日,一篇发布在 blog.can.ac 上的技术文章《Reverse Engineering Hyperliquid》,通过逆向工程直接拆解了 Hyperliquid 的二进制文件,指控其存在从「资不抵债」到「上帝模式后门」等 9 项严重问题。文章直言:

「Hyperliquid 是一个伪装成区块链的中心化交易平台。」

面对 FUD,Hyperliquid 官方发布长文回应,或许这不仅是一次单纯的辟谣,更是一场关于「谁才是真正去中心化交易设施」的路线宣战。虽然官方成功澄清了资金安全问题,但在去中心化的某些敏感地带,仍留下了耐人寻味的「留白」。

3.62 亿美元去哪了?「双账本」下的审计盲区

指控中最具杀伤力的一点是:Hyperliquid 系统内的用户资产比链上储备少了 3.62 亿美元。如果属实,这意味着这是一家部分准备金运行的「链上 FTX」。

但经过核查,这是一个因为「架构升级」导致的信息不对称误读。质疑者的审计逻辑是:Hyperliquid 储备金 = Arbitrum 跨链桥上的 USDC 余额。根据这一逻辑,他查看了跨链桥地址,发现余额确实少于用户总存款。

Hyperliquid 回应称,正在经历从「L2 AppChain」向「独立 L1」的完全体进化。在这个过程中,资产储备变为了双轨制:

指控者完全忽略了位于 HyperEVM 上的原生 USDC,根据链上数据(截至发稿时):

· Arbitrum 跨链余额: 39.89 亿 USDC(Arbiscan 可查)

· HyperEVM 原生余额: 3.62 亿 USDC(Hyperevmscan 可查)

· HyperEVM 合约余额: 0.59 亿 USDC

总偿付能力 = 39.89 亿 + 3.62 亿 + 0.59 亿 ≈ 43.51 亿 USDC

这一数字与 HyperCore 上的用户总余额(Total User Balances)完全吻合。所谓的「3.62 亿缺口」,恰恰就是已经迁移至 HyperEVM 的原生资产。这并非资金消失,而是资金在不同账本间的流转。

9 点指控对账单:澄清了什么?回避了什么?

已澄清的指控

指控:「CoreWriter」上帝模式: 指控称其能凭空印钞、挪用资金。

回应: 官方解释这是 L1 与 HyperEVM 交互的接口(如质押),权限受限,并无挪用资金能力。

指控:3.62 亿资金缺口。

回应: 如上文所述,系未计算 Native USDC。

指控:未公开的借贷协议。

回应: 官方指出现货 / 借贷功能(HIP-1)文档已公开,处于预发布阶段,并非秘密运行。

已承认但有合理解释的指控

指控:二进制文件含「修改交易量」代码(TestnetSetYesterdayUserVlm)。

回应: 承认存在。但解释为测试网(Testnet)残留代码,用于模拟费率逻辑,主网节点已物理隔离该路径,无法执行。

指控:只有 8 个广播地址能提交交易。

回应: 承认。解释为抗 MEV(最大可提取价值)措施,防止用户被抢跑。承诺未来会实行「多提议者」机制。

指控:链可以被「计划性冻结」且无撤销功能。

回应: 承认。解释这是网络升级(Upgrade)的标准流程,必须全网暂停切换版本。

指控:预言机价格可被瞬间覆盖。

回应: 解释为系统安全性设计。为了在类似 10/10 的极端波动中及时清算坏账,验证者预言机确实没有设置时间锁。

回应缺失 / 模糊

在我们的核对中,有两点指控在官方回应中未被正面提及或完全解决:

指控:治理提案不可查询(Governance proposals are unqueryable),用户只能看到投票发生了,但链上数据不包含提案的具体文本内容。

回应: 官方未在长文中回应此点。这意味着 Hyperliquid 的治理目前对普通用户而言仍是一个「黑盒」,你只能看到结果,看不到过程。

指控:跨链桥无「逃生舱」(No Escape Hatch),提现可能被无限期审查,用户无法强制提款回 L1。

回应: 官方虽然解释了 POPCAT 事件中锁定桥是为了安全,但未反驳「无逃生舱」这一架构事实。这表明在当前阶段,用户资产进出高度依赖验证者集的放行,不具备 L2 Rollup 那样的抗审查强制提款能力。

