PANews reported on October 13th that Hyperliquid founder Jeff wrote on the X platform: "Hyperliquid's fully on-chain liquidation mechanism cannot be compared to CEX liquidations that underreport or miss-report liquidations. Hyperliquid is a blockchain platform where every order, trade, and liquidation operation is completed on-chain. Anyone can verify on-chain execution, including all liquidations and their fair execution for all users, without permission. Furthermore, anyone can verify the solvency of the entire system in real time. Transparency and neutrality are key reasons why fully on-chain DeFi has become an ideal infrastructure for global finance. Public records from some CEXs show that they have significant underreporting issues with user liquidations. For example, on Binance, even if there are thousands of liquidation orders in the same second, only one is reported. Because liquidations often occur in bursts, in some cases, the actual liquidation amount can be underreported by as much as 100 times. I hope that the financial industry will recognize transparency and neutrality as important features of the new financial system and encourage other institutions to follow suit."