Wu learned that Jeff, co-founder of Hyperliquid, stated that HLP is a permissionless protocol vault pioneered by Hyperliquid; HLP does not charge depositors any fees and has historically returned $60 million in profits to depositors; On CEX, these profits usually flow to internal market making departments rather than users; HLP plays two roles: market making and backup clearing. In terms of market making, HLP operates a passive strategy, accounting for less than 2% of Hyperliquid's total trading volume; HLP only performs backup liquidation, which means taking over positions that cannot be cleared in the market; The statement that the platform itself has solvency risk is incorrect, but HLP is indeed excessively exposed to manipulation. http://(wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=40539