As Q3 2025 begins, the StaFi roadmap focuses on launching Liquid Staking Vaults (LSV) and expanding the SubDAO ecosystem. In alignment with these priorities, a potential listing of $FIS on Hyperliquid, a high-performance, on-chain order book exchange — is currently under active evaluation. This paper outlines the rationale behind the initiative, introduces Hyperliquid, and explores how such a listing could support the broader growth of LSVs and SubDAOs.

Hyperliquid is a high-performance decentralized exchange (DEX) built on its own Layer-1 blockchain. It uses on-chain order books powered by HIPs (Hyperliquid Improvement Proposals) to support both spot and derivatives trading. With built-in support for perpetual futures and a native automated market-making mechanism, Hyperliquid delivers deep liquidity, low latency, and an experience comparable to centralized exchanges.

As StaFi continues expanding its cross-chain staking infrastructure, identifying listing venues that align with its permissionless and modular approach becomes increasingly relevant. To assess whether a listing aligns with StaFi’s strategic direction, the following considerations are currently under review:

• Optimized Trading Infrastructure: Hyperliquid runs on its own Layer 1, purpose-built for trading. It offers ultra-low latency, minimal gas costs, and a fully on-chain order book—bringing a CEX-like trading experience to DeFi.

• Modular Access to Spot and Perps: With support for both spot and permissionless perpetual markets, the HIP-1 to HIP-3 framework provides flexible tools for launching and scaling tokens.

• Engaged Trader Base: Hyperliquid attracts a core audience of professional on-chain traders. Listing FIS here introduces the token to capital-efficient users who value speed, transparency, and advanced trading features.

• Early Ecosystem Visibility: As a fast-growing platform with a curated token list, early movers like FIS can benefit from greater visibility and lower listing competition.

In short, Hyperliquid offers technical advantages, an aligned audience, and a clear opportunity to amplify $FIS’s utility, reach, and liquidity.

Listing $FIS on Hyperliquid involves three modular components:

HIP-1 – Token Deployment & Spot Market: A Dutch auction secures a slot to mint a native token and automatically opens a USDC spot market. Based on recent auctions, StaFi’s estimated clearing price may range from 500 to 1,000 HYPE.

HIP-2 – Market-Making Engine: This module enables AMM-style behavior directly on the order book. All operations are fully on-chain and customizable. Costs depend on:

• Initial price setting

• Number of order levels

• Order size per level

• Number of seeded bid levels

HIP-3 – Perpetual Futures Module: Projects may optionally deploy permissionless perpetual futures. Activating HIP-3 requires a deposit of 1,000,000 HYPE.

• Expanded Liquidity and Access: Hyperliquid’s on-chain order book (via HIP-2) delivers deep liquidity and fast execution, engaging a new wave of power users and DeFi-native traders.

• Enhanced Utility for $FIS: Trading activity generates fee revenue, improves price discovery, and strengthens the overall token economy.

• Scalable Pathway for Ecosystem Tokens: The HIP framework provides a replicable model for future LSV and SubDAO tokens like Chaos, Gimo, and Hito.

• Cross-Chain Synergy: This listing complements StaFi’s expansion into the SVM and EVM ecosystems, reinforcing LSV deployment across networks.

• Cost Uncertainty: The HIP-1 auction and HIP-2 setup require HYPE token payments, deposits, and liquidity provisioning. Volatile auction prices can make budgeting difficult.

• Limited Focus on Spot: Platform momentum currently favors perpetuals over spot markets, which may affect initial exposure for FIS.

• Liquidity Risk for Mid/Small-Cap Tokens: Most trading volume is concentrated in major assets; low-cap tokens may struggle with traction and visibility.

This exploration remains in the research phase. No listing will proceed without DAO approval.

• StaFi Forum Thread: Community members are invited to contribute ideas, raise concerns, and suggest launch parameters such as cost ceilings and liquidity incentives.

• Opensquare Governance Vote: Once research concludes, a formal vote will be initiated to determine next steps.

Community input is essential to shaping the final decision — join the dialogue and help determine the next step for $FIS.

StaFi is a leading Liquid Staking infrastructure provider and protocol for PoS chains. Its Liquid Staking as a Service (LSaaS) framework enables developers to create Liquid Staking Tokens (LSTs) and Liquid Re-staking Tokens (LRTs) across ecosystems like ETH, EVM, BTC, CosmWasm, and SOL. By issuing rTokens (e.g., rETH, rMATIC, rBNB), StaFi unlocks the liquidity of staked assets, allowing users to earn staking rewards while retaining the flexibility to engage in DeFi. With support for major blockchains such as Ethereum, Solana, Polygon, BNB Chain, and Cosmos, StaFi bridges liquidity and security in Proof-of-Stake networks.

Read more about StaFi 2.0.

LSaaS is a paradigm shift offering developers a robust framework to build their own Liquid Staking Tokens (LSTs) and Liquid Re-staking Tokens (LRTs). Compared to Rollup as a Service(RaaS), RaaS projects, like Altlayer, Dymension and Conduit, are primarily concerned with improving blockchain scalability and efficiency through layer 2 solutions.

For a deeper comparison and analysis, you can check out the full article: Read here.

• All Previous Staking Letters