From https://x.com/hyperunit:

Introducing Unit: the decentralized asset creation layer for all of finance, built exclusively on Hyperliquid.

Unit will enable seamless deposits, withdrawals, and trading for a wide variety of assets. Our first integration allows major spot crypto tokens to flow between Hyperliquid and their native blockchains, launching today with native BTC.

This is a significant unlock for users, enabling:
+ 1-Click Native Deposits & Withdrawals: Deposit or withdraw BTC via their self-custodial wallet or centralized exchange account. (ETH and SOL coming soon).
+ Unified Trading Experience: Trade both spot and derivatives within a single, integrated platform.
+ New Capital Onramps: Send spot from any supported native source chain and sell in the spot order book to access USDC.

Deposit BTC now directly on http://app.hyperliquid.xyz or at http://app.hyperunit.xyz. For more details on the protocol design, see our documentation at http://docs.hyperunit.xyz and to stay up to date on what we're building, you can join our telegram channel: http://t.me/hyperunit

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

The HyperEVM is live. This is a major step toward the vision of housing all finance by bringing general-purpose programmability to Hyperliquid’s performant financial system. The initial mainnet release of the HyperEVM includes:

1. HyperEVM blocks built as part of L1 execution, inheriting all security from HyperBFT consensus.
2. Spot transfers between native spot HYPE and HyperEVM HYPE. As a reminder, HYPE is the native gas token on the HyperEVM.
3. A canonical WHYPE system contract deployed at 0x555...5 for defi applications. The source code can be found at https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/evm/wrapped-hype

Effective immediately, the bug bounty program will pay mainnet bounty amounts for reports within the scope of the points above. See https://hyperliquid.gitbook.io/hyperliquid-docs/bug-bounty-program for details.

For API and wallet users: the mainnet HyperEVM has chain ID 999. A JSON-RPC server for the mainnet HyperEVM is hosted at https://rpc.hyperliquid.xyz/evm. Node operators and other builders are encouraged to host their own RPC servers.

Tooling and analytics around mainnet HyperEVM may not be polished on day one. However, there are many talented builders working to solve these developer pain points. To help with these efforts, raw HyperEVM block data is streamed realtime to S3 so that running a node is not required to index the HyperEVM. More technical details can be found here: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/evm/raw-hyperevm-block-data

General ERC20 native transfers and precompiles will be enabled on a future network upgrade. Any ongoing feedback for these features on testnet is greatly appreciated. While these features are implemented on testnet, the mainnet releases are staggered for minimal disruption to existing users on the L1. The HyperEVM is composable with the L1 state while not affecting the low latency trading experience of existing users.

Thank you to all the builders and users who have shared feedback on testnet so far. It will be exciting to see new applications leveraging and building upon the existing onchain financial system of Hyperliquid.

Weekly update

Tech
+ The HyperEVM is live. Please see ⁠the previous announcement regarding the EVM release on mainnet

Product
+ BTC spot trading, deposits, and withdrawals are now live, thanks to Unit: https://hyperunit.xyz/ https://x.com/hyperunit/status/1890437173738107107. Unit is the decentralized asset tokenization layer for all of finance, built exclusively on Hyperliquid. You can trade BTC here: https://app.hyperliquid.xyz/trade/0x8f254b963e8468305d409b33aa137c67
+ Miscellaneous UI improvements

Trading
+ LAYER, IP, and OM perps were listed

Teams Live on EVM
+ Purrsec (Parsec's) explorer: https://x.com/parsec_finance/status/1891938492059398288
+ 0xPrince's explorer: https://x.com/im0xPrince/status/1891741047341908085
+ Gas.zip's explorer: https://x.com/gasdotzip/status/1891822061615480850
+ HypurrScan EVM RPC: https://x.com/hypurrscan/status/1891863348326679007
+ Goldsky indexer: https://x.com/goldskyio/status/1891904190965817464
+ Indexing Co tooling: https://x.com/indexingco/status/1891957633734541367
+ 0xikalgo's frontend to toggle big/small blocks: https://x.com/0xikalgo/status/1891978908691468361
+ Hyperswap AMM: https://x.com/HyperSwapX/status/1891903088102912304
+ hl names: https://x.com/hlnames/status/1891830454732370141
+ Stork oracle: https://x.com/StorkOracle/status/1891917019806826653

