The innovative decentralized exchange (DEX) and Layer 1 blockchain, Hyperliquid, is making waves with its groundbreaking HIP-3 upgrade. The latest update, known as the ‘HIP-3 Growth Mode,’ aims to redefine the landscape of perpetual trading by slashing taker fees by 90% or more, an enhancement all set to supercharge its ecosystem’s activity.
What is the HIP-3 Upgrade?
Originally launched in October, HIP-3, the ‘Hyperliquid Improvement Proposal-3,’ allowed permissionless deployment of perpetual futures markets on the network. As of November 19, Hyperliquid has taken things to the next level, introducing a growth-focused mode. This feature empowers anyone with at least 500,000 HYPE tokens to create a perpetual swap market.
Key Features of HIP-3 Growth Mode
- Reduced Fees: Taker fees, typically at 0.045%, drop drastically to 0.0045%-0.009% for growth mode markets. High-volume traders and stakers may benefit from fees as low as 0.00144%-0.00288%.
- Permissionless Innovation: New perpetual markets can be deployed on a per-asset basis without requiring prior approval, though growth mode excludes Bitcoin and other mainstream markets to avoid “parasitic volume.”
- Validator Oversight: To maintain integrity, validators can vote to disable growth mode for markets violating community policies.
This initiative is expected to draw in active traders, market makers, and emerging assets, boosting activity on the Hyperliquid chain.
The Impact on HYPE Tokens and User Growth
With the expansion fueled by HIP-3, HYPE token demand is likely to soar. Investors are optimistic about its price performance, as the token has been trading in the $36.5-$43.3 range in November, showing steady resilience.
In tandem with this, Hyperliquid boasts an increase in unique daily users, cementing its position as a user-centric trading hub. The rapid growth of Open Interest earlier in the year further underscores the platform’s potential, despite a minor dip after October’s crash.
Why Choose Hyperliquid?
Hyperliquid’s onchain DEX continues to attract attention due to its unparalleled speed and cost-efficiency. Traders from around the world benefit from its KYC-free accessibility, creating a transparent and borderless trading environment.
Industry insiders believe this represents a shift towards decentralized innovation, with faster transactions and reduced costs compared to traditional chains. If you’re passionate about riding this blockchain revolution, make sure to explore the platform and its unique features.
Boosting Your Trading Setup
If you’re ready to explore Hyperliquid, enhance your trading setup with a robust and reliable hardware wallet like the Ledger Nano X. This wallet ensures your assets stay safe while you venture into onchain perpetual trading. Check it out here.
Conclusion
Hyperliquid’s HIP-3 upgrade is a game-changer for decentralized finance enthusiasts. With the introduction of Growth Mode, traders and innovators have an unprecedented opportunity to engage with a cutting-edge DEX that celebrates accessibility, low fees, and innovation.
