Hyperliquid co-founder Jeff.hl stated in a post on the X platform that all Hyperliquid orders, trades, and liquidations are executed on-chain, allowing anyone to permissionlessly verify the liquidation process and system solvency. This transparency and neutrality make fully on-chain DeFi the ideal form of global financial infrastructure. He pointed out that some centralized exchanges (CEXs) severely underreport their liquidation data. For example, Binance may only publicly display a single liquidation within a single second, potentially underestimating the actual liquidation volume by a factor of 100. Jeff.hl expressed his hope that the industry will recognize transparency and neutrality as core characteristics of the new financial system.