Community Highlights
+ HypurrCo and Nansen co-hosted a community event in Singapore on Feb 12 where different ecosystem projects presented: https://x.com/hypurr_co/status/1889689557752504635. There are upcoming community events at Consensus HK (https://lu.ma/qu18gi5x) and ETH Denver (https://lu.ma/w0cinp8s) as well as a dodgeball tournament at ETH Denver (https://lu.ma/4k011viq)
+ HyperDash built a dashboard for Unit deposits and withdrawals, trading, etc.: https://unit.hyperdash.info/
+ SKYGG wrote about precompiles: https://x.com/SKYGG_Official/status/1889290936427192526
+ HL Fund, a platform for DAOs and community investments went live: https://x.com/hl_fund/status/1891433926477971684
+ HyperFly, an AI trading companion in closed beta, added new features: https://x.com/hyperflyai
+ Chainflip supports BTC deposits using Unit: https://x.com/Chainflip/status/1891885294967980143
+ Router supports Hyperliquid withdrawals: https://x.com/routerprotocol/status/1891907042568253566
+ Gas.zip supports bridging to the HyperEVM: https://x.com/gasdotzip/status/1891735778084134999
+ Hyperlane supports bridging to the HyperEVM: https://x.com/hyperlane/status/1892062408342110553
+ Okto added support for spot trading: https://x.com/okto_web3/status/1891422647277457605
+ For users who want to track teams building in the Hyperliquid ecosystem, you can use: https://www.hypurr.co/ecosystem-projects, https://hyperliquid.wiki/, https://data.asxn.xyz/dashboard/hyperliquid-ecosystem, https://x.com/SKYGG_Official/status/1885297011324575822

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

The mainnet validator set will become fully permissionless after the next network upgrade. Like on testnet, the top N validators by stake will form the active set. Initially, N will be set to 20 and will increase over time.

In addition, the Delegation Program is live. The Delegation Program is designed to enhance network security and decentralisation and support validators committed to the growth of the Hyperliquid ecosystem.

Technical details for validators:
Validators are encouraged to carefully understand the technology and familiarise themselves with testnet before proceeding with mainnet. Note that the self-delegation of 10k HYPE is locked by the protocol for one year. This lockup applies even if a validator is not part of the active set, and should be carefully considered before committing the stake. It is strongly recommended to review and apply for the Delegation Program before running a mainnet validator: https://hyperliquid.gitbook.io/hyperliquid-docs/validators/delegation-program.

Biweekly update

Product
+ Added an Announcements page https://app.hyperliquid.xyz/announcements to make it easier for users to get updates without having to check social media
+ Included reasons for cancels in Order History

Trading
+ KAITO perps were listed

EVM Updates
+ Created a new channel ⁠in Discord #hyperevm-eco to share updates about new apps, tools, etc. live on the HyperEVM
+ Shared FAQ on how to use the HyperEVM for users and builders: https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/how-to-use-the-hyperevm
+ A reminder to be careful, DYOR, and do small test transactions when interacting with applications built on the HyperEVM

