HyperLiquid Increases “DEX Market Share” Despite $6.2 Million Hack

Despite the recent $6.2 million hack of decentralized exchange Hyperliquid, decentralized exchanges (DEXs) are
It continues to eat into the market share of centralized exchanges (CEXs).
Ong said in a post on X on the 3rd (local time) that "the $JELLYJELLY attack was a particularly notable incident," and that "Binance and OKX
There were even suspicions that they may have conspired to launch attacks targeting HyperLiquid by listing derivatives of the meme coin in question."
He continued, "Centralized exchanges (CEXs) feel a sense of crisis that they are losing market share to decentralized exchanges (DEXs), and
On March 27, a cryptocurrency whale exploited HyperLiquid's liquidation parameters to create a "Jelly-my-Jelly" (JE
LLY) meme coin, making at least $6.26 million in profits. This is the second significant hack that HyperLiquid has experienced in March.
HyperLiquid is currently the eighth-highest volume perpetual futures exchange in the world, both centralized and decentralized.
Citing a research report released on the 4th, Ong assessed that the cryptocurrency is “ahead of traditional heavyweights such as HTX, Kraken, and BitMEX.”
This shows that decentralized exchanges are moving beyond simple spot trading and emerging as central pillars in the derivatives market as well.