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Reverse Engineering Hyperliquid

24 points by pigeons

by bitsignal

0 subcomment

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.

by saubeidl

3 subcomments

All I ever hear from the crypto space is scams.
The technology has been out for a while now and I don't think I ever read anything good coming out from it.
Why do people still bother?

by egamirorrim

0 subcomment

This is really great, thanks so much for your work.