Hyperliquid Activates Cross-Margin Auto-Deleveraging for the First Time: What Are HLP and ADL?If a player loses all their chips, they must be removed from the table. But if no one wants to take over that seat, the HLP vault acts like the casino owner’s backup player, stepping in with its own money to keep the game running. ADL is a crisis-only mechanism, designed to protect solvency in extreme market conditions. Read more: https://t.co/fsenangXwQ ...

Incredible explainer for what happened with the $20B liquidation event yesterday…Doug Colkitt (@0xdoug):1/ Since a lot of people are waking up to see their perps positions closed and wondering what the hell “Auto-Deleveraging” means, here’s a quick and dirty primer.What is ADL? How does it work? And why does it exist? https://t.co/I9MHXVAInd ...

Great explainer on auto deleveraging:Doug Colkitt (@0xdoug):1/ Since a lot of people are waking up to see their perps positions closed and wondering what the hell “Auto-Deleveraging” means, here’s a quick and dirty primer.What is ADL? How does it work? And why does it exist? https://t.co/I9MHXVAInd ...