Weekly update

Spot
+ Made another round of spot updates on testnet based on user feedback. Spot will go live on mainnet this week
+ Final reminder: for points holders to qualify for $PURR on mainnet, they need to have accepted the updated Terms of Use on https://app.hyperliquid.xyz/trade by EOD UTC on April 13. Important: you must do this even if you have previously accepted the Terms of Use. You will be prompted to review and accept the Terms of Use when you connect to the website

Perps
+ Listed perps for $TNSR

Points
+ Week 23 of the points program ended on April 10

Product
+ Improved loading time for first time users
+ Misc UI improvements: changed error message for when reduce only is checked to "Reduce Only Too Large," added explanation to connect modal if desired wallet extension isn't shown, etc.

ATHs in Metrics
+ Daily active traders: 19k
+ Daily liquidations: $117M
+ HLP all-time pnl: $19M

4,462,258 points have been distributed to 11.5k closed alpha users for activity before October 31, 2023.

Closed alpha points will default as the last row in the Points page. You can click the "Week" heading to see the oldest rows first.

As a reminder, spot trading for $PURR will go live between 04:00-06:00 UTC.

During the feedback period on testnet, community members felt that there was more Hyperliquidity (HIP-2) than needed. As a result, 40% of the total supply originally allocated for HIP-2 will instead be burned.

Concretely, that means 500M $PURR will be distributed to points holders and 100M $PURR will be permanently committed to the onchain order book via HIP-2 as liquidity.

$PURR is live as the first HIP-1 native token on the Hyperliquid L1. You can now trade $PURR on mainnet:

https://app.hyperliquid.xyz/trade/PURR/USDC

Points for week 24 have been distributed.

Spot trading launched smoothly on April 16 with $PURR, leading to an all-time high of 30k daily active traders.

The Hyperliquid L1 continues to grow.

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

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

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

HIP-1 and HIP-2 will soon open up for users to permissionlessly deploy on the Hyperliquid L1.

To recap, HIP-1 is a standard to deploy native tokens and onchain spot order books. HIP-2 permanently commits liquidity to a spot order book for HIP-1 tokens and synergizes with users' own order book liquidity.

Since their announcement, HIP-1 and HIP-2 were adjusted based on user feedback. The most significant addition is that an HIP-1 genesis distribution can now include existing HIP-1 tokens as an anchor. I.e., at the genesis of the new token, a specified portion will be distributed proportionally to holders of another HIP-1 token.

The UX to deploy HIP-1 and HIP-2 is still technical, so users or teams interested in deploying are encouraged to reach out to try it on testnet first. The mainnet release will be gated to a few deployments to test the technical details before becoming permissionless. Please open a ticket in the Discord server if you are interested.

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

Weekly update (for April 14-28)

Spot
+ $PURR genesis distribution went smoothly on April 16. Daily active traders passed 30k, and the frontend, L1, and API servers all performed without a hitch.
+ If you are interested in deploying a native token on mainnet through HIP-1 and HIP-2, please ⁠📩︱open-ticket and share what your plans are. Testing will begin on testnet in the next week.

Perps
+ Listed perps for $SAGA, $MERL, $HBAR, and $POPCAT

Points
+ Week 25 of the points program ended on April 23

Product
+ Improvements were made to bridge throughput after congestion issues during PURR's first day of trading
+ Updated info bar and Balances table on desktop to show contract info for spot tokens
+ Misc UI: tidied up the explorer and joining from a referral link, updated TV chart library, etc.

Community
+ Jan (a long-standing community member) made a website to track $PURR burn and other stats: https://www.purrburn.fun/

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

FRIEND-USD will be delisted on May 2 at 08:00 UTC.

As a reminder, FRIEND-USD is an index, not a hyperp for the friend.tech token.

All positions will be settled at mark price, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, FRIEND-USD perps will be delisted, and no new orders will be accepted.

By community request, Hyperliquid has listed $EIGEN-USD hyperp. You can now long or short the unlaunched Eigenlayer token with up to 3x leverage.

Note: $EIGEN-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/hyperps

$EIGEN-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 and how it differs from vanilla perps. NFA.

https://app.hyperliquid.xyz/trade/EIGEN

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

DEX Screener has integrated the Hyperliquid L1. This marks their first integration of an order book.

You can now track $PURR on https://dexscreener.com/hyperliquid/0xc1fb593aeffbeb02f85e0308e9956a90

New user-deployed assets will also be tracked automatically once live.

Bi-weekly update

Spot
+ Iterating on user feedback for the spot deploy process via HIP-1 and HIP-2. Thank you to everyone who has been sharing feedback and helping improve the flow

Perps
+ Listed perps for $OMNI, $EIGEN, $REZ

Tech
+ Switched to HyperBFT consensus during yesterday's network upgrade. The performance of mainnet is being closely monitored
+ As previously announced, legacy signing was discontinued

Product
+ Added toggle between Perps and All (Perps + Spot + Vaults) for PNL and Account Value on the Portfolio page. Note: Perps only starts on May 4, which is when the data began to be indexed
+ Added market cap to token selector for spot on desktop
+ Misc UI improvements

Community
+ Shoutout to the many community members who have been building tools and contributing to PURR
+ jan added a leaderboard and display names to https://www.purrburn.fun/
+ send's TG announcements channel tracks whale buys/sells of $PURR: https://news.1rj.ru/str/whalecatalerts
+ ikalgo's TG bot is a convenient way to check $PURR stats on the go: https://news.1rj.ru/str/hyperliquidpricebot
+ vtx has been animating hypurr in GIF form

User-deployed spot is now live on mainnet. New user-deployed spots assets will appear in the "Spot" category of the token selector.

Spot deploys should become permissionless on testnet in the coming weeks, with mainnet following once testing is complete on testnet.

By community request, you can now long or short $NOT 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/NOT

The Hyperliquid L1 will support a native EVM.

The EVM will be augmented to atomically compose with native components on the Hyperliquid L1: HIP-1 assets, spot trading, perp trading, and other defi primitives.

Today, Hyperliquid already offers massively scalable throughput for the most heavily used defi operations. The EVM will unlock the full breadth of applications that do not require heavy optimization, such as bridging, auctions, lending, and novel user applications.

The EVM is not an isolated feature, but rather an integrated approach towards scaling the L1. By routing the highest throughput transactions through performant native components, the long tail of applications can enjoy ample blockspace. By empowering users to build on the EVM, the native order books will benefit from trustless bridging, new assets, and improved liquidity.

As one example of EVM composability with native components, HIP-1 assets will feature an atomic transfer with their corresponding ERC-20 contracts. This interaction will enable Hyperliquid L1 to become the premier platform to build, launch, and trade tokens. Builders will be able to deploy smart contracts with familiar EVM tooling and connect instantly to the CEX-like trading experience that users love. As the Hyperliquid L1 matures, users will no longer need centralized exchanges or other blockchains.

This is a relatively large undertaking. The testnet launch is expected to go live in the coming months.

Permissionless user-deployed spot will go live on mainnet within the next 60 minutes. You can read more in the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-1-native-token-standard

It is strongly recommended to try exactly what you want to deploy on testnet first, so you don’t run into issues on mainnet. After bidding and paying gas, you can take your time to check each step, as there is no time limit for deploying. This is a complex process, so it is possible to get in a state where your deployment is stuck. It is the deployer's responsibility to try on testnet first; gas cannot be refunded if your deployment is stuck.

The dev team does not endorse any user-deployed spot asset; this is meant to be tech that anyone can use. Do not trade assets you are unfamiliar with and do not understand the risks for. Always do your own research. In addition, updates have been made to the UI to help users navigate trading spot. For example, there is now a toggle between “Strict” and “All” spot assets in the token selector.