「拉踩」竞品

这次风波最有趣的地方,在于它逼迫 Hyperliquid 亮出了自己的底牌,也让我们有机会重新审视 Perp 赛道的格局。官方在回应中罕见地「拉踩」了竞品,将枪口对准了 Lighter、Aster 甚至行业巨头 Binance。

其表示,「Lighter 使用单一的中心化序列器,其执行逻辑和零知识证明(ZK)电路均不公开。Aster 使用中心化撮合,甚至提供暗池交易,而暗池交易只有在单一的中心化序列器且执行过程不可验证的情况下才能实现。其他一些包含开源合约的协议则没有可验证的序列器。」

Hyperliquid 直言不讳地将这些竞争对手归为一类,称它们均依赖「中心化排序器(Centralized Sequencer)」。官方强调:在这些平台上,除了排序器运营者,没有任何人能看到完整的状态快照(包括订单簿历史、仓位细节)。相比之下,Hyperliquid 试图通过让所有验证者执行相同的状态机来消除这种「特权」。

而这波「拉踩」或许也正是因为 Hyperliquid 对当前的市场份额产生了担忧,根据 DefiLlama 过去 30 天的交易量数据,市场格局已呈三足鼎立之势:

· Lighter:交易量 2323 亿美元,暂居榜首,占比约 26.6%。

· Aster:交易量 1955 亿美元,位居第二,占比约 22.3%。

· Hyperliquid:交易量 1820 亿美元,位居第三,占比约 20.8%。

面对 Lighter 和 Aster 后来者居上的交易量,Hyperliquid 试图打出「透明度」这张牌——即「虽然我有 8 个中心化广播地址,但我全状态上链可查;而你们连查都没法查」。不过值得注意的是,虽然在交易量上 Hyperliquid 略逊于前两名,但在持仓量(Open Interest, OI)上,Hyperliquid 呈现碾压态势。

舆情回应:谁在做空 HYPE?

除了技术与资金问题,社区最为关切的还有近期 HYPE 代币疑似被「内部人士」做空砸盘的传闻。对此,Hyperliquid 团队成员在 Discord 首次给出了定性回应:「0x7ae4 开头做空地址属于一名前员工」,该人员曾是团队成员,但已于 2024 年初被解雇。该前员工的个人交易行为与 Hyperliquid 现有团队无关。平台强调,目前对所有在职员工和承包商实行极其严格的 HYPE 交易限制与合规审查,严禁利用职务之便进行内幕交易。

这一回应试图将「团队作恶」的指控降级为「前员工个人行为」,但在代币分发与解锁机制的透明度上,社区或许仍期待更详尽的公示。

Don't Trust, Verify

Hyperliquid 的这次澄清推文,堪称教科书级别的危机公关——不是靠情绪输出,而是靠数据、代码链接和架构逻辑。它没有止步于自证清白,而是反守为攻,通过对比竞品的架构,强化了自身「全状态上链」的品牌和优势。

虽然 FUD 被证伪,但这次事件给行业留下的思考是深远的。随着 DeFi 协议向独立应用链(AppChain)演进,架构越来越复杂,资产分布越来越碎片化(Bridge + Native)。传统的「看一眼合约余额」的查账方式已经失效。

对于 Hyperliquid 而言,证明了「钱在」只是第一步。如何在保持高性能和抗 MEV 的优势下,逐步移交那 8 个提交地址的权限,真正实现从「透明的中心化」到「透明的去中心化」的跨越,才是它通往「终极 DEX」的必经之路。

