Hyperliquid Taiwan

[Hyperliquid Taiwan @Hyperliquid_TW]

我們的吉祥物Leopard cat醒來了，說他夢到鏈上很熱鬧。那就來辦點事吧！Hyperliquid Taiwan 正式上線！We’re live. Taiwan, let’s build something unstoppable. Follow us for drops, alpha, and everything onchain.
#Hyperliquid #HyperliquidTaiwan #Onchain

[Hyperliquid Taiwan @Hyperliquid_TW]

加密圈又一次大型 Rug Pull —— $TROVE 被徹底踢爆。

開發團隊在 Hyperliquid 上進行 ICO，原本目標 $250 萬，結果募到 超過 $1,100 萬。接著毫無預警，卻改在 Solana 上發幣，把所有資金直接拿走——不退款、什麼都沒有。

代幣一上線就 幾分鐘內暴跌 95%，FDV 從 $2,000 萬 崩到不到 $100 萬。標準的「出貨式詐騙」（exit liquidity）。

更糟的是：不少大型 KOL 收錢幫忙喊單卻未揭露。
僅 @waleswoosh 一人就因拉盤拿了 $8,000。ZachXBT 也挖出證據，顯示 ICO 資金被直接轉去賭場和 Polymarket 下單。
這就是為什麼 預售風險高到爆。
一定要要求透明度，特別是付費宣傳必須揭露。未揭露的喊單，可能讓社群 損失數百萬美元。

各位退場保重，degenerates。
自己做研究（DYOR），別盲信匿名網紅。

[Hyperliquid Daily @HYPERDailyTK]

🤡 The Central Circus @TroveMarkets - Devs Showing Signs of SCAM

🔷 Built on Hyperliquid but Launching Token on Solana?

- They started with a testnet on HyperEVM and successfully drew in the community for the ICO, but then the Trove devs made this super confusing move: constantly delaying refunds and deciding to launch the token on SOLANA instead.

- If that's not hilarious enough, check out how the devs are using the money raised from the ICO.

🔷 ZachXBT Exposes Dev Team Using ICO Funds to Deposit into Casino Sites - And the KOL Booking Scheme Comes Out

- After the announcement, ZachXBT asked the team why they were sending ICO money to casino platforms, and the team claimed it was probably @_TJRTrades - a KOL who's into gambling.

- Notably, this account had previously posted a super obvious shill for buying $TROVE.

=> So there's proof the team booked KOLs with huge amounts of cash.

- After checking the addresses, a bunch of KOLs got exposed, like @waleswoosh - a KOL who's often at the top on Kaito, who got $8k to blatantly shill the TROVE ICO.

=> What's really messed up is that this KOL didn't even add an ad tag or warn users.

=> They're treating their followers like products to sell for profit.

- KOLs who put the TROVE logo in their names got up to $5k a month, plus the perk of buying $TROVE at just 50% of the community price.

=> Taking ads isn't wrong, but if you don't disclose it, it's easy to overhype and cause the community to lose money. Especially investing in projects like TROVE.

🔷 The Game's Over - $HYPE Getting Dumped

- The TROVE team bought 500k $HYPE to build community trust and prove they'd use HIP-3 (which requires staking 500k $HYPE).

- But right after the ICO sold out, the team started gradually selling off those $HYPE tokens, raising suspicions that the project is a slow rug.

You can check it here: https://t.co/N8h9FZZ7wA

🔷 Personal Experience - Lessons Learned

- When I see KOLs blatantly shilling an ICO deal like this, I usually stay away.

- Deals that are super easy to buy into and win often aren't worth it.

- Don't trust KOLs on X, especially anonymous accounts. They don't care if you lose money; they only care about how much your follow is worth to them.

Source: @5phutcrypto_

[Hyperliquid Taiwan @Hyperliquid_TW]

🤡 中央馬戲團（The Central Circus）
@TroveMarkets —— 開發團隊出現詐騙跡象
🔷 建立在 Hyperliquid，卻把代幣發在 Solana？

他們一開始在 HyperEVM 上做 testnet，成功吸引社群參與 ICO。
但之後 Trove 團隊卻做出一連串令人困惑的操作：不斷延後退款，最後決定把代幣改在 Solana 上發行。

如果這還不夠荒謬，看看他們 如何使用 ICO 募到的資金。
🔷 ZachXBT 揭露：開發團隊把 ICO 資金轉進賭場網站，KOL 收錢宣傳也被挖出

公告後，ZachXBT 直接質問團隊：為什麼把 ICO 資金轉到賭場平台？
團隊回應說可能是
@_TJRTrades —— 一位「愛賭博的 KOL」。

值得注意的是，這個帳號 之前就發過非常明顯的 $TROVE 買入喊單。

👉 這等於坐實了：團隊用大量現金去「預約」KOL 宣傳。
進一步追蹤錢包後，更多 KOL 被曝光，例如
@waleswoosh —— 常在 Kaito 排名前段的 KOL，收了 $8,000 直接幫 TROVE ICO 喊單。
👉 更扯的是：這位 KOL 完全沒有標示廣告或提醒粉絲。
👉 他們把追隨者當成可以賣錢的商品。

甚至有 KOL 把 TROVE logo 放進帳號名稱，每月可拿 最高 $5,000，
還能用 社群價格 5 折 買入 $TROVE。

👉 接廣告本身不是問題，不揭露才是問題。
👉 這種情況下很容易過度吹捧，最後讓社群承擔虧損，尤其是投資像 TROVE 這種項目。

🔷 遊戲結束？$HYPE 開始被倒貨
TROVE 團隊曾買入 50 萬顆 $HYPE，用來建立社群信任，並表示會使用 HIP-3（需要質押 50 萬 $HYPE）。

但在 ICO 賣完後不久，團隊就開始 慢慢拋售這些 $HYPE，讓人懷疑這是一場 慢性 Rug Pull。
👉 鏈上紀錄可查：
https://t.co/Jhq5nmN1fP

🔷 個人經驗・血淚教訓
當我看到 KOL 如此赤裸地幫 ICO 喊單，我通常會直接避開。

看起來越容易賺、越好上車的交易，通常越不值得碰。
不要相信 X 上的 KOL，尤其是匿名帳號。
他們不在乎你會不會賠錢，只在乎你的追蹤值多少錢。

來源：
@5phutcrypto_

[Hyperliquid Daily @HYPERDailyTK]

🤡 The Central Circus @TroveMarkets - Devs Showing Signs of SCAM

🔷 Built on Hyperliquid but Launching Token on Solana?

- They started with a testnet on HyperEVM and successfully drew in the community for the ICO, but then the Trove devs made this super confusing move: constantly delaying refunds and deciding to launch the token on SOLANA instead.

