The Hyperliquid protocol will facilitate builder-deployed perpetuals (HIP-3), with a minimum viable product (MVP) of this feature currently active on the testnet.
Builder-deployed perpetuals will share many characteristics with HyperCore, the blockchain-based engine of Hyperliquid’s trading platform, including spot deployments and the allocation of new, high-performance on-chain order books.
For the mainnet, the staking requirement is set at 500,000 HYPE, although this requirement is anticipated to decrease as the infrastructure matures. Any amount staked above the current requirement can be withdrawn.
Deployers can use any quote asset as collateral for a DEX. However, assets that fail to satisfy the permissionless quote asset criteria will lose their status based on an on-chain validator vote, which would also disable any perpetual DEXs utilizing that asset as collateral.
This Hyperliquid’s HIP-3 auction for additional perpetuals will be shared across all DEXs. Future enhancements are planned to improve the user experience regarding the reservation of assets for time-sensitive deployments.
Currently, only isolated margin mode is required, while cross-margin support is projected for a future upgrade. Markets under HIP-3 will incorporate established sources of trading fee discounts, including staking discounts, referral rewards, and aligned collateral discounts.
At the time of writing, the platform’s native token, HYPE, is trading at around $39.84. This represents a significant 17% drop over the past week, in line with the wider crypto market crash on Friday, when the token fell as low as $20.8.
Featured image from DALL-E, chart from TradingView.com