而对于用户,这次风波再次印证了加密世界的那条铁律:不要相信任何叙事,去验证每一个字节。

Связанные с этим вопросы

Q针对Hyperliquid的3.62亿美元资金缺口指控，官方是如何回应的？

A官方回应称，所谓的3.62亿美元资金缺口是由于Hyperliquid正在从L2 AppChain向独立L1升级，资产储备采用双轨制。质疑者仅计算了Arbitrum跨链桥上的USDC余额，但忽略了已迁移至HyperEVM的原生USDC。根据链上数据，总偿付能力（Arbitrum跨链余额 + HyperEVM原生余额 + HyperEVM合约余额）与用户总余额完全吻合，不存在资金缺口。

Q在9项指控中，哪些被Hyperliquid官方完全澄清？

A官方完全澄清了以下指控：1. 'CoreWriter'上帝模式：解释为L1与HyperEVM交互的受限接口，无挪用资金能力；2. 3.62亿美元资金缺口：系未计算Native USDC导致的误读；3. 未公开的借贷协议：指出现货/借贷功能（HIP-1）文档已公开，处于预发布阶段。

QHyperliquid在回应中承认了哪些指控但提供了合理解释？

A官方承认但提供合理解释的指控包括：1. 二进制文件含'修改交易量'代码：解释为测试网残留代码，主网已物理隔离；2. 只有8个广播地址能提交交易：解释为抗MEV措施，承诺未来实行多提议者机制；3. 链可被'计划性冻结'：解释为网络升级的标准流程；4. 预言机价格可被瞬间覆盖：解释为应对极端波动的安全设计。

QHyperliquid在回应中未正面解决哪些指控？

A官方未正面解决两点指控：1. 治理提案不可查询：用户只能看到投票结果，无法查看提案具体内容，治理过程仍为'黑盒'；2. 跨链桥无'逃生舱'：未反驳提现可能被审查的架构事实，用户资产进出依赖验证者放行，缺乏抗审查强制提款能力。

QHyperliquid在回应中如何通过'拉踩'竞品突出自身优势？

A官方通过对比竞品强调自身'全状态上链'的透明度优势：指责Lighter使用中心化序列器且执行逻辑不公开，Aster依赖中心化撮合和暗池交易，而其他协议缺乏可验证序列器。Hyperliquid声称其通过所有验证者执行相同状态机消除'特权'，尽管当前使用8个广播地址，但全状态可查，竞品则无法提供同等透明度。

Похожее

The 'Chip' Challenge and Breakthroughs in China's Optical Industry Chain

China's Photonics Industry: Bottlenecks and Breakthroughs In the global AI race, computing chips dominate the narrative, but the underlying bottleneck increasingly defining the scale of AI clusters is light—or more specifically, optical connectivity. Optical modules, which translate electrical signals to light and vice versa, are crucial for connecting thousands of GPUs in AI data centers, preventing data congestion and ensuring efficient model training. High-speed modules (800G, 1.6T) are now standard, with performance hinging on advanced DSP (Digital Signal Processor) chips. This is where a critical dependency lies. Two US giants—Marvell and Broadcom—collectively dominate over 90% of the high-end DSP chip market. Chinese optical module leaders like Zhongji Innolight and Eoptolink rely on these chips to manufacture modules for overseas AI customers, primarily in North America. While this creates a supply chain vulnerability, complete decoupling is difficult. Marvell derives over half its revenue from Greater China, and the US firms depend on Chinese partners for chip packaging and optical components. The risk from laser chips (e.g., from Lumentum), another key component, is considered more manageable due to multiple global suppliers and faster progress in domestic alternatives from companies like YOFC and Accelink. To mitigate risks, China's industry is pursuing a multi-pronged strategy: diversifying supply chains and locking in long-term orders; fostering a domestic market ecosystem to adopt homegrown DSPs from firms like Huawei HiSilicon and CETC; accelerating R&D in high-speed DSPs and advanced packaging; and investing in next-gen technologies like silicon photonics and Co-Packaged Optics (CPO) to reduce reliance on discrete DSPs. The ultimate solution lies not in short-term博弈 but in persistent advancement of domestic high-end chip R&D and manufacturing. While challenges remain in performance, certification, and ecosystem building, China's vast domestic market and manufacturing base provide a crucial buffer, buying time for the industry to achieve greater technological independence.

marsbit13 мин. назад

The 'Chip' Challenge and Breakthroughs in China's Optical Industry Chain

marsbit13 мин. назад

Behind SpaceX's $2 Trillion Market Cap: Why Does Musk Always Have the Next Move Planned?

