X @Wu Blockchain

How Is a Pre-IPO Company's "Share Price" Determined on Hyperliquid?ChangXin Memory Technologies’ CXMT contract on Hyperliquid is a cash-settled Pre-IPO perpetual deployed by Trade[XYZ] through HIP-3, rather than an actual stock. Trade[XYZ] set the initial reference price at $5, while subsequent transaction prices are primarily determined by supply and demand on Hyperliquid’s onchain order book. Because no tradable spot asset exists before listing, the contract price does not have to remain close to the RMB ...