Hyperliquid, a decentralized crypto trading network best known for perpetual futures, says it will eventually let anyone launch prediction markets through HIP-4, its system for trading contracts tied to specific outcomes.
In practice, however, each deployer will first need to stake 500,000 HYPE tokens.
With HYPE trading near $61 as of press time, that works out to roughly $30 million.
The money isn't a listing fee, however, and it doesn't pay for just one market. Instead, it serves as a security bond that initially gives each deployer room for as many as 100 outcomes, represented by 200 tradable tokens, Hyperliquid said in a Telegram post on Monday, July 20. Once an outcome settles, that slot can be reused.
Still, the stake will remain locked for at least six months. Moreover, deployers must settle every open market before withdrawing it, which means anyone launching a bet on an event several years away may have their $30 million tied up considerably longer.
The bond can also be slashed through a validator vote if a market is poorly defined, settled incorrectly or remains wrongly unsettled for more than a week.
- Hyperliquid's validators will also first vote on standardized templates covering the kinds of outcomes builders can offer.
- The rules will be stored on-chain, while deployers will fill in the details and remain responsible for settling each market correctly.
Deployers will eventually be able to claim as much as 50% of fees from their markets, while a later auction will let them pay to expand beyond the initial 100-outcome limit. Those features aren't ready yet, though, and Hyperliquid said the entire proposal remains preliminary.
- The permissionless system will arrive on testnet first and mainnet later, although Hyperliquid gave no launch date.
- According to ASXN's HyperScreener, an analytics dashboard for Hyperliquid, HIP-4 markets generated more than $137 million in trading volume in June and over $183 million in July through July 20.