On June 12th, SpaceX debuted on the Nasdaq, reaching a valuation that briefly touched $2 trillion. This marked the culmination of a 24-year journey from its founding in 2002, driven by Elon Musk's frustration at the high cost of buying rockets. The company's path was defined by early failures, with its first three Falcon 1 launches ending in explosions before a successful 2008 flight opened the era of commercial spaceflight. Key to its model was a fixed-price NASA contract, incentivizing cost reduction. SpaceX mastered rocket reusability, first achieving a Falcon 9 landing in 2015, which drastically cut launch costs. This enabled its profitable Starlink satellite internet constellation, envisioned years before reusability was proven, to create an internal market for frequent launches. Similarly, the next-generation Starship rocket was in development long before its first flight, with its business case evolving from Mars colonization to supporting the emerging concept of in-orbit data centers for AI—a story now central to its valuation. The company's recent IPO, a reversal of its long-standing "no IPO" stance, is funding this ambitious "space-based compute" vision. While major tech players like Google, Blue Origin, and others are investing heavily, significant technical and cost hurdles remain. Ultimately, SpaceX's history is one of creating its own demand: first with Starlink and now with space-based AI compute, betting that its next rocket will enable its next giant market.

marsbit15 мин. назад

Behind SpaceX's $2 Trillion Market Cap: Why Does Musk Always Have the Next Move Planned?

marsbit15 мин. назад

USDe Circumvents GENIUS Act Yield Ban: How Synthetic Dollars Became Crypto's Most Successful Gray Area?

In drafting the GENIUS Act, Congress prohibited licensed payment stablecoin issuers from paying interest or yield to holders—a rule that forced changes for USDC. However, Ethena's USDe, a rapidly growing "yield dollar," operates outside this regulation. USDe is a delta-neutral synthetic dollar backed by crypto collateral and hedged perpetual futures positions, generating yield from funding rates rather than traditional reserves. Because it doesn't fit the legal definition of a payment stablecoin, the GENIUS Act's restrictions do not apply. USDe's supply peaked above $14 billion in 2025, making it a top-three dollar-denominated crypto asset. Its model carries distinct risks, notably dependence on sustained positive funding rates and vulnerability during market deleveraging events, as seen in a brief depeg in October 2025. Regulatory approaches differ: Germany's BaFin banned USDe sales, viewing it as an unregistered security, while U.S. institutional capital, like Janus Henderson, has embraced it for treasury management. The GENIUS Act defined and regulated payment stablecoins but left synthetic dollars like USDe in a gray area. The unresolved question is whether future regulations will address this category or if yield will continue migrating to undefined spaces.

marsbit18 мин. назад

USDe Circumvents GENIUS Act Yield Ban: How Synthetic Dollars Became Crypto's Most Successful Gray Area?

marsbit18 мин. назад

When Crypto Meets the World Cup: CoinW and Modrić's Art of "Navigating Cycles"

