HYPE Token Gets Major Boost as Hyperliquid Launches HIP-3 Upgrade for Perp Market Creation

Hyperliquid has announced it will activate its HIP-3 network upgrade later today, introducing easy Perp Market creation. This could significantly expand the utility and demand for the HYPE token. 

Hyperliquid’s HIP-3 Ushers in Permissionless Perp Markets

In a Discord post, a Hyperliquid administrator shared that the HIP-3 upgrade would officially go live today. This would allow qualified builders to deploy perpetual futures markets on HyperCore without centralized approval. 

According to the administrator, the upgrade will initially roll out with minimal disruption to existing users. Meanwhile, developers who meet on-chain requirements will be able to launch their own perps once the system stabilizes.

Under this new structure, deployers will need to stake 500,000 HYPE tokens to initiate a new Perp Market. Staked collateral demonstrates a commitment to responsible market management and helps protect against security risks.

At the core of HIP-3 lies the concept of builder-deployed perps. The system will utilize on-chain order books on HyperCore. Its transaction fees will be handled through a Dutch auction model every 31 hours.

The HIP-3 upgrade will connect directly with HyperEVM. This will allow smooth support for smart contracts, governance protocols, and safety features. Developers can adjust trading fees, set leverage limits, and define market settings, including oracle price feeds.

Deployers can also share up to 50% of fees. This will help them make money while supporting Hyperliquid’s expanding network of independent Perp Markets.

This occurs while the platform’s performance remains impressive. Hyperliquid recently beat leading CEXs like Binance and Coinbase, which experienced extreme congestion during the most recent market meltdown.

HYPE Token Gains Momentum as Institutions Take Note

The bullish sentiment surrounding the HYPE token has grown as its adoption increases. Industry leaders are starting to promote the coin for future growth. For example, ARK Invest CEO Cathie Wood compared the token to Solana’s rise in previous years. She pointed out its speed, reliability, and growing ecosystem as signs of its long-term potential.

Interest from institutions has also increased after Bitwise’s recent Hyperliquid ETF application to the SEC. This fund will hold HYPE tokens directly. Investors can redeem their shares in tokens instead of cash. This is an important development for traditional investors who want to invest directly in on-chain assets.

Market analysts are also optimistic about HYPE. Analyst Omnia recently predicted a target price of $200 by the end of the year. The upgrade improves the network’s technical foundation and enhances the long-term value of the HYPE token.