Sefu.hl

@HyperliquidX Maxi

[Sefu.hl @SefuT88]

800$ per point is more achievable than you would think. Just buy $HYPE and let it happen

[jeff.hl @chameleon_jeff]

It's inspiring to see tens of thousands of community members secure life-changing wealth as part of the Hyperliquid genesis event. Importantly, none of these people were insiders. They:

1) believed in the vision for a better financial system when no one else would
2) acted on that conviction by using and building upon the nascent technology, bootstrapping an unstoppable financial network

The Hyperliquid genesis pays homage to the original ethos of Bitcoin: ownership goes to the believers and doers, not rent-seeking insiders.

For all you early believers, thank you for the unwavering faith and support. Hyperliquid would be nowhere without you all. I'm grateful and honored to be building alongside you.

--

Looking back, we've come a long way. But looking ahead, there's so much further to go.

Finance is humanity's greatest invention. It is the only effective way to coordinate human effort across time and space. Yet, the legacy financial system contradicts its underlying goal of empowering individuals:

- it is opaque and centralized
- it is owned and operated by privileged insiders
- it doesn't embrace technological innovation to better serve users

Hyperliquid is the evolution of finance. And Hyperliquid has not succeeded until it houses all of finance. If you're reading this now, you're still early. The new financial system welcomes you with open arms.

[Hunter Biden @HunterBiden]

@gmoneyNFT Hyperliquid

[Sefu.hl @SefuT88]

@Sakrexer As a non-slop entity, I support this update

[Sefu.hl @SefuT88]

@chameleon_jeff @Henrik_on_HL Hyperliquid

[Brandon Salim @brandonsalim]

Life if i never understood stocks and crypto

[Sefu.hl @SefuT88]

@midaqih Lil bro had VIP sit

[Sefu.hl @SefuT88]

Hyperliquid

[Hyperliquid @HyperliquidX]

HyperCore will support outcome trading (HIP-4). Outcomes are fully collateralized contracts that settle within a fixed range. They are a general-purpose primitive that are useful for applications such as prediction markets and bounded options-like instruments. There has been extensive user demand in both of these areas, and builders will likely think of novel applications as well.

Outcomes bring non-linearity, dated contracts, and an alternative form of derivative trading that does not involve leverage or liquidations. The outcome primitive expands the expressivity of HyperCore, while composing with other primitives such as portfolio margin and the HyperEVM.

Outcomes are a work in progress and currently only being tested on testnet. Canonical markets based on objective settlement sources will be deployed once technical development is complete. Canonical markets will be denominated in USDH. Pending user feedback, the infrastructure will be extended to permissionless deployment.

[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.

[Sefu.hl @SefuT88]

@PerpetualCow congrats cow! more to come🫡

[Sefu.hl @SefuT88]

@Faead15 @GuthixHL @ASvanevik P

[jeff.hl @chameleon_jeff]

Those who can, do
Those who can't, fud

Before writing a paper maybe learn the definition of what you are studying? ADL does not "transfer pnl to HLP." It treats HLP entirely symmetrically with users. **ADL has nothing to do with HLP or backstop liquidations**

ADL did not "destroy $653 million of pnl" either. If you don't understand what you're talking about, you are not qualified to spread lies masked by fancy ML terms to sound smart. It's a shame that these are the "academics" that the industry looks up to.

[Sefu.hl @SefuT88]

@rediamondjr Hyperliquid

[Sefu.hl @SefuT88]

@cz_binance Powered by Hyperliquid

[Sefu.hl @SefuT88]

Jeff is what CZ dreams to be

88

[Sefu.hl @SefuT88]

you’ve probably already seen it on your timeline, but I highly suggest you join the waitlist for @tradexyz
sounds like it’ll perps for stocks + crypto built by @unitxyz, the most valuable project in the hyperliquid ecosystem don’t fade: https://t.co/TeG1VuvYm0

[Sefu.hl @SefuT88]

Max speed send it

[daz @MetamateDaz]

Hypurr $250K floor thesis;

