dinofort

3lb dinosaur

[Hypurr @Hypurr]

@hypurrworld so true king

[Hypurr @Hypurr]

thank you community

hyperliquid

[dinofort @dinofortx]

Big day huh!

[dinofort @dinofortx]

Took a good break from the screens for some me-time. What did I miss?

[Hypurr @Hypurr]

@xulian_hl @crypto_adair that’s right 🐱

[jeff.hl @chameleon_jeff]

Proud of the whole @HyperliquidX dev team and community for the smooth launch of spot trading!

It's a big milestone for the @HyperliquidX L1 that has been months in the making. Excited to see HIP-1 and HIP-2 mature into permissionless standards.

Most L1s build infrastructure and hope that others will come build the killer apps. Hyperliquid takes the opposite approach: polish a native application and then grow into general purpose infrastructure.

Why?
1) The users, liquidity, and mindshare are seamlessly integrated into the chain as it expands. The hardest part is getting real users, but it's easier when applications are good.
2) The infrastructure is informed by what applications need to thrive. Performant defi cannot be built on the prevailing smart contract primitives today.
3) Future builders on the Hyperliquid L1 will appreciate the deep liquidity and optimized tech stack to compose with at their fingertips.

Looking forward to seeing projects build on the Hyperliquid L1 as its permissionless features open up to the public.

[jeff.hl @chameleon_jeff]

Most other DEXs with TRB perps had major issues yesterday. I've seen some people lumping @HyperliquidX with the rest of them, so want to clear the air here.

TLDR: Hyperliquid faced zero system issues, the deepest DEX liquidity when users needed it most, and HLP was net profitable providing TRB liquidity.

For context, pool-based protocols lost LP money and CLOB platforms had uptime problems during high volatility even with centralized order matching.

Yesterday validated Hyperliquid's approach of doing things the right way even when it's harder. It's the most technically ambitious design out of all perp DEXs.

1) Fully onchain order book on a performant custom-built L1 with 20k tps and 0.3 second median block time
CLOBs are the best way to scale liquidity as flow grows. A dedicated chain is crucial for a decentralized perps CLOB. It's by nature a high TPS endeavor. Equally important, it guarantees platform solvency during edge cases. See (3) below

2) HLP providing community owned liquidity
HLP is most important when other MMs size down or yank their quotes altogether. Importantly,
a) It does this at a profit, sitting at near all-time high pnl
b) It synergizes with a robust set of external MMs providing their own liquidity
Yesterday HLP traded almost $20 million in TRB perps, holding 300-600k USD net short as prices went $100 -> $600 -> $200. The losses from being net short were fully compensated by the short term HFT pnl.

3) Carefully designed risk parameters to handle extreme volatility
This allows Hyperliquid to offer flexible leverage on a wide variety of cross margin assets. Hyperliquid has a three step liquidation process:
a) Market liquidations. These are best for the user and account for >99% of liquidations. Full collateral returned to the liquidated user after execution with no fee charged.
b) Backstop HLP liquidations
c) ADL (never triggered before, but an important final guarantee of platform solvency)
Of these, (a) and (c) are only possible with a dedicated L1 that supports non-tx driven state transitions.

There's a lot to unpack here and I can write detailed threads on any of these points if people have questions.

Wanted to end by saying how lucky Hyperliquid is to have a diverse and growing set of real users. It's been fulfilling to build a magical trading experience that gives users a compelling reason to move off CEXs. 2024 is going to be a big one!

[Hyperliquid @HyperliquidX]

Switch to Hyperliquid for a holiday gift 🎁

CEX traders get 50% off fees for your first $50M volume. Go to https://t.co/D7naxWw7KA to get started.

Fees become 0.012% taker and 0.002% maker rebate - the cheapest place to trade perps. All you need is an email to start trading.

- - -

Details: Send a screenshot of your withdrawal from a CEX to Hyperliquid via twitter DM. If you do at least $1M volume by January 2, 50% of your trading fees will be refunded directly to your Hyperliquid account by January 5.

This campaign only applies to new users. You must sign up via the link above. The refund is for each user's first $50M volume. Only volume up until January 2, 23:59 UTC will be included. Duplicate submissions will be disqualified.

[dinofort @dinofortx]

Dinosaur wif hat

[Hyperliquid @HyperliquidX]

By popular request, you can now long or short $WIF (dogwifhat) on Hyperliquid with up to 3x leverage.

[Hyperliquid @HyperliquidX]

By popular request, you can now long or short $WIF (dogwifhat) on Hyperliquid with up to 3x leverage.

[jeff.hl @chameleon_jeff]

Top MM address on @HyperliquidX based on public L1 leaderboard/explorer:

>$10M USD pnl annualized
>6000% ROI annualized
>100x daily turnover

This MM also likely has multiple addresses.

No CEX or DEX has better flow than @HyperliquidX right now.

[dinofort @dinofortx]

@HyperliquidX Wood is good

[Hyperliquid @HyperliquidX]

The first points distribution has been completed.

Check your points on https://t.co/IgLslbQ9AJ

As a reminder, 1 million points are distributed every week for 6 months. Week 2 has already begun.

[dinofort @dinofortx]

@HyperliquidX oh my goodness

[Hyperliquid @HyperliquidX]

Hyperliquid's points program will begin on Nov 1 at 00:00 UTC.

1,000,000 points will be distributed weekly to Hyperliquid users for 6 months. The first distribution will take place Nov 9.

Points are meant to reward users who contribute to the protocol’s success.

[dinofort @dinofortx]

Exciting! Going to ramp up my market making strats in preparation

[Hyperliquid @HyperliquidX]

Open interest rewards end this Tuesday, Oct 31 at 16:00 UTC.

A new program will be announced next week. Stay tuned.

[dinofort @dinofortx]

@chameleon_jeff Wowza CEXs will truly be dinosaurs like me in the future

[jeff.hl @chameleon_jeff]

1/ Important to note: Hyperliquid has gotten vastly more efficient and liquid during this time.

HLP's all-time high pnl is an indicator of retail volume growth outweighing the execution efficiency.

One area of 20-100x execution improvement has been liquidations 🧵

[dinofort @dinofortx]

@HyperliquidX wow dino is gonna need some time to digest this like a good meal

[Hyperliquid @HyperliquidX]

0/ Long or short LayerZero on Hyperliquid with hyperps.

ZRO-USD lets you long or short the value of the unlaunched native LayerZero token (referred to as ZRO)

The underlying index to which the price eventually converges is the $ZRO fully diluted market cap divided by 2 billion