Hyperliquid Announcements

By community request, you can now long or short $PAXG 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/PAXG

The onchain delisting of RLB, HPOS, ORBS, BNT, NTRN, and ILV perps took place smoothly. The votes completed onchain once quorum was reached at 12:12 UTC. You can see the explorer transactions for the onchain votes. Here is an example for CMI's vote to delist RLB: https://app.hyperliquid.xyz/explorer/tx/0xedc87093307fb67de03a0420e3259d017000f05b38fcebe6c8bed96c724a74d5

As discussed in the Discord governance channel, using Stalequant's methodology for reference, validators will be voting whether to delist RLB, HPOS, ORBS, BNT, NTRN, and ILV around 12:00 UTC on April 4.

Biweekly update Product + ETH spot trading, deposits, and withdrawals are now live, thanks to Unit. You can trade spot ETH here: https://app.hyperliquid.xyz/trade/0xe1edd30daaf5caac3fe63569e24748da + Staking tiers determined by the amount of HYPE staked will go live on or after April 30. The initial benefit of staking tiers is reduced trading fees. + Misc UI improvements, e.g., added Transfer to EVM button to linked spot assets on the Balances table, tidied up Funding Comparison table Trading + NIL perps were listed; JELLY and MYRO were delisted Validators + The Hyperliquid blockchain has been upgraded to feature fully onchain validator voting for asset delisting. Many validators suggested having discussions happen in a public forum. While token-gated discussions are being considered (e.g., permission to post based on staked HYPE), a Discord channel #governance has been created as a temporary solution. To limit spam in the short-term, only validators and their nominated users can post, but all server members can view and react to discussion. The first topic being discussed is delisting methodology and initial assets to delist. The goal here is to reach offchain consensus transparently on which assets to delist, followed by an onchain vote. EVM Updates + HyperCore and HyperEVM linking is live on mainnet. HyperCore spot assets are available as building blocks for applications on HyperEVM, and HyperEVM builders have a permissionless path to listing on the same liquid and performant order books that power billions of volume per day on HyperCore. + Sprites shared a script to backfill missing HyperEVM blocks on non-validating nodes: https://github.com/hyperliquid-dex/block-importer New Teams Live on EVM (in no particular order) + Sentiment borrow/lend platform: https://x.com/sentimentxyz/status/1902027231758786711 + HyperLend borrow/lend platform: https://x.com/hyperlendx/status/1904170955666001957 + Vaults by Mizu Labs and Hyperbeat + various ecosystem partners: https://x.com/mizulabs/status/1904580698792747018 https://x.com/0xHyperBeat/status/1904582047772938708 + OmniX DVN validates cross-chain messages between supported chains and HyperEVM: https://x.com/OmniX_NFT/status/1899871344835039679 + Hyperliquid Names auctions: https://x.com/hlnames/status/1902876154807333140 + RedStone oracles: https://x.com/redstone_defi/status/1904203670457319460 Community Highlights + Stargate integrated Unit for ETH deposits: https://x.com/stargatefinance/status/1905670060477452593 + Cielo wallet tracker added Hyperliquid: https://x.com/CieloFinance/status/1904959500466999395 + Jan organized a fundraiser for the cat shelter Zilinske labky 3 months ago, and they shared a video of cats the community was able to support: https://x.com/janklimo/status/1905961119660884104 + New Hypurr stickers have been added to Discord and Telegram: https://t.me/addstickers/Hypurrliquid

The onchain delisting of MYRO perps took place smoothly. The vote completed onchain as soon as quorum was reached at 13:16 UTC, which happened when the 13th validator cast its vote. Hyper Foundation 1 and 3 did not vote. You can see the explorer transactions for the onchain votes. Here is an example for Nansen x HypurrCollective’s vote to delist, which led to quorum being reached: https://app.hyperliquid.xyz/explorer/tx/0xf4d5e0ded45c40abbbd7042080ab1e01c2006434c5f188b1a14ee473c3fc8dd5

The Hyperliquid blockchain has been upgraded to feature fully onchain validator voting for asset delisting. When a quorum of stake has voted for a delisting, the action automatically triggers onchain. This permissionless stake-based vote weighting primitive is built natively into HyperCore and technically requires no offchain coordination. As a demonstration of the new primitive, the Hyper Foundation validators 2-5 will vote to delist MYRO perps around 13:00 UTC on March 29. Hyper Foundation validator 1 will abstain from voting until delegations to initial Delegation Program participants are complete. Like on other chains, most validators will likely make their intended votes clear offchain beforehand to provide users clarity and predictability. The Hyper Foundation does not act or speak on behalf of other validators. There may be interfaces built or provided in the future to summarize validator voting in a more user-friendly way.

