Pro
Attached at the HIP-3: A Year One Projection of HIP-3 Revenue
Key Insights:
- HIP-3 introduces permissionless perp market deployment, enabling builders to launch new tickers on Hyperliquid L1 by staking 500,000 HYPE and routing orders through custom frontends.
- HIP-3 turns HyperCore into liquidity-as-a-service, lowering the barrier for other teams to launch perps markets while capturing external volume without fragmenting Hyperliquid’s liquidity.
- Our base case for HIP-3 volume is projected at 5% of Hyperliquid perps, generating $60 million in trading fees and $16 million in auction revenue. Early operators will stake 5 million HYPE to launch markets.
- Equity perps remain a high-upside but unproven category, with limited traction onchain due to audience mismatch, weak demand, and more popular alternatives such as 0DTE options.
Introduction:
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Sam was previously a product manager at ether.fi, as well as LifeMed AI. He graduated from Ohio State University, where he founded the Ohio State Blockchain Club. He is now an Enterprise Research Analyst at Messari focused on finding the next best applications and protocols in internet finance.
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