Hyperliquid Governance Vote Could Delist IP Perpetual Contract
Hyperliquid has announced that its network validators will hold a governance vote around 9:30 UTC on June 29 to determine whether the IP perpetual contract will be delisted. This move is tied to an ongoing rebranding and asset renaming initiative within the related protocol.
What Happens If the Vote Passes?
Should validators approve the delisting proposal, the following automatic settlement process will be triggered:
- Settlement Price: The contract will settle at the "1-hour time-weighted average spot oracle price" recorded before the delisting vote.
- Open Orders: All remaining open positions will be automatically canceled.
- Trading Halt: No new orders will be accepted for the contract once settlement is complete.
Risk Advisory and Recommended Actions
The platform has issued a clear warning to users about potential risks associated with automatic settlement, including price volatility or execution discrepancies. To maintain control over trade execution, Hyperliquid advises users holding IP positions to:
Close their positions voluntarily before the voting deadline. This allows traders to manage their exit timing and price, rather than relying on the oracle-determined settlement mechanism.
This governance event highlights standard asset management procedures within decentralized derivative platforms. Investors are encouraged to monitor both the specific contract status and broader protocol developments.