mimy.hl

[mimy.hl @CatzMimy]

@dotyyds1234 哇！ 欢迎回来

[mimy.hl @CatzMimy]

@ZKSgu @Fengxss 老师能拉拉我吗？持有三只小猫

[mimy.hl @CatzMimy]

@xiaoyibtc 做好你自己就行啦 别理傻逼

[mimy.hl @CatzMimy]

@dotyyds1234 求tg 链接！ 想听碎碎念

[NMTD.HL @NMTD8]

Damage control attempts by Binance continue. The masses have woken up to how they operate.

Claiming to offer a refund for probably 20x less than what they scammed from users during the crash / wicks they caused.

Nothing short of refunding everyone fully during that period is fair but we all know they'd never do that.

Boycott Binance and keep calling out the scammer CZ.

[Nansen 🧭 @nansen_ai]

$HYPE just survived crypto’s biggest stress test and came out stronger.

After $10B+ in liquidations, @HyperliquidX stayed up, cleared zero bad debt, and kept trading.

Smart Money flipped long during the panic, funds like @Arrington_Cap and @SeliniCapital are now accumulating.

[Haotian @tmel0211]

很多人还没理解，我到底在呐喊什么？ 我所谓的以正义之言，引正义之师，其实只是在呼吁“密码朋克精神”的回归。

看看我们当下的行业成了什么样子：

中心化交易所掌控生杀之权，VC币高FDV大倾销，空投激励中女巫横行工作室当道，TGE之后项目方就躺平无作为，MEME化的虚无主义已经让大多数从业者找不到Build的意义......

这真不是简单的要给自己贴一个去中心化理想主义的标签，而是在这个行业彻底迷失方向，甚至彻底大变样的当下，我想发出一声呐喊，呼吁大家重新审视一下：Crypto最初的密码朋克精神到底是什么？

不是，一些技术极客的自嗨，而是一场持续用代码对抗权利垄断的技术创新力量；

不是，交易所和VC对创新叙事的异化包装，而是用密码学重构中心化信任机制的创新实验；

不是，炒作概念割韭菜的击鼓传花游戏，而是恪守提供价值的长期主义建设；

……

Satoshi发布比特币白皮书时，他对抗的是2008年金融危机中暴露的中心化金融体系的腐败； @VitalikButerin 提出以太坊时，他构想的是一个任何人都可以无需许可地部署应用的世界计算机；

而现在，这些初心，多少人还记得？

换句话说，我的这些呐喊，不是为了Degen爆仓后的怨气发泄，也不是向权利巅峰的交易所发起炮轰，更不是为了博取关注哗众取宠。

我真真切切的认为，我们的Crypto大环境变了，病了，废了，需要一次文化觉醒和救赎！

我知道很无力，但更可怕的是大多数人觉得无意义，大错特错，我们当下遭遇的黑天鹅爆仓血洗事件，遭遇的割韭菜信任危机，遭遇的一切让大家只知道“割”与“骗”的空洞感、虚无感，以及群体无意识投机感。

都源于那份纯粹的“密码朋客”精神的缺失。

[mimy.hl @CatzMimy]

@DekuKing1 这个节骨眼舔币安的，都是畜生

[0x易经(朱重八版) @DekuKing1]

再说一句，在这个节骨眼舔币安的，都是傻逼，畜生。我🥔说的，有一个算一个

[mimy.hl @CatzMimy]

@ZKSgu @kiki520_eth hype 看多少！

[smartestmoney.hl @smartestmoney]

Our world needs less crime from greedy CEX and more builders working on open and transparent financial systems.

As a former top leaderboard trader, I have witnessed how these CEXs profit off us time and time again.

Highly recommend keeping your funds off CEX.

Hyperliquid.

[jeff.hl @chameleon_jeff]

Hyperliquid’s fully onchain liquidations cannot be compared with underreported CEX liquidations

Hyperliquid is a blockchain where every order, trade, and liquidation happens onchain. Anyone can permissionlessly verify the chain’s execution, including all liquidations and their fair execution for all users. Furthermore, anyone can verify the solvency of the entire system in real time. Transparency and neutrality are key reasons that fully onchain defi is the ideal infrastructure for global finance.

Some CEXs publicly document that they dramatically underreport user liquidations. For example on Binance, even if there are thousands of liquidation orders in the same second, only one is reported. Because liquidations happen in bursts, this could easily be 100x under-reporting under some conditions. Source below.

Hopefully the industry will see transparency and neutrality as important features of the new financial system, and others will follow.

[mimy.hl @CatzMimy]

@hebi555 你倒是买点啊！哥！

[NMTD.HL @NMTD8]

Binance Boycott is the #1 trending tag on Turkish twitter.

Turks make up for 20-25% of all Binance users.

They need to discover Hyperliquid, trade where things are transparent and fair for all.

#BinanceBoykot

Hyperliquid.

[mimy.hl @CatzMimy]

哥 很多人是不理解结构性优化这几个字的！

[jeff.hl @chameleon_jeff]

TLDR: During recent volatility, Hyperliquid had 100% uptime with zero bad debt. This was Hyperliquid’s first cross-margin ADL in more than 2 years of operation. ADL does not change the outcome for any liquidated users. While some specific ADL providing trades were unfavorable, the aggregate effect of ADL was that traders realized significant pnl by closing positions at favorable prices that were only briefly available.

