Biweekly update

Product & Tech
+ The CoreWriter contract is live on mainnet. See the Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/hyperevm/interacting-with-hypercore#corewriter-contract
+ Spot trading with multiple quote assets is live on testnet with USDT and USDZZ (a testnet-only test token). Feedback is greatly appreciated, as always.
+ In approximately one month, the active validator set will increase from 21 to 24 validators. Note that the validator set will remain permissionless, as it currently is.

Trading
+ SYRUP perps were listed

New Teams on HyperEVM (in no particular order)
+ Etherscan's HyperEVM explorer: https://hyperevmscan.io/
+ Gliquid v4 AMM: https://www.gliquid.xyz/pools
+ Harmonix HYPE yield vault: https://x.com/harmonixfi/status/1938540673009164696
+ IVX 0dte options protocol: https://x.com/ivx_fi/status/1940706394325315778
+ Proof of Play RNG solution for builders: https://x.com/ProofOfPlay/status/1938642122850398425

New Teams on HyperCore (in no particular order)
+ Phantom wallet perps trading through HyperCore: https://x.com/phantom/status/1942628993636917311
+ Mass mobile wallet and Wallet V trading through HyperCore: https://x.com/massdotmoney/status/1940421198116200652, https://x.com/WalletV_io/status/1940795932456751407
+ Lootbase mobile trading app through HyperCore on Apple App Store and Google Play Store: https://x.com/LootbaseX/status/1937873479350514084
+ Maple Finance accepting HYPE as collateral: https://x.com/maplefinance/status/1938230304558485781
+ Gigabrain open source MCP server to trade using Claude: https://x.com/GigabrainGG/status/1941113742818980268

Community Highlights
+ Community organized events took place at ETH CC Cannes and Dubai: https://x.com/NarwhalTan/status/1941145190770888984, https://x.com/Hyperliquidae/status/1942496159982858320
+ Auros shared a guide to permissionless spot deployments on HyperCore: https://x.com/Auros_global/status/1940289302170345633

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

As a reminder, 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.

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

$PUMP-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. NFA.

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

Hyperliquid reached a new all-time high of >$10.6B in open interest.

Hyperliquid hit a new OI ATH two days in a row. This time of >$11.3B.

The PUMP hyperp has converted to a regular perp. You can now long or short $PUMP 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/PUMP

PUMP spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol.

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

Trade spot PUMP at https://app.hyperliquid.xyz/trade/PUMP/USDC

Based on extensive user and builder feedback, the staking referral program is being re-evaluated to ensure fairness for all builders and a healthy builder ecosystem. In its current formulation, there is a risk that some builders sharing back fees to users will create pressure for other builders to do the same to remain competitive. This would be a dangerous precedent that sets an effective requirement of staking in order to compete as an application. Permissionless systems must be designed thoughtfully as there is no central authority to prevent extractive behavior.

Thank you to all users that have raised these concerns. At this time, there is no definitive implementation ready for mainnet. Additional feedback is appreciated around designing a robust solution.

Last week, Hyperliquid was the first major venue to offer PUMP prelaunch trading. It became the main platform for price discovery leading up to PUMP’s highly anticipated TGE, with over $400M in open interest and $600M in 24h volume as a prelaunch perp.

Following TGE, Hyperliquid was also the first major venue to offer spot trading of PUMP through Unit. It remains one of the most liquid venues to trade PUMP spot.

Hyperliquid continues to support the movement of capital formation and price discovery onchain. This trend is reflected in four consecutive days of open interest all-time highs. Today’s OI reached $12.1B.

