Hyperliquid was so exciting tonight. How can I explain to novices how to understand this "stew yourself in an iron pot"? This article explains from the following aspects
1⃣What is the liquidation mechanism of hyperliquid?
2⃣What happens when the hl contract is liquidated? Why does Vault need to take over the user's liquidated position? Will the cex exchange have such a mechanism?
3⃣What is the trick of $jellyjelly's operation?
4⃣What loopholes does hl have? What can be done to avoid the risk of vault being liquidated?
5⃣The most exciting part of the night, how is hl actually solved?