Teams Live on EVM (in no particular order)
+ Drip.Trade NFT marketplace: https://app.drip.trade/
+ Hypio NFTs bridged from Base: https://x.com/HypioHL/status/1895140618310979606
+ Tiny Hyper Cats (THC) NFTs: https://x.com/tinyhypercats/status/1893649982365802601
+ NFT creator toolkit by NFTs2ME: https://x.com/nfts2me/status/1892518046616682547
+ LiquidLaunch token launch platform: https://x.com/LiquidLaunchHL/status/1891880361614852120
+ Hypurrfi HYPE lending: https://x.com/hypurrfi/status/1892635932047692140
+ Keiko Finance HYPE lending: https://x.com/KeikoFinance/status/1892369981418975540
+ LoopedHYPE: https://x.com/Looped_HYPE/status/1896550278398140705
+ Sunder Finance AMM: https://x.com/sunder_finance/status/1891906166667825580
+ EternalAI AI agents: https://x.com/CryptoEternalAI/status/1892220146711920979
+ Den x Hypurrfi SAFE multisig: https://x.com/hypurrfi/status/1892715666395857095
+ Revoke.cash to revoke approvals: https://x.com/RevokeCash/status/1894514201281904645
+ Private RPC node set-up: https://x.com/sprites0_hl/status/1893149186201428410
+ HyperDash EVM transfers: https://x.com/hypurrdash/status/1892211790181798168
+ Hyperlane bridging: https://x.com/hyperlane/status/1892062408342110553
+ DeBridge bridging: https://x.com/deBridgeFinance/status/1892665054539260244
+ LayerZero bridging: https://x.com/LayerZero_Core/status/1894423115691868653
+ Router Protocol bridging: https://x.com/routerprotocol/status/1894379654599119157
+ Pyth oracle: https://x.com/PythNetwork/status/1892280784230523170

Community Highlights
+ HypurrCo co-hosted community events at Consensus HK (https://x.com/hypurr_co/status/1892896924770193431) and ETH Denver (https://x.com/hypurr_co/status/1895678503015891171)
+ GeckoTerminal added support for Hyperliquid: https://x.com/GeckoTerminal/status/1894332952030711823
+ Nansen Profiler tracks Hyperliquid positions and balances: https://x.com/nansen_ai/status/1894689653334356316
+ ASXN and Messari shared write-ups on Unit supporting spot: https://x.com/asxn_r/status/1893336875391181235, https://messari.io/report/analyst-note-introducing-unit-bringing-spot-btc-to-hyperliquid

Hyperliquid mainnet non-validator nodes are now available for anyone to run. Several validators have opened seed nodes to which the public may connect, with more to follow. See the GitHub repository for instructions on how to run a node: https://github.com/hyperliquid-dex/node. In the community spirit of Hyperliquid, it is highly appreciated for new validators and non-validators alike with reliable infrastructure to publish their peers to further diversify the network.

Based on feedback, this change will take place two network upgrades from now to provide more time to prepare.

The Delegation Program application deadline to be considered for the first batch of Foundation delegations is Sunday, March 16 at 23:59 UTC. An announcement will be made shortly before the network upgrade that transitions the mainnet validator set to a fully permissionless model. This is expected to occur in a few weeks.

Regarding commentary and questions on the 0xf3f4 user's ETH long:

To be clear: There was no protocol exploit or hack.

This user had unrealized PNL, withdrew, which lowered their margin, and was liquidated. They ended with ~$1.8M in PNL. HLP lost ~$4M over the past 24h. HLP's all-time PNL remains at ~$60M. As a reminder, HLP is not a risk-free strategy.

Max leverage will be updated for BTC and ETH to 40x and 25x respectively to increase maintenance margin requirements for larger positions. This will provide a better buffer for backstop liquidations of larger positions.

To date, Hyperliquid has processed over $1 trillion in trading volume and become the first DEX to rival CEX scale. As volume and open interest continue to grow, there are increasingly large tests for the margining system. Yesterday’s event highlighted an opportunity to strengthen the margining framework to address extreme conditions more robustly. Immediate review was undertaken to analyze the scenario in detail and investigate ways to mitigate similar situations. Risk management is, and has always been, a top priority. It is a constant focus, even if not publicly highlighted each day.

