Hyperliquid is set to implement its HIP-3 network upgrade this coming Monday, enabling anyone who fulfills onchain criteria to establish perpetual futures markets on the platform.
A representative announced in Hyperliquid’s Discord that the upgrade on Oct. 13 will activate HIP-3, highlighting that “there is no immediate change for users,” but that deployers will be able to create markets “when ready.”
This proposal — the Hyperliquid Improvement Proposal 3 — facilitates permissionless deployment of perpetual DEXs on HyperCore through a stake of 500,000 HYPE. HIP-3, which integrates with HyperEVM, also implements protections such as validator slashing and open interest limits.
In the last 24 hours, HYPE has risen by 13.4% to approximately $42, giving the token a market cap of around $14.1 billion, as per CoinMarketCap.
HyperLiquid garnered attention over the weekend amidst a crypto market liquidity crisis, which resulted in $19.3 billion in liquidations, with $10 billion occurring on HyperLiquid, according to CoinGlass.
During this volatility, Binance, a centralized exchange, faced challenges, leading to hundreds of millions of dollars being compensated to users.