- If that's not hilarious enough, check out how the devs are using the money raised from the ICO.

🔷 ZachXBT Exposes Dev Team Using ICO Funds to Deposit into Casino Sites - And the KOL Booking Scheme Comes Out

- After the announcement, ZachXBT asked the team why they were sending ICO money to casino platforms, and the team claimed it was probably @_TJRTrades - a KOL who's into gambling.

- Notably, this account had previously posted a super obvious shill for buying $TROVE.

=> So there's proof the team booked KOLs with huge amounts of cash.

- After checking the addresses, a bunch of KOLs got exposed, like @waleswoosh - a KOL who's often at the top on Kaito, who got $8k to blatantly shill the TROVE ICO.

=> What's really messed up is that this KOL didn't even add an ad tag or warn users.

=> They're treating their followers like products to sell for profit.

- KOLs who put the TROVE logo in their names got up to $5k a month, plus the perk of buying $TROVE at just 50% of the community price.

=> Taking ads isn't wrong, but if you don't disclose it, it's easy to overhype and cause the community to lose money. Especially investing in projects like TROVE.

🔷 The Game's Over - $HYPE Getting Dumped

- The TROVE team bought 500k $HYPE to build community trust and prove they'd use HIP-3 (which requires staking 500k $HYPE).

- But right after the ICO sold out, the team started gradually selling off those $HYPE tokens, raising suspicions that the project is a slow rug.

You can check it here: https://t.co/N8h9FZZ7wA

🔷 Personal Experience - Lessons Learned

- When I see KOLs blatantly shilling an ICO deal like this, I usually stay away.

- Deals that are super easy to buy into and win often aren't worth it.

- Don't trust KOLs on X, especially anonymous accounts. They don't care if you lose money; they only care about how much your follow is worth to them.

Source: @5phutcrypto_

[Hyperliquid Taiwan @Hyperliquid_TW]

🇹🇼🤝🇫🇷 Hyperliquid 社群持續在全球擴展中！

如果你在 法國 / 歐洲，千萬別錯過
Hyperliquid France 社群活動 🇫🇷✨
這將是一場與 Builder、交易者與社群夥伴交流的好機會。
📅 日期：1 月 19 日
⏰ 時間：19:30 – 21:00
📍 地點：巴黎（報名後提供詳細資訊）
👉 立即報名：
https://t.co/tBbcubzu6k

Hyperliquid 的社群正在一站一站串連起來。
我們在台灣，也持續關注並支持每個地區的成長 💙
#Hyperliquid #HyperliquidCommunity #France #EU #Builders

[HypurrCollective.hl 🐱 @hypurr_co]

Good morning builders!

If you're based in France/EU, make sure to join the @HyperliquidFR community event. It's not to be missed!

Details:
Date: 19 Jan
Time: 1930-2100PM
Location: Paris (more info to be shared with attendees)

Sign up here: https://t.co/TYfz8T1SK8

See you there!

[Hyperliquid Taiwan @Hyperliquid_TW]

🇹🇼🤝🇲🇾 Hyperliquid 社群持續擴展中！

很開心看到 馬來西亞 Hyperliquid 社群 即將舉辦新一場聚會，
一起迎接 2026、認識更多相信（或即將相信）Hyperliquid 的朋友 🔥
📍 地點：Symphony Square, PJ
🗓 日期：1/30
⏰ 時間：7:30PM – 10PM

如果你在馬來西亞，或身邊有朋友在當地，
歡迎幫忙轉發、一起共襄盛舉 🙌
👉 活動報名連結（Luma）：請見原貼文 🧵
全球各地的 Hyperliquid 社群，正在慢慢連成一張網。
我們在台灣，持續為大家關注、支持每一站的成長 💙

#Hyperliquid #HyperliquidCommunity #Malaysia #Meetup

[Hyperliquid Malaysia @Hyperliquid_MY]

Hello, Malaysia! Let's kick off 2026 by meeting fellow Hyperliquid believers or soon-to-be believers!

Date: 30th Jan
Time: 7:30PM - 10PM
Location: Symphony Square, PJ

Luma link below! 🧵

[Hyperliquid Taiwan @Hyperliquid_TW]

🔥 Hyperliquid 如今在 DEX 世界裡 “全面制霸”！

在過去 24 小時內，Hyperliquid
以 88.5 億美元的交易量狠狠甩開所有競爭對手，
同時還有高達 88 億美元的未平倉量（Open Interest），氣勢非常驚人。
簡單說就是：
人多、錢多、部位多，市場注意力幾乎都集中在 Hyperliquid 上！

[Hyperliquid Taiwan @Hyperliquid_TW]

在 $LIT 上線（TGE）將近兩週後，
曾經在交易量上短暫超過 Hyperliquid 的永續合約 DEX——Lighter，現在明顯後繼乏力。
用白話一點說👇

📊 現況對比

24 小時交易量
Lighter：17.2 億美元
Hyperliquid：29.7 億美元

24 小時未平倉量（OI）
Lighter：13.9 億美元
Hyperliquid：85.7 億美元（是 Lighter 的 6 倍以上）

🤔 這代表什麼？

交易量掉下來：代表用的人變少、熱度退了

OI 差距超大：代表真正放錢、長期押注的資金，幾乎都站在 Hyperliquid 那邊

簡單一句話就是：
Lighter 的聲量和資金都退潮了，而 Hyperliquid 還在吸錢。

所以問題來了——
🐂 Lighter 的多頭現在都去哪了？

[Hyperliquid Daily @HYPERDailyTK]

Lighter's TGE is live—now it's time for all the stats to settle back to their real levels.

Let's wait and see if Lighter can actually compete with Hyperliquid, or if it's just a quick pump-and-dump that comes and goes.

