Hyperliquid HIP-3 Introduces Upgrade; HYPE Token Shows Bullish Momentum

Hyperliquid HIP-3 recently announced that it will launch its network upgrade later today, allowing for easy Perp Market setup.

Hyperliquid has stated that it will activate its HIP-3 network update later today, allowing for a quick Perp Market setup. This might significantly increase the utility and demand for the HYPE token.

Hyperliquid HIP-3 Introduces Permissionless Perp Markets

In a Discord thread, a Hyperliquid HIP-3 administrator announced that the network upgrade would go live today. This would enable qualified builders to launch perpetual futures markets on HyperCore without requiring centralized permission.

According to the administrator, the change will be implemented with minimal inconvenience to current users. Meanwhile, developers who meet the on-chain standards can start their own perps after the system has stabilized.

To launch a new Perp Market under the new structure, deployers must stake 500,000 HYPE tokens. Staked collateral displays a commitment to responsible market management and helps to mitigate security risks.

Hyperliquid HIP-3's central concept is builder-deployed perps. The system will use HyperCore's on-chain order books. Its transaction costs will be managed via a Dutch auction process every 31 hours.

The Hyperliquid HIP-3 upgrade will connect directly to HyperEVM. This will provide seamless support for smart contracts, governance mechanisms, and security features. Developers can establish trading fees, leverage restrictions, and market variables like Oracle price feeds.

Deployers may additionally split up to 50% of fees. This will allow them to earn money while helping Hyperliquid's growing network of independent Perp Markets.

This happens while the platform's performance remains excellent. Hyperliquid recently outperformed prominent CEXs such as Binance and Coinbase, which encountered severe congestion during the most recent market crisis.

HYPE Token Gains Momentum

The bullish feeling surrounding the HYPE coin has strengthened as it has become more widely used. Industry leaders are beginning to support the coin for future growth. For example, Cathie Wood, CEO of ARK Invest, compared the token's growth to Solana's in earlier years. She cited its speed, dependability, and expanding ecosystem as indicators of its long-term viability.

Interest from institutions has also surged following Bitwise's recent Hyperliquid ETF application to the SEC. This fund will hold the HYPE tokens directly. Investors can redeem their shares for tokens rather than cash. This is a significant breakthrough for traditional investors seeking to participate directly in on-chain assets.

Market analysts are similarly enthusiastic about HYPE. Analyst Omnia recently predicted a target price of $200 before the end of the year. The upgrade strengthens the network's technical backbone while increasing the long-term value of the HYPE token.