Weekly update

Product & Tech
+ Two features on testnet are eligible for mainnet level bug bounties: 1) Spot trading with multiple quote assets (USDT and USDZZ on testnet) and 2) the sendAsset action, which generalizes several other actions into a single format that supports perp DEXs and spot DEX, sub-accounts, and normal users. See https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/exchange-endpoint for more

Trading
+ PUMP hyperps were listed and converted to vanilla perps
+ PUMP spot trading, deposits, and withdrawals are now live, thanks to Unit
+ OI reached a new ATH of $12.1B

New Teams on HyperEVM (in no particular order)
+ Kinetiq liquid staking: https://x.com/kinetiq_xyz/status/1945166326562947201
+ OpenOcean swaps and DCA strategies: https://x.com/OpenOceanGlobal/status/1943297922394919235
+ KyberSwap swaps: https://x.com/KyberNetwork/status/1945120434627682553
+ Fordefi MPC wallet: https://x.com/FordefiHQ/status/1943052610896040176

New Teams on HyperCore (in no particular order)
+ Rabby wallet displaying HyperCore balances: https://x.com/Rabby_io/status/1944729735986323924
+ Transak fiat on-ramp: https://x.com/Transak/status/1943641499570192596
+ Spot trading for Pudgy Penguins' PENGU: https://x.com/pudgypenguins/status/1943365644369400226
+ Bullpen enabling spot trading: https://x.com/BullpenFi/status/1942974825518989444

Community Highlights
+ Various members of the ecosystem are co-organizing a 4-week online hackathon. Registration opens on July 28: https://x.com/hl_hackathon/status/1944803023152452055
+ Hypurr visited CNBC: https://x.com/dschamis/status/1944768550876381552
+ Multiple HYPE treasury strategy companies have been announced recently, including Hyperliquid Strategies (holding ~$888M), led by Bob Diamond and David Schamis, and Hyperion DeFi (holding ~$68M)

Open interest has reached new all-time highs seven days in a row. Today's OI record was $13.8B.

Fees also continue to grow, with a new ATH in 24h fees of $6M.

The CoreWriter system contract was activated on mainnet two weeks ago.

CoreWriter and read precompiles allow trustless two-way communication between HyperCore and the HyperEVM, enabling builders to create an entirely new class of HyperEVM applications that interact with the liquidity and performance of HyperCore.

For example, LSTs on other chains are usually controlled by an offchain multi-sig because staking occurs outside of the VM. The next generation of Hyperliquid LSTs can be built using read precompiles and CoreWriter for an entirely onchain tokenized staking experience. Furthermore, these onchain LSTs can participate in staking-related functionality through actions initiated from the HyperEVM, such as onchain LST-holder governance to deploy HIP-3 assets.

As another example, borrow lend protocols can use read precompiles to incorporate prices from order books on HyperCore into more robust oracle prices. CoreWriter then allows these protocols to trustlessly liquidate undercollateralized positions on HyperCore order books.

The seamless composability of HyperCore and the HyperEVM will be essential to enabling builders and bringing finance onchain.

Open interest continues to reach new all-time highs, surpassing $14.7B.

SPX6900 (SPX) spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol.

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

Trade spot SPX at https://app.hyperliquid.xyz/trade/SPX/USDC

Yesterday, the API servers experienced a significant spike in traffic, leading to order delays from approximately 14:10-14:47 UTC. The past weeks have seen back-to-back-to-back all-time highs in open interest as well as record highs in protocol revenue. While growing pains are challenging, they are a testament to Hyperliquid's momentum.

To be clear, there was no hack or exploit. The blockchain, consensus, and HyperEVM were unaffected. Blocks were produced at the usual rate despite congestion on the API servers.

The API returned error responses despite transactions being sent to the mempool and later included in blocks. This confused many users, and improvements are being rolled out to address this.

An update will be shared in the coming days once an appropriate refund methodology has been determined for users impacted by this particular issue. Refunds will be determined in an automated fashion; impacted users do not need to open a ticket at this time. Thank you to the community for their understanding as Hyperliquid continues to scale.

BONK spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol.

Deposit BONK on https://app.hyperliquid.xyz/trade or https://app.hyperunit.xyz/

Trade spot BONK at https://app.hyperliquid.xyz/trade/BONK/USDC

Native USDC and CCTP V2 are coming to Hyperliquid

https://www.circle.com/blog/native-usdc-cctp-v2-are-coming-to-hyperliquid-what-you-need-to-know

As discussed in the Discord governance channel, using stalequant's methodology for reference, validators will be voting on whether to delist kDOGS, OGN, REQ, and STG around 10:00 UTC on Aug 4.

