HIP-2. Hyperliquid has recently activated the HIP-2 upgrade, enabling anyone to deploy perpetual markets permissionlessly, as long as they stake 500,000 $HYPE. This makes Hyperliquid a more composable DeFi platform than ever before.

The first market launched under HIP-2 is $XYZ-100, a perpetual index representing the 100 largest non-financial companies in the US. Think of it as a Nasdaq tracker freed from traditional finance. It was purchased and deployed by Hyperliquid, who launched the $XYZ-100 trading. And within 24 hours it generated: $29M in trading volume, $12.9M in open interest, $33K in fees.

🔥 1Hooks Market Crash (October 18, 2023)

The crypto market suffered a maximum crash, with over $19 billion "officially" liquidated, and likely over $40 billion in reality, the largest liquidation event in history. Hyperliquid processed over $162 in liquidations without any downtime, unlike most perplexes and CEXs. Jeff accused Binance and other CEXs of underreporting liquidations by up to 100x, merging multiple bursts into single reports to hide real data. Since Hyperliquid is all on-chain, everything is transparent.

⚡ ADL - The Most Misunderstood Mechanism

Auto-delve-verging (ADL) is a tail-to-mechanism used in perpetual trading to maintain platform solvency. When a position is liquidated and there isn't enough liquidity to cover the losses even after the insurance fund is drained, ADL automatically reduces profitable positions on the opposite side, prioritizing those with the highest unrealized P/L and leverage.

💡 During the crash: many traders experienced ADL for the first time on Hyperliquid. This ensured platform stability during the extreme market conditions but some profitable traders saw their positions reduced. It would sell $1.4M in profit equivalent to over $108 atr.

📈 Resilience & Record Performance

Hyperliquid hit a new volume high of $20B or more within $4 - a strong signal of resilience during the market tumult with HYPE outperforming most altcoins through the crash. Fees: $21,019,814.69$ in 24h.

🔗 New Integrations & Announcements

  • The MLP-vault discussed a new deposit and withdrawal from/HYPE enabling instant transfers between the two platforms.
  • The HLP-vault absorbed billions in short positions (that going long, earning $65M in profit, equivalent to over $108 atr).
  • Hypurr activated an airdrop checker and announced its Token Generation Event (TGE) for October 29, with $2WAP with certain calendar.
  • $KIN was expected to airdrop for Hypon and Hypercore traders, but the checker seems bugged, the team is aware and expected to fix it before TGE.