steven.hl

If you haven't looked at Hyperliquid's testnet in a while, it's worth checking out. There's a revamped UI for all pages that likely rolls out in the coming days.

One new feature is the ability to link a Staking wallet to a Trading wallet on the Portfolio page.

Hyperliquid

In a few days, the trading fees on Hyperliquid will change. The ratio between exchange volume to AF buybacks is roughly 2.3 bps. Since maker orders are close to free for active traders, most of this fee capture is from taker orders only.

The biggest change in the new fee system is that maker orders are no longer free unless you are doing 500M+ volume biweekly. With these changes, I am expecting fee accrual to increase anywhere from +20 to +50% depending on adoption of fee discounts via staking tiers.

Hyperliquid

> Staking tiers will go live "on or after April 30th".
> Hyper Foundation began unstaking 100K HYPE (presumably for the delegation program). It will finish unstaking on May 1st.

All signs point towards May 1st being an eventful day for the HL community. Get ready.

Hyperliquid

The last time BTC was over $90k was March 7th. That was when:
- ETH was $2250 (now $1680)
- SOL was $150 (now $144)
- HYPE was $16 (now $18)

Asset allocation for the remainder of 2025 will be important. Rising tides do not lift all boats like they used to.

Hyperliquid

Hyperliquid has been quietly building since the EVM release in February. We are starting to see the output of that work as we head into the end of April:
- Permissionless validator set + node increase from 16 -> 21
- Delegation program incentivize the decentralization of block production
- Staking tiers to further reward HYPE stakers

Things we can expect sometime in the near future:
- HyperEVM precompiles to enable HyperCore <> HyperEVM smart contract interaction
- Onchain governance
- Incentive program?

The journey of bringing finance onchain has never looked so bright.

Hyperliquid

Permissionless validators go brrr today. We are up to the original planned 20 nodes + the extra USDT0 x Luganodes validator for a total of 21?

@HatashiYamatomo I may owe you a apology after all, but at the same time you may not have gotten short changed! :)

Hyperliquid

Going forward, there will be many projects that will use Hyperliquid's name to engagement farm with disingenuous posts. It's best we ignore them unless they are trying to have a sincere discussion.

Especially the ones with WPs that say HL is a Cosmos-based chain.

Hyperliquid

If you felt that you were being held back with HYPE perps leverage capped at 3x, I've got good news for you.

On the top of the order form, you can now tap on "3x" and slide the leverage bar all the way to right for 5x leverage now.

Watch your liquidation levels!

Hyperliquid

It's impressive to see that when you sort spot TWAPs by size, 3 out of the top 4 are BTC and ETH, not HYPE.

Adoption of spot majors is ramping up, and this is just the tip of the iceberg. A few hours ago, the ticker for spot SOL was bought. What comes after that?

Hyperliquid

If you believed everything CT tells you about Hyperliquid, you would have to somehow reconcile that:
- it's not decentralized, but pretends to be
- it needs to be more centralized and build everything itself
- it's an L1 + L3 hybrid chain
- it's an Arbitrum sidechain

Hyperliquid

CT will say that Hyperliquid delisting JELLY was solely decided by Jeff and that HL is not decentralized.

I caught up with Jan, a validator node runner, and he confirms this is false. Jeff asked for a vote, and quorum was reached within 2 minutes.

Hyperliquid

Here's the first official response from Hyperliquid on what transpired with the JELLY short, from their perspective.

TLDR: The validator set voted to delist JELLY. The Hyper Foundation is making users whole in the coming days (no action needed from users).

Hyperliquid

Random thoughts on the HLP Jelly short situation:
-Delisting the token and settling all positions at mark price seems like the most obvious outcome. As I write this tweet thread, the orderbook has been emptied, so this looks to be happening.

- However it concludes, it seems unlikely that HLP comes out of this without a multi million dollar loss.

- An overall loss at ~$10m is not insurmountable. If the HL team decides to make depositors whole, they can do it with 1-2 weeks of protocol revenue.

- I expect a swift delisting of any other low mcap, low volume tickers that could be manipulated a similar way.

- Don't think this really affects any investment thesis in HYPE. Just a harsh lesson learned in making the protocol more robust.

Hyperliquid

Tinfoil hat theory: the announcement of staking tiers was the Hyperliquid team tipping their hand on their plans for platform incentives in 2025 with things kicking off as soon as May (it could start off as undisclosed incentives).

Here's some speculation on why I think so 👇

DB’s account has been hacked and is being used to slowly tweeting out tickers to pump and dump. First TRUMP and now HYPE.

We don’t know much about who this is other than the tokens they seem to be down bad holding lmao. What ticker comes next?

Hyperliquid