I have to admit that @yupp_ai really works well I asked it about the comparison of the two projects, and the answer to me was very intuitive This is not a mouthful, it is purely shocked @edgeX_exchange vs. @HyperliquidX analysis Core architecture differences Wedo HyperliquidedgeX_exchange the underlying technology, self-developed high-performance Layer1 blockchain, based on StarkEx's Ethereum Layer2 ZK-Rollup, pure on-chain order book DEX hybrid liquidity, cross-chain DEX liquidity model, HLP (open liquidity pool + liquidator), and professional market makers (such as Amber Group) dominate Key differences in contract mechanics 1. HLP (Liquidity Provisioning Mechanism) The project HyperliquidedgeX_exchange role is an on-chain role that is public, anyone can become HLP, there is no HLP, relying on professional market makers to provide liquidity transparency, HLP positions/orders/liquidation, real-time disclosure of undisclosed market maker details on the whole chain, a high degree of centralization, the liquidation process, HLP takes the initiative to take over the liquidation position, and tries to close the position at a limit price, → fails, the ADL does not disclose the specific mechanism, and it is speculated that the market maker will handle the source of income internally, and the market-making profit + will be handled internally Liquidation proceeds are not open for public participation 2. ADL (Automatic Deleveraging) Project HyperliquidedgeX_exchange trigger conditionsAccount net value ≤ 0 or position maintenance margin rate <66%Undisclosed ADL mechanism operation logic is forced to close the position of the profit party according to the profit ranking, and there is no public data for hedging with the losing side, which may rely on the open execution of the market maker risk control system on the whole chain, which can be checked in real time and processed off-chain, with low transparency 3. Liquidation crisis handling (taking black swan events as an example) Hyperliquid (March 2025 $JELLYJELLY Incident): Cause: Malicious price manipulation triggers a chain of liquidations. Handling: HLP Limit Closing + ADL Forced Deleveraging + Hyper Foundation Emergency Intervention (Triggering Centralized Controversy). edgeX_exchange: There are no public liquidation events yet, but relying on Amber Group's market maker risk control, the potential risk is that the centralized intervention is not transparent. Comparison of advantages and disadvantages Dimension Hyperliquid Advantages edgeX_exchange Advantage Transparency ✅ Full Chain Clearing/ADL Data Disclosure ❌ The internal operation of market makers is opaque and anti-manipulative ❌ HLP liquidation relies on market depth and is susceptible to extreme market shocks ✅ Professional market makers provide deep liquidity and strong anti-volatility user participation ✅ Allow regular users to become HLP Earn Yield ❌ Liquidity provision is limited to institutional technical performance ⚡ 0.2 sec delay (median) ⚡ 10 ms delay (order matching) Risk points HyperliquidedgeX_exchange centralized risk, ADL triggers the need for ranking algorithm, the foundation's emergency intervention leads to controversy, relying on Amber Group market makers, lack of verification of off-chain risk control, liquidity risk, HLP may trigger ADL when the funds are insufficient, and the market maker may trigger ADL, with stable liquidity but a single point of failure risk summary Essential differences in mechanism: Hyperliquid adopts on-chain democratized risk control (HLP+ADL), which is transparent but relies on community collaboration. edgeX adopts agency-led risk control, which is efficient but centralized. User Choice Advice: Pursue transparency and engagement → Hyperliquid (for advanced users with a high risk tolerance). Pursue low latency and stable liquidity → edgeX (for institutional and high-frequency traders). Potential areas for improvement: Hyperliquid needs to reduce governance interventions to enhance decentralized trust. edgeX needs to improve the transparency of on-chain risk control (such as public clearing logic). Data sources: project documentation, on-chain records (Hyperliquid), technical whitepaper (edgeX)