News

Thanks to @TBPN for having me on! It was a fun conversation about the origin story, principles, and vision for Hyperliquid

By community request, Hyperliquid has listed MEGA-USD hyperps. You can now long or short the unlaunched MegaETH token with up to 3x leverage. As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: MEGA-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more. MEGA-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism. NFA. https://app.hyperliquid.xyz/trade/MEGA

Weekly update Product & Tech + trade.xyz's XYZ100 market was the first HIP-3 deployment: https://x.com/tradeperps/status/1977741981414572186 + An "abstracted" account mode was added to HIP-3 dexs to improve UX. See ⁠the post in the API Announcements channel for more details Trading + Leverage was updated for various assets: PAXG, PUMP, ASTER, BIGTIME, GRIFFAIN, NXPC, SAGA, SCR, and SOPH New Teams on the HyperEVM (in no particular order) + Morpho lending: https://x.com/morpholabs/status/1977721385641550144 + Gondi NFT lending: https://x.com/gondixyz/status/1978481458483536307 + Blockaid transaction screening and monitoring: https://x.com/blockaid_/status/1978087495553171960 + Polymarket deposits & withdrawals: https://x.com/Polymarket/status/1978219148975980825 + Backpack wallet: https://x.com/backpack/status/1979423645454995736 + Avail crosschain deposits: https://x.com/AvailProject/status/1976316777727676872 Community Highlights + nof1's Alpha Arena compares 6 LLMs trading on Hyperliquid: https://x.com/jay_azhang/status/1979603796947820927, https://nof1.ai/ + Jeff's fireside chat with Hart (Across) from Token2049 was uploaded: https://x.com/HyperliquidX/status/1978834364256440433 + Monad (MON) is airdropping to Hypurr NFT holders: https://blog.monad.xyz/blog/the-mon-airdrop

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Debunking the FUD that Hyperliquid prioritizes protocol revenue over traders 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 hundreds of millions of dollars more in pnl, while being exposed to an irresponsible amount of risk. ADL passed on HLP's potential pnl to users while decreasing HLP's exposure, a win-win. As a reminder the ADL queue on Hyperliqid has always followed a similar formula to what most CEXs use, incorporating both leverage used and unrealized pnl on the open position. Finally, thanks to everyone for the feedback on ADL. Suggestions generally increase complexity, such as partially offsetting long and short positions in historically correlated assets. I don't know of other major venues that use more complex logic for the ADL queue. Simple formulas are more robust and understandable by users. Nonetheless, there is research being done on whether there can be substantial improvements that merit more complexity.

Based on stalequant's methodology (https://github.com/stalequant/stalequant.github.io/blob/main/build_delisting_recos.py) and community request, max leverage was increased for PAXG (10x), PUMP (10x), and ASTER (5x) and reduced to 3x for BIGTIME, GRIFFAIN, NXPC, SAGA, SCR, and SOPH. Note that max leverage decreases do not affect the liquidation price of open positions until they are modified. To reduce positions that exceed initial margin requirements under the new max leverage, use reduce-only orders. The first non-reduce-only order that modifies a position will subject it to the new max leverage and maintenance margin requirements. As a reminder, maintenance margin is half of the initial margin at max leverage. E.g., if max leverage is 10x, the maintenance margin is 5%.

On Hyperliquid, there is no listing fee, no listing department, and no gatekeepers. Spot deployment on Hyperliquid is permissionless. Anyone can deploy a spot asset by paying a gas fee in HYPE. Deployers can choose to receive up to 50% of trading fees on their spot pairs. Everything is transparent and verifiable onchain. The full defi lifecycle includes building a project, launching a token, and trading that token. Every step of that journey can be done permissionlessly on Hyperliquid.

