Hyperliquid takes a significant step with the launch of HIP-3, allowing any entity to freely create its own on-chain perpetual markets, provided they stake 500,000 $HYPE (approximately 20 million $).
HIP-3: A Turning Point in Derivatives Decentralization
This advancement, integrated into HyperEVM, combines freedom and security: validator slashing, open interest limits, and safeguards ensure network stability.
After a weekend of massive liquidations (19 billion $), $HYPE rebounds by +13% while Binance experiences a critical outage on its ‘Unified Account’ system, leading to the USDe stablecoin’s peg breaking.
With its HIP-3 upgrade, Hyperliquid moves to the next level. The decentralized protocol now allows the creation of on-chain perpetual markets with no barriers to entry: any entity capable of staking 500,000 $HYPE can launch their own DEX derivatives on HyperCore.
So far, only markets validated by the team could come to life. HIP-3 changes that. Integrated into HyperEVM, the system introduces safeguards to preserve network stability: validator slashing, open interest limits, and enhanced validator security. Freedom, yes, but with control.
An administrator confirmed on Discord that the update, activated on Monday, won’t immediately disrupt the user experience. Deployers, however, can create new markets ‘as soon as they’re ready.’
500,000 HYPE to Build Your Own Perp DEX
The entry ticket is clear: 500,000 HYPE tokens, approximately $20 million at the current rate. This requirement naturally filters serious actors while ensuring a certain level of economic commitment. For Hyperliquid, it’s a way to attract builders, market makers, and institutions looking to harness its on-chain power without relying on a central entity.
The result: a fully permissionless derivatives ecosystem, similar to what Ethereum enabled for ERC-20 tokens, now applied to perpetual contracts.
HYPE Jumps by 13% After Weekend Chaos
The timing is significant. Just a few days after a historic leverage flush that led to over 19 billion dollars in liquidations, including 10 billion on Hyperliquid
The $HYPE token benefits from this: +13.4% in 24 hours, surpassing $42, with a market cap of around 14.1 billion $. A sign that investors see HIP-3 as a decisive step towards Hyperliquid’s dominance in the decentralized derivatives market.
Binance in the Midst of a Storm
While Hyperliquid shone with resilience, Binance faced a storm. The centralized platform experienced a massive malfunction in its ‘Unified Account’ system. According to several traders, attackers exploited the mechanism’s dependence on the exchange’s internal data, causing a sharp peg break of the USDe synthetic stablecoin on Binance to 0.65 $.
Binance has since pledged 283 million dollars in compensation and announced a correction to its oracle system by Tuesday.