--

It’s sad to see some people attack Hyperliquid to deflect from their own platforms’ issues. Solvency and uptime are the two most important properties of a financial system. These are table stakes for any trading system, and gaslighting to convince users otherwise is unethical and irresponsible.

Below is more analysis on how Hyperliquid’s margining system handled the extreme volatility.

Background on liquidations

For a perps system to be solvent, every position must be backed by a minimum amount of collateral. This is called the “maintenance margin.” When positions do not meet the maintenance margin requirement, they are taken over by the system to be liquidated. Earlier today, many altcoins dropped by more than 50% in a short period of time. When this happens, long positions at 2x or higher leverage must be liquidated, or else the system accrues bad debt.

There were billions of dollars worth of positions liquidated on Hyperliquid in a matter of minutes. In a permissionless system, each user chooses their own position sizing and collateralization. Any system that does not liquidate the necessary users is irresponsibly gambling with other users’ funds. On Hyperliquid, every order, trade, and liquidation is transparently verifiable onchain. Many other venues significantly under-report liquidation data. This cannot be compared apples-to-apples against the fully onchain picture of Hyperliquid.

Background on HLP

HLP is a protocol vault with permissionless deposits that 1) provides order book liquidity and 2) performs backstop liquidations. The first role is negligible, with HLP trading less than 1% market share. The focus of this post is liquidations.

Liquidations are first attempted against the order book, and any user can provide liquidity to these market liquidations. Backstop liquidations occur when the order book does not have enough liquidity to absorb an undercollateralized position. In this case, HLP takes over the position along with its collateral. For improved risk management, HLP is split into several child vaults, and each liquidation is only sent to one child vault.

Background on ADL

Auto-deleveraging (ADL) is the liquidation mechanism of last resort, when market and backstop liquidations do not work. See Doug’s thread (link in reply) for a thorough explanation on the details of ADL.

Every ADL event has two sides: the “triggered” side is undercollateralized, while the “providing” side is decided as a function of profitability and leverage used.

Similar to backstop liquidations, even though providers to ADL are profitable on average, there are no guarantees for any specific event. Some ADL providing trades were unfavorable, such as when only some components of long/short portfolio were closed. The system is designed to minimize ADLs because they are unpredictable even if ADL providing trades are profitable on average. Because HLP is a non-toxic backstop liquidator, ADL is a rare settlement of last resort. As far as I know, this was the first cross-margin ADL event on Hyperliquid mainnet (ADL is more common for isolated-only assets such as hyperps, which are not backstop liquidated by HLP).

Summary of events

Over the course of 20 minutes, HLP backstop liquidated billions of dollars worth of positions.

HLP's philosophy has always been to provide liquidity of last resort. Contrary to misconceptions, HLP is a non-toxic liquidator that does not pick profitable liquidations. Instead HLP is a public good for maintaining system solvency. In particular, Hyperliquid has no liquidation fees. HLP’s design, including its multi-component child vault system, is the product of countless simulations, and allows HLP to maximally serve the benefit of the protocol while managing its own risk.

In fact, the liquidator child vaults of HLP themselves became undercollateralized in the course of backstop liquidating as many user positions as possible. This is by design, where child vaults are isolated from the other components of the overall strategy. HLP is treated no differently from other users when participating in ADL. In aggregate, HLP's child vaults were the largest addresses on the triggered side of ADL by more than an order of magnitude. The addresses on the providing side of ADL against HLP’s child vaults realized hundreds of millions of dollars in additional profit relative to the prices shortly before and after the dislocation.

On other venues, the liquidation engine is not transparent and therefore may not be subject to the same strict margin requirements as for normal users. On these venues, the exchange could have backstop liquidated more positions, bearing increased solvency risk to extract hundreds of millions in business revenue. This is not an acceptable tradeoff for Hyperliquid.

Finally, I know that this is a difficult time for many traders, and I hope the community can continue to support each other and grow together. As a contributor to Hyperliquid, I’ll continue to work my hardest to build the best possible platform that can house all of finance. Times like this highlight the importance of transparency and fairness in the financial system.

[孤鹤.hl @ZKSgu]

hyperliquid这次保证了平台可用，极端行情下第一次触发了adl，所以，没有坏账，代价是清算金额全网最高。

确实，这里没有一个穿仓基金可以在极端行情兜底2亿美元的平台亏损，这是因为平时的交易中本身就不收清算费，累计的手续费也用于回购hype了，自然没法建立一个巨大的保险库，这里只有用户自己加的hlp，平时的有利仓位会被市场清算，hlp只在没人清算的时候出手接管。

而cex因为没有hlp存在，所以平时会持续adl，只在极端行情用保险库接管，这就是区别，也是为什么越来越多大户在hyperliquid上开单，虽然清算线更高，但没有清算费+返还残值，最后聪明钱算下来是成本更低的。

如果看到cex用的本身盈利的一小部分，在剧烈波动中赔了一小批人，就觉得cex更好，这跟刷交易量拿了一点空投就很满足其实是一样的。

宏观上这些赔偿和空投都是由用户本身创造的价值，但分配权却被中心化剥夺了，也就是所谓的要饭，还得跪着。

[mimy.hl @CatzMimy]

@GigaPurr 0xc9cabc24a3cb1444ef8a2fad789bfea5fbdd0bfd

[mimy.hl @CatzMimy]

Yap early, yap only, yap often.

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Just claimed my social card and I'm accumulating Yap points in real-time.

Claim yours 👉 https://t.co/wwjbZBswZy

[mimy.hl @CatzMimy]

@KuiGas 还有当保安 🥹