Weekly update Product & Tech + HIP-3 was enabled on mainnet. There is no immediate change for users. Deployers who meet the onchain requirements can deploy perps for trading once ready. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals + Hyperliquid had zero downtime, no latency issues, and no bad debt during the weekend's market volatility + Added filters by quote asset (USDC, USDH, USDT) for Spot in the token selector Trading + Reached new ATH in 24h volume: $32B + MET and MON hyperps were listed New Teams on the HyperEVM + Chainlink released a HyperEVM testnet RPC: https://x.com/chainlink/status/1976377162304287117 New Teams on HyperCore (in no particular order) + MetaMask added support for perps trading through Hyperliquid: https://x.com/metamask/status/1975910330669957326 + Rainbow wallet integrated perps trading through Hyperliquid: https://x.com/rainbowdotme/status/1975234405074673691 + Supercexy added conditional orders using 2 different assets (e.g., If BTC >$120k, close ETH long): https://x.com/try_supercexy/status/1975850627562373528 Upcoming Community Events + Hyperliquid UAE is hosting a meet-up on Oct 16 in Dubai: https://x.com/Hyperliquidae/status/1976604861618909565 + Hyperliquid Australia is hosting a meet-up on Oct 23 in Melbourne: https://x.com/HyperliquidAu/status/1975776248816410856

Hyperliquid’s fully onchain liquidations cannot be compared with underreported CEX liquidations Hyperliquid is a blockchain where every order, trade, and liquidation happens onchain. Anyone can permissionlessly verify the chain’s execution, including all liquidations and their fair execution for all users. Furthermore, anyone can verify the solvency of the entire system in real time. Transparency and neutrality are key reasons that fully onchain defi is the ideal infrastructure for global finance. Some CEXs publicly document that they dramatically underreport user liquidations. For example on Binance, even if there are thousands of liquidation orders in the same second, only one is reported. Because liquidations happen in bursts, this could easily be 100x under-reporting under some conditions. Source below. Hopefully the industry will see transparency and neutrality as important features of the new financial system, and others will follow.

TLDR: During recent volatility, Hyperliquid had 100% uptime with zero bad debt. This was Hyperliquid’s first cross-margin ADL in more than 2 years of operation. ADL does not change the outcome for any liquidated users. While some specific ADL providing trades were unfavorable, the aggregate effect of ADL was that traders realized significant pnl by closing positions at favorable prices that were only briefly available. -- It’s sad to see some people attack Hyperliquid to deflect from their own platforms’ issues. Solvency and uptime are the two most important properties of a financial system. These are table stakes for any trading system, and gaslighting to convince users otherwise is unethical and irresponsible. Below is more analysis on how Hyperliquid’s margining system handled the extreme volatility. Background on liquidations For a perps system to be solvent, every position must be backed by a minimum amount of collateral. This is called the “maintenance margin.” When positions do not meet the maintenance margin requirement, they are taken over by the system to be liquidated. Earlier today, many altcoins dropped by more than 50% in a short period of time. When this happens, long positions at 2x or higher leverage must be liquidated, or else the system accrues bad debt. There were billions of dollars worth of positions liquidated on Hyperliquid in a matter of minutes. In a permissionless system, each user chooses their own position sizing and collateralization. Any system that does not liquidate the necessary users is irresponsibly gambling with other users’ funds. On Hyperliquid, every order, trade, and liquidation is transparently verifiable onchain. Many other venues significantly under-report liquidation data. This cannot be compared apples-to-apples against the fully onchain picture of Hyperliquid. Background on HLP HLP is a protocol vault with permissionless deposits that 1) provides order book liquidity and 2) performs backstop liquidations. The first role is negligible, with HLP trading less than 1% market share. The focus of this post is liquidations. Liquidations are first attempted against the order book, and any user can provide liquidity to these market liquidations. Backstop liquidations occur when the order book does not have enough liquidity to absorb an undercollateralized position. In this case, HLP takes over the position along with its collateral. For improved risk management, HLP is split into several child vaults, and each liquidation is only sent to one child vault. Background on ADL Auto-deleveraging (ADL) is the liquidation mechanism of last resort, when market and backstop liquidations do not work. See Doug’s thread (link in reply) for a thorough explanation on the details of ADL. Every ADL event has two sides: the “triggered” side is undercollateralized, while the “providing” side is decided as a function of profitability and leverage used. Similar to backstop liquidations, even though providers to ADL are profitable on average, there are no guarantees for any specific event. Some ADL providing trades were unfavorable, such as when only some components of long/short portfolio were closed. The system is designed to minimize ADLs because they are unpredictable even if ADL providing trades are profitable on average. Because HLP is a non-toxic backstop liquidator, ADL is a rare settlement of last resort. As far as I know, this was the first cross-margin ADL event on Hyperliquid mainnet (ADL is more common for isolated-only assets such as hyperps, which are not backstop liquidated by HLP). Summary of events Over the course of 20 minutes, HLP backstop liquidated billions of dollars worth of positions. HLP's philosophy has always been to provide liquidity of last resort. Contrary to misconceptions, HLP is a non-toxic liquidator that does not pick profitable liquidations. Instead HLP is a public good for maintaining system solvency. In particular, Hyperliquid has no liquidation fees. HLP’s design, including its multi-component child vault system, is the product of countless simulations, and allows HLP to maximally serve the benefit of the protocol while managing its own risk. In fact, the liquidator child vaults of HLP themselves became undercollateralized in the course of backstop liquidating as many user positions as possible. This is by design, where child vaults are isolated from the other components of the overall strategy. HLP is treated no differently from other users when participating in ADL. In aggregate, HLP's child vaults were the largest addresses on the triggered side of ADL by more than an order of magnitude. The addresses on the providing side of ADL against HLP’s child vaults realized hundreds of millions of dollars in additional profit relative to the prices shortly before and after the dislocation. On other venues, the liquidation engine is not transparent and therefore may not be subject to the same strict margin requirements as for normal users. On these venues, the exchange could have backstop liquidated more positions, bearing increased solvency risk to extract hundreds of millions in business revenue. This is not an acceptable tradeoff for Hyperliquid. Finally, I know that this is a difficult time for many traders, and I hope the community can continue to support each other and grow together. As a contributor to Hyperliquid, I’ll continue to work my hardest to build the best possible platform that can house all of finance. Times like this highlight the importance of transparency and fairness in the financial system.

