What to know:
- An employee at node operator ChorusOne sparked concerns over a lack of HyperLiquid decentralization and validator fairness.
- HyperLiquid said it plans to make code open-source when it is secure to do so and that it has plans to enhance decentralization.
- HYPE is down by 15% in the past 24-hours.
In a bid to address concerns about its perceived centralization and problems related to validators, the layer-1 blockchain, HyperLiquid – renowned for its derivatives exchange – has taken steps to address the criticisms leveled against it.
The worries were first voiced by Kam Benbrik, a worker at ChorusOne who oversees multiple nodes on various blockchains. Many of these problems originated due to HyperLiquid utilizing “proprietary software code,” which Benbrik believes restricts the freedom of node operators.
As an analyst, I find myself noting that over 81% of the staked HYPE is under HyperLiquid’s control, which could potentially lead to a chain of unfavorable events.
In simpler terms, if an individual or group owns one-third of the shares, they have the power to stop the chain. But if they own two-thirds, they have complete control over the entire network. This is according to Benbrik’s explanation.
HyperLiquid addressed concerns about decentralization by proposing a “Foundation Support Program for Top Validators,” which aims to strengthen the network by backing outstanding validators.
Regarding the subject of closed-source code, HyperLiquid stated: “At present, our node code is not open-source. Open-sourcing is crucial for many projects, but we only make this move once development has reached a stable point. It’s worth noting that Hyperliquid operates at speeds far greater than most other projects, and its scope is significantly larger too. We will make the code open-source when it becomes safe to do so.
After the talk, there emerged early signs of unfavorable opinions concerning HyperLiquid. This is quite different from the period after the introduction of its indigenous HYPE token, during which the price soared dramatically from $3.57 to $33.50 due to escalating trading activities.
The price of HYPE has significantly decreased to $21.49, marking a 15.37% drop over the last 24 hours, as reported by CoinMarketCap.
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2025-01-08 17:17