Important points
- Bitget Wallet integrates the HyperEVM smart contract, allowing users to access the Hyperliquid network, utilize services such as Hyperliquid DEX, and perform transactions using HYPE tokens.
- Since its founding in 2023, Hyperliquid has processed over $1.5 trillion in transaction volume and manages $4.85 billion in TVL. The Ethereum-based L2 blockchain is considered one of the fastest growing crypto ecosystems in the world.
- The price of HYPE suddenly shot up on the Lighter DEX, rising from $48 to $96 within a few hours. The exchange linked the issue to a malfunction in its order book bot, which has since been removed, but critics say there are underlying liquidity concerns.
Bitget Wallet, the Web3 wallet from leading cryptocurrency trading platform Bitget, announced the integration of HyperEVM. This allows users to interact directly with HyperEVM. decentralized finance Utilize applications on the Hyperliquid blockchain and utilize HYPE tokens through a wallet interface.
HyperEVM is ethereum virtual machine Bitget Wallet supports over 130 blockchains and boasts over 80 million active users.
Bitget wallet integrates HyperEVM and allows direct interaction with Hyperliquid DEX
Bitget announced that its self-custodial wallet will adopt additional features such as perpetual trading, smart contract support, and DeFi tools in the coming weeks.
Bitget Wallet CMO Jamie Elkaleh said the team’s goal is to simplify access to one of the fastest growing crypto ecosystems, and by integrating HyperEVM’s end-to-end support, self-custody users will have access to high-performance infrastructure covering trading, DeFi, and cross-chain asset flows.
Hyperliquid is decentralized exchange (DEX) features an on-chain order book and liquidity comparable to its liquidity. centralized responder (CEX). The network’s HyperCore engine supports spot and perpetual trading markets with low latency, and HyperEVM smart contracts allow DeFi protocols to tap into the DEX’s liquidity pool.
Since its launch two years ago, Hyperliquid has processed over $1.5 trillion in total transaction volume, and the total value locked on the network (TVL) currently stands at $4.85 billion, according to data from DefiLlama.
$HYPE price doubles as investors withdraw due to DEX glitch
Meanwhile, the price of HYPE, the native asset of the Hyperliquid blockchain, briefly rose to $98 on Ethereum L2-based perpetual futures exchange Lighter, but has since plummeted to below $50. The exchange’s team pointed out that the price spike was caused by irregular bot activity and not genuine market movements. However, the incident has raised concerns within the crypto community.
Earlier in the day, a screenshot circulating on X showed a chart depicting the price of HYPE forming a long green candlestick, surging from $48 to $98. This increase was more than double the market rate for the token and immediately sparked speculation.
The exchange attributed the issue to an issue caused by a malfunctioning bot that was “interfering” with the size of the HYPER order book and quickly resolved the situation. The team revealed that aside from temporary price distortions, users have not suffered any liquidations or losses. Lighter has since removed exaggerated wicks from the public interface to prevent scaling issues with token price charts.
Furthermore, all on-chain records remain unchanged and are accessible via block explorers for public audits. Reiter said removing the bots was a user-friendly decision to prevent future price distortions.
Although the exchange managed to mitigate what could have been a fatal mistake, its response drew mixed reactions. While supporters hailed the swift move as pragmatic, critics accused Reiter of undermining DeFi’s principles.
While one user said Reiter’s decision to remove bots from the front end was “totally reasonable,” crypto analyst Duo Nine argued that the exchange’s move hides underlying liquidity issues rather than transparently addressing them. He said the exchange resorted to censoring all information rather than simply saying the order book was “illiquid.” Analysts accused the writers of lying to users.
Another community member, Hyperliquid Daily, claimed the move was an attempt to erase transaction history. They said removing wicks from the front end would be seen as an event of “erasing history” or “pretending nothing happened” and undermined confidence in the platform’s data presentation. Hyperliquid Daily also pointed out that classifying the problem as “runaway bots” could help change the fundamental problem at the core of the writer, such as insufficient liquidity to absorb moderate orders without extreme wicking.
Although no automatic liquidations occurred on the DEX, the sudden price spike reportedly caused panic among traders. Some traders may have closed HYPE positions at a loss to avoid potential liquidation, while others may have profited unfairly from short-term market distortions.
conclusion
This incident has reignited concerns about liquidity and transparency across the DeFi ecosystem, but it remains to be seen whether this will erode trust in the Lighter ecosystem or serve as a foundation for solid development and future growth.
As of this writing, Hyperliquid ($HYPE) is trading. $47.89Up 1.11% in 24 hours.