During the recent market volatility, the Hyperliquid blockchain had zero downtime or latency issues despite record traffic and volumes. HyperBFT consensus and execution handled the spike in throughput gracefully. This was an important stress test proving that Hyperliquid's decentralized and fully onchain financial system can be robust and scalable. The system's risk and margining implementation functioned as designed, ensuring platform solvency throughout the extreme volatility.

By community request, Hyperliquid has listed MET-USD hyperps. You can now long or short the unlaunched Meteora token with up to 3x leverage. As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: MET-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more. MET-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism. NFA. https://app.hyperliquid.xyz/trade/MET

Perps trading is now live on MetaMask, powered by Hyperliquid https://metamask.io/news/introducing-metamask-perps

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By community request, Hyperliquid has listed MON-USD hyperps. You can now long or short the unlaunched Monad token with up to 3x leverage. As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: MON-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more. MON-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism. NFA. https://app.hyperliquid.xyz/trade/MON

Weekly update Product & Tech + See the posts above for Hyperliquid Labs' views on aligned quote assets, with a streamlined version here: https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/aligned-quote-assets + The onchain implementation for aligned quote assets is live on testnet, per https://discord.com/channels/1029781241702129716/1208476333089497189/1424066531389607947 Hypurr NFTs + Hypurr NFTs were deployed on the HyperEVM and distributed to Genesis Event participants. The collection can be viewed on https://drip.trade/collections/hypurr and https://opensea.io/collection/hypurr-hyperevm + The goal of the Hypurr NFT collection was to share a memento with those who believed in and contributed early on to Hyperliquid’s growth. Each NFT is unique and captures the different moods, hobbies, tastes, and quirks of the Hyperliquid community, as depicted by Hypurr Trading + 2Z and ZEC perps were listed + 2Z spot trading, deposits, and withdrawals went live via Unit Protocol New Teams on the HyperEVM (in no particular order) + Rysk Finance PURR covered calls: https://x.com/ryskfinance/status/1972546675635048497 + Drip.Trade Hypurr NFT trading: https://x.com/drip__trade/status/1972338669991387601 Token2049 Week Thank you to everyone who organized events and flew all the way to SG to join the community events this past week. We enjoyed meeting many of you in-person. There were too many great events to track, but a few highlights were: + Hyperliquid Labs event in Sentosa: https://x.com/HyperliquidX/status/1974077580065300962 + HypurrCo event: https://x.com/kirbyongeo/status/1974274439245389902 + Token2049 fireside chat and defi panel with Jeff: https://x.com/HyperliquidX/status/1973622266601861139 Other Community Events + Hyperliquid Malaysia is hosting a meet-up focused on opsec on Oct 16 at Symphony Square, Petaling Jaya: https://x.com/hyperliquid_my/status/1974746647310868757 + Hyperliquid Italia hosted a meet-up in Rome: https://x.com/Hyperliquidita/status/1972390984886669737

