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.

All-time highs two days in a row:
Hyperliquid reached >$22B in 24h volume

By community request, you can now long or short pre-launch $ANIME with up to 3x leverage.

Hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. This makes the hyperp price more stable and less susceptible to manipulation, unlike usual pre-launch futures.

Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: ANIME-USD will convert to a vanilla perp upon CEX spot listing.

ANIME-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/ANIME

ANIME has converted from a hyperp (pre-launch) to a regular perp.

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

Biweekly update

Tech
+ As mentioned previously, testnet balances have been reset to ensure a fair environment for testing trading, running a node, etc. This transition is still in process and should be fixed in a few days. In particular, withdrawals from the testnet bridge are still disabled.
+ As a reminder, to date, all mainnet validators have qualified based on testnet performance. 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.
+ The number of allowed agents now only depends on the number of allowed sub-accounts, instead of requiring those sub-accounts to exist.
+ There is now a 100 USDC gas fee for creating a vault. This is in red text in the Create Vault modal.
+ The multi-sig UI is available for testing at app.hyperliquid-testnet.xyz/multisig as 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.

Product
+ Prevented placing limit orders when at OI cap - previously, users who didn't realize there was an OI cap would place orders not realizing they would be cancelled.
+ Fixed default entry price for spot token transfers before trading is enabled.
+ Improved continuous loading of data when tab remains open for long periods of time.
+ Minor improvements to staking UI, funding comparison table, account dropdown, token selector, etc.

Trading
+ S, MORPHO, TRUMP, MELANIA, ANIME, and VINE perps were listed
+ ANIME hyperp was listed
+ FTM perps were delisted

Changes to Spot Deploy
+ Deployed tokens now allow a setting of the deployer fee share of trading fees paid in the token (i.e., on buys). The deployer fee share can only decrease. In particular, it can be set to zero to ensure that no fees are collected by the deployer in perpetuity.
+ Using HYPE as an anchor token in genesis now only includes staked HYPE. Excluding addresses from an anchor token will be enabled in the future.
+ Hyperliquidity is now optional for deployed assets.
+ wei decimals can now be up to 10, and size decimals can now be up to 5.
+ Note that the official UI does not yet support these new spot deploy configurations.
+ As a reminder, remember to test the exact configuration on testnet before using mainnet. If you have purchased a spot asset ID on mainnet and need assistance, please reach out.

Community Highlights
+ Projects have been airdropping to HYPE stakers and other members of the Hyperliquid community, e.g., ANIME, TIME, GOD, and more
+ Hybridge added support for fiat on-ramp via credit card, Apple Pay, and Google Pay: https://x.com/HyBridgeHL/status/1883491980711194964
+ Harmonix supports swapping token pairs on Hyperliquid: https://x.com/harmonixfi/status/1880184509905457327?s=46&t=FzB82NK1Ig2kb_HLvfwl3A
+ Build your own dashboard using https://hypervisor.gg/dashboard
+ SKYGG shared a map of the Hyperliquid ecosystem: https://x.com/SKYGG_Official/status/1879862273814204486

New ATHs
+ 24h volume: $22B
+ Open interest: $4.7B
+ 24h protocol revenue (fees + HLP): $9.5M

Regarding questions about the Arbitrum bridge: Different lockers run different code, and this is a test transaction by an independent locker around improved locker logic. Apologies for any confusion caused. All user funds are safe.

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