{"id":171361,"date":"2025-10-19T14:00:00","date_gmt":"2025-10-19T14:00:00","guid":{"rendered":"https:\/\/cryptonews.com\/fr\/?p=171361"},"modified":"2025-10-19T14:00:00","modified_gmt":"2025-10-19T14:00:00","slug":"hyperliquid-jeff-yan-dement-fud","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/fr\/news\/hyperliquid-jeff-yan-dement-fud\/","title":{"rendered":"Hyperliquid sous le feu : Jeff Yan d\u00e9monte le FUD sur les revenus du protocole"},"content":{"rendered":"<p>La semaine a \u00e9t\u00e9 \u00e9lectrique pour Hyperliquid. Alors que des critiques pointent un mod\u00e8le trop orient\u00e9 revenus, Jeff Yan r\u00e9pond point par point. Selon lui, la priorit\u00e9 reste la stabilit\u00e9 et l\u2019ex\u00e9cution pendant les chocs de march\u00e9, pas l\u2019optimisation du revenu protocolaire. Sa d\u00e9fense s\u2019appuie sur des \u00e9l\u00e9ments on-chain et sur la transparence des m\u00e9canismes de gestion du risque.<\/p><h2 class=\"wp-block-heading\"><strong>FUD sur les revenus : la riposte de Jeff Yan<\/strong><\/h2><span class=\"replacer\"><\/span><p><a href=\"https:\/\/x.com\/chameleon_jeff\/status\/1979591612704723253\" target=\"_blank\" rel=\"noreferrer noopener\">Sur X<\/a>, Jeff Yan <strong>rejette l\u2019id\u00e9e d\u2019un protocole obs\u00e9d\u00e9 par ses revenus<\/strong>. Il rappelle que lors des secousses des 10 et 11 octobre, la plateforme a fonctionn\u00e9 normalement, publi\u00e9 ses donn\u00e9es de liquidations et conserv\u00e9 un niveau de risque ma\u00eetris\u00e9 pour les utilisateurs.<\/p><p>Il insiste aussi sur un point, <a href=\"https:\/\/cryptonews.com\/fr\/news\/aster-x8-vs-hyperliquid-defi\/\">Hyperliquid<\/a> ne <strong>pr\u00e9l\u00e8ve pas de frais de liquidation<\/strong>, ce qui enl\u00e8ve tout al\u00e9a d\u2019incitation. En clair, le design vise la robustesse d\u2019abord, la performance \u00e9conomique ensuite.<\/p><p>Le fondateur met en avant une m\u00e9trique simple, la tra\u00e7abilit\u00e9. Chaque \u00e9v\u00e9nement de march\u00e9 laisse une empreinte on-chain, consultable et auditable. Selon lui, c\u2019est cette granularit\u00e9 qui nourrit des comparaisons h\u00e2tives avec des bourses centralis\u00e9es o\u00f9 les m\u00e9triques publiques restent agr\u00e9g\u00e9es.<\/p><p>Le d\u00e9bat s\u2019est enflamm\u00e9, mais il illustre surtout un clivage de m\u00e9thode, donn\u00e9es ouvertes et instantan\u00e9es d\u2019un c\u00f4t\u00e9, tableaux de bord filtr\u00e9s de l\u2019autre.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Debunking the FUD that Hyperliquid prioritizes protocol revenue over traders<br><br>On 10\/10, Hyperliquid ADLs net made users hundreds of millions of dollars by closing profitable short positions at favorable prices. If more positions had been backstop liquidated, HLP could have made\u2026<\/p>&mdash; jeff.hl (@chameleon_jeff) <a href=\"https:\/\/twitter.com\/chameleon_jeff\/status\/1979591612704723253?ref_src=twsrc%5Etfw\">October 18, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><h2 class=\"wp-block-heading\"><strong>Liquidations record : CEX sous-d\u00e9clarent ? le d\u00e9bat s\u2019enflamme<\/strong><\/h2><span class=\"replacer\"><\/span><p>Dans le sillage du krach, Jeff Yan avance que certaines CEX sous-d\u00e9clarent les liquidations, parfois \u00ab jusqu\u2019\u00e0 x100 \u00bb selon la cadence de publication. L\u2019argument repose sur une observation technique, les carnets liquident par salves, alors que certains syst\u00e8mes ne remontent qu\u2019un \u00e9v\u00e9nement par seconde, quelle que soit l\u2019intensit\u00e9. R\u00e9sultat, les comparaisons brutes avec les DEX perps deviennent trompeuses si l\u2019on ne tient pas compte des m\u00e9thodes de reporting.