Offchain requirements, enforced through onchain quorum of validator votes: 1. The stablecoin is 1:1 backed by cash, short-term US treasuries, and tokenized US treasury or money market funds to the extent permitted under applicable regulatory frameworks. Aligned issuers must also provide par redemption at all times, with a publicly disclosed and timely redemption service consistent with their applicable regulatory regime. These conditions can be revisited by the validators, in the spirit of building a regulatorily compliant chain for payments and banking opportunities. The guiding requirement is that a large percentage of the world's circulating dollars could compliantly be converted to the aligned stablecoin in the context of existing businesses and use cases in the financial world. 2. The full supply is natively minted on HyperEVM. Any supply on other chains or offchain must first be minted on HyperEVM as the source chain. 3. The deployer can only deploy assets that directly support the aligned stablecoin. For example, the underlying treasuries could be issued onchain. The net effect is that the deployer must share half of its offchain yield income through the existence of the aligned stablecoin. The deployer and its affiliates may not receive any economic benefits tied to conversion of the aligned stablecoin into another asset. "Benefit" includes but is not limited to revenue share, order-flow payments or any form of rate-linked compensation. 4. The team building an aligned stablecoin must be independent and dedicated to building on Hyperliquid.

The following post is from Hyperliquid Labs. Thanks to everyone who shared thoughtful responses to the proposed aligned stablecoins proposal. As a reminder, offchain conditions are ultimately voted upon by validator quorum, as any such conditions are not able to be reflected directly in protocol execution. Like on most other blockchains, independent validators on Hyperliquid achieve consensus on a self-contained state machine’s execution. This state machine’s evolution is entirely onchain. In the case of the offchain conditions for an aligned stablecoin, this evolution is driven by validator vote. The following reflect views expressed by Hyperliquid Labs after careful consideration about the best outcome for the protocol and users. There was pushback on each one of the offchain criteria. Before discussing the detailed points, it is helpful to refine the overarching purpose of the proposal. At its core, Hyperliquid is a permissionless protocol. Unlike a centralized entity that can enter into contracts and agreements, a protocol can only reflect neutral rules. Hyperliquid's rules should optimize for the long-term prosperity of users, while adhering to the principles of fairness and transparency. The grand vision: Stablecoins are increasingly recognized as an important development and significant opportunity, with traditional finance embracing the technology as an upgrade to the digital dollar. It's unclear what the exact outcome will be: payments, neobanks, corporate treasuries, or something else entirely. But it is clear that there is an opportunity to leverage Hyperliquid's unique distribution to become the stablecoin chain of choice for the next billion users. Alignment as a protocol feature is to ensure that stablecoin empires built on Hyperliquid do not simply take advantage of Hyperliquid as a stepping stone, but rather build and grow with the protocol in perpetuity. Alignment should carefully thread a needle. It should not unnecessarily box out deployers of other stablecoins or other assets who want to expand into Hyperliquid as part of a multifaceted growth strategy. It should preserve a level playing field for compliant alternatives. However, it should be firm, opinionated, and take a bold stance, given what is at stake for the protocol. The blockchain that houses the future of finance should also be the premier stablecoin chain. The general feedback, not tied to specific points: 1. Offchain requirements are overly restrictive. The protocol should only enforce strictly onchain requirements such as staking requirements and yield share. Onchain requirements are almost always preferable to offchain ones. They are simpler, objective, and do not require validator enforcement. However, the real world is inherently nuanced and complex. Given the opportunity size of becoming the premier stablecoin chain and the difficulty with associated yield being fully offchain, the protocol must compromise with a system that accomplishes the goal of true alignment. The only obvious way to accomplish this goal is through validator quorum enforcing offchain conditions. That being said, the feedback is duly noted that conditions should be as simple as possible while accomplishing these goals. 2. The requirements are too strict and will dampen the quality of projects ready to immediately deploy on Hyperliquid.

