The Arbitrum bridge was locked earlier today due to an automatic monitoring process run by L1 validators. The locking process relies on many major Arbitrum RPCs and ensures that the L1 and Arbitrum state are synced. The locking mechanism is meant as a last resort to prevent exploits.

In this case, the locking was a false positive. An extremely rare edge case occurred where multiple RPCs served inconsistent data between transactions and state. This is not an error by the RPC providers because there is no guarantee of temporal consistency between endpoints, especially on a high throughput network like Arbitrum. However, it is extremely rare that many RPCs agree exactly on their out-of-date data, which caused a locking condition to be hit.

The overall locking mechanism is conservative because losing user funds is a far worse outcome than occasional downtime. This was the first locking incident in over one year of continuous operation.

Thank you to the Arbitrum team for prompt assistance in looking into the issue. Improvements are being made to the monitoring process to prevent the same false positive from triggering in the future. All user funds are safe.

By community request, Hyperliquid has listed $SCR-USD hyperp. You can now long or short the unlaunched Scroll token with up to 3x leverage.

Hyperps do not rely on external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. This makes the hyperp price more stable and less susceptible to manipulation.

Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: $SCR-USD will convert to a vanilla perp upon CEX spot listing.

$SCR-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism and how it differs from vanilla perps. NFA.

https://app.hyperliquid.xyz/trade/SCR

Weekly update

Product
+ Spot dust conversion now has an additional condition that the balance be less than the lot size of the spot asset. Note that users are always able to sell spot if the order leaves them with less than 1 lot size worth of the token, after which the remainder is eligible for dust conversion. Separately, in a future update, users should be able to opt out of spot dusting entirely.
+ Misc. UI improvements

Tech
+ A new role has been added to the Discord server for updates related to the #node-operators channel. React in the #server-roles channel to be pinged for future updates.

Trading
+ SCR hyperp was listed

The spot deploy minimum gas will be increased from 100 USDC to 10k USDC on the next network upgrade. This change prevents unnecessary native spot state bloat. For reference, there are currently more than 100k addresses holding native spot balances. This number is expected to increase significantly. Due to adjustments to automatic spot dusting based on user feedback, the spot state will be pruned much less frequently.

As a natural progression after the HyperEVM release, projects will be able to begin building on the EVM and can then deploy on the native spot order book when they are ready.

Please see the following message from the Hyper Foundation twitter account: https://x.com/HyperFND/status/1845851735363027270

The SCR hyperp has converted to a regular perp. You can now long or short $SCR with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/SCR

By community request, you can now long or short $NEIRO and $NEIROETH with up to 5x leverage.

Listings are not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/kNEIRO
https://app.hyperliquid.xyz/trade/NEIROETH

By community request, you can now long or short $GOAT with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/GOAT

By community request, you can now long or short $MOODENG with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/MOODENG

By community request, you can now long or short $GRASS with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/GRASS

Biweekly update

Product
+ Updated info bar to display social media links for spot assets. Appreciate your patience while there is a backlog of spot assets to be updated
+ Added different layout options for the Order Book and Trades
+ Enabled opting out of spot dust conversions by selecting "Opt Out of Spot Dusting" in the Settings dropdown
+ Misc UI improvements

Tech
+ Shoutout to Cain from Ambit Labs for his testnet EVM report: Transfer from EVM to native spot did not credit deposits with more precision than wei decimals on native spot token. This has been fixed to floor to the maximum integer multiple of wei.
+ Please continue to submit any findings for the testnet EVM bug bounty by opening a Discord ticket with a minimal reproducible example. Thank you for your reports!

Trading
+ SCR converted from a hyperp to a regular perp
+ GOAT, kNEIRO, NEIROETH, MOODENG, and GRASS were listed

Community Highlights
+ Added a ⁠Vietnamese language channel in Discord
+ Coinalyze integrated Hyperliquid: https://coinalyze.net/bitcoin/usd/hyperliquid/btc/price-chart-live/
+ Push Protocol now provides liquidation and positions alerts for Hyperliquid: https://x.com/pushprotocol/status/1851625233654153716
+ HypurrCo, HyperActive, and CL are hosting a brunch at DevCon: https://lu.ma/rctxq98m

By community request, you can now long or short $PURR with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

Note that the PURR-USD oracle is USDC-denominated instead of USDT-denominated. As with all other perps, PURR-USD is USDC-margined. Hyperliquid spot has been added to the list of oracle sources with weight 1.

https://app.hyperliquid.xyz/trade/PURR

Hyperliquid reached a new all-time high in open interest of >$1.5B.

When Shift Happens podcast with Jeff

Jeff discusses what drives him, the vision for Hyperliquid, and how Hyperliquid stands apart from other blockchains to support a full-fledged financial ecosystem.

https://www.youtube.com/watch?v=WeRh589I76o

The past few days have seen record highs in OI ($2B) and 24h volume ($6B). OI hit new ATHs five days in a row.

By community request, you can now long or short $PNUT with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/PNUT

Update

Tech
+ See ⁠API announcements in Discord or TG for improvements to builder codes and api-related updates
+ Please continue to submit any findings for the testnet EVM bug bounty with a minimal reproducible example via Discord ticket. Thank you for your reports!

Trading
+ New ATHs were reached in open interest ($2B) and 24h volume ($6B)
+ PURR and PNUT perps were listed

Community Highlights
+ Shoutout to HypurrCo x HyperActive x CL for hosting an awesome event at DevCon: https://x.com/hypurr_co/status/1857369316003545138
+ Jeff discussed what drives him, the vision for Hyperliquid, and how Hyperliquid stands apart from other blockchains in this podcast: https://www.youtube.com/watch?v=WeRh589I76o
+ Copin supports copy trading on HL: https://x.com/Copin_io/status/1853347962837143926
+ Using builder codes, Okto supports trading on their mobile app: https://x.com/okto_web3/status/1853437295329997176
+ Vooi, a perp dex aggregator, integrated HL: https://x.com/vooi_io/status/1859115693679001684
+ Katoshi supports alerts for their HL trading bots, which are compatible with TradingView: https://x.com/KatoshiAI/status/1856747332324282673
+ Hyperterminal displays trading details of top leaderboard users: https://x.com/hyterminal/status/1858199880466129034
+ Pine Analytics shared stats on the Arbitrum bridge: https://x.com/PineAnalytics/status/1855977363596595501
+ Monk made a map of early builders in the HL ecosystem: https://x.com/defi_monk/status/1856094194294473178

Points
+ Points will be distributed next week and will include activity in May, October, and early November

By community request, you can now long or short $XLM with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/XLM

By community request, you can now long or short $CHILLGUY with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/CHILLGUY

Hyperliquid’s vision is to create a fair new financial system for all. All users are important, no matter their volume or account value.

Real users receive fewer points when large-scale sybil farms try to game the system to receive more than their fair share. Investigation by different research teams identified that over 27,000 addresses operated by approximately 100 individuals attempted to receive disproportionately more points through large-scale and systematic inorganic behavior. These addresses’ points were multiplied by 2% or 20% based on the scale of sybil activity. Affected addresses include a line on the Points page saying, “Sybil behavior detected.” The end result is a larger fraction of points going to real users.

In addition, 8M points were distributed for activity in May and 8.4M points for activity in October and early November. In sum, the final number of points is 57.9M.