#衍生品市场合约 Recently, there have been some doubts about Hyperliquid, and the platform's clarifications made me think of an important topic: how should we assess the true state of a platform before participating in the derivatives market?

Hyperliquid addressed each of the 10 accusations with specific explanations, covering aspects from capital adequacy and transparency to decentralization commitments. This reminds me that when dealing with complex on-chain operations, we should not be swayed by a single voice; instead, we should look at whether the platform dares to respond openly and whether the data is verifiable on-chain.

But this also reflects a reality: the risks in the derivatives market are indeed worth cautious consideration. No matter how transparent a platform is, my advice is—

**First, strictly control your positions.** The high leverage of perpetual contracts can easily lead to irrational decisions; only allocate risk capital you can afford to lose.

**Second, understand the mechanisms before participating.** Details like oracles, liquidation mechanisms, and lending rules not only affect returns but also impact your safety in extreme market conditions.

**Third, a long-term mindset is crucial.** Frequent trading in derivatives markets often consumes more mental energy and principal than steady, conservative allocation, which is counterproductive.

The platform’s commitments to decentralization and open source are positive signals, but these need time to be validated. Until then, maintaining a moderate level of participation and keeping most assets in relatively safe allocations is the responsible approach.