Dreamcash, a non-custodial crypto trading app that used Hyperliquid's HIP-3 system to launch USDT-settled perpetual markets on stocks, commodities and indices, is shutting down those CASH markets after saying Hyperliquid's native USDC setup made the product too hard to sustain.
The team said Friday in an X post that CASH markets will be wound down over the next week, with all remaining positions settled at oracle prices by July 2.
- CASH markets launched after HIP-3, Hyperliquid's market-deployer framework, created room for third-party teams to add new perpetual markets.
- Dreamcash used that opening to offer USDT-settled markets tracking assets such as stocks, commodities and global indices.
And the product found traction for a while. Dreamcash said billions of dollars in volume moved through CASH markets, tens of thousands of traders used them and CASH became the second-largest deployer on HIP-3.
HIP-3 markets by open interest. Source: Loris.tools
- Data from Loris.tools, which provides analytics around Hyperliquid's products, shows that Dreamcash is the second-largest HIP-3 project with more than $36 million in open interest, behind only Trade[XYZ], which boasts nearly $2.9 billion.
But now, Dreamcash says the "hoped-for neutrality on HIP-3 did not materialise." With USDC now natively embedded into Hyperliquid, the team said the user-experience hurdle of operating as a USDT deployer became too high to overcome.
Dreamcash added user funds aren't affected because the app is non-custodial, so there is no withdrawal process and account balances and rewards remain untouched.
- The wind-down begins June 30 at 13:45 UTC, when all CASH markets enter settlement mode. Mark prices will be set equal to oracle prices, funding rates will be set to zero and markets will then be halted one by one.
- The first markets to settle on June 30 include KWEB, CAR, EWY, INTC, MSFT, SILVER and WTI. GOLD, AMZN, META and NVDA will settle on July 1, while GOOGL, HOOD, TSLA and USA500 will settle on July 2.
Dreamcash said the app itself will remain live across web and mobile, adding that the team will now refocus on its original goal of building a mobile app to onboard more traders.
- In February, Tether invested in Dreamcash's parent company after the app launched USDT0-collateralized perpetual markets for assets including the S&P 500, gold and silver.