When Encryption Meets the World Cup: CoinW and Modrić's "Transcending Cycles" Philosophy In the context of the 2026 FIFA World Cup and its massive global audience, the crypto exchange CoinW announced football legend Luka Modrić as its global brand ambassador. This move is framed not merely as a marketing tactic, but as a strategic experiment in user profile migration. It targets mature, financially stable football fans—particularly in Europe, Southeast Asia, and Latin America—who traditionally have low crypto awareness but value trusted, time-tested authority figures like Modrić. The article draws parallels between Modrić's enduring, disciplined career—marked by consistency and success at the highest level over two decades—and CoinW's own development path. Founded in 2017 during a volatile industry period, CoinW focused on building robust infrastructure and risk management. It weathered the 2022 industry crisis without major security incidents, subsequently earning recognition like "Europe's Most Trusted Exchange" and growing to over 20 million registered users. This "long-termism" is translated into user-centric products. CoinW Academy lowers the initial knowledge barrier. Its integrated ecosystem (CoinW, GemW, DeriW, PropW) and the recent launch of a TradFi section—offering perpetual contracts on traditional assets like stocks, gold, and oil—aim to create a unified platform for diverse assets. For the World Cup, CoinW launched the "We Are The Game" campaign, collaborating with Alchemy Pay to offer zero-fee deposits and local payment options, aiming to transform spectators into participants and lower entry barriers. Ultimately, CoinW's sports partnerships and product strategy are presented as a concerted effort to build trust and accessibility for the "silent majority" still outside crypto—shifting the industry narrative toward inclusivity and long-term value.

Foresight News21 мин. назад

When Crypto Meets the World Cup: CoinW and Modrić's Art of "Navigating Cycles"

Foresight News21 мин. назад

A Panoramic View of the Solana Privacy Ecosystem: The Complete Privacy Stack from Computation to AI

**Solana Privacy Ecosystem: A Comprehensive Overview from Computation to AI** Solana's privacy ecosystem, while nascent, is rapidly evolving to address key challenges across multiple layers. Key figures like Helius CEO Mert acknowledge that Solana has lagged in privacy but highlight its unique potential for scalable, composable privacy protocols, potentially leveraging technologies like ZK compression without persistent rollups. The foundational layer is **Private Compute**, addressed by providers like Arcium and Magic Block. Arcium utilizes Multi-Party Computation (MPC) networks to process encrypted data off-chain with final settlement on Solana, supporting use cases like confidential payments (via its C-SPL token standard) and encrypted data analysis. Magic Block employs Trusted Execution Environments (TEEs) to create private, ephemeral rollups, offering confidentiality, scalability, and composability. Both enable private order books, dark pools, and DeFi rails. Building on this infrastructure are applications for **Private Transfers and Balances**. Umbra, built on Arcium, offers encrypted token accounts with amount, balance, and sender-receiver linkage privacy, plus compliance features. Privacy Cash uses Tornado-style shielded pools for SOL, while Hush provides private staking and trading with integrated swaps via Jupiter. To eliminate **On-Chain Trails** from everyday activities like trading, protocols like encifherio and VanishTrade are emerging. encifherio privately routes swaps through Jupiter by encrypting transaction details within TEEs. VanishTrade routes trades through shielded liquidity pools. Darklake offers a ZK-native "blind slippage" AMM and private perpetuals to hide trading intent and prevent front-running. More advanced applications include **Private Prediction Markets**. Platforms like Melee Markets use Arcium's MPC to encrypt order books, allowing participants to place hidden bets without revealing their market position until settlement. Finally, the ecosystem is expanding into **Private AI**. Loyal leverages both Magic Block and Arcium to create a decentralized protocol where user-AI interactions, queries, and preferences are encrypted on-chain, giving users ownership and control over their data while enabling private transactions and yield generation. In summary, Solana's privacy stack is developing from core compute and transfer privacy towards sophisticated applications in DeFi, prediction markets, and AI, aiming for a future where Fully Homomorphic Encryption (FHE) and Zero-Knowledge (ZK) proofs combine for a complete privacy solution.

