Behold, dear reader, the tale of Hyperliquid, a platform whose very name now echoes with the thunder of a 2.5x price surge in its pre-launch XPL perpetual market, leaving traders reeling like drunken sailors on a storm-tossed sea. 🐋💸
This calamity was wrought by the nefarious whale traders, those mighty leviathans of the crypto seas, who swept the entire order book with the precision of a scythe, driving prices to dizzying heights in mere minutes. The platform, in its desperation, resorted to its emergency auto-deleveraging, a last resort akin to a desperate prayer in the face of chaos. 🙏
According to the wise data from Coinglass, the damage was most keenly felt by the short positions, while four addresses, having joined the short, reaped a combined profit of $46 million, leaving others to ponder the fickle nature of fortune. 🤑
The XPL/USD contract, that most capricious of creatures, soared to nearly $1.80, only to later tumble to $1, a far cry from Binance’s meager $0.55. A spectacle of volatility, indeed. 📈📉
XRL Token and Plasma
XPL, the token of Plasma, a blockchain born of Bitfinex’s womb, now dances on the precipice of fame, having raised a staggering $373 million in a public sale that concluded with the swiftness of a wink. 🚀
Though its official debut is yet to come, it already trades on pre-listing platforms, a siren song to the bold and the foolish alike. 🎭
No Technical Failure
After the tempest, Hyperliquid’s team, ever the stoic, declared there were no system errors, their liquidation mechanism functioning as designed, first with the order book, then with the dreaded auto-deleveraging. 🧠
Auto-deleveraging, or ADL, is the crypto equivalent of a final, desperate gamble, while the “hyperps” wield isolated margin, ensuring losses remain confined to the XPL market, like a fire contained within a single room. 🔥
“Pre-launch markets are inherently unpredictable,” they mused, “and the robust mark price formula for hyperps, though flawed, prevented an instant spike, requiring several minutes of elevated order book prices before triggering liquidations.” A lesson in patience, perhaps? 🕒
Some lamented that such events might erode trust in Hyperliquid’s pre-market model, while others argued the platform followed its rules, duty-bound only to its code. A reminder that in the world of crypto, the rules are as fickle as the markets themselves. 🤷♂️
Hyperliquid React with New Safety Rules
To avert future disasters, Hyperliquid vows to roll out two updates: a hard cap to prevent prices from soaring tenfold above the eight-hour moving average, and external price data to bolster signals in low-liquidity markets. A valiant effort, though, as they admit, it would not have halted the recent chaos. 🛡️
Thus, the saga of Hyperliquid continues, a tale of hubris, volatility, and the eternal dance between risk and reward. May the next chapter be less… tumultuous. 🧵
Read More
- You Won’t Believe Polygon’s Wild Stablecoin Frenzy—But POL Has Other Plans
- APT PREDICTION. APT cryptocurrency
- EUR BRL PREDICTION
- XMR PREDICTION. XMR cryptocurrency
- CRV PREDICTION. CRV cryptocurrency
- USD KZT PREDICTION
- USD CNY PREDICTION
- XLM PREDICTION. XLM cryptocurrency
- NEXO PREDICTION. NEXO cryptocurrency
- USD HKD PREDICTION
2025-08-27 22:40