Revised condition: The stablecoin is 1:1 backed by cash, short-term US treasuries, and tokenized US treasury or money market funds to the extent permitted under applicable regulatory frameworks. Aligned issuers must also provide par redemption at all times, with a publicly disclosed and timely redemption service consistent with their applicable regulatory regime. These conditions can be revisited by the validators, in the spirit of building a regulatorily compliant chain for payments and banking opportunities. The guiding requirement is that a large percentage of the world's circulating dollars could compliantly be converted to the aligned stablecoin in the context of existing businesses and use cases in the financial world. 2. Full supply natively minted on HyperEVM. Any supply on other chains or offchain must first be minted on HyperEVM as the source chain. There was feedback here that this is overly restrictive technically. To clarify, crosschain transfers through any bridging protocols would not violate this requirement, as long as the supply is first minted on HyperEVM. Many chains use a designated source chain for minting, while offering a seamless multichain experience for users. The motivation behind the requirement is not restriction, but rather ease of technical accounting on the protocol level. It is difficult for validators to report the crosschain supply of a token, but it is more straightforward to slash on the condition that all supply must be minted first on HyperEVM. As long as this requirement is met, the protocol yield share can be computed as part of onchain execution. 3. The issuer exclusively issues this one asset. The issuer may work on other products, but they must synergize with the aligned stablecoin. Examples include neobanks and payments denominated in the stablecoin. & 4. The issuer cannot benefit from any other form of yield income or asset issuance. One clarification here is that "issuer" can be distinct from the "deployer." Many teams will build on top of technical infrastructure for issuance. Here and elsewhere, "issuer" has been replaced with "deployer" to broaden the scope. The intention behind this requirement is that the deployer shares half of its yield income with the protocol, and focuses its entire effort on supporting the aligned stablecoin. Revised condition (for 3&4): The deployer can only deploy assets that directly support the aligned stablecoin. For example, the underlying treasuries could be issued onchain. The net effect is that the deployer must share half of its yield income through the existence of the aligned stablecoin. The deployer and its affiliates may not receive any economic benefits tied to conversion of the aligned stablecoin into another asset. "Benefit" includes but is not limited to revenue share, order-flow payments or any form of rate-linked compensation. In sum, the updated requirements would be as follows: Onchain requirements: 1. Enabled as a permissionless quote token 2. 800k additional staked HYPE by deployer, meaning a total of 1M staked HYPE including the 200k staked HYPE for the quote token deployment. This is to give builders and users assurance to use the aligned stablecoin. 3. 50% of the deployer’s offchain reserve income must flow to the protocol. Validators may vote to update the calculation methodology as regulatory standards evolve. There will be follow-up work on the precise definition of risk-free rate, which will be updated according to an onchain stake-weighted median of validator reported values. A CoreWriter action will allow the deployer to reflect the exact minted balance from HyperEVM directly to HyperCore, which will allow a fully automated fee share mechanism as part of L1 execution.

Two responses. Firstly, the benefits of aligned stablecoins are substantial but by no means a requirement for a successful stablecoin deployment. Furthermore, many stablecoins that may not qualify for alignment will naturally have their own incentivization opportunities coming out of a much higher top-line yield. The opportunity exists for many stable assets to thrive and synergize. Secondly, even if a project insists on "aligned or nothing" and deprioritizes deployment on Hyperliquid as a result, the tradeoff can still be worthwhile for the protocol. The sheer size of the stablecoin opportunity as part of housing all finance is worth more than any short term metric boosts such as trading volume or TVL incentivized by specific stablecoin deployers. As I once tweeted, “When you see a 100x, you drop everything to make that a reality.” I hope that as Hyperliquid grows, we continue to dream big and recognize that the largest growth opportunities involve taking bets on talented new teams building in uncharted territory. 3. Users will naturally choose the most aligned stablecoins, so the offchain conditions are not necessary. While this would be true in an ideal state of the world, it's important to be realistic about the probability of it playing out. Such an outcome depends on 1) competent deployers choosing to remain aligned with the protocol and 2) users doing research, correctly identifying the most protocol-aligned stablecoin, and actively choosing to use it. Neither of these conditions are guaranteed. The protocol unfortunately does not have the luxury of experimentation here, and given the size of the opportunity, it would be too risky to leave this level of uncertainty in the outcome. Any aligned stable that achieves massive success will owe its initial distribution to the protocol. It is only fair that deployers seeking this benefit should recognize and commit upfront to sharing back with the protocol and community. 4. The requirements kill the prospect of alternative stablecoins. This is not the intention and should have been clearer in the first draft of the proposal. The projected market for regulated stablecoins is orders of magnitude larger than that for alternative stablecoins. Of course, there is no guarantee on this outcome, but much of Hyperliquid's success has come from building infrastructure with real-world, practical context. Furthermore, alternative stablecoins usually have different yield characteristics that can offset the lack of trading benefits from alignment. Given this context, here are some point-by-point criticisms, responses, and revisions to the offchain conditions: 1. Fiat USD-backed stablecoin Several teams want to deploy delta-neutral strategies or other forms of higher yielding synthetic dollar assets. While Hyperliquid as a protocol does not have value judgment on various assets, regulatory conditions do. The payments, banking, and other regulated dollar opportunities at the moment are anchored by the GENIUS Act. Regulation is fluid, though, so the condition will be revised to account for this. Other teams suggested clarification that "fiat" may include US treasuries in addition to cash. Any revisions expanding the allowed yield-bearing backing assets would require an update to the protocol’s alignment rules to ensure that 50% of the deployer’s offchain reserve income continues to flow to the protocol. As noted above, higher yielding stable assets inherently have more incentives available to share for each unit of additional supply.

