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Flash

Baidu open-sourced Wenxin 5.5 Flash, with a total parameter of 280 billion

Baidu has open-sourced the ERNIE-5.5-Flash-Base model weights. Following the release of the ERNIE 4.5 series in June 2025, Baidu has once again open-sourced a large model with hundreds of billions of parameters after approximately 16 months, during which the ERNIE 5.0 and 5.1 versions were not open-sourced. The ERNIE 5.5 Flash focuses on inference efficiency, with a total of 280 billion parameters, activating only 14 billion parameters for each generated token, and using 33.5 trillion tokens for zero pre-training.This model supports a maximum inference context of 1 million tokens. Baidu has redesigned the long text processing mechanism, with 37 out of 43 layers compressing every 128 historical tokens into a single cache record, while the remaining 6 layers retain fine retrieval capabilities for the original content, reducing the memory and computational overhead of long text processing. The official evaluation was conducted in conjunction with DeepSeek-V4-Flash-Base, Tencent Hy3-preview-Base, and Xiaomi MiMo-V2.5-Base, ranking first in 24 out of 30 benchmark tests.What is being opened this time is a pure text Base model that has not undergone intermediate training or post-training, mainly for developers to continue domain fine-tuning, instruction training, and reinforcement learning. Baidu stated that the post-trained ERNIE 5.5 Flash will be released subsequently. The license is stricter than the previous generation; the ERNIE 4.5 used the Apache 2.0 protocol, while 5.5 Flash has switched to a custom license that does not authorize use in the European Union, the United Kingdom, and South Korea; for related products or services that have generated over 50 million dollars in revenue in the past 12 consecutive months, separate written authorization from Baidu must be obtained before commercial use.

XPL flash crash investigation: 16 associated wallets withdrew margin in advance, leading Hyperliquid HLP to take over XPL long positions and incur a loss of $556,000

The liquidity service provider Quote Markets team member filo published a review of the XPL flash crash event on Hyperliquid. During the flash crash of XPL on Hyperliquid, 16 wallets associated with funds and trading activities withdrew approximately $2,038,600 in margin before the price plummeted, leading to HLP taking over a large number of XPL long positions.HLP ultimately took over about 160 million XPL and completed the sale within approximately 75 minutes, incurring a loss of about $555,787, equivalent to 55.6% of the clearing vault's own funds. Investigations showed that 14 of the 16 wallets had connections in terms of funding sources or trading activities, with 12 wallets withdrawing funds in advance, contributing to 90.7% of the positions taken over by HLP. However, the investigation did not find direct evidence that these wallets caused the XPL crash, nor could it confirm whether they hedged on other trading platforms.It is worth noting that these 16 wallets did not profit from this event on Hyperliquid, collectively incurring a loss of about $711,000. Additionally, XPL had already dropped about 6% before the first liquidation occurred on Hyperliquid, so the liquidation was not the starting point of this crash, and the initial active selling volume of Binance perpetual contracts was also significantly larger.

Tread.fi CEO: The flash crash of perpetual contracts for AI concept stocks in the U.S. stock market began at Binance, leading to a chain of liquidations

The trading execution platform Tread.fi CEO DYJ published an analysis of the flash crash of AI concept stocks' perpetual contracts in the US stock market early in the morning, stating that the sell-off began at Binance. A trader liquidated approximately 2 million dollars of SanDisk long positions, triggering a sharp decline in other markets due to the thin depth of the order book.According to the transaction timeline listed, a large amount of active selling first appeared on SNDK at Binance, with a transaction amount of about 407,000 dollars in the first second, followed by about 1,030,000 dollars in the next second, and MU also began to see selling in the same second. Hyperliquid then saw sweeping orders, with about 10 addresses submitting IOC sell orders concentrated on SNDK, SOXL, DRAM, SKHX, SKHY, and MU within 1.8 seconds, followed by a second round of synchronized selling. These orders were all used to open new short positions, rather than just reducing positions.In the minute of the first concentrated selling, the transaction amounts for SNDK and MU on Binance were approximately 21.9 million dollars and 5.1 million dollars, respectively, while the corresponding transaction amounts on Trade.xyz were about 3.1 million dollars and 300,000 dollars. The transaction amount for MU on Hyperliquid subsequently expanded to 10.8 million dollars and 9.5 million dollars within the next two minutes, which DYJ attributed to chain liquidation.
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