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@HyperliquidX We're thrilled to announce the launch of Hyperliquid Season 2! Users must review and accept the Season 2 Genesis Event Terms before February 15, 2025 23:59 UTC to participate. More information: proposal-hyperliquid.app

Regarding commentary and questions on the 0xf3f4 user's ETH long: To be clear: There was no protocol exploit or hack. This user had unrealized PNL, withdrew, which lowered their margin, and was liquidated. They ended with ~$1.8M in PNL. HLP lost ~$4M over the past 24h. HLP's all-time PNL remains at ~$60M. As a reminder, HLP is not a risk-free strategy. Max leverage will be updated for BTC and ETH to 40x and 25x respectively to increase maintenance margin requirements for larger positions. This will provide a better buffer for backstop liquidations of larger positions.