<\/p><p>Cette controverse a suivi de pr\u00e8s <strong>l\u2019activation de l\u2019ADL sur Hyperliquid<\/strong>, un m\u00e9canisme d\u2019auto-d\u00e9lev\u00e9rage pr\u00e9sent\u00e9 comme ultime filet de s\u00e9curit\u00e9. Des analyses sp\u00e9cialis\u00e9es notent que l\u2019ADL du 11 octobre a marqu\u00e9 <strong>une premi\u00e8re en mode full-margin depuis plus de deux ans d\u2019exploitation<\/strong>, tout en \u00e9vitant des bad debts. L\u00e0 encore, la plateforme met en avant la publication en temps r\u00e9el des liquidations, quitte \u00e0 exposer des chiffres que d\u2019autres pr\u00e9f\u00e8rent lisser.<\/p><h2 class=\"wp-block-heading\"><strong>Mod\u00e8le de risque : ADL, fonds d\u2019assurance et \u00ab z\u00e9ro bad debt \u00bb<\/strong><\/h2><span class=\"replacer\"><\/span><p><a href=\"https:\/\/cryptonews.com\/fr\/news\/aster-hype-cryptomonnaie-millionnaire-dex-rapidement\/\">Hyperliquid<\/a> d\u00e9fend <strong>une architecture pr\u00e9visible du risque<\/strong>. L\u2019ADL n\u2019est pas un levier de profit, c\u2019est un disjoncteur destin\u00e9 \u00e0 prot\u00e9ger la solvabilit\u00e9 du syst\u00e8me lors des stress extr\u00eames. Les \u00e9quipes assurent avoir travers\u00e9 le pic de volatilit\u00e9 sans dette r\u00e9siduelle, avec un fonds d\u2019assurance mobilisable et des r\u00e8gles d\u2019intervention d\u00e9terministes.<\/p><p>La philosophie tient en deux axes, rendre l\u2019ADL rare et limit\u00e9, et publier suffisamment de donn\u00e9es pour que la communaut\u00e9 suive la cha\u00eene de d\u00e9cisions.<\/p><p>Le d\u00e9bat reste ouvert sur la meilleure r\u00e9partition des co\u00fbts et des gains en p\u00e9riode de stress. Certains acteurs jugent les ADL de Hyperliquid agressifs. D\u2019autres saluent une honn\u00eatet\u00e9 qui expose la r\u00e9alit\u00e9 du march\u00e9 plut\u00f4t que de la masquer derri\u00e8re des agr\u00e9gats.<\/p><p>Au fond, l\u2019enjeu d\u00e9passe un protocole. Il interroge <strong>la norme de transparence attendue<\/strong> sur les d\u00e9riv\u00e9s crypto, qu\u2019ils soient centralis\u00e9s ou d\u00e9centralis\u00e9s.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Doug&#39;s ADL explanation for reference: <a href=\"https:\/\/t.co\/HLLpbMAaeb\">https:\/\/t.co\/HLLpbMAaeb<\/a><\/p>&mdash; jeff.hl (@chameleon_jeff) <a href=\"https:\/\/twitter.com\/chameleon_jeff\/status\/1977067705258873280?ref_src=twsrc%5Etfw\">October 11, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><h2 class=\"wp-block-heading\"><strong>Enjeux march\u00e9 : transparence on-chain, r\u00e9gulation et prochaine \u00e9tape<\/strong><\/h2><span class=\"replacer\"><\/span><p><a href=\"https:\/\/cryptonews.com\/fr\/news\/arthur-hayes-vend-hype-ferrari-testarossa\/\">Hyperliquid<\/a> capte une part de march\u00e9 croissante sur les perps on-chain. La visibilit\u00e9 <strong>attire les critiques, mais aussi les allocations<\/strong>. Les investisseurs liront trois marqueurs dans les prochaines semaines, la stabilit\u00e9 en r\u00e9gime chahut\u00e9, la qualit\u00e9 du reporting en temps r\u00e9el et l\u2019\u00e9volution des revenus nets du protocole sans d\u00e9gradation de l\u2019exp\u00e9rience utilisateur.