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Just last week, we wrote about the final stages of the HIP-3 testnet, which is now live on mainnet and UNIT has already launched the HIP-3 DEX.
The company’s first product, the XYZ100 (an index that tracks the top 100 companies), generated trading volumes of $24.1 million, $21.6 million, and $20.7 million, respectively, in the first three days. This performance stands out when compared to spot trading volumes for tokenized stocks, which typically range from $8 million to $12 million each week.
Source: Blockworks Research
A strong indicator is that Phantom is listing XYZ100 criminals via the frontend. As mentioned earlier, HIP-3 Market will not initially be listed on Hyperliquid’s frontend. In other words, distribution is highly dependent on the builder listing the market.
Phantom (54,000 users) and BasedApp (28,000 users) have already listed XYZ100, but some builders like Axiom have decided not to list it, and you can see the optionality in play here. Although builders still make up a small portion of Hyperliquid’s total trading volume (3.5%), they have a large distribution, with 37% of Hyperliquid users trading from these platforms.
sauce: Allium HyperLiquid Dashboard
However, it remains unclear exactly how builders will approach listing on the HIP-3 market. According to Phantom’s documentation, “The HIP-3 perpetual futures market can be accessed via Hyperliquid compatible platforms, including Phantom.” This suggests that in a bullish scenario, Phantom could list all HIP-3 markets without permission, but some level of curation is expected.
The value proposition is clear. HIP-3 already offers institutional-grade order book technology to implementers, and with the participation of builders, it also potentially offers elite sales. HIP-3 already abstracts the orderbook infrastructure layer, and builders may abstract away the need for deployers to maintain the front end or build their own communities. All that matters is that users list the markets they want to trade
One of the projects that relies heavily on the builder’s distribution is: Ventual. Ventuals creates synthetic perpetual futures based on private company valuations for companies such as OpenAI, SpaceX, and Cursor. The innovation of this platform lies in its hybrid oracle system that addresses the fundamental challenge of pricing illiquid private assets (50/50 weighting between off-chain secondary market data and the 8-hour EMA of the marked price).
Source: Ventuals Testnet Dashboard
The builder’s decision to list these markets abstracts everything from the user. This means that end-users will be able to buy and trade pre-IPO projects directly from their wallets, but this can be risky as end-users will not be able to accurately differentiate the risks of pre-IPO tokens, such as liquidity constraints.
To secure the 500K HYPE requirement for HIP-3 deployments, Ventuals will begin accepting vHYPE deposits on October 16th at 15:00 UTC (11am Eastern Time). In addition to receiving 25% of exchange revenue as an ongoing fee share, vHYPE holders will earn Ventuals points towards future protocol staking, with early participants receiving up to 10x boosts.
However, as this stake must be maintained for the exchange to operate, depositors bear liquidity risk as withdrawals are suspended once the total deposit amount reaches the minimum threshold of 500,000. Over time, Ventuals will add HYPE from their treasury and purchase additional HYPE with exchange proceeds to create a withdrawal buffer above the minimum requirement.
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