Hyperliquid is set to roll out its highly anticipated HIP-3 network upgrade on Monday, October 13, introducing a new feature that allows users to deploy perpetual futures markets without requiring prior approval. This upgrade is expected to democratize market creation by enabling any participant who meets defined onchain criteria to launch these markets directly on the platform.
According to an announcement made by an administrator in Hyperliquid’s official Discord channel, the HIP-3 upgrade will activate permissionless market deployment capabilities within the HyperCore protocol. While users currently engaging with the platform will not notice immediate operational changes, developers and deployers who are prepared will gain the ability to create new perpetual decentralized exchanges (DEXs).
The Hyperliquid Improvement Proposal 3 (HIP-3) mandates a staking requirement of 500,000 HYPE tokens to deploy these markets. The integration with HyperEVM ensures compatibility and seamless execution within Hyperliquid’s ecosystem. To uphold network security and stability, the upgrade incorporates safeguards such as validator slashing mechanisms and limits on open interest to manage risk exposure.
In recent trading activity, the HYPE token has experienced a notable price increase, rising approximately 13.4% over the last 24 hours to reach near $42. This upward momentum has pushed the token’s market capitalization to an estimated $14.1 billion, based on data from CoinMarketCap.
Hyperliquid has attracted significant attention over the past weekend amid widespread market turbulence that led to a substantial liquidation event with a total volume of $19.3 billion. Notably, around $10 billion of these liquidations occurred on Hyperliquid’s platform, according to analytics from CoinGlass. During the same period, Binance, a major competitor, faced challenges managing the volatility, which prompted the exchange to distribute hundreds of millions of dollars in reimbursements to affected users.
The HIP-3 upgrade reflects Hyperliquid’s ongoing efforts to enhance decentralization and market accessibility on its platform. By enabling permissionless deployment of perpetual futures, the protocol aims to empower a broader spectrum of users and projects to actively engage in market creation, potentially increasing liquidity and innovation within its ecosystem.
As the upgrade goes live, stakeholders and market observers will be closely monitoring its impact on trading dynamics and platform growth. The combination of increased user autonomy and built-in security features positions Hyperliquid to strengthen its role in the decentralized derivatives sector.
