Hyperliquid Introduces On-Chain Voting Feature for Asset Delisting – Coincu

Hyperliquid, a decentralized finance platform, announced the launch of its on-chain validator voting feature for asset delisting on March 29, 2025. Validators from the Hyper Foundation will test this mechanism with a vote on the MYRO contract in Beijing.

This development is pivotal for enhancing governance, allowing transparent and automated decisions on the platform. The new feature follows the controversy of a recent market manipulation incident, highlighting the necessity for improved mechanisms.

New Voting System Debuts Amid JELLY Controversy

Hyperliquid’s latest upgrade to its blockchain integrates a fully on-chain validator voting system for asset delisting, eliminating the need for off-chain coordination. Validators 2-5 of the Hyper Foundation are scheduled to conduct a voting session at 21:00 Beijing time to assess the MYRO contract’s status. Scheduled enhancements aim to ensure that decision-making is transparent and permissionless.

Immediate implications are expected as the community looks at how this upgrade addresses past incidents, particularly the trading manipulation involving JELLY. Market responses have been mixed, with some viewing the feature as a progressive step toward decentralized governance. Gracy Chen, CEO of Bitget, criticized the handling of previous incidents, reflecting ongoing scrutiny.

The way it handled the $JELLY incident was immature, unethical, and unprofessional, triggering user losses and casting serious doubts over its integrity. – Chaincatcher

Regulatory Shifts and Market Dynamics on Watch

Did you know? The recent upgrade follows a JELLY market incident where Hyperliquid faced major backlash for centralization issues, raising the importance of decentralized governance enhancements.

According to CoinMarketCap, Hyperliquid (HYPE) is priced at $12.52 with a market cap of $4.18 billion, holding a dominance of 0.16%. The asset witnessed a 0.84% decline in 24 hours and a 21.16% drop over seven days as of March 30, 2025. Its 90-day performance shows a 54.03% decrease.

Coincu research team holds that bold regulatory shifts are emerging, potentially requiring platforms to establish more robust governance systems. As decentralization gains importance, technological innovations within Hyperliquid could lead to an improved user ecosystem.