- Hyperliquid will activate its HIP-3 upgrade on Monday, enabling permissionless market deployment.
- The new HIP-3 protocol lets anyone who meets onchain requirements create perpetual futures markets by staking 500,000 HYPE tokens.
- HIP-3 includes safety measures like validator slashing and open interest limits to protect users.
- The HYPE token saw a 13.4% price increase in the past 24 hours, reaching about $42 with a $14.1 billion market cap.
- Recent crypto market volatility led to $19.3 billion in liquidations, with $10 billion on Hyperliquid, while Binance distributed hundreds of millions in reimbursements.
Hyperliquid will implement its HIP-3 network upgrade on Monday, allowing permissionless creation of perpetual decentralized exchange (DEX) markets on the platform. Approved deployers can launch new perpetual futures markets by fulfilling onchain requirements.
According to an update from a platform administrator in Hyperliquid’s Discord channel, the upgrade is set for October 13. The representative stated there is “no immediate change for users,” but deployers can initiate markets “once ready.”
The HIP-3, or Hyperliquid Improvement Proposal 3, introduces a system where anyone can deploy perpetual futures markets by staking 500,000 HYPE tokens. The proposal is built on HyperCore and integrates with HyperEVM, featuring security mechanisms such as validator slashing—which penalizes nodes for malicious activity—and open interest limits designed to manage market risk.
In the last 24 hours, the value of HYPE increased by 13.4%, bringing the token price to about $42 and giving it a market capitalization of approximately $14.1 billion, according to CoinMarketCap.
Over the previous weekend, Hyperliquid experienced significant attention as the broader crypto market faced a sharp leverage flush, resulting in $19.3 billion in liquidations. Of this amount, $10 billion occurred on Hyperliquid, based on data from CoinGlass. Meanwhile, the centralized exchange Binance encountered difficulties during this volatility and issued hundreds of millions of dollars in reimbursements to affected users.
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