hyperliquid's hip-3 lets you stake 500k hype tokens to create your own perp market and capture trading fees. projects paying binance $2m for a futures listing when they could stake $20.5m in hype, keep the tokens, and collect fees forever. hype up 152% since buybacks started, every other perp dex down 36-58%. that 500k staking requirement per market creates the supply shock nobody sees coming. ...

Preface: Hyperliquid is going to be very successful.Also: There are a lot of square-peg-round-hole implementations being pushed to the platform.User attention span and time-to-market are compressing across the board.If you have to push through a governance and asset sourcing process to deploy a new perp market (HIP-3) or prediction market (HIP-4), you will iterate too slow and that is where competitors will attack you.bedlam research (@bedlamresearch):HIP 4 - Event PerpetualsIn this post @rajivpoc @j0hnwang ...