[Hyperliquid Taiwan @Hyperliquid_TW]

這整件事真的很精彩，如果你錯過了，以下是完整的 @TroveMarkets ICO 風波整理：

TroveMarkets
是一個主打槓桿永續合約的 DEX，聚焦在非主流資產，包括收藏品、RWA（現實世界資產）、股票，以及預測市場。
他們的 ICO 於 2026 年 1 月 8 日 上線，
募資目標 250 萬美元，FDV 為 2,000 萬美元。
結果市場反應非常熱烈——
最終 超額認購 4–5 倍，
共募得 1,150 萬美元以上，
參與者超過 2,400 人。
在當前偏冷的市場環境下，這原本被視為一次相當成功的募資。

🔥 風波爆發（2026 / 1 / 11，原定截止日）
事情在 1 月 11 日 當天出現急轉直下，關鍵在於「是否延長募資期限」的臨時反覆決策。
🕔 截止前（約 17:00 UTC）
募資金額已達 約 1,150 萬美元
社群情緒高漲
多數人預期會依照原計畫直接結束

⏰ 17:20 UTC — 官方宣布延長 5 天（至 1/16）
理由：
晚期發現可能存在 Sybil 攻擊（假錢包刷額度）
希望爭取時間，確保「更公平、優質的分配」
同時讓真正活躍的社群成員獲得較佳配置

💥 立刻引爆市場連鎖反應
Polymarket 上的預測市場瞬間被點燃
題目如：
-「Trove 募資是否超過 $15M？」
-「是否超過 $20M？」
因為多了 5 天，市場預期募資可能繼續膨脹
YES（押注更高募資額）的勝率
👉 從接近 0% 直接飆到 80–90%

⏪ 約 40 分鐘後（17:59 UTC）— 急踩煞車
Trove 官方 撤回延長決定，並公開承認：
這是一次錯誤判斷
過度聽取少數大型投資人與早期支持者的建議
忽略了更廣泛社群的訊號與原本的募資條款
最終決定：
ICO 維持原計畫結束
募資金額定案在 $11.5M+
承諾募資後會進行 透明的 Sybil 過濾
包含第三方審查、公開說明機制等

📉 Polymarket 慘案
延長撤回後
募資超過 $15M / $20M 的機率 瞬間歸零
在短暫拉盤期間買入 YES
或持有 NO 想做收尾套利的交易者
👉 全被來回掃掉
有人回報 單筆虧損高達 $5–9 萬美元

🤔 那你怎麼看？
這到底是：
一次溝通失誤？
治理與決策流程不成熟？
還是 Web3 募資結構下不可避免的混亂？
歡迎在下面留言說說你的看法 👇

[TROVE @TroveMarkets]

We messed up by announcing an extension, and we’re correcting it.

Over the past few days we spoke with a lot of early supporters and larger allocators. Many of them wanted us to onboard additional participants they believed would be strong long-term community members.

In the moment, we listened and we optimized around a small set of voices instead of the signal that matters most: the broader community, and the commitments already made under the original terms.

We want to address the recent ICO update clearly and directly.

We messed up by announcing an extension. After taking a step back, reviewing everything, and listening to the feedback, we’re correcting it.

There will be no extension.

The Trove ICO is now concluded at $11.5M+ raised. We’re sticking to the original timeline and moving forward exactly as planned.

Our intent was to protect distribution quality, but changing timelines mid-stream created uncertainty and confusion. That’s on us, and we’re fixing it by keeping things simple and honoring the original plan.

Preferential allocation status will be reflected on the frontend, and our focus now is on executing the launch and delivering the product.

Thank you for the support and for holding us to a high standard.

Now we build so here’s the decision:
No extension. The ICO is concluded at $11.5M raised.

We’re sticking to the original timeline and moving forward with delivery. If we want to improve distribution quality and filter sybils/mercenary flow, we’ll do it the right way after the sale, with transparent processes.

Appreciate the support. Now we build.

[Hyperliquid Taiwan @Hyperliquid_TW]

完全同意 CZ 的看法：
一個無法提供真實產品、解決真實需求的專案，遲早會被市場淘汰。

相對地 Hyperliquid 打造的是一個真正高效能、可實際使用的產品 !! 直接回應市場對 快速、低成本、透明的永續合約交易 的需求——並且是交易者每天實際依賴、持續使用的真實效用。

[CZ 🔶 BNB @cz_binance]

@FabianoSolana Marketing is great, but it needs to be backed up by real product (that people use). Focus on real builders.

[Hyperliquid Taiwan @Hyperliquid_TW]

【官方澄清｜關於近期對 Hyperliquid 的錯誤指控】

Hyperliquid 建立在完全上鏈、可驗證的透明性之上。
近期有一篇文章提出多項與事實不符的指控，以下為重點整理與澄清👇
🔍 三大核心原則先講清楚
1.償付能力（Solvency）：每一塊錢都算得清清楚楚，沒有資金缺口
2.系統完整性（Integrity）：測試網功能只存在於測試網，主網無法執行
3.透明性（Transparency）：在所有主流永續合約平台中，Hyperliquid 是最透明、最去中心化的存在

整條鏈的狀態由 permissionless 驗證人 獨立維護，透過 BFT PoS 共識 驗證。
每一筆訂單、交易、清算都能即時在鏈上看到，任何人都能跑節點自行驗證。

❌ 指控一：系統資金短缺 3.62 億美元
錯誤。
該分析漏算了 HyperEVM 原生 USDC
HyperCore 上的 USDC 可以透過
👉 Arbitrum Bridge + HyperEVM 餘額 完整交叉驗證
實際上當時總額為 43.51 億 USDC
Hyperliquid 是目前唯一能讓使用者自行驗證「系統總資產 vs 使用者餘額」的平台
➡️ Arbitrum Bridge 只是過渡方案，未來會隨原生 USDC 完成遷移後淘汰

❌ 指控二：用測試函數回溯造假交易量
對測試網機制的誤解。
該函數 只存在於 Testnet
主網完全無法呼叫，也不存在該邏輯
測試網需要這些功能來測極端情境（手續費、maker/taker、HIP-3 等）
➡️ 未來甚至會讓主網節點完全不編譯這段測試邏輯

❌ 指控三：部分帳戶享有免手續費、影響空投
不成立。
所有交易與手續費 100% 上鏈可查
HYPE 空投分配與歷史紀錄全部公開
不存在後門或特權帳戶

❌ 指控四：CoreWriter 是「上帝模式」
技術層級誤解。
CoreWriter 只是 HyperEVM 與 HyperCore 的標準溝通介面
不能鑄幣、不能偷錢、不能攻擊驗證人
規格完整文件化，且可在開源執行環境重現

⚠️ 指控五：治理可凍結鏈、沒有回滾
錯誤解讀。
Freeze 只發生在網路升級
邏輯與其他公鏈硬分叉一致
2025 年 POPCAT 事件中：
L1 正常出塊
只有安全性較低的 Arbitrum Bridge 觸發自動鎖定

❌ 指控六：單一私鑰可即時操控價格
混淆兩套 oracle 機制。
Validator perps oracle 是多驗證人提交、取多家 CEX 加權中位數
不設 timelock 是為了在極端行情中保護償付能力
Hyperliquid 是少數在高波動時 不中斷、不降速 的交易所

❌ 指控七：8 個地址控制所有交易
不實。部分交易已由驗證人直接提交
設計目的是降低 MEV
未來會全面導入 抗 MEV、抗審查 機制
驗證人集合將完全 permissionless

