PANews reported on January 8 that X platform user Kam (@KamBenbrik) published a letter to the Hyperliquid Core team, providing several points of feedback on Hyperliquid chain management. The main contents include: ① Validators face major challenges, including closed source code, lack of documentation, and reliance on centralized APIs, resulting in frequent "jail" and unstable performance. ② Testnet incentives triggered black market transactions of HYPE tokens, favoring agreements with large holders rather than fair selection of validators. ③ The mainnet validator rewards are too low to cover the high self-bonding requirements, and the degree of decentralization is limited, with 81% of the stakes controlled by the foundation nodes. ④ In order to compete with major Layer 1 blockchains, Hyperliquid must increase transparency, decentralize stakes, implement a fair validator selection process, and strengthen interaction with external validators.