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The Hyperliquid price has climbed 24% in a week to trade at $55.27 as of 4:05 a.m. EST on a 7% decrease in trading volume in the last 24 hours to $392 million. That coincides with news that E thena Labs is joining the race to secure a major position in Hyperliquid’s $5 billion USDH stablecoin ecosystem with a bid that involves asset management giant BlackRock. 🚨 LATEST: Ethena becomes the 6th contender for Hyperliquid's USDH stablecoin bid, pledging to return 95% of reserve revenue to the community, cover migration costs from USDC to USDH and committed at least $75M in ecosystem incentives. pic.twitter.com/AwEL9l14hK — Cointelegraph (@Cointelegraph) September 10, 2025 Ethena Labs proposed a version of USDH to be backed by USDTb, the project’s stablecoin that has 100% backing by BlackRock’s BUIDL fund. 🌐Ethena Labs, the developers of the synthetic dollar protocol, have introduced a proposal for the Hyperliquid stablecoin. USDH will be indi...

1. Hyperliquid Suffers $4 Million Loss in HLP Vault as High-Leverage Whale Position is Liquidated; Platform Reduces Leverage Limits link On March 12th, the HLP Vault of Hyperliquid suffered a loss of over $4 million. The reason was that a whale took a long position in ETH with 50 — times leverage. The position was as high as $340 million and once had a floating profit of $8 million. After the whale partially closed the position, it withdrew $17.09 million in USDC margin, triggering the liquidation of the remaining 160,000 — ETH position. Due to the large liquidation volume, the HLP Vault took over the position at $1,915 and gradually closed it. It still has a floating loss of $4 million. Hyperliquid’s official response stated that this incident was not a vulnerability or a hacking attack, and it announced that the maximum leverage for BTC and ETH would be reduced to 40 times and 25 times, respectively. 2. Scroll Announces Upgrade to Stage 1 ZK-Rollup Expected in April link Scroll tweet...