⚠️ 指控八：存在清算卡特爾
機制誤解。
HLP 為任何人都能參與的社群流動性金庫
多數清算會先走 orderbook，保護使用者剩餘資產
HLP 只在最後才 backstop 介入

❌ 指控九：秘密借貸協議、無文件
錯誤。Portfolio margin、借貸功能早已公開
目前處於 pre-alpha文件持續補齊中

❌ 指控十：可任意修改代幣供給
不可能。HIP-1 代幣供給在部署時即固定
「非流通供給」只是顯示用資訊，不影響執行

總結

多數永續合約平台：
中央化 sequencer
或執行邏輯不可驗證

而 Hyperliquid：
全部狀態上鏈
24 位驗證人 BFT 共識
使用者可自行驗證一切
透明性不是口號，而是選擇。
HyperEVM 已開源，HyperCore 也將在功能完成後開源。

這正是 Hyperliquid 與其他平台的本質差異。

[Hyperliquid @HyperliquidX]

Hyperliquid is built on a foundation of onchain transparency. A recent article made several claims that are factually incorrect:
+ Solvency: Every dollar is accounted for; the author failed to count native HyperEVM USDC.
+ Integrity: Testnet functions are exactly that - testnet only for testing. They cannot be executed on mainnet.
+ Transparency: Hyperliquid is more transparent and decentralized than all other major venues for perps trading. The entire state is independently maintained by a permissionless validator set and verified through BFT proof-of-stake consensus by each node. Every order, trade, and liquidation is available in real time during execution. Anyone can run a node and index the chain’s state and transitions. No major perps platform comes close to this guarantee for users.

See our response to the writer’s individual points below.

Claim: The system is undercollateralized by $362M

False: The Hyperliquid blockchain state is fully and verifiably solvent. The author excluded the HyperEVM USDC (a publicly announced and much anticipated integration), which exists in parallel to the Arbitrum bridge. Every USDC in circulation on HyperCore is accounted for transparently, by summing up the balances of https://t.co/Fk2lhZvpXD and https://t.co/pGBPcsJUTl. At the time of writing, this amounts to 3.989B + 362M = 4.351B USDC on HyperCore. USDC on the HyperEVM can be computed by subtracting 362M from the 421M on the HyperEVM USDC contract (https://t.co/ohiJm3WzN8), totaling another 59M USDC on HyperEVM.

The sum of the Arbitrum bridge and native USDC balances can be compared against the sum of user balances on HyperCore. As highlighted in the introduction, this exercise of verifying complete system solvency against user balances is uniquely possible on Hyperliquid compared to competitors.

The current Arbitrum bridge was an important stepping stone in bootstrapping the Hyperliquid network and will be deprecated as the migration to native USDC is complete, bringing Hyperliquid to parity with other major L1s.

Claim: There is retroactive volume manipulation via TestnetSetYesterdayUserVlm

False: This is a testnet-only function to allow for comprehensive testing. The author states that “the function’s presence is the problem…capability alone violates the trust model.” Testnet-only features that enable more rigorous testing of edge cases do not undermine the chain’s integrity. The fee schedule on Hyperliquid interacts in a complex way with inputs: user volume, aligned quote token status, maker vs taker, HIP-3, etc. It’s important to test these interactions on testnet, and therefore the testnet chain has a set of admin testing functions that do not exist on mainnet. The related TestnetAddMainnetUser action is to mark a testnet user as having corresponding mainnet state, to avoid DDOS and other attacks that are “free” on testnet. None of these functions are callable on the mainnet state.

While the execution source is not available, anyone can verify every trade onchain by running a node, and sum up the values to confirm that volume numbers are reflected accurately in onchain state. Similar to onchain solvency verification against the sum of all user account values, this is possible on Hyperliquid but not on most competitive platforms.

Given that this code path is entirely unreachable on mainnet, future development work will entirely compile out this testnet-only logic on mainnet nodes to avoid any possible misunderstanding or misinterpretation.

Claim: Some users have special privileges such as fee exemptions or retroactive volume manipulation used to influence the airdrop

False: Like system solvency, user balances, and individual trades, the fees paid by any address is available onchain. Each trade along with its fees paid or rebates received are transparently indexed by nodes, API servers, and third party analytics providers. There are no such mechanisms to distort fees, and no such mechanisms could have influenced the HYPE airdrop. Furthermore, the genesis distribution of HYPE is fully available onchain, and users can verify the historical behavior of every such address.

Claim: “CoreWriter” godmode can mint tokens, move user funds without signatures, crash random validators and basically do whatever it wants

False: The CoreWriter spec is fully documented here https://t.co/TTMWI5pDBB and replicable in the open source HyperEVM execution. CoreWriter is a way for smart contracts on HyperEVM to send HyperCore actions as part of HyperEVM block execution. It supports various actions that are normally sent by EOAs such as staking and placing orders, but has no such features to “mint tokens, move user funds without signatures, crash random validators and basically do whatever it wants.” This is a fundamental misunderstanding of how HyperCore interacts with the HyperEVM.

Claim: Chain can freeze via governance, and no undo function exists

Misinterpreted: The chain freezes during network upgrades. There is no undo function because the validators adopt a new binary at that height. This is analogous to how other networks perform hard forks at future heights determined by social consensus.

Suspicious activity on POPCAT in Nov 2025 did not cause the L1 to freeze, nor were any user funds frozen. The L1 was entirely operational, and any observer can see the blocks that were produced during this time. The Arbitrum bridge was automatically locked after the incident due to abnormal variation in account balances. As explained above, the Arbitrum bridge is not as secure as natively minted USDC, and therefore requires several conservative automated locking mechanisms as safeguards. The Arbitrum bridge’s locking mechanism is audited and open sourced, and the bridge is being deprecated with the transition to native USDC.

Claim: A single private key can set any oracle price instantly: no timelock, no limits

Misinterpreted: The author is likely mistaking the HIP-3 oracle updater logic with the validator-operated perps. HIP-3 oracle updates are indeed set by a single address, but this is up to the deployer to configure. The updater address need not be an EOA. For example, current HIP-3 deployers use a combination of MPC and CoreWriter architecture.

For validator-operated perps, multiple validators can submit oracle price updates. The final prices are a robust weighted median across major centralized exchanges. There is no timelock and no limits explicitly because these limits make the system less, not more, safe. The events of 10/10 show the danger to solvency if ADL is not accurately triggered in a timely manner during high volatility. Hyperliquid was one of the only venues without performance degradation or a network outage during this time. If Mango Markets or a similar protocol with oracle rate limits were active during 10/10, they would have likely accrued bad debt. Further decentralization will involve other validators actively running independent and open-sourced oracle update binaries.

