Hyperliquid, as a Layer 1 public chain, has shown mediocre performance in decentralized governance and in attracting more developers. Recently, Hyperliquid has sparked considerable controversy, primarily surrounding issues in governance. An open letter pointed out that Hyperliquid has problems such as closed-source code, a black market for testnet tokens, and limited decentralization. The official team acknowledged the existence of these issues but stated that they would be gradually resolved. The ecological data of Hyperliquid has grown exponentially, but its open governance and ecological richness still need improvement. The positioning of Hyperliquid may be an important factor in future market pricing.