Jarsy CEO Han Qin has identified the liquidity responsibility mechanism as a key factor in dYdX's marginalization by Hyperliquid. Qin argues that dYdX's adherence to a "protocol does not backstop" DeFi design leads to liquidity issues during extreme market conditions when market makers withdraw. In contrast, Hyperliquid's more centralized approach, with a treasury willing to assume liquidity responsibility, is better suited for high-leverage perpetual contract markets, attracting users and market makers to migrate.