Yesterday is a good reminder to stay humble, hungry, and focused on what matters: building a better financial system owned by the people. Hyperliquid is not perfect, but it will continue to iterate and grow through the collective efforts of builders, traders, and supporters. Users with JELLY long positions at the time of settlement will be refunded by the Foundation as if their position settled at the closing price of 0.037555. This results in all JELLY traders being settled at a price advantageous to them, except flagged addresses. To recap what happened: A trader self-traded a 4M USDC JELLY position at 0.0095. The price of JELLY then rose more than 4x, with HLP backstop liquidating the 4M position. The short position led to a loss in HLP’s account value. The OI cap formula is a dynamic function of global liquidity and OI on other venues including major CEXs. A 4M USDC position fell within those limits, but additional open interest was prevented from being opened beyond the automatically triggered cap. However, the key issue was that once HLP took over the position, it shared collateral with the other component vaults in the strategy and therefore did not trigger ADL. Risk management on Hyperliquid is being strengthened in various ways, including: + HLP: The Liquidator vault will have a tight cap representing a small percentage of total HLP account value, rebalanced less frequently, and more sophisticated logic around taking backstop liquidations. ADL will be triggered if the Liquidator loses above a certain threshold, instead of moving collateral automatically from the other component vaults. Note that ADL is not expected to trigger during organic market activity. + OI caps: Open interest caps will be refined to be dynamic relative to market cap. + Delistings: Validators will vote onchain to delist assets that fall beneath thresholds. Thank you for your continued feedback, support, and commitment.

ETH deposits, withdrawals, and spot trading are now live on Hyperliquid thanks to Unit. Deposit ETH on http://app.hyperliquid.xyz or http://app.hyperunit.xyz Trade spot ETH at https://app.hyperliquid.xyz/trade/0xe1edd30daaf5caac3fe63569e24748da

After evidence of suspicious market activity, the validator set convened and voted to delist JELLY perps. All users apart from flagged addresses will be made whole from the Hyper Foundation. This will be done automatically in the coming days based on onchain data. There is no need to open a ticket. Methodology will be shared in detail in a later announcement. As with other chains, validators often need to convene to take decisive action as a group to ensure the integrity of the network. It is a priority to enhance robustness and transparency to the voting system. Note that HLP’s 24 hour pnl as of writing is approximately 700k USDC. Technical improvements will be made, and the network will grow stronger as a result of lessons learned. More details will be shared shortly.

HyperCore and HyperEVM linking is live on mainnet. Users can now trade HyperEVM tokens on the same liquid and performant order books that power billions of volume every day on HyperCore. The full defi lifecycle includes building a project, launching a token, and trading that token. Every step of the journey can now be done permissionlessly within Hyperliquid. Defi features composability, self-custody, and no gate keepers. CEXs feature frictionless UX and deep liquidity. Hyperliquid combines both into a seamless and onchain system to house all of finance. See the Docs for details: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/hyperevm/hypercore-less-than-greater-than-hyperevm-transfers. It is strongly recommended to test everything on testnet before linking on mainnet, as linking is immutable.

By community request, you can now long or short $NIL 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/NIL

Introducing Staking Tiers Staking tiers will be determined by the amount of HYPE staked. The initial benefit of staking tiers is reduced trading fees. These updates are expected to go live on or after April 30 to give users time to adjust. As part of this update, the overall fee system will be reworked. The new fee system will have the following properties: 1. Even without staking discounts, perp and spot fees are lower than CEXs for most users. 2. Fee sensitive users can stake HYPE to benefit from even lower fees than the existing system. 3. Protocol revenue is projected to increase. 4. HYPE will have more utility for users. What else is changing: + Separate fee schedules for perps vs spot + Spot volume counts double toward your fee tier What is not changing: + Maker rebates based on % of total maker volume + Perps and spot volume combined to determine your fee tier For more details, see the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees.