Biweekly update

Tech
+ A staking UI was added to https://app.hyperliquid-testnet.xyz/staking on testnet to make it easier for users to test and familiarize themselves with staking

Product
+ Added $ / % toggle to favorites bar
+ Added aggregation selector to full order book view on mobile
+ Enabled order book set size on click setting on mobile
+ Expanded TP/SL input fields proportionally when expanding the order form horizontally on desktop
+ Updated OI error message to be clearer, and more misc. UI improvements

Trading
+ VIRTUAL, PENGU, USUAL, and FARTCOIN perps were listed
+ BLZ perps were delisted
+ OI reached a new ATH of >$4.3B
+ 24h volume reached a new ATH of >$15B

Community Highlights
+ deBridge and Synapse integrated Hyperliquid, enabling cross-chain deposits
+ Sandwich Trading and Teal Street added support for Hyperliquid
+ Defillama began tracking Hyperliquid's fees on its dashboard: https://defillama.com/fees. Note that this does not include native spot auctions.
+ Jan organized a PURR Christmas donation to support a cat shelter: https://www.purrburn.fun/make-a-difference
+ As always, you can find more great content, analysis, etc. from the community in ⁠the community-research channel in Discord

By community request, you can now long or short $AI16Z and $AIXBT 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/AI16Z
https://app.hyperliquid.xyz/trade/AIXBT

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

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

FTM-USD will be delisted on January 12 at 09:30 UTC as part of the rebranding from FTM to S. All positions will be settled at mark price, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, FTM-USD perps will be delisted, and no new orders will be accepted.

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

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

2024 in Review

Hyperliquid started 2024 as a barely-known perp dex and ended the year as one of the largest decentralized financial hubs, processing billions in volume per day with a thriving ecosystem of builders, traders, and community members.

Thank you to everyone who came together for a record-breaking 2024. All of this was achieved without taking any external funding and giving all trading fees to the community. Part of what makes Hyperliquid special is how the community is its strongest advocate and the largest beneficiary of its success. It’s humbling to see Hyperliquid’s vision resonate with so many of you.

Hyperliquid was built with a strong belief in returning to the core ethos of crypto — changing entrenched and predatory centralized practices to be fair and permissionless. In 2025, even more builders and users will join the flourishing ecosystem on a mission to house all finance.

Looking back on 2024, some milestones and metrics are highlighted in the post below.

https://hyperfnd.medium.com/2024-in-review-28c472091320

Biweekly update

Staking
+ Staking went live on mainnet. >400M HYPE is currently staked
+ Nansen, ValiDAO, and HypurrScan added staking UIs: https://stake.nansen.ai/stake/hyperliquid, https://app.validao.xyz/stake/hyperliquid, https://hypurrscan.io/staking
+ ASXN and HypurrScan built staking dashboards: https://data.asxn.xyz/dashboard/hype-staking, https://hypurrscan.io/staking

Trading
+ AI16Z, AIXBT, ZEREBRO, BIO, GRIFFAIN, and SPX perps were listed
+ Note that FTM perps will be delisted at 3:30 UTC on January 12 rather than 09:30 UTC

Community Highlights
+ In the 2024 recap, you can find a non-exhaustive list of teams and projects who have contributed to the ecosystem. A sincere thank you to everyone who believed in the vision and played a part in Hyperliquid's growth: https://x.com/HyperliquidX/status/1876628922693251128
+ BEATS, an AI agent music engine, launched: https://www.beatsfoundation.com/music
+ Tholos added support for multisig signing: https://x.com/TholosApp/status/1877098487923327133
+ MayanFinance (powered by Wormhole) and Router Protocol integrated, offering bridges from new chains: https://x.com/MayanFinance/status/1876314021928071592, https://x.com/routerprotocol/status/1876701670123680219
+ Awaken, tax software, added support for Hyperliquid transactions: https://x.com/AwakenTax/status/1873242101468807279

Looking back on the growth from 2023 to 2024 in numbers:
+ $1B 24h ATH volume to $15B (15x)
+ $178M open interest to $4.3B (24x)
+ $56M TVL to $2.1B (37x)
+ 31k users to 300k (9x)
+ 100 perps to 158 perps and 128 native spot assets
+ 24h revenue from trading fees and spot auctions exceeded $3.5M

Hyperliquid x ANIME

ANIME is the token powering the open anime universe, backed by Azuki. HYPE stakers will receive an ANIME airdrop as part of their TGE.

Follow @animecoin on X for updates.

https://x.com/HyperliquidX/status/1878598088979570985

The multi-sig UI is available for testing at app.hyperliquid-testnet.xyz/multisig.
This is an advanced feature. Unlike most other chains, multi-sig is a primitive built natively into the Hyperliquid L1 instead of requiring smart contracts. Please read the Docs (https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-l1/multi-sig) to understand the details.

Note that the UI is intended as a proof of concept for what interfaces can be built. For example, the multi-sig primitive supports all actions onchain even though the UI only supports a few.

As always, any bug reports are greatly appreciated.

The black market for testnet HYPE is strongly condemned. As stated many times, testnet is meant to be an open environment for users and builders to test the technology. To ensure fairness, testnet will undergo the following changes in the coming days:
+ The existing testnet USDC faucet functionality will be removed from the ERC20 smart contract
+ The new testnet USDC faucet will only work for existing mainnet addresses to prevent spam
+ Testnet HYPE balances will be reset to genesis balances
+ Existing testnet USDC balances will be zeroed out for all addresses
+ Testnet validators will be able to apply for testnet delegations once the Hyper Foundation Delegation Program is live

The next phase of mainnet validators will be permissionless. Once validators are permissionless on mainnet, anyone who meets the self-delegation requirement will be able to register a validator and apply for the Delegation Program.

SOLV is the first token with Day 1 CEX and Hyperliquid spot listings.

SOLV is launching simultaneously on the Hyperliquid L1 and BNB chain on Friday. These two SOLV assets will be linked once the HyperEVM is live.

Solv Protocol allows Bitcoin holders to stake, earn yield, and interact with defi products via SolvBTC, a Bitcoin reserve token.

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

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

By community request, you can now long or short $TRUMP with up to 3x leverage.

This perpetual contract uses onchain AMMs for the underlying oracle price. Beware of low liquidity, high volatility, and increased liquidation risk.

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/TRUMP

TRUMP-USD has been converted to a normal perp using CEX spot prices for oracle sources. Trading now supports cross margin and up to 10x leverage.

In accordance with its onchain mandate to securely preserve value and support the Hyperliquid community, the assistance fund will begin holding a diverse set of native assets on Hyperliquid. Selection criteria include a fair initial distribution, decentralized ownership, Hyperliquid-first native deployment, and a demonstrated positive impact for the Hyperliquid community.

Among qualifying assets, the Hyper Foundation will initially decide on inclusion and relative representation. Over time, governance will take over this responsibility. The pilot asset added to the assistance fund is PURR. The assistance fund initially will hold 3M PURR, which accounts for approximately 0.5% of the total supply at the time of inclusion.

By community request, you can now long or short $MELANIA with up to 3x leverage.

This perpetual contract uses onchain AMMs for the underlying oracle price. Beware of low liquidity, high volatility, and increased liquidation risk.

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/MELANIA

New ATHs reached today include:
+ 24h volume: $21B
+ Open interest: $4.7B
+ 24h protocol revenue (fees + HLP): $9.5M

MELANIA-USD has been converted to a normal perp using CEX spot prices for oracle sources. Trading now supports cross margin and up to 5x leverage.