By community request, you can now long or short $ZEC with up to 5x leverage. Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA. https://app.hyperliquid.xyz/trade/ZEC

By community request, you can now long or short $2Z with up to 3x leverage. Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA. https://app.hyperliquid.xyz/trade/2Z

2Z spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol. Deposit 2Z on https://app.hyperliquid.xyz/trade or https://app.hyperunit.xyz/ Trade spot 2Z at https://app.hyperliquid.xyz/trade/2Z/USDC

Thank you so much to everyone who came to the event in Sentosa yesterday. For many people, it was their first time in Singapore and first time attending any crypto event. We’re grateful to have such a passionate community contributing to Hyperliquid. It’s inspiring to see many people start out as users, believe in the mission, grow to love the ecosystem, and become builders.

Hypurr NFTs have been deployed on the HyperEVM. Participants had the opportunity to opt in to receive a Hypurr NFT after the HyperEVM went live as part of the Genesis Event in November 2024. The HyperEVM launched in February 2025 as the general programmability interface to the Hyperliquid L1. The HyperEVM is not a standalone EVM. Rather, it allows developers to trustlessly tap into the liquidity on HyperCore. Read precompiles allow smart contracts on the HyperEVM to read L1 state, and the CoreWriter contract allows HyperEVM smart contracts to send actions on HyperCore. This two-way communication between Core and EVM secured by the same HyperBFT consensus protocol unlocks powerful new primitives. Many novel applications have been built on the HyperEVM exploring these possibilities, including LSTs, lending, and vault tokenization protocols. The goal of the Hypurr NFT collection was to share a memento with those who believed in and contributed early on to Hyperliquid’s growth. Each NFT is unique and captures the different moods, hobbies, tastes, and quirks of the Hyperliquid community, as depicted by Hypurr. There are a total of 4,600 NFTs in the collection. 4,313 NFTs went to Genesis Event participants, 144 went to the Hyper Foundation, and 143 went to core contributors, including Hyperliquid Labs, NFT artists, and other contributors. Ownership and use of Hypurr NFTs are subject to the Hypurr NFT Terms and License available here: https://hyperfoundation.org/nftTerms. Participants who opted in to receive a Hypurr NFT as part of the Genesis Event were screened according to the Foundation's risk-based program. In addition, clustering analysis was conducted to protect against sybil behavior and cap the total number of NFTs received by any given user. Contract address: 0x9125E2d6827a00B0F8330D6ef7BEF07730Bac685. To be clear: No action is required. You do not need to mint. The NFT collection has already been distributed. As always, beware of scams and impersonations.