To that effect, there will be a change to require 20% margin ratio on margin transfers in a network upgrade after March 15 0:00 UTC. "Margin transfer" refers to funds leaving cross wallet and isolated margin positions. Examples include withdrawals, perp to spot transfers, and adding or removing isolated margin. This change does not affect the opening of new cross margin positions and only affects new isolated margin positions if cross margin usage would exceed 5x after the isolated position is opened. This update is intended to maintain healthier margin requirements and reduce the systemic impact of large positions with hypothetical market impact upon closing.

As always, Hyperliquid remains committed to providing a performant, transparent, and resilient trading environment and delivering the best possible experience for users.

Max leverage has been decreased for various assets to ensure platform stability during extreme volatility. Note that max leverage decreases do not affect the liquidation price of open positions until they are modified. To reduce positions that exceed initial margin requirements under the new max leverage, use reduce-only orders. The first non-reduce-only order that modifies a position will subject it to the new max leverage and maintenance margin requirements. As a reminder, maintenance margin is half of the initial margin at max leverage. E.g., if max leverage is 20x, the maintenance margin is 2.5%.

Hyperliquid has redefined trading.

When a whale shorts $450M+ BTC and wants a public audience, it's only possible on Hyperliquid. When headlines say "Bitcoin Market on Edge," they are equating "Hyperliquid" with the "market."

Anyone can photoshop a PNL screenshot. No one can question a Hyperliquid position, just like no one can question a Bitcoin balance.

The decentralized future is here.

Biweekly update

Product
+ Enabled MFA for email login, which you can find in the address dropdown in the navigation bar. MFA will be valid for a 15 minute period and then re-prompted upon your next transaction. Please flag if you experience any issues.
+ Updated UI to explain why HYPE balances can be escrowed if your first action is a transfer from the EVM and how to activate the trading account.

Trading
+ There is now a 20% margin ratio on margin transfers, e.g., withdrawals, perp to spot transfers, adding or removing isolated margin, etc. This change does not affect the opening of new cross margin positions and only affects new isolated margin positions if cross margin usage would exceed 5x after the isolated position is opened.
+ Partial liquidations are live on mainnet. ⁠

Validators
+ The Delegation Program application deadline for the first batch of delegations passed on March 16. Applicants should hear back within the next week or two.

EVM Updates
+ HyperEVM <> HyperCore transfers on testnet have been changed to use a unique system address per token.
+ Shared an example to build a full archival RPC for HyperEVM: https://github.com/hyperliquid-dex/hyper-evm-sync
+ A reminder to be careful, DYOR, and do small test transactions when interacting with applications built on the HyperEVM

Teams Live on EVM (in no particular order)
+ Staked HYPE (stHYPE) by Thunderhead: https://x.com/stakedhype/status/1892699617088962573
+ HyperPie liquid staked Hype: https://x.com/Hyperpiexyz_io/status/1900095404332507594
+ Timeswap borrow/lend protocol: https://x.com/TimeswapLabs/status/1893993021609590785
+ Laminar swap DEX: https://x.com/laminar_xyz/status/1897435281474904457
+ Palmera SAFE multi-sig deployment: https://x.com/palmera_dao/status/1899460307401019488
+ Tholos MPC multi-sig: https://x.com/tholosapp/status/1897001526939541628
+ Liquina NFT app: https://x.com/LiquinaHL/status/1896580776063631417
+ Trippy Wolves NFTs bridged to HyperEVM: https://x.com/rekt_gang/status/1899234670102921689

Community Highlights
+ Multiple teams are running public RPC nodes: https://github.com/hyperliquid-dex/node?tab=readme-ov-file#mainnet-non-validator-seed-peers
+ Delphi Digital wrote a report on Hyperliquid: https://x.com/Delphi_Digital/status/1898402739438440663
+ Hyperstats shared a dashboard for transfers between HyperCore and HyperEVM: https://x.com/hyperstats_xyz/status/1900705746704363770
+ CoinGlass built a whale dashboard for top positions by address: https://www.coinglass.com/hyperliquid
+ karl_0x and 0xasht made a dashboard to track HL volume and OI compared to CEXs: https://x.com/karl_0x/status/1900639088774148134

Introducing Staking Tiers

Staking tiers will be determined by the amount of HYPE staked. The initial benefit of staking tiers is reduced trading fees. These updates are expected to go live on or after April 30 to give users time to adjust.

