HIP-3: Reshaping On-Chain DerivativesAmid the RWA boom, Pre-IPO demand, and intensifying CEX competition, Hyperliquid's HIP-3 proposal is poised to redefine on-chain derivatives. By transitioning from a closed platform to open infrastructure, it unlocks new business logic and investment opportunities. In May 2025, Hyperliquid's HIP-3 proposal garnered widespread attention in DeFi, with its MVP now live on testnet. This isn't just a protocol upgrade—it's a strategic leap that could reshape the...

HIP-3: Reshaping On-Chain DerivativesAmid the RWA boom, Pre-IPO demand, and intensifying CEX competition, Hyperliquid's HIP-3 proposal is poised to redefine on-chain derivatives. By transitioning from a closed platform to open infrastructure, it unlocks new business logic and investment opportunities. In May 2025, Hyperliquid's HIP-3 proposal garnered widespread attention in DeFi, with its MVP now live on testnet. This isn't just a protocol upgrade—it's a strategic leap that could reshape the...