Crypto Platform Hyperliquid Responds to XPL Market Chaos with Key Updates
TLDR
- Hyperliquid’s XPL pre-launch saw a 2.5x spike, triggering liquidations and auto-deleveraging.
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New safeguards include a 10x hard cap on mark prices and external market data integration.
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The platform confirmed no technical failures but highlighted the risks of pre-launch markets.
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Hyperliquid’s native cryptocurrency, HYPE, hit a new all-time high following the updates.
In a recent incident that highlighted the risks of trading in pre-launch markets, Hyperliquid’s XPL token saw a sudden and dramatic price spike. Whale-driven activity caused the price of XPL to soar 2.5x in minutes, triggering widespread liquidations. These liquidations led to the auto-deleveraging of traders’ positions, wiping out over $17…
