Hyperliquid introduces HIP-3, expanding decentralization after market crash
Just days after one of the largest liquidation waves in crypto history, decentralized exchange Hyperliquid, among the hardest hit, announced that it will activate its HIP-3 (Hyperliquid Improvement Proposal 3) upgrade on October 13 — a major step forward in its evolution and decentralization efforts.
The HIP-3 update enables developers to independently deploy perpetual futures markets on the HyperCore network by staking 500,000 HYPE tokens on the platform.
According to CryptoTale, HIP-3 represents a structural shift toward market autonomy, transferring control from the centralized listing team to the broader community.
Anyone who stakes HYPE tokens will be able to launch a decentralized exchange (DEX), manage its order books, set fee structures, and define leverage limits.
A new level of decentralization
Participants will compete in 31-hour Dutch auctions, paying in HYPE tokens to earn listing rights for new markets. Once obtained, they can configure trading parameters and earn up to 50% of base trading fees, while maintaining market stability.
To ensure market integrity, launchers must post collateral that validators can slash in cases of misconduct or negligence — even during the unstaking cooldown period. This design encourages community-driven accountability and transparent governance through validator oversight.
With HIP-3, Hyperliquid moves closer to becoming a “platform of platforms,” where multiple DEXs coexist and interact within a shared infrastructure.
A minimum viable version of this functionality was previously tested on the network’s testnet, and the October 13 rollout marks its official mainnet deployment, as confirmed in Hyperliquid’s official Discord announcement.
While the upgrade will not immediately affect existing users, qualified on-chain developers will be able to begin launching their own perpetual markets once the preparation phase is complete.
The HIP-3 launch follows one of the most turbulent weekends in the crypto market this year. According to Coinglass, leveraged position liquidations across major exchanges wiped out roughly $19.3 billion, with Hyperliquid alone seeing over $10 billion in liquidations.
As we wrote, HYPE news live: $10B liquidation cascade aftermath keeps asset under pressure despite daily rise
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