The Jelly hunt for Hyperliquid is of strategic significance for CEX and also positive for the value brought by decentralized PERP 1. It has been proven that high-level funds still require CEX's mature system to protect them -Including mechanisms, risk control, and account systems, etc., decentralized PERP still needs further evolution to catch up. There is no need to elaborate on how secure CEX is here -For example, Binance still has the ability to fine @ movementlabsxyz, while decentralized contract centers cannot Why do I say that the value brought by decentralized PERP is also positive? I have had multiple discussions with Teacher @ Gink5814 and have previously suggested optimizing similar mechanisms on Space. What decentralized PERP requires is a more mature ZK solution https://(x.com)/Gink5814/status/1904916977543766096 Isn't ZK decentralized? Yeah, but @ chameleon_Jeff didn't do these things well to protect users. Since the first wave of HLP problems appeared, he only took measures similar to centralized exchanges, without iterative optimization of decentralized mechanisms at the product level Setting aside the decentralized narrative, Hyperliquid as a decentralized perp exchange needs time to prove itself, and what happened to JELLYJELLY is essentially putting Hyperliquid in a dilemma: -If Hyperliquid insists on decentralization, then it must admit a loss of 10m -If Hyperliquid does not adhere to decentralization and defaults directly, will its decentralized narrative still hold true? Currently, Hyperliquid @ HyperliquidX has chosen "survival" - decentralized storytelling is no longer necessary, saving cash flow to survive So, he is no longer a decentralized exchange, and his mechanism has been falsified in the short term. As a CEX, what should be his valuation? This is the question that retail traders need to consider I believe on chain will be the future, but Hyperliquid may not necessarily be the case at present