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Simply final week, we wrote about HIP-3’s remaining levels of testnet, and now it’s stay on mainnet with UNIT already launching their HIP-3 DEX.
Their first product, XYZ100 — an index monitoring the highest 100 firms — has generated $24.1M, $21.6M, and $20.7M in quantity over the primary three days, respectively. This efficiency stands out when in comparison with spot volumes for tokenized equities, which generally vary between $8M-$12M weekly.
Supply: Blockworks Analysis
A strong indicator was seeing Phantom checklist the XYZ100 perp through their frontend. As mentioned beforehand, HIP-3 markets is not going to be initially listed on Hyperliquid’s frontend, which means distribution is closely depending on builders itemizing markets.
Phantom (54K customers) and BasedApp (28K customers) have already listed XYZ100, although some builders like Axiom determined to not, displaying the optionality at play right here. Whereas builders nonetheless account for a small quantity of Hyperliquid’s complete quantity (3.5%), they’ve vital distribution with 37% of Hyperliquid’s customers buying and selling from these platforms.
Supply: Allium HyperLiquid Dashboard
Nonetheless, it stays unclear precisely how builders will method HIP-3 market listings. In accordance with Phantom’s documentation, “Any HIP-3 perpetual futures market may be accessed through Hyperliquid-compatible platforms, together with Phantom.” This means that in a bull case state of affairs, Phantom might permissionlessly checklist all HIP-3 markets, although we anticipate some extent of curation.
The worth proposition is obvious: HIP-3 already supplies deployers with institutional-grade orderbook know-how, and with builder participation, probably elite distribution as properly. HIP-3 already abstracts the orderbook infrastructure layer, and builders will probably summary away the necessity for deployers to keep up frontends or construct their very own communities. The one factor that issues is itemizing markets customers need to commerce
One such mission that can rely closely on builder distribution is Ventuals. Ventuals creates artificial perpetual futures on personal firm valuations for companies like OpenAI, SpaceX, and Cursor. The platform’s innovation lies in its hybrid oracle system that addresses the basic problem of pricing illiquid personal belongings (50/50 weighting between offchain secondary market knowledge and 8-hour EMA of mark worth).
Supply: Ventuals Testnet Dashboard
Builders’ choice to checklist these markets would summary the whole lot away from customers, which means the tip person merely sees the flexibility to purchase and commerce pre-IPO tasks instantly from their pockets, although this might be a danger as finish customers can not precisely distinguish dangers for pre-IPO tokens comparable to liquidity constraints.
To safe the 500K HYPE requirement for HIP-3 deployment, Ventuals will open deposits for vHYPE on October 16 at 15:00 UTC (11 a.m. ET). vHYPE holders obtain 25% of change income as ongoing price share, along with incomes Ventuals factors towards a future protocol stake with as much as a 10x enhance for early individuals.
Nonetheless, depositors tackle liquidity danger, as withdrawals are paused if complete deposits sit on the minimal 500K threshold, since this stake should be maintained for the change to function. Over time, Ventuals will add HYPE from their treasury and buy further HYPE with change income to create a withdrawal buffer above the minimal requirement.