Hypurr NFTs have been deployed on the HyperEVM. Participants had the opportunity to opt in to receive a Hypurr NFT after the HyperEVM went live as part of the Genesis Event in November 2024. The HyperEVM launched in February 2025 as the general programmability interface to the Hyperliquid L1. The HyperEVM is not a standalone EVM. Rather, it allows developers to trustlessly tap into the liquidity on HyperCore. Read precompiles allow smart contracts on the HyperEVM to read L1 state, and the CoreWriter contract allows HyperEVM smart contracts to send actions on HyperCore. This two-way communication between Core and EVM secured by the same HyperBFT consensus protocol unlocks powerful new primitives. Many novel applications have been built on the HyperEVM exploring these possibilities, including LSTs, lending, and vault tokenization protocols. The goal of the Hypurr NFT collection was to share a memento with those who believed in and contributed early on to Hyperliquid’s growth. Each NFT is unique and captures the different moods, hobbies, tastes, and quirks of the Hyperliquid community, as depicted by Hypurr. There are a total of 4,600 NFTs in the collection. 4,313 NFTs went to Genesis Event participants, 144 went to the Hyper Foundation, and 143 went to core contributors, including Hyperliquid Labs, NFT artists, and other contributors. Ownership and use of Hypurr NFTs are subject to the Hypurr NFT Terms and License available here: https://hyperfoundation.org/nftTerms. Participants who opted in to receive a Hypurr NFT as part of the Genesis Event were screened according to the Foundation's risk-based program. In addition, clustering analysis was conducted to protect against sybil behavior and cap the total number of NFTs received by any given user. Contract address: 0x9125E2d6827a00B0F8330D6ef7BEF07730Bac685. To be clear: No action is required. You do not need to mint. The NFT collection has already been distributed. As always, beware of scams and impersonations.

Biweekly update Product & Tech + Permissionless spot quote assets are live on mainnet. Stablecoin deployers can enable quote asset status, subject to the onchain requirements outlined in the Docs. Any quote asset can be specified as the quote asset in the first spot pair of an HIP-1 deployment. Additional asset pairs between existing base and quote assets can also be deployed through a permissionless Dutch auction. This auction is independent from the HIP-1 token auction. Native Markets deployed USDH as the first permissionless quote asset. Users can now trade HYPE/USDH, with more permissionless pair deployments possible in the future. + HIP-3 on testnet is available for mainnet level bug bounties. The initial mainnet spec is described in the previous announcement. + Updated the Docs to include a Builder Tools section: https://hyperliquid.gitbook.io/hyperliquid-docs/builder-tools Trading + ASTER, AVNT, APEX, HEMI, STBL, and 0G perps were listed + XPL hyperp was converted to a regular perp + OMNI and NEIROETH were delisted + XPL spot trading, deposits, and withdrawals went live via Unit Protocol New Teams on the HyperEVM (in no particular order) + Rabby swaps: https://x.com/rabby_io/status/1971548219252547897 + Kintsu liquid staking: https://x.com/kintsu_xyz/status/1967952624621387810 + Gas Network gas estimation: https://x.com/gasdotnetwork/status/1968346758284824982 New Teams on HyperCore (in no particular order) + Artemis open sourced their Hyperliquid data: https://x.com/artemis/status/1970640312474444126 + QuickNode added support for HyperCore data streams: https://x.com/QuickNode/status/1970880929582498099 Community Highlights A big thank you to everyone who organized and was part of the different community events this week in Seoul, including: + HLH hackathon hosted by HypeRPC and B-Harvest: https://x.com/hlh_build/status/1970442533651259491 + Fireside chat at KBW with Jeff and SKYGG's Christy: https://x.com/christyhwchoi/status/1970479698288271683 + HypurrCorea, HypurrCo, and Hyperliquid KR meet-up: https://x.com/SKYGG_Official/status/1970513940804444294 + Hyperliquid in pink themed builder meet-up: https://x.com/hyperbuilder_hl/status/1972158209046835218 + Hyperliquid KR Meow-Gather: https://x.com/Hyperliquid_KR/status/1971917662952542223 + Local meet & greet with Jeff Look forward to seeing many of you in Singapore this week!

By community request, you can now long or short $APEX with up to 3x leverage. Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA. https://app.hyperliquid.xyz/trade/APEX

The XPL hyperp has converted to a regular perp. You can now long or short $XPL with up to 10x leverage. Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA. https://app.hyperliquid.xyz/trade/XPL

XPL spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol. Deposit XPL on https://app.hyperliquid.xyz/trade or https://app.hyperunit.xyz/ Trade spot XPL at https://app.hyperliquid.xyz/trade/XPL/USDC