Hyperliquid Validators to Vote on TON Delisting on June 15

Validators on the decentralized exchange Hyperliquid are set to vote on a proposal to delist Toncoin (TON) from the platform. The vote is scheduled to take place at approximately 9:00 a.m. UTC on June 15, following the recent rebranding of Gram (GRAM) to Toncoin (TON).

What the Delisting Vote Entails

If the delisting is approved by validators, all open perpetual futures positions for TON will be automatically settled. The settlement price will be determined by the one-hour time-weighted average of the spot oracle price immediately preceding the vote. Any open orders on the platform will also be canceled, and no new orders will be accepted after the settlement.

Hyperliquid has formally advised users to close their TON positions before the vote to avoid automatic settlement. This is a precautionary measure to ensure traders can manage their exposure without relying on the automated process.

Context and Implications

The delisting proposal comes after the transition from Gram to Toncoin, which may have prompted Hyperliquid to reassess the asset’s listing. For traders holding TON perpetual futures on Hyperliquid, the vote introduces a binary event: either the asset remains listed and trading continues as normal, or it is delisted and positions are forcibly closed.

The outcome of the vote could also influence how other decentralized exchanges handle similar token rebranding events. It highlights the operational autonomy of validator-based governance in DeFi platforms, where community decisions directly impact market mechanics.

What Traders Should Know

For users with active TON positions, the key takeaway is to monitor the vote and consider closing positions before June 15 to avoid automatic settlement at the oracle price. The settlement mechanism uses a time-weighted average price, which may differ from the market price at the exact moment of the vote, potentially leading to unexpected outcomes for leveraged positions.

Conclusion

The Hyperliquid validator vote on June 15 represents a significant governance event for the platform and for TON holders. Whether the delisting passes or not, the process underscores the importance of understanding how decentralized governance can affect trading conditions. Traders are advised to act proactively to manage risk.

FAQs

Q1: What happens to my TON positions if the delisting is approved?
All open perpetual futures positions will be automatically settled at the one-hour time-weighted average spot oracle price just before the vote. Open orders will be canceled, and no new orders will be accepted.

Q2: Can I avoid automatic settlement?
Yes. Hyperliquid advises users to close their TON positions before the vote on June 15 to avoid automatic settlement.

Q3: Why is TON being considered for delisting?
The delisting proposal follows the rebranding of Gram (GRAM) to Toncoin (TON). Validators will decide whether the asset remains listed based on the platform’s governance rules.