Hyperliquid to Refund Users Affected by Platform Outage – Crypto News – Crypto News
Connect with us
Hyperliquid to Refund Users Affected by Platform Outage Hyperliquid to Refund Users Affected by Platform Outage

De-fi

Hyperliquid to Refund Users Affected by Platform Outage – Crypto News

Published

12 months ago

on

The DEX experienced unexpected downtime yesterday, which resulted in some users being locked into existing positions and suffering losses.

After Hyperliquid went down briefly yesterday, the team has announced that it will refund affected users. The temporary outage of the largest crypto derivatives decentralized exchange (DEX) led to order delays and left some traders unable to alter existing or limit positions, leading to unavoidable losses for some.

A Hyperliquid core contributor announced today, July 30, that the team will be refunding users impacted by the issue, with an update on the specifics expected in the coming delays.

Core contributor Iliensinc addressed the issue via Discord where they made it clear that there was no hack or exploit, and that Hyperliquid was continuously producing blocks during the outage. They also clarified that the downtime solely affected the API servers due to a significant spike in traffic. The Hyperliquid frontend interface was down for 37 minutes, and the refunds will be processed automatically, Iliensinc said.

They also added that the team would work on improving the platform to avoid similar incidents in the future: “The API returned error responses despite transactions being sent to the mempool and later included in blocks. This confused many users, and improvements are being rolled out to address this.”

Despite the outage, the HYPE token didn’t show strong signs of impact. The 14th-largest crypto asset by market cap is currently trading at $42.73, or a $14.3 billion market capitalization. HYPE is down 2.5% over the past 24 hours and is flat on the week.

HYPE 1-month price chart. Source: CoinGecko

July will be the DEX’s busiest month yet, processing $300 billion in perpetual contract volume over the last 30 days, outperforming its previous all-time high month of May by 24% so far. Hyperliquid continues to hold its place as the largest perpetual futures DEX by 24-hour volumes, with over $8.6 billion traded in the past day, as well as the 10th-largest DEX overall, according to DefiLlama data.

Related Topics:
Continue Reading

Trending