Why do I say that hyperliqiud is essentially a centralized exchange:

1. Customers actually still need to deposit funds, only instead of depositing funds into the hyperliqiud treasury contract, they deposit USDC, and the customer authorization will cause the funds to be credited to the on-chain Clearinghouse account balance. When you place an order or open a position, the Clearinghouse checks and locks/reserves the required margin (Initial Margin) in real-time on-chain, and the locked margin is deducted from your available balance in the Clearinghouse to support that order or position. The deposited funds are not under the customer's control;

2. Customer's orders and cancellations are "faux on-chain." The customer's order and cancellation transactions first enter the server's trading queue for asynchronous sorting and batch processing. Then they are asynchronously packed into blocks. While the actions can be seen on-chain, and the final order book status, trades, and liquidations are deterministically on-chain and verifiable, there is no hidden off-chain order book, but essentially it is an off-chain computation with on-chain recordings as a sleight of hand, which can easily hide information from you or create false records;

3. Order execution is exactly the same as the matching engine of a centralized exchange. The execution rules and liquidation rules are also completely identical. The essence is still that the trades are matched in the server and then the results are asynchronously written to the chain, appearing to be fair and transparently executed on-chain, but in reality, it is still server matching;

4. Fund security: After customers deposit USDC into HLP, the funds have a lock-up period (currently 4 days) and cannot be withdrawn freely at any time. In theory, hyperliqiud can prohibit you from withdrawing funds;

5. The early Hyperliquid mainnet was launched on Arbitrum. HyperCore is responsible for order matching and state updates, but final settlement and fund bridging rely on Arbitrum. It can be understood as "Layer 1.5" or App-chain form. After 2024, Hyperliquid will migrate to its so-called L1 chain, and HyperEVM will be launched in 2025, which is essentially just adding an EVM-compatible environment. The goal is to use the 7702 protocol, allowing regular users to enjoy modern experiences such as fine-grained authorization, gas payment, and batch execution when performing more complex DeFi operations. However, this 7702 caused me a loss of 310,000 USDC; what this so-called HyperEVM chain essentially is, is just a database!

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