As mentioned previously, during the period from 14:10-14:47 UTC on July 29, orders were delayed due to API servers experiencing a significant spike in traffic. The API returned error responses despite transactions being sent to the mempool and later included in blocks.

This experience confused many users who did not realize their orders were executed. As such, the following methodology was used to refund users who:
1) Had orders filled from 14:09-14:48 UTC. For each user who made <$10k pnl during that period, the difference was taken between the entry price for orders filled from 14:09-14:48 UTC and the mark price at a single point in time in the 30-minute period afterward (14:48-15:18 UTC) for which the calculation was most favorable for that user. This methodology refunds users as if they had exited at the worst possible time in the 30 minutes following the affected period. In particular, this means that those who exited in those 30 minutes made positive closed pnl on the opened trades after incorporating the refund.
2) Paid funding at 15:00 UTC on assets whose funding rate was >40x larger than the previous hour. Those assets were kBONK, CFX, MKR, MOODENG, NXPC, RESOLV, and VINE. For these users, the sum of funding payments was taken across these seven assets and refunded.
Users who would receive <5 USDC across the two methodologies were not included. Note: sub-accounts were aggregated with the master account in both calculations above.

Users who would receive >=10k USDC need to go through KYB/KYC to receive their refund. 9,999 USDC has already been sent to these users, listed below. If they would like to receive the full amount, they should ⁠open a ticket in the Discord by August 18 to go through KYB/KYC. No action is needed from other users, whose refunds were already processed.

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Bi-weekly update

Product & Tech
+ The Hyper Foundation is running a non-validating node to provide low latency data access. For more information, see: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/nodes/foundation-non-validating-node
+ For more technical updates, please reference the API announcements channel

Trading
+ OI reached a new ATH of $15.8B
+ BONK and SPX6900 spot trading, deposits, and withdrawals are now live, thanks to Unit
+ kDOGS, OGN, REQ, and STG were delisted based on onchain validator vote
+ Refunds were distributed for users who experienced issues during API server congestion on July 29. Please see the previous announcements for more details.

New Teams on HyperEVM (in no particular order)
+ Bridging: Axelar, Bungee, Hyperflow, Reactive Network
+ Pendle fixed yield: https://x.com/pendle_fi/status/1950526842634703177
+ Blueberry tokenized HLP: https://x.com/blueberryFDN/status/1946318593517392092
+ Spectra Finance fixed rates and yield leverage: https://x.com/spectra_finance/status/1948722798899183721
+ Alchemy RPC and WebSockets: https://x.com/Alchemy/status/1949909651056980272
+ Covalent indexing: https://x.com/Covalent_HQ/status/1949904401201762628

New Teams on HyperCore (in no particular order)
+ Dexari mobile app on iOS and Android: https://x.com/DexariDotCom/status/1948127961581773311
+ Pear Protocol pair trading: https://x.com/pear_protocol/status/1949845049405329886
+ Porto by Anchorage institutional self-custody wallet: https://x.com/Anchorage/status/1948421357827760469
+ FalconX institutional custody: https://x.com/FalconXGlobal/status/1949871718597640380

Community Highlights
+ Circle announced that it will support native USDC on Hyperliquid in the future: https://x.com/circle/status/1950905110214914364
+ Allium shared a Hyperliquid dashboard: https://x.com/ethanyish/status/1952380455757721720
+ The community online hackathon began on July 28, with discussion in the builders channel in the Discord server: https://x.com/hl_hackathon/status/1949832493634355350
+ There was a community organized event in Hanoi, Vietnam and a co-working day in London: https://x.com/hyperbuilder_hl/status/1951220757872476415, https://x.com/pear_protocol/status/1951318351088853587
+ Jeff will be speaking at KBW in Seoul in September: https://x.com/kbwofficial/status/1947642810599149732

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

Hyperliquid reached new all-time highs with $29B in 24h volume and $7.7M in 24h fees.