The decentralized exchange Hyperliquid has compensated nearly $2 million to users affected by a brief interruption last week. This move has strengthened market confidence in decentralized trading platforms.
According to information from the official website, the application programming interface (API) of the Hyperliquid platform experienced a failure on Tuesday, causing traders to be unable to execute orders for approximately 37 minutes before operations resumed.
On-chain data from Hypurrscan shows that on Monday, Hyperliquid issued a total of $1.99 million in USDC refunds to affected users.
Hyperliquid's quick response and compensation of $2 million within half an hour received high praise from users.
"Over $1.5 million has been issued to users (can be confirmed)," Hyperliquid trader aaalex posted on the X platform on Monday. "It's incredible that they have no legal obligation, nor any contract or SLA requiring them to do this," he added.
Currently, decentralized exchanges (DEX) are continuously catching up with centralized platforms in competition. Despite facing setbacks recently, Hyperliquid's response has still drawn attention. In March of this year, the platform suffered a loss of $6.26 million due to an attack related to the Jelly my Jelly (JELLY) meme coin, caused by a vulnerability in the liquidation parameters.
Hyperliquid has now grown to become the seventh largest derivatives exchange in the world. According to CoinGecko data, the value of open contracts in the last 24 hours exceeded $10.6 billion, significantly rising from its 12th position in early April.
Although the initial interruption raised concerns about potential hacking or vulnerabilities, Hyperliquid stated that the issue stemmed from a "massive surge in traffic" following the platform's record high of $14.7 billion in open contract value on July 23.
Hyperliquid announced on Telegram on Monday: "From 14:10 to 14:47 (UTC) on July 29, the API server experienced order processing delays due to the surge in traffic."
The announcement also noted: "Although trades were sent to the memory pool (Mempool) and subsequently packaged by blocks, the API returned an error response." The platform has compensated affected traders based on three categories of standards.
However, users receiving compensation amounts exceeding $10,000 must complete the KYC (Know Your Customer) process to receive the full refund. These users have initially received a compensation of $9,999 but must complete verification through a Discord ticket by August 18 to claim the remaining amount.
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Original article: “Hyperliquid Compensates $2 Million to Cryptocurrency Traders for API Outage”
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