I appreciate this insightful article on Hyperliquid. It's important that people are informed about the potential risks associated with this Exchange.
When the Hyperliquid decentralized exchange launched, I was intrigued and decided to test it out. Here’s a summary of my experience:
1. Initial Transaction: I made a test transaction, which unfortunately got stuck in the process.
2. Support Interaction: I contacted customer support regarding the issue. A few hours later, the swap successfully went through.
3. Follow-Up Questions: I had some follow-up questions about the platform’s operations:
- How can it be labeled as an automated decentralized exchange if moderators can interfere with transactions?
- Why is the source code of the DEX kept private?
4. Response from Support: The support team explained that they keep the source code private to maintain a competitive edge.
This experience raised concerns about the true decentralization and automation of the exchange. I am not sure why Coinmarketcap & Coingecko label Hyperliquid as a DEX.
It is just another blockchain written from scratch with a highly experimental consensus algorithm, which was created to provide effortless mining for all participants with a public IP address. NADO is not a classic proof-of-work blockchain like Bitcoin. Unlike most other crypto, its focus is on accessibility to rewards for everyone. It has a fully elastic reward mechanism, rewarding users only when transactions are happening on the chain. Users can burn their share of tokens in order to increase their chances of winning more rewards in the future.
Bismuth originated as a single-file code base. It grew to become a powerful engine after many thousands of updates & code iterations. With Bismuth2.0, it was time to consolidate, organize and clean up to get better control of the code, permit easier maintenance and streamline external work on the code. Regardless of the core overhaul, the new V2 code base will retain full compatibility with legacy nodes. Legacy support may be dropped at one point in the future once Bismuth2.0 has fully transitioned.
When the Hyperliquid decentralized exchange launched, I was intrigued and decided to test it out. Here’s a summary of my experience:
1. Initial Transaction: I made a test transaction, which unfortunately got stuck in the process.
2. Support Interaction: I contacted customer support regarding the issue. A few hours later, the swap successfully went through.
3. Follow-Up Questions: I had some follow-up questions about the platform’s operations:
- How can it be labeled as an automated decentralized exchange if moderators can interfere with transactions?
- Why is the source code of the DEX kept private?
4. Response from Support: The support team explained that they keep the source code private to maintain a competitive edge.
This experience raised concerns about the true decentralization and automation of the exchange. I am not sure why Coinmarketcap & Coingecko label Hyperliquid as a DEX.