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Hyperliquid Response to XPL Price Surge: The platform has not experienced any technical issues or defaults. Users are advised to be aware of the risks themselves.

3 hours ago

On August 27th, Hyperliquid's official announcement on the Discord channel stated that today, the XPL market witnessed significant volatility. The token price surged by approximately 2.5 times within a few minutes. During this period, the Hyperliquid blockchain operated normally as designed and there were no technical issues. Firstly, it carried out liquidations based on the order book, and then triggered the automatic deleveraging (ADL) mechanism in accordance with the public protocol. Hyperp adopts a fully isolated margin system where the PnL of all users is isolated from other asset positions. This liquidation and ADL only affected XPL positions, and the protocol did not incur any bad debts. The pre-market itself is unpredictable. The robust mark price formula used by Hyperp effectively prevents instantaneous price spikes. It requires the order book price to maintain a high level for several minutes before triggering liquidation. Hyperliquid is a permissionless multi-market protocol, and each market has unique risk characteristics. Users are strongly advised to understand the operation of markets like hyperp by reading the documentation and implementing appropriate risk management before trading. All hyperp products come with risk warnings, reminding users of low liquidity, high volatility, and increased liquidation risk. Finally, some users requested to use high collateral positions for shorting. After the next network upgrade, the hyperp mark price will be capped at 10 times the 8-hour mark price EMA. Although this condition has never been close to triggering, it sets a mathematical boundary for the liquidation price of over-collateralized short positions. The 8-hour EMA has been published as the oracle price for hyperp on-chain and through APIs. It is important to note that this upgrade will not change today's liquidation or ADL outcomes but is intended to encourage liquidity provision during periods of volatility. Different suggestions by users have their own risk vectors, and the optimal solution is to introduce more liquidity to these markets to reduce the impact of volatility.

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