Hyperliquid has launched its mainnet, introducing the HIP-1 spot token deployment feature designed for on-chain spot order book transactions.
Protocol for trading perpetual contracts Hyperliquid’s mainnet now offers the HIP-1 spot token deployment feature.
We created the HIP-1 capped supply fungible token standard to facilitate on-chain spot order book transactions between pairs of HIP-1 tokens.
The token supply, the minimum trading number of decimals on spot order books, the conversion rate, and the comprehensible token name are among the crucial credentials that the sender of the token transaction must offer.
Additionally, the transaction sender should specify the parameters for initializing the hyperliquidity for the USDC spot pair, the requirements for HIP-1 tokens to receive genesis balances, and the optional genesis balances. Upon token deployment, the transaction initiates the creation of a unique hash, which Hyperliquid L1 subsequently uses to index the token.
Their protocol often pays its gas expenses with the project’s native coin. If the native coin is unavailable, the project expresses these expenses in USDC. In order to pay for these expenses, employers must participate in a 31-hour Dutch auction.
Crucially, we recommend that deployers test beforehand on the testnet to anticipate any issues on the mainnet. Moreover, the project does not officially support user-deployed spot assets.
Hyperliquid Announces a Plan to Integrate EVM Into the L1 Blockchain
It functions as a decentralized exchange for order book perpetual futures (DEX). This system leverages Tendermint for consensus procedures and operates on the Hyperliquid L1, a blockchain created specifically for this purpose.
The proprietary Layer 1 blockchain Hyperliquid L1, a bridge that makes asset transfers possible, and API servers that enable seamless connectivity.
The Hyperliquid L1 not only includes the HIP-1 but also HIP-2, which presents a novel method of committing liquidity to a spot order book for HIP-1 tokens indefinitely. The L1 fully implements these solutions on-chain, enhancing consumers’ current order book liquidity.
HIP-1 and HIP-2 are steps in the right direction for building a flexible infrastructure with effective in-country components.
They recently announced that it plans to integrate an EVM into the L1 blockchain. This EVM upgrade will work in unison with native components on the Hyperliquid L1, such as spot trading, perpetual trading, HIP-1 assets, and other primitives for decentralized finance (DeFi).