$HYPE is making a case for itself beyond the on chain derivatives market.
Payward development is worth watching because HIP 3 could allow regulated institutions to operate independent markets using Hyperliquid’s infrastructure. If executed successfully, this could expand the protocol’s reach and bring a different class of participants into its ecosystem.
There is also an existing revenue story behind the narrative, with trading fees supporting HYPE buybacks through the Assistance Fund.
Gavin—
$HYPE has new developments again. Hyperliquid recently officially confirmed that Payward plans to become the first operator to deploy a CFTC-regulated perpetual contract market through HIP-3*.
Unlike previous announcements that only revealed cooperation plans, this time Hyperliquid has clarified its technical approach: using an on-chain whitelist to allow compliant institutions to operate independent markets on its trading infrastructure.
As of the morning of October 28, HYPE is about $81.94, up 4.7% in 24 hours. DefiLlama shows that Hyperliquid's protocol revenue in the past 30 days is about $62.3 million, and the 24-hour perpetual contract trading volume is about $8 billion.
What I think is truly worth paying attention to is that Hyperliquid is evolving from an on-chain perpetual trading platform to trading infrastructure that institutions can also use.
Moreover, unlike many governance tokens, the protocol trading fees can already be funneled back to HYPE buybacks through the Assistance Fund.
However, do not mistake plans for implementation. Currently, HIP-3* is still in the testnet phase, and US operations have not yet received final regulatory approval. Competition from traditional exchanges and other on-chain derivatives platforms also exists.
The long-term logic is bullish, but for now, it is better to continue observing and not chase the price up because of this news.
#10月FOMC利率决议即将公布
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