Claim: 8 undisclosed addresses control all transaction submission

False: Some transactions are already sent directly from the validators. Some such as orders are not, in order to minimize MEV, but a future upgrade will incorporate this logic for all transactions in a mechanism that is both MEV- and censorship-resistant. The careful consideration of MEV is in response to trader and researcher feedback based on predatory behavior observed on other chains. There is almost unanimous agreement that toxic transaction ordering degrades the end user experience. Ultimately, the validator set is permissionless, and there is no guarantee that validators in the mainnet set are always fully aligned with the ecosystem. A major milestone in decentralization will be solving this problem, including a multiple-proposer block building setup.

Claim: There is a liquidation cartel with unfair advantages

Misinterpreted: Only HLP may backstop liquidate users, and HLP subvaults are the only addresses in this set. However, depositing into HLP is permissionless, so HLP is a community-owned liquidity vault supporting the protocol. The fact that HLP has privileges is no different from other protocol liquidity vaults.

Relatedly, all liquidations are first attempted against the order book, which handles the vast majority of liquidated positions without backstop liquidation. This allows users to keep any remaining collateral, and allows all other users to compete in providing the best price to the liquidation flow, benefitting the liquidated user.

Claim: There is a hidden lending protocol with $1M+ supplied and no documentation

False: Portfolio margin, borrow lend, and the HLP supplied value were all publicly announced and are currently in pre-alpha rollout. The current documentation can be found at https://t.co/vvE8EhpIhX and has been progressively fleshed out over the past several weeks.

Claim: ModifyNonCirculatingSupply allows changes to token supply

False: The full supply of HIP-1 tokens on HyperCore is fixed at deployment. The non-circulating supply is a purely informational number that can optionally mark addresses as “non-circulating” for display purposes. Whether an address is marked as “non-circulating” does not affect execution. This is an example of onchain information that might make more sense offchain, but is not a vulnerability.

Thank you to the author for spending the time to verify the execution of Hyperliquid. The fact that this investigation could be done at all proves the transparency and decentralization that Hyperliquid has already achieved. Concretely, Hyperliquid is the only major perps venue where the entire state and every input diff is transparently available to anyone running a node.

A similar analysis on any of the other top perp DEXs is impossible. For example, Lighter uses a single centralized sequencer whose execution logic and ZK circuits are unavailable. Aster uses centralized matching and even offers dark pool trading, which is only possible with a single centralized sequencer without verifiable execution. Other protocols with some open source contracts do not have a verifiable sequencer.

On Binance, Lighter, Aster, or similar exchanges, it is impossible for anyone other than the sequencer to see a full snapshot of onchain state including order books, positions, and other user information. The centralized sequencer can also upgrade its software without any constraints. On Hyperliquid, the entire state is onchain, which means there are 24 validators executing the same state machine under BFT consensus rules. There is plenty left to do on the journey towards greater decentralization, but it’s important to highlight just how far Hyperliquid and its ecosystem have come compared to competitors.

Decentralization is progressive, and Hyperliquid will ultimately be fully open sourced. Hyperliquid is the most transparent of all major venues, even though this leaks advantages to competitors (all of whom are closed source), who can copy Hyperliquid’s innovations more easily. We think this is the correct tradeoff to balance value accrual to the community, speed of innovation, and upholding the values of defi.

The HyperEVM execution is open source, and Sprites, an independent community member, maintains a full archival node that powers many important integrations. HyperCore will follow the same path as soon as it reaches feature completion.

[Hyperliquid Taiwan @Hyperliquid_TW]

🔥 Hyperliquid 已登上「手續費收入最高的公鏈」第 1 名，在 過去 24 小時內創下 250 萬美元 的驚人成績。
請於底下留言一個掌聲 👏
-
🔥 Hyperliquid has claimed the #1 spot among chains by fees generated, racking up an impressive $2.5 million in the past 24 hours.Please leave a round of applause in the comments 👏

[Hyperliquid Taiwan @Hyperliquid_TW]

HyperEVM 還在嗎？別傻了！
Hyperliquid 生態正以強勁動能全速邁向 2026 🚀
以下是近期關鍵進展整理👇
@FlareNetworks 在 Hyperliquid orderbook 上線首個原生 XRP 現貨交易對（fXRP/USDC），實現更深流動性，並可無縫橋接回 XRPL，大幅拓展 XRP 的鏈上 DeFi 應用。
@markets_xyz (by Kinetiq）：宣布將於 1/12 正式上線，基於 HIP-3 推動 permissionless perpetuals。
@tradexyz 推出原油（CL）永續合約，最高 20x 槓桿，24/7 交易。
@ventuals 部署半導體指數（SEMIS）永續合約，最高 15x 槓桿。
@HypertradeX 全新現貨／永續交易平台正式上線。
@alturax 推出 USDT0 主金庫，提供來自機構級策略的 20% 基礎 APY。
@felixprotocolCN 整合 AI 自動投票至 ve(3,3) 治理，並自 1/8 起將 V4 LP 收益路由至 veHYBR 投票者。
@HybraFinance 整合 AI 自動投票至 ve(3,3) 治理，並自 1/8 起將 V4 LP 收益路由至 veHYBR 投票者。
@HypurrFi Euler Finance 獨家合作，將借貸帶入 Hyperliquid 生態。
@HyperLendX 預告 HPL Genesis 啟動，採用以用戶為核心的 points 機制。
@UltraSolid 推出一鍵 LP 再平衡，並自動複利手續費。
@TroveMarkets $ TROVE 代幣銷售（1/8–1/11），開放鏈上參與非流動性市場。

HyperEVM 正在被真正使用、真正建設中。

[Hyperliquid Daily @HYPERDailyTK]

Is HyperEVM dead? Far from it—time to wake up! The Hyperliquid ecosystem is charging full steam into 2026 with robust momentum:

@FlareNetworks: Launched the first native XRP spot trading pair (fXRP/USDC) on Hyperliquid's orderbook, enabling deeper liquidity and seamless bridging back to XRPL for DeFi utility. This expands XRP's onchain role significantly.

@markets_xyz (by Kinetiq): Announced full launch on Jan 12, building on HIP-3 for permissionless perps.

@tradexyz: Launched Crude Oil (CL) perps with 20x leverage and 24/7 trading.

@ventuals: Deployed SEMIS (semiconductors index) perp with 15x leverage.

@HypertradeX: Went live as a new spot/perp trading venue.

@alturax: Rolled out the USDT0 main vault offering 20% base APY from institutional-grade strategies.

@felixprotocol: Lending market active; wstHYPE holders can borrow USDH against collateral.

