Congratulations @TrustWallet, turning on the fees on their builder code didn't slow them down at all: first builder by volume over the last 24h with $61M, and second over 7 days, only $700k behind @phantom. Nice to see a @hypedexer user on top of the builder leaderboard. Thanks @moncif for making it happen. Hyperliquid.

Priority fees explorer is now live on @liquidterminal. Powered by @hypedexer. Part of our V2 release, deeper data, better insights, full picture of what's happening on Hyperliquid. Last 24h on priority gas: → 14.56 HYPE in total priority gas → 102,424 fills with priority → 5.32K HYPE annualized burn (linear) → Avg priority gas: 0.000142 → Max priority gas: 0.141345 The interesting part is who's actually paying. One wallet (0x3999...3336) is responsible for ~86% of all priority gas burned in the last 24h. 12.57 HYPE across 63,671 fills. Mostly active on xyz:HOOD and cash:HOOD pairs. Second is 0xefd3...28df with 1.81 HYPE across 8,085 fills. Third is 0xc926...98d3 with 0.085 HYPE across 26,023 fills. What this tells us: Priority fees have been live for 2 days. Some users are already testing them heavily. Activity is spread across pairs, not concentrated on any single market. Still very early, we're watching how usage evolves. Still early. The feature just went live. As more MMs compete for execution, expect the numbers to grow and the concentration to spread. Track it live: liquidterminal.xyz/explorer/… Just build on Hyperliquid.

BREAKING: Priority fees are LIVE on Hyperliquid mainnet (alpha mode). Both gossip priority and order priority just went live. Not testnet. Mainnet. Key update from testnet: order priority max rate was reduced from 20 bps to 8 bps based on user feedback. More trader-friendly than expected. Order priority still limited to IOC orders on HIP-3 assets for now. Also announced: vault creation gas fee increased from 100 USDC to 10K USDC. Legacy HyperCore vaults are being gradually deprecated (feature frozen for 2 years). The future is tokenized vaults as smart contracts on HyperEVM via precompiles and CoreWriter. Just use Hyperliquid. hyperliquid.gitbook.io/hyper…

HIP-4 research update. Correcting an assumption on the EVM contracts, new findings on multi-outcome mechanics, and next steps. We got something wrong. In our earlier analysis, we assumed the parimutuel contracts on HyperEVM (V1: 0x4fd7...44bd, V2: 0x6d86...cf07) were deployed by the Hyperliquid team. We had reasons to believe this: The deployer wallet (0xe21c...d135) is over 2 years old with 19K+ transactions. The contracts were flagged as genesis deployments, but we've since learned that any contract on HyperEVM gets flagged this way. The timing correlated perfectly with the HIP-4 testnet launch, and the contracts are still actively used today with continuous contest creation, deposits, settlements, and fee withdrawals. But after tracing the funding chain, the wallet that funded the deployer appears to be Block Theory Cap, an early HL user/fund, not the Hyperliquid team. No team members received genesis distributions. This is still a theory, not confirmed, but it changes the picture significantly. If true, it means: The official HIP-4 system is 100% HyperCore L1. Creation via registerTokensAndStandaloneOutcome, native pair minting (YES + NO = 1.00), settlement via VoteGlobalAction. No EVM involved at any step. The EVM parimutuel contracts are an independent project piggybacking on the same market data. Someone saw HIP-4 launch and immediately deployed their own parimutuel system on HyperEVM. Which is honestly impressive either way. It's a total mystery right now. The timing, the activity level, the sophistication of the contracts (V2 has full OpenZeppelin security stack). Whether it's the team testing under a separate identity, a fund building on top of HIP-4, or something else entirely, we don't know yet. Other findings from today: Multi-outcome markets (food market with Akami, Canned Tuna, Otoro) work as independent YES/NO pairs on the CLOB. Posting an order on Akami doesn't affect Canned Tuna or Otoro at all. Each outcome is its own isolated orderbook with native pair minting. How the losing sides' collateral gets redistributed across multiple outcomes at settlement is still an open question we're investigating. For off-chain data (who won the race, what did Hypurr eat), @androolloyd pointed out that HIP-3's data feed model could serve as a base for pushing custom resolution data to HyperCore. The infrastructure exists. For subjective events it's obviously more complex than price feeds, but the mechanism is there. What's next: We keep digging. @EnigmaValidator is joining the investigation and will help trace prediction market deployments on HyperCore, specifically multi-outcome creation transactions and the upcoming HIP-4 endpoints. The game is far from over. We've been at this for 3 days straight and every layer we peel back reveals another question. Stay tuned. @androolloyd @0xExoMonk @EnigmaValidator