Stake 500,000 HYPE to open an "exchange"? Hyperliquid's HIP-3 is playing with something very new.

Author: nairolf, X

Compiled by: White55, Mars Finance

The following is a very simple explanation of HIP-3 from @HyperliquidX.

HIP-3 allows developers to deploy perpetual contract markets on HyperCore.

To ensure market quality and protect users, the deployer must stake 500,000 HYPE. In the event of malicious market manipulation, the validator has the right to reduce the deployer's stake.

You should be familiar with HyperCore by now, right? It includes the status of the margin and matching engine.

In simple terms, it is the exchange backend of Hyperliquid.

HIP stands for Improvement Proposals. Simply put, it is the method by which the protocol can be changed.

The main purpose of HIP-3 is to allow anyone to deploy perpetual contract markets.

Currently, the process of adding new tokens to perpetual contract exchanges is permissioned.

This means that the core team will decide which tokens to add based on demand, trading volume, and other criteria.

HIP-3 allows anyone to launch the token of their choice. Yes, literally any token.

However, there are some limitations. Only one token can be launched every 31 hours. Additionally, you need to win the deployment qualification through a Dutch Auction (Note: Dutch Auction, also known as “descending price auction,” is characterized by price reduction, the first buyer accepting the price, and time pressure) (using HYPE).

You need to stake 500,000 HYPE and be responsible for setting up the market.

This means choosing an oracle, defining leverage limits, handling settlement logic, and ensuring everything runs securely.

500,000 HYPE This is a security guarantee and also a way for the protocol to protect itself.

If strange manipulation occurs in your token market, validators can vote to reduce your HYPE.

In short, these HYPE ensure that the tokens you launch are legitimate.

As the deployer of the token, you can take 50% of the total market fees. You can even set custom transaction fees additionally.

In other words, you can earn a portion of the fees from users trading the tokens you have listed.

HIP-3 allows anyone to list tokens on the Hyperliquid perpetual contract exchange.

To ensure market safety, it is necessary to stake 500,000 HYPE. If suspicious behavior occurs, these stakes may be reduced.