1. Airdrops;

- $HYPE (1% of supply to loyal Hypurr holders = $120K per Hypurr)
- $UNIT (1% of supply @ $10B market cap = $25K)
- Native Markets (1% of supply @ $3B market cap = $10K)
- HyperEVM Protocols (Kinetiq, Felix, Hyperlend etc. should have a combined FDV of ~$5B so 1% = $15K)
- HyperEVM memes/new protocols (Hypios received 5fig airdrops on $BUDDY and $RUB - similar occurance will happen with Hypurr NFTs)
- Builder code protocols (Phantom, Rabby etc.)
- HIP3 protocols
- Other protocols that will airdrop to a top3 NFT community (Madlads got $20K each from Wormhole alone)

without accounting for the last 4 points that's already $170K - and I am assuming the other protocols will add to that figure considerably - it's just hard to quantify right now

2. Utility

- Hyperliquid szn 3 points boost (many received 7fig airdrops on HYPE, a 10% points boost could be an extra 6figs)
- Fee reduction (seems unlikely but possible)
- Hyperliquid protocols points boost (Hypios get a 10% boost on Hyperlend, I expect Hypurrs to have similar incentives - on a 5/6fig airdrop this can add up fast)

That could easily be 6figs+ worth of value

3. Status

Cute, holders are mostly whales, Jeff & the team made them, only HL OGs got them... anybody that wants to be taken seriously in Hyperliquid eco will have to own one

Hard to quantify but Punks, SMB, NodeMonke all went close to 6fig floors with no utility so...

Conclusion: combine these 3 factors and I think Hypurrs will give well over $250K worth of value over time 🫡

[Sefu.hl @SefuT88]

Hidden points season that will be distributed maybe this month,owning an nft will boost the % of points,whos ready

[Sefu.hl @SefuT88]

Will Jeff ever respond in some way? or is he gonna continue to be a chad that lets his work speak for itself

CZ is winning short term,everyones selling HYPE for that ASTER bag,hitting 2 times at once

But will it remain like this?How long can he sustain it this way?

88

[Sefu.hl @SefuT88]

This 4D chess match between Jeff and CZ is legendary,and will be for some time,sit back and study

88

[Gigi Young @mysticinthemoon]

Martyrs

Rudolf Steiner once spoke about martyrs saying, and I am paraphrasing, that when someone passes, if they are young and especially if they are rightly attuned, their etheric body, which is full of life-energy, becomes a substrate available to the angels.

This giving of ones own life body to the angels of the spiritual hierarchies is what creates a martyr, or a true servant of God. It is not that the angels need our life force to exist, but rather that the angels can work more directly through a once living etheric body which creates an amplification of the angels power on earth.

The spiritual science behind the martyr is that the life energy of a human being is stored in the etheric body and when someone passes whatever life energy is left does not disappear, instead it is absorbed back into the etheric world. The angels then may use that body to produce miracles and Christian activity on the earth. Their activity will have a greater magnitude on humanity than a death under normal circumstances, or if there was no martyr at all. The martyr, often unknowingly, gives up their etheric body, their body of life, to powerful spiritual beings. And it is that act that can produce incredible shifts in the world.

Thus, with death can come a certain kind of spiritual life on earth. The roses may take bloom. This is an unusual mystery, and one that is born out fully, and to it's highest degree, in Christianity. This is why Christians glorify martyrs. It is not because we are some pathetic, depressed spiritual group, but rather because we understand that with death comes life. That only through the act of sacrifice can true love be known. And, that if someone gives their life for something greater than themselves, they are sure to produce miracles on earth. It is spiritual law.

If the dark side knew this, they would never shed blood. They would never kill. Instead they would remain silent. Ironically, it is their evil activity that draws in the highest angels, that produces their own exposure and failure. When their greed and malice brings destruction of a good man or woman, an angel of the highest magnitude appears in their stead. Let this be known to those who seek violence, and pray every soul know the love of God.

[Sefu.hl @SefuT88]

@GuthixHL wok man cooking🔥🔥🔥