<\/p><p>Reste une dimension sensible, la <strong>r\u00e9gulation<\/strong>. Les fronti\u00e8res entre on-chain et front-end restent surveill\u00e9es. Hyperliquid bloque son interface aux \u00c9tats-Unis, tout en conservant une ex\u00e9cution on-chain. Le curseur bougera avec les d\u00e9cisions des r\u00e9gulateurs.<\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p>Source : <a href=\"https:\/\/x.com\/chameleon_jeff\/status\/1979591612704723253\" target=\"_blank\" rel=\"noreferrer noopener\">Jeff Yan sur X<\/a><\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p>Pour aller plus loin sur le sujet :<\/p><ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/hyperliquid-le-trader-a-150-millions-nie-tout-lien-avec-trump-et-accuse-cz-de-doxing\/\">Hyperliquid : le trader \u00e0 150 millions nie tout lien avec Trump et accuse CZ de doxing<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/hip3-hyperliquid-mise-a-jour-hyperevm-perpetuels-hype\/\">HIP-3 Hyperliquid : tout ce qu\u2019il faut savoir sur cette nouvelle mise \u00e0 jour HyperEVM<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/polymarket-metamask-hyperliquid-mask-web3-portefeuille\/\">Polymarket et Hyperliquid sur Metamask : le portefeuille Web 3 revient en force<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>La semaine a \u00e9t\u00e9 \u00e9lectrique pour Hyperliquid. Alors que des critiques pointent un mod\u00e8le trop orient\u00e9 revenus, Jeff Yan r\u00e9pond point par point. Selon lui, la priorit\u00e9 reste la stabilit\u00e9 et l\u2019ex\u00e9cution pendant les chocs de march\u00e9, pas l\u2019optimisation du revenu protocolaire. Sa d\u00e9fense s\u2019appuie sur des \u00e9l\u00e9ments on-chain et sur la transparence des m\u00e9canismes [&hellip;]<\/p>\n","protected":false},"author":697,"featured_media":171362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9,1],"tags":[],"editors":[2551],"sponsored_companies":[],"class_list":["post-171361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-news","editors-julien-leroy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hyperliquid sous le feu : Jeff Yan d\u00e9monte le FUD sur les revenus du protocole<\/title>\n<meta name=\"description\" content=\"Une semaine \u00e9lectrique pour Hyperliquid. Alors que des critiques pointent un mod\u00e8le trop orient\u00e9 revenus, Jeff Yan r\u00e9pond point par point.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.com\/fr\/news\/hyperliquid-jeff-yan-dement-fud\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyperliquid sous le feu : Jeff Yan d\u00e9monte le FUD sur les revenus du protocole\" \/>\n<meta property=\"og:description\" content=\"Une semaine \u00e9lectrique pour Hyperliquid. 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Alors que des critiques pointent un mod\u00e8le trop orient\u00e9 revenus, Jeff Yan r\u00e9pond point par point.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/10\/19114414\/1760874253-cryptonews.jpg\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Hyperliquid sous le feu : Jeff Yan d\u00e9monte le FUD sur les revenus du protocole","description":"Une semaine \u00e9lectrique pour Hyperliquid. 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