As part of this update, the overall fee system will be reworked. The new fee system will have the following properties:
1. Even without staking discounts, perp and spot fees are lower than CEXs for most users.
2. Fee sensitive users can stake HYPE to benefit from even lower fees than the existing system.
3. Protocol revenue is projected to increase.
4. HYPE will have more utility for users.

What else is changing:
+ Separate fee schedules for perps vs spot
+ Spot volume counts double toward your fee tier

What is not changing:
+ Maker rebates based on % of total maker volume
+ Perps and spot volume combined to determine your fee tier

For more details, see the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees.

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

HyperCore and HyperEVM linking is live on mainnet. Users can now trade HyperEVM tokens on the same liquid and performant order books that power billions of volume every day on HyperCore.

The full defi lifecycle includes building a project, launching a token, and trading that token. Every step of the journey can now be done permissionlessly within Hyperliquid. Defi features composability, self-custody, and no gate keepers. CEXs feature frictionless UX and deep liquidity. Hyperliquid combines both into a seamless and onchain system to house all of finance.

See the Docs for details: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/hyperevm/hypercore-less-than-greater-than-hyperevm-transfers. It is strongly recommended to test everything on testnet before linking on mainnet, as linking is immutable.

After evidence of suspicious market activity, the validator set convened and voted to delist JELLY perps.

All users apart from flagged addresses will be made whole from the Hyper Foundation. This will be done automatically in the coming days based on onchain data. There is no need to open a ticket. Methodology will be shared in detail in a later announcement.

As with other chains, validators often need to convene to take decisive action as a group to ensure the integrity of the network. It is a priority to enhance robustness and transparency to the voting system.

Note that HLP’s 24 hour pnl as of writing is approximately 700k USDC. Technical improvements will be made, and the network will grow stronger as a result of lessons learned. More details will be shared shortly.

ETH deposits, withdrawals, and spot trading are now live on Hyperliquid thanks to Unit.

Deposit ETH on http://app.hyperliquid.xyz or http://app.hyperunit.xyz

Trade spot ETH at https://app.hyperliquid.xyz/trade/0xe1edd30daaf5caac3fe63569e24748da

Yesterday is a good reminder to stay humble, hungry, and focused on what matters: building a better financial system owned by the people. Hyperliquid is not perfect, but it will continue to iterate and grow through the collective efforts of builders, traders, and supporters.

Users with JELLY long positions at the time of settlement will be refunded by the Foundation as if their position settled at the closing price of 0.037555. This results in all JELLY traders being settled at a price advantageous to them, except flagged addresses.

To recap what happened:
A trader self-traded a 4M USDC JELLY position at 0.0095.
The price of JELLY then rose more than 4x, with HLP backstop liquidating the 4M position.
The short position led to a loss in HLP’s account value.
The OI cap formula is a dynamic function of global liquidity and OI on other venues including major CEXs. A 4M USDC position fell within those limits, but additional open interest was prevented from being opened beyond the automatically triggered cap.
However, the key issue was that once HLP took over the position, it shared collateral with the other component vaults in the strategy and therefore did not trigger ADL.

Risk management on Hyperliquid is being strengthened in various ways, including:
+ HLP: The Liquidator vault will have a tight cap representing a small percentage of total HLP account value, rebalanced less frequently, and more sophisticated logic around taking backstop liquidations. ADL will be triggered if the Liquidator loses above a certain threshold, instead of moving collateral automatically from the other component vaults. Note that ADL is not expected to trigger during organic market activity.
+ OI caps: Open interest caps will be refined to be dynamic relative to market cap.
+ Delistings: Validators will vote onchain to delist assets that fall beneath thresholds.

Thank you for your continued feedback, support, and commitment.