@HybraFinance: Integrated AI auto-voting for ve(3,3) governance; routing V4 LP yields to veHYBR voters starting Jan 8.

@HypurrFi: Announced exclusive partnership with Euler Finance to bring lending to Hyperliquid.

@hyperlendx: Teased HPL genesis launch with points-driven, user-first model.

@ultrasolid_hl: Shipped one-click LP rebalancing with auto-compounded fees.

@TroveMarkets: Announced $TROVE token sale (Jan 8–11) for onchain access to illiquid markets.

[Hyperliquid Taiwan @Hyperliquid_TW]

GO！Hyperliquid英國
歐洲的建設者們 🇬🇧
非常興奮看到 Hyperliquid 生態系正在全球持續成長。
Builders in Europe 🇬🇧 Excited to see the Hyperliquid ecosystem growing globally.
@hyperliquiduk_

[Hyperliquid United Kingdom @hyperliquiduk_]

Start 2026 building at the Hyperliquid London Community Hackathon.

Three days at Encode Hub, London connecting with builders and protocol teams through workshops, bounties, and IRL hacking.
@ryskfinance @ValantisLabs @pear_protocol @SaltSovereignty @silhouette_ex @hl_hackathon

[Hyperliquid Taiwan @Hyperliquid_TW]

🔥 過去 24 小時
Hyperliquid 以 $55M 淨跨鏈流入 位居全網第一
並一如既往，手續費收入再度奪冠：$1.1M
流動性在來，收入也在來。

[Hyperliquid Taiwan @Hyperliquid_TW]

日交易量從 $15B → $32B
TVL 創下 $6B 歷史新高
HyperEVM 正式上線，帶來真正的可組合性
原生 USDC、無需許可的永續合約
沒有 VC 補助、沒有空投輸血
完全由社群自發啟動、價值高度對齊
這，才是真正去中心化、同時具備高效能的 DeFi。

[Hyperliquid @HyperliquidX]

Hyperliquid today looks very different from Hyperliquid a year ago. This time last year, the HyperEVM hadn’t even launched, and there were only a handful of early believers building exclusively on Hyperliquid. Now, there are hundreds of teams building, dozens of regional communities with local events, and trillions more in volume traded.

This was achieved without any external funding and giving all protocol fees to the community. Hyperliquid was built with a strong belief in returning to the core ethos of crypto  -  changing entrenched and predatory practices to be fair and permissionless.

This art piece is meant to celebrate Hyperliquid’s growing ecosystem and commemorate how far we’ve come as a community in building the house of all finance. You’ll find many of your favorite apps and teams interwoven in the piece if you zoom in. A special thank you to @Degen_Alfie for bringing the community to life. Many great teams didn’t make it due to limited space and time, but your contributions have not gone unnoticed!

Notable product and tech releases in 2025 included:
+ HyperEVM launch with HyperCore composability via precompiles and CoreWriter
+ Spot assets bridged by Unit
+ Fully permissionless validator set
+ Native utility to staking, with fee discounts for traders and permissionless HyperCore deployment capabilities for builders
+ Permissionless spot quote assets
+ Hypurr NFTs
+ USDH governance vote and launch by Native Markets
+ HIP-3 permissionless perp deployment
+ Native USDC integration
+ Portfolio margin pre-alpha launch
+ Assistance Fund HYPE officially burned

Compared to 2024, ATHs in 2025 reached:
+ $32B in 24h volume from $15B in 2024
+ $16B in open interest from $4B
+ $6B in TVL from $2B
+ $20M in 24h protocol revenue from $3.5M
+ 1.4M users from 300k

Excited to see what the ecosystem looks like another year from now. Thank you to all the builders, users, and supporters who have come together to push forward Hyperliquid’s vision.

[Hyperliquid Taiwan @Hyperliquid_TW]

Hyperliquid台灣祝大家佳節愉快！
@HyperliquidX @Hypurr @Lumberg @chameleon_jeff

[Hyperliquid Taiwan @Hyperliquid_TW]

真正的 On-chain 透明度，Hyperliquid 正在做到。

每一筆 訂單、成交、清算、帳戶餘額
👉 任何人都能 即時、完整、可驗證 地在鏈上查證。
Binance ❌
Aster ❌
Lighter ❌
Hyperliquid ✅

不是相信誰，
是 你可以自己驗證一切。
#Hyperliquid #OnChain #Transparency #DeFi #Perps

[Hyperliquid Daily @HYPERDailyTK]

Hyperliquid leads with true on-chain transparency: every order, trade, liquidation, and balance is fully verifiable in real-time by anyone.

Binance ❌
Aster ❌
Lighter ❌
Hyperliquid ✅

[Hyperliquid Taiwan @Hyperliquid_TW]

🚀 USDC 正式連接 HyperCore 與 HyperEVM

這是一項關鍵里程碑，代表 USDC 現在可透過 原生、安全的方式，直接跨鏈發行並存入 HyperCore。

🔹 最終階段將 逐步退役 Arbitrum Bridge，全面轉向原生 USDC
🔹 目前以 安全上線與充足遷移時間 為最高優先
🔹 感謝 Circle 團隊 協力完成本次整合
👤 對使用者與開發者而言，目前無立即重大變動
仍可同時使用 Arbitrum Bridge 與 HyperEVM 存提 USDC

HyperCore 現已支援 CCTP 鏈的一鍵存款，並自動處理 HyperEVM 發行流程

Arbitrum 的 CCTP 路徑已部署完成，其他鏈將陸續加入

更多更新即將到來 🔥
#Hyperliquid #USDC #HyperEVM #HyperCore #CCTP

[Hyperliquid @HyperliquidX]

Hyperliquid is built on a foundation of onchain transparency. A recent article made several claims that are factually incorrect:
+ Solvency: Every dollar is accounted for; the author failed to count native HyperEVM USDC.
+ Integrity: Testnet functions are exactly that - testnet only for testing. They cannot be executed on mainnet.
+ Transparency: Hyperliquid is more transparent and decentralized than all other major venues for perps trading. The entire state is independently maintained by a permissionless validator set and verified through BFT proof-of-stake consensus by each node. Every order, trade, and liquidation is available in real time during execution. Anyone can run a node and index the chain’s state and transitions. No major perps platform comes close to this guarantee for users.

See our response to the writer’s individual points below.

