Status update: Hyperliquid

Protocol Echo is live. Every HYPE Signal earns now buys $SIGNAL. 70% burned 20% protocol reserve 10% loss relief Holders still get paid in $HYPE, same as always. Every buy, live: signal.family/protocol-echo

The Ascend Litepaper is live. Stake Hype on Ascend through kHYPE, earn two streams: ecosystem tokens funded by yield, and HYPE funded by protocol revenue. No protocol token. A 1% trading fee with up to half to creators. Every dollar of protocol revenue buys $HYPE and kinetiq:native. Supporting token lifecycle from launch to Ascended listings, HyperCore spot listings, and HIP-3 Perps listings through Kinetiq. We're also giving away 10 WL spots on this tweet to people who like, RT, and tag a friend with one unique mechanism they really like about Ascend. ascendlaunch.gitbook.io/docs

Signal will be supporting @Enter_Elysium on day 1. Launch tokens there just like you do on HyperEVM. More details as we get closer to mainnet. We're already live on testnet: elysium.signal.family

DoubleZero Edge now carries data from @HyperliquidX. Streams are entirely uncapped, every market, every order, the full L4 book including HIP-3. Introducing the first-class path to Hyperliquid’s order book, and the fastest commercially available feed on the market.

Open interest reached an all-time high of $18B on Hyperliquid

“Last mover advantage” is one of the most under appreciated concepts in business. There is enormous value in creating the final great development in an established and profitable market. Start with a very deep wedge in a product with high pmf, and then scale far and wide until you reach the end game. Too many examples to list but some very obvious ones. BlackBerry -> Apple Netscape -> Google Taxis -> Uber MySpace -> Facebook IBM -> Microsoft Blockbuster -> Netflix Binance -> Hyperliquid -Study Hyper fucking liquid

Most tech giants in the 2000s built their infrastructure and product as one entangled unit. Amazon had the foresight to separate out AWS as an API layer, of which Amazon retail was the first of many users. Today, AWS generates more profit than all of Amazon's other business lines combined. Hyperliquid is built with the same philosophy. Housing all of finance requires thoughtfully designed, open financial primitives. Each primitive should obey the Unix principle of "Do one thing and do it well." Talented builders then have the foundation to chain these together to create magical applications. HyperCore borrowing is an example to highlight this philosophy in action. Most other platforms implement portfolio margin by marking an account's collateral to market value with an LTV haircut, creating borrowed assets without an explicit lender. This system is simpler to implement, but misses a golden opportunity for composability. Hyperliquid instead begins with a borrow/lend protocol on HyperCore. Every borrowed asset is sourced from a supplier, so risk is isolated within the borrow/lend primitive instead of platform-wide. HyperCore's portfolio margin system is implemented as an orchestration layer that composes borrow/lend, with other primitives such as perps, spot, and outcome trading. This decomposition has several nice corollaries: 1. Today's announcement of manual borrowing is not a new feature, but simply an extension of the underlying primitive. Borrowers on day one have access to 400M and growing of supplied liquidity. 2. Portfolio margin users earn interest on their idle stablecoin collateral. This is not a new feature, but a natural byproduct of composing trading with lending. 3. System safety is easier to reason about when perp and borrow/lend margining are independent. In the same way that math theorems almost prove themselves when the right abstractions are defined, composable designs just feel right.

Manual borrows are live on Hyperliquid Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today. Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay interest, and supplied quote assets earn interest, with rates set by utilization.

Happy $HYPE ATH $HYPE at $90 🥳

HYPERLIQUID ⠀⠀⠀⠀⠀⠀⠀S ⠀⠀⠀⠀⠀⠀⠀A

Whitelist form will open tomorrow. Repost to get a chance to get in.

We used to catch bad guys, now we're protecting the good guys, because everyone deserves privacy.

#NewProfilePic $BOXY @BOXYboxcat @amazon $AMZN @longdotxyz

Introducing Events by trade[XYZ]. With Events, we’re advancing our vision of Hyperliquid as the universal exchange—a single, composable system for trading financial assets and real-world outcomes. A user can deposit spot BTC, borrow USDC through portfolio margin, open a pre-ipo SpaceX perp position, hedge an upcoming SK Hynix earnings event with an events market, and pick the US Open winner—all from a single unified account on trade[XYZ]. Events will span sports, politics, economics, and financial markets, with an expanding range of categories and contract formats. Our initial Up/Down markets cover equities, commodities, and pre-IPOs, powered by the depth and liquidity of trade[XYZ] perpetuals on HIP-3. These perpetuals provide continuous price discovery and serve as the resolution source, so each contract is grounded in XYZ's liquid market prices rather than an external oracle.

BREAKING: OUTCOME LAUNCHES FIRST MARKETS ON @Hyperliquidx WITH $1,000,000 IN REWARDS.

Hyperliquid

Base App perps are live powered by Hyperliquid. Long or short anything from your phone.