Reform of Hyperliquid The price of Hyperliquid has tripled from the bottom. In March, Hyperliquid experienced a short squeeze event from JELLY Memecoin, with HLP facing unrealized losses exceeding $10 million. Hyperliquid has emerged from the HLP's run, effectively curbing the HLP's crackdown. On April 10th, HLP began to rebound, while the coin price rebounded during the same period. Although the transaction volume did not significantly increase throughout the process. The core question is, how has Hyperliquid reformed the HLP mechanism? Restricted fund allocation for liquidation strategy: The proportion of funds used by HLP for liquidation strategy is set at a fixed and clear upper limit to reduce potential losses in major liquidation events. The frequency of rebalancing liquidation funds has also decreased to further limit risks. Introducing Automatic Deleveraging (ADL) mechanism: When the loss of the liquidation strategy exceeds a specific threshold, HLP will trigger Automatic Deleveraging. This mechanism compensates for losses by utilizing unrealized profits of other traders in the same asset, thereby protecting the overall fund pool of HLP. Dynamic Open Interest (OI) Cap: To prevent low cap tokens (such as JELLY) from being manipulated, Hyperliquid has introduced a dynamic OI cap for HLP supported assets, especially on tokens with lower liquidity, to reduce the occurrence of similar events. The next step is to take a look at the progress of HyperEVM. At first glance, Silly Brother didn't see any surprising progress and needs to take a closer look.