Claim: The system is undercollateralized by $362M

False: The Hyperliquid blockchain state is fully and verifiably solvent. The author excluded the HyperEVM USDC (a publicly announced and much anticipated integration), which exists in parallel to the Arbitrum bridge. Every USDC in circulation on HyperCore is accounted for transparently, by summing up the balances of https://t.co/Fk2lhZvpXD and https://t.co/pGBPcsJUTl. At the time of writing, this amounts to 3.989B + 362M = 4.351B USDC on HyperCore. USDC on the HyperEVM can be computed by subtracting 362M from the 421M on the HyperEVM USDC contract (https://t.co/ohiJm3WzN8), totaling another 59M USDC on HyperEVM.

The sum of the Arbitrum bridge and native USDC balances can be compared against the sum of user balances on HyperCore. As highlighted in the introduction, this exercise of verifying complete system solvency against user balances is uniquely possible on Hyperliquid compared to competitors.

The current Arbitrum bridge was an important stepping stone in bootstrapping the Hyperliquid network and will be deprecated as the migration to native USDC is complete, bringing Hyperliquid to parity with other major L1s.

Claim: There is retroactive volume manipulation via TestnetSetYesterdayUserVlm

False: This is a testnet-only function to allow for comprehensive testing. The author states that “the function’s presence is the problem…capability alone violates the trust model.” Testnet-only features that enable more rigorous testing of edge cases do not undermine the chain’s integrity. The fee schedule on Hyperliquid interacts in a complex way with inputs: user volume, aligned quote token status, maker vs taker, HIP-3, etc. It’s important to test these interactions on testnet, and therefore the testnet chain has a set of admin testing functions that do not exist on mainnet. The related TestnetAddMainnetUser action is to mark a testnet user as having corresponding mainnet state, to avoid DDOS and other attacks that are “free” on testnet. None of these functions are callable on the mainnet state.

While the execution source is not available, anyone can verify every trade onchain by running a node, and sum up the values to confirm that volume numbers are reflected accurately in onchain state. Similar to onchain solvency verification against the sum of all user account values, this is possible on Hyperliquid but not on most competitive platforms.

Given that this code path is entirely unreachable on mainnet, future development work will entirely compile out this testnet-only logic on mainnet nodes to avoid any possible misunderstanding or misinterpretation.

Claim: Some users have special privileges such as fee exemptions or retroactive volume manipulation used to influence the airdrop

False: Like system solvency, user balances, and individual trades, the fees paid by any address is available onchain. Each trade along with its fees paid or rebates received are transparently indexed by nodes, API servers, and third party analytics providers. There are no such mechanisms to distort fees, and no such mechanisms could have influenced the HYPE airdrop. Furthermore, the genesis distribution of HYPE is fully available onchain, and users can verify the historical behavior of every such address.

Claim: “CoreWriter” godmode can mint tokens, move user funds without signatures, crash random validators and basically do whatever it wants

False: The CoreWriter spec is fully documented here https://t.co/TTMWI5pDBB and replicable in the open source HyperEVM execution. CoreWriter is a way for smart contracts on HyperEVM to send HyperCore actions as part of HyperEVM block execution. It supports various actions that are normally sent by EOAs such as staking and placing orders, but has no such features to “mint tokens, move user funds without signatures, crash random validators and basically do whatever it wants.” This is a fundamental misunderstanding of how HyperCore interacts with the HyperEVM.

Claim: Chain can freeze via governance, and no undo function exists

Misinterpreted: The chain freezes during network upgrades. There is no undo function because the validators adopt a new binary at that height. This is analogous to how other networks perform hard forks at future heights determined by social consensus.

Suspicious activity on POPCAT in Nov 2025 did not cause the L1 to freeze, nor were any user funds frozen. The L1 was entirely operational, and any observer can see the blocks that were produced during this time. The Arbitrum bridge was automatically locked after the incident due to abnormal variation in account balances. As explained above, the Arbitrum bridge is not as secure as natively minted USDC, and therefore requires several conservative automated locking mechanisms as safeguards. The Arbitrum bridge’s locking mechanism is audited and open sourced, and the bridge is being deprecated with the transition to native USDC.

Claim: A single private key can set any oracle price instantly: no timelock, no limits

Misinterpreted: The author is likely mistaking the HIP-3 oracle updater logic with the validator-operated perps. HIP-3 oracle updates are indeed set by a single address, but this is up to the deployer to configure. The updater address need not be an EOA. For example, current HIP-3 deployers use a combination of MPC and CoreWriter architecture.

For validator-operated perps, multiple validators can submit oracle price updates. The final prices are a robust weighted median across major centralized exchanges. There is no timelock and no limits explicitly because these limits make the system less, not more, safe. The events of 10/10 show the danger to solvency if ADL is not accurately triggered in a timely manner during high volatility. Hyperliquid was one of the only venues without performance degradation or a network outage during this time. If Mango Markets or a similar protocol with oracle rate limits were active during 10/10, they would have likely accrued bad debt. Further decentralization will involve other validators actively running independent and open-sourced oracle update binaries.

Claim: 8 undisclosed addresses control all transaction submission

False: Some transactions are already sent directly from the validators. Some such as orders are not, in order to minimize MEV, but a future upgrade will incorporate this logic for all transactions in a mechanism that is both MEV- and censorship-resistant. The careful consideration of MEV is in response to trader and researcher feedback based on predatory behavior observed on other chains. There is almost unanimous agreement that toxic transaction ordering degrades the end user experience. Ultimately, the validator set is permissionless, and there is no guarantee that validators in the mainnet set are always fully aligned with the ecosystem. A major milestone in decentralization will be solving this problem, including a multiple-proposer block building setup.

Claim: There is a liquidation cartel with unfair advantages

Misinterpreted: Only HLP may backstop liquidate users, and HLP subvaults are the only addresses in this set. However, depositing into HLP is permissionless, so HLP is a community-owned liquidity vault supporting the protocol. The fact that HLP has privileges is no different from other protocol liquidity vaults.

Relatedly, all liquidations are first attempted against the order book, which handles the vast majority of liquidated positions without backstop liquidation. This allows users to keep any remaining collateral, and allows all other users to compete in providing the best price to the liquidation flow, benefitting the liquidated user.

Claim: There is a hidden lending protocol with $1M+ supplied and no documentation

False: Portfolio margin, borrow lend, and the HLP supplied value were all publicly announced and are currently in pre-alpha rollout. The current documentation can be found at https://t.co/vvE8EhpIhX and has been progressively fleshed out over the past several weeks.

Claim: ModifyNonCirculatingSupply allows changes to token supply

False: The full supply of HIP-1 tokens on HyperCore is fixed at deployment. The non-circulating supply is a purely informational number that can optionally mark addresses as “non-circulating” for display purposes. Whether an address is marked as “non-circulating” does not affect execution. This is an example of onchain information that might make more sense offchain, but is not a vulnerability.

