Leighton Jull

Layerzero F*cks🧵👇

New on testnet: gossipPriorityGasAuction. Paid in HYPE. @hydromancer_ spotted the first live event (500 HYPE priority bid from wallet 0xc010e5b9b06b3c0525d3cf3dc88131019bf52a88). @androolloyd cracked the full gossip protocol in parallel. Together, these findings open a window into something new on Hyperliquid. Disclaimer upfront: we're still figuring out exactly what this is and how it will be used. The most likely use case is MEV-related, but other applications could exist. Take everything below as a working interpretation, not a final answer. Quick intro on gossip: On Hyperliquid, transactions don't go directly to validators. They pass through 8 whitelisted broadcasters that bundle and propagate them via a peer-to-peer network called the gossip protocol. Think of it as the nervous system of the chain, where every validator shouts what it sees to its neighbors until everyone is in sync. The order in which transactions arrive through gossip determines the order they get included in blocks. That ordering has always been based on who gets there first. What this auction appears to be: An explicit Dutch auction to buy a priority slot in the gossip propagation. Price starts high, decays toward a floor over a 60-second interval. First bidder to accept the current price wins the slot and holds priority until the next round. Multiple slots run in parallel, each with its own independent auction. Pay HYPE, get your transactions pushed to the front of the broadcaster queue. Transparent, onchain, open to anyone. Important detail: The bid function is gossipPriorityBid(slotId, ip, maxGas). The IP is an explicit parameter, meaning the slot is tied to a specific connection, not just a wallet. This suggests the mechanism is built for professional operators with dedicated infrastructure, not retail traders. What it could unlock (assuming MEV is the primary use case): - HFT strategies that need deterministic priority - Liquidation markets where the best bidder wins - HIP-4 settlement front-running becomes a priced game instead of a latency race - Market makers on HIP-3 perps compete on bid size, not just colocation advantage - New HYPE demand sink (every bid captures native token) What it might mean structurally: - MEV goes from implicit (broadcaster ordering) to explicit (onchain auction) - Geographic colocation advantage shrinks - Priority becomes a market, not a race - Validators and protocol can potentially capture value that was previously invisible But it might not only be about MEV extraction. Note: This is testnet. Parameters (start price, floor price, interval duration, number of slots) will likely change on mainnet. In high-activity periods, 60 seconds of priority could be worth significant amounts for market makers or liquidators. Expect bids to evolve as mainnet launches and real flow starts. We'll keep digging and update the community as we learn more. Source: lastdotnet.github.io/hyperliquid-ru… Hyperliquid.

There has never been an exchange compatible with every asset class. When US equities are surging and volume picks up, Nasdaq has a great year. If crypto enters a bull market, Binance and Coinbase volumes 10x. If the Fed is active and rates vol increases, CME has a great quarter. But the Nasdaq can't monetize flows in Japan. The Tokyo Stock Exchange can't make money off the commodites boom. Coinbase doesn't profit off heightened rates volatility. These exchanges aren't made to support a wide array of asset classes and opportunities. Their revenues are highly cyclical, tied to the underlying markets they serve. TradeXYZ breaks this mold entirely. XYZ can create a market for anything near instantly. Equities. Commodities. Rates. FX. There is always something happening in the world. We're designed to capture idosyncratic moments of volatility in a world where anything can happen on any asset, anywhere, anytime. The result is a diversified business that isn't long any single asset class or country, but rather long global asset volatility as a whole. This is the final platform for traders, with deep liquidity for every major market in the world, open 24/7/365. The universal venue. Powered by Hyperliquid. Trade everything, trade XYZ.

Easiest pmf to understand outside stablecoins imo

greatest peice ever written on perps/hyperliquid?

@itispatman 🔥🔥🔥

Have been working on this for the past year glad we can finally share our work. Sick of everyone’s perp trading being leaked and seeing targeted liquidation attacks. Bringing the TradFi darkpool to perps on Solana. Cant wait to trade in peace and private.

@CFCDatroo Why is datro fofana your pfp and name 🤣

If you’re seeing this please engage my pin tweet 🙏🙏🙏

Becoming more clear by the day that Hyperliquid is the financial trading platform of the future and that generational wealth will be made longing this coin. Think this has a chance to flip Robinhood, Interactive Brokers etc… Hyperliquid is out innovating peers.

BREAKING: Coinbase, $COIN, says many users currently unable to buy, sell, or transfer crypto.

@tradexyz reached new all-time highs with $5.45B in 24h volume. In the last 5 days, trade[XYZ] crossed $13.31B in cumulative volume.

Quarter of a billion dollars worth of shorts liquidated above $50 on HYPE

Silver did ~$3B in volume on Hyperliquid today. Meanwhile, the CME traded 275k contracts (~$130B notional). Hyperliquid just captured ~2% of the world's primary silver market for an asset it listed 30 days ago. Insanity.

@insomniacxbt Hype holding up very well considering everything

bingo

@notthreadguy @ThinkingUSD Please get him on stream

@ThinkingUSD what next wen flood stream

We're entering the Endgame

RT @defi_monk: $HYPE has now outperformed $BTC since the start of December despite unlocks fud, competition fud, and some huge idio sellers…

Headlines like these are gonna snap tradfi necks and theyll be staring right at hyperliquid

@Cbb0fe In your opinion what’s a good amount of volume to have done for the avg joe

$15B volume in 9 months $8B in spot volume $2.5B in HIP-3 volume Believe in invisible points

Metals ripping will be good for $BTC because it conditions global investors to accept that: - dollars are fake - you can make returns buying things with no cash flows - multi trillion $ assets can still be volatile asf The logical leap to digital gold isn’t too far away.

"Curiosity is compound interest for your brain" Insaneeee

@AvgJoesCrypto @AwakenTax @HyperliquidX @big_duca I’ve had similar issues

Does @AwakenTax not track @HyperliquidX correctly? My PnL is off by a magnitude of ~10x. Any help here @big_duca?

As the Minnesota fraud unravellings continue, I am particularly interested in observing the relevant stakeholder reactions. If this were a a large company, it’d be an all-out crisis management event where no stone would be left unturned. The actual responses from state and federal politicians to this crisis will tell you all you need to know about how the elected officials view and respect American citizens. For context on the scale of the fraud: 1. Minnesota’s annual GDP is $500B. At $10-20B this represents 2-4% of that number. There is an estimated ~100,000 Somalians in Minnesota. That is ~$100,000 per person on a per capita basis. 2. Somalia’s annual GDP is ~$12B spread across a population of ~20 million people. 3. The US federal government has an annual budget deficit of 5-6% of GDP. Eliminating a fraud of this scale on a national level would nearly balance the national budget. Particularly troubling thoughts that come to my mind are: 1. Was the murder of Melissa Hortman related to the concealment/perpetuation of the fraud in any way? minnesotareformer.com/2025/06/09/leg… 2. It’s no wonder why @Tim_Walz was one of the largest critics of @elonmusk and @DOGE. What else is being hidden by elected officials? 3. It doesn’t take more than a child to notice the similarities of Minnesota’s and Somalia’s flags. Assuming many will chalk that up to coincidence and label questioning of it as conspiratorial, put that one aside. Anything less than a full scale investigation that likely includes impeachment (governor) and expulsion (senate/congress) proceedings would be another sign amongst many that the integrity of the US political system has deteriorated drastically.