Hyperliquid Co-Founder: SK Hynix-related Perpetual Contract Deployed and Operated by the XYZ Team, Investigating Incident Cause

Odaily, In response to this morning's abnormal SK Hynix price quotation incident on Trade.xyz, Hyperliquid co-founder iliensinc stated that Hyperliquid is a permissionless blockchain where different teams can deploy and operate markets based on its infrastructure. Among these, the xyz:SKHYNIX perpetual contract was deployed and is operated by the XYZ team. The XYZ team is currently investigating the situation and will provide updates once a conclusion is reached.

He also explained that the market deployer for HIP-3 is responsible for providing data including the mark price, oracle, and external perpetual contract prices. Taking the pricing mechanism of a perpetual contract similar to BTC as an example, the protocol provides the median of the latest on-chain transaction price, the best bid, and the best ask as one of the three price components. The other two prices are provided by the deployer, and all three collectively influence the final mark price.