Thank you to the author for spending the time to verify the execution of Hyperliquid. The fact that this investigation could be done at all proves the transparency and decentralization that Hyperliquid has already achieved. Concretely, Hyperliquid is the only major perps venue where the entire state and every input diff is transparently available to anyone running a node.

A similar analysis on any of the other top perp DEXs is impossible. For example, Lighter uses a single centralized sequencer whose execution logic and ZK circuits are unavailable. Aster uses centralized matching and even offers dark pool trading, which is only possible with a single centralized sequencer without verifiable execution. Other protocols with some open source contracts do not have a verifiable sequencer.

On Binance, Lighter, Aster, or similar exchanges, it is impossible for anyone other than the sequencer to see a full snapshot of onchain state including order books, positions, and other user information. The centralized sequencer can also upgrade its software without any constraints. On Hyperliquid, the entire state is onchain, which means there are 24 validators executing the same state machine under BFT consensus rules. There is plenty left to do on the journey towards greater decentralization, but it’s important to highlight just how far Hyperliquid and its ecosystem have come compared to competitors.

Decentralization is progressive, and Hyperliquid will ultimately be fully open sourced. Hyperliquid is the most transparent of all major venues, even though this leaks advantages to competitors (all of whom are closed source), who can copy Hyperliquid’s innovations more easily. We think this is the correct tradeoff to balance value accrual to the community, speed of innovation, and upholding the values of defi.

The HyperEVM execution is open source, and Sprites, an independent community member, maintains a full archival node that powers many important integrations. HyperCore will follow the same path as soon as it reaches feature completion.

[Hyperliquid Taiwan @Hyperliquid_TW]

🚀 USDC 現已正式連接 HyperCore 與 HyperEVM

這是一個重要的里程碑，代表 USDC 現在可以透過 原生、安全的方式，直接跨鏈發行並存入 HyperCore。

在最終階段，Arbitrum Bridge 將逐步退役，所有 USDC 都將改為原生發行。目前仍有許多細節正在建置中，團隊的首要目標是 確保功能安全上線，並給予使用者與開發者充足的遷移時間。

特別感謝 Circle 團隊 在此次整合中的努力與支持。

🔹 對使用者與開發者而言，目前不會有重大立即變動

使用者仍可透過 Arbitrum Bridge 與 HyperEVM 進行 USDC 存提

HyperCore 現已支援 來自 CCTP 支援鏈的一鍵存款，並自動抽象處理 HyperEVM 上的發行流程

Arbitrum 上的 CCTP 路徑已由 Circle 部署完成，其他鏈將陸續加入

更多更新，敬請期待 🔥

[Hyperliquid @HyperliquidX]

USDC is now linked between HyperCore and HyperEVM. This is a major milestone in allowing secure, natively minted cross chain USDC deposits directly to HyperCore. In the final state, the Arbitrum bridge will be deprecated and all USDC will be natively minted. There are many details still to build out, and the priority is to roll out features in a safe way while giving users and builders ample time to migrate. Thank you to the Circle team’s hard work on building this integration.

For users and builders, there is no immediate breaking change. Users can deposit and withdraw from both the Arbitrum bridge and HyperEVM. HyperCore now supports one-click deposits from CCTP-enabled chains, abstracting away the minting on HyperEVM. The CCTP route from Arbitrum has been deployed by Circle, with others to follow.

[Hyperliquid @HyperliquidX]

USDC is now linked between HyperCore and HyperEVM. This is a major milestone in allowing secure, natively minted cross chain USDC deposits directly to HyperCore. In the final state, the Arbitrum bridge will be deprecated and all USDC will be natively minted. There are many details still to build out, and the priority is to roll out features in a safe way while giving users and builders ample time to migrate. Thank you to the Circle team’s hard work on building this integration.

For users and builders, there is no immediate breaking change. Users can deposit and withdraw from both the Arbitrum bridge and HyperEVM. HyperCore now supports one-click deposits from CCTP-enabled chains, abstracting away the minting on HyperEVM. The CCTP route from Arbitrum has been deployed by Circle, with others to follow.

[Hyperliquid Taiwan @Hyperliquid_TW]

🔥【Hyperliquid 生態重大發展：HSI 與 Sonnet 完成合併！HYPE 正式走向傳統金融市場】

今天 Hyperliquid 生態迎來一個重量級消息 ——
Hyperliquid Strategies Inc.（HSI）已完成與美國生技上市公司 Sonnet BioTherapeutics 的商業合併！
這次合併的完成，象徵著：

👉 HYPE 首次透過 公開上市公司 進入美國金融市場
HSI 成為一間在 NASDAQ 上市、以 HYPE 為核心資產 的公司。透過這個架構：
傳統金融市場的投資人能 合法且透明地參與 HYPE 生態
HYPE 的敘事朝著更「機構級」「合規化」「國際化」邁進
加密與傳統金融市場的界線再次被打破

🟣 合併後的公司（HSI）資產規模相當驚人
公開資料顯示，合併完成時 HSI 預計持有：
約 1260 萬枚 HYPE（估值約 5.8 億美元）
約 3.05 億美元現金等資源
➡️ 形成一個規模近 8.8 億美元 的大型 HYPE Treasury 公司
對 Hyperliquid 生態而言，這代表市場中
出現一個長期、機構級、透明的大持有者。

🟠 那 Sonnet 是誰？這次轉型有什麼特別？
Sonnet 原本是一家專注於腫瘤免疫藥物、具技術平台的美國生技公司。
但此次合併後，它將成為 HSI 的全資子公司，而公司主體業務則正式聚焦在：
→ 建構全球最大、最透明的 HYPE 資產儲備（Treasury）公司
這是史上少見的案例：
💡 一家傳統生技公司直接 pivot 成 Crypto Treasury Powerhouse。
也象徵 HYPE 與美國公開市場的連接橋樑正式落地。

🟢 對 Hyperliquid 社群代表什麼？
這件事非常值得所有 HYPURR / HL 玩家關注：
1️⃣ HYPE 敘事正式升級：進入 傳統金融層級
2️⃣ 國際投資人參與門檻大幅降低
3️⃣ 生態的長期穩定性、影響力被強化
4️⃣ HSI 的存在可能成為後續更多組織加入的催化劑

💬 社群提問時間
你覺得這次合併對 Hyperliquid 的長期影響會是什麼？
是 HYPE 機構化的第一步？
美股投資人會因此開始看見 Hyperliquid？
會不會帶來更高波動性？

歡迎大家留言分享你的觀點！
Hyperliquid TW 會持續追蹤後續發展🔥
-
資訊引用：https://t.co/Hpe1Lv3oX3
Art By @FormosanSean

@SonnetBio @HyperliquidX @Hypurr