marsbit23 мин. назад

A Panoramic View of the Solana Privacy Ecosystem: The Complete Privacy Stack from Computation to AI

marsbit23 мин. назад

Торговля

Спот

Фьючерсы

Популярные статьи

Как купить SFP

Добро пожаловать на HTX.com! Мы сделали приобретение SafePal (SFP) простым и удобным. Следуйте нашему пошаговому руководству и отправляйтесь в свое крипто-путешествие.Шаг 1: Создайте аккаунт на HTXИспользуйте свой адрес электронной почты или номер телефона, чтобы зарегистрироваться и бесплатно создать аккаунт на HTX. Пройдите удобную регистрацию и откройте для себя весь функционал.Создать аккаунтШаг 2: Перейдите в Купить криптовалюту и выберите свой способ оплатыКредитная/Дебетовая Карта: Используйте свою карту Visa или Mastercard для мгновенной покупки SafePal (SFP).Баланс: Используйте средства с баланса вашего аккаунта HTX для простой торговли.Третьи Лица: Мы добавили популярные способы оплаты, такие как Google Pay и Apple Pay, для повышения удобства.P2P: Торгуйте напрямую с другими пользователями на HTX.Внебиржевая Торговля (OTC): Мы предлагаем индивидуальные услуги и конкурентоспособные обменные курсы для трейдеров.Шаг 3: Хранение SafePal (SFP)После приобретения вами SafePal (SFP) храните их в своем аккаунте на HTX. В качестве альтернативы вы можете отправить их куда-либо с помощью перевода в блокчейне или использовать для торговли с другими криптовалютами.Шаг 4: Торговля SafePal (SFP)С легкостью торгуйте SafePal (SFP) на спотовом рынке HTX. Просто зайдите в свой аккаунт, выберите торговую пару, совершайте сделки и следите за ними в режиме реального времени. Мы предлагаем удобный интерфейс как для начинающих, так и для опытных трейдеров.

275 просмотров всегоОпубликовано 2026.05.22Обновлено 2026.06.02

Как купить CTR

Добро пожаловать на HTX.com! Мы сделали приобретение Citrea (CTR) простым и удобным. Следуйте нашему пошаговому руководству и отправляйтесь в свое крипто-путешествие.Шаг 1: Создайте аккаунт на HTXИспользуйте свой адрес электронной почты или номер телефона, чтобы зарегистрироваться и бесплатно создать аккаунт на HTX. Пройдите удобную регистрацию и откройте для себя весь функционал.Создать аккаунтШаг 2: Перейдите в Купить криптовалюту и выберите свой способ оплатыКредитная/Дебетовая Карта: Используйте свою карту Visa или Mastercard для мгновенной покупки Citrea (CTR).Баланс: Используйте средства с баланса вашего аккаунта HTX для простой торговли.Третьи Лица: Мы добавили популярные способы оплаты, такие как Google Pay и Apple Pay, для повышения удобства.P2P: Торгуйте напрямую с другими пользователями на HTX.Внебиржевая Торговля (OTC): Мы предлагаем индивидуальные услуги и конкурентоспособные обменные курсы для трейдеров.Шаг 3: Хранение Citrea (CTR)После приобретения вами Citrea (CTR) храните их в своем аккаунте на HTX. В качестве альтернативы вы можете отправить их куда-либо с помощью перевода в блокчейне или использовать для торговли с другими криптовалютами.Шаг 4: Торговля Citrea (CTR)С легкостью торгуйте Citrea (CTR) на спотовом рынке HTX. Просто зайдите в свой аккаунт, выберите торговую пару, совершайте сделки и следите за ними в режиме реального времени. Мы предлагаем удобный интерфейс как для начинающих, так и для опытных трейдеров.

271 просмотров всегоОпубликовано 2026.05.25Обновлено 2026.06.02

Что такое USOIL

USOILUSDT Перпетуальный контракт — это торговый символ для нефти сорта Западный Техас (WTI), цена которой указана в долларах США, представляющий 1 баррель сырой нефти.

143 просмотров всегоОпубликовано 2026.05.25Обновлено 2026.05.25

Обсуждения

Добро пожаловать в Сообщество HTX. Здесь вы сможете быть в курсе последних новостей о развитии платформы и получить доступ к профессиональной аналитической информации о рынке. Мнения пользователей о цене на A (A) представлены ниже.