Hyperliquid Unveils HIP-1 Spot Token Deployment Function On Its Mainnet, And Recommends Testing For Smooth Deployment
In Brief
Perpetual contract trading protocol Hyperliquid unveiled the roll out of the HIP-1 spot token deployment function on its mainnet.
Perpetual contract trading protocol Hyperliquid unveiled the roll out of the HIP-1 spot token deployment function on its mainnet.
HIP-1 is a capped supply fungible token standard designed to facilitate on-chain spot order book transactions in between pairs of HIP-1 tokens.
The sender of the token transaction must provide several key credentials, encompassing the understandable token name, the conversion rate, the minimum tradable number of decimals on spot order books, and the token supply. Additionally, optional genesis balances set by the sender of the transaction should be included, along with specifications for HIP-1 tokens to receive genesis balances and parameters for initializing the Hyperliquidity for the USDC spot pair. Upon token deployment, the transaction is set to proceed with developing a distinctive hash that Hyperliquid L1 will further use to index the token.
Hyperliquid protocol’s gas costs are generally covered using the project’s native token. However, in its absence, they are denoted in USDC. To cover these costs, deployers must participate in a Dutch auction spanning thirty-one hours. Importantly, deployers are advised to conduct testing on the testnet beforehand to preempt any obstacles on the mainnet. Furthermore, no user-deployed spot assets are officially supported by the project.
Hyperliquid Reveals Plan To Integrate EVM Into Hyperliquid L1 Blockchain
It operates as an order book perpetual futures decentralized exchange (DEX). This solution runs on the Hyperliquid L1, a blockchain designed for this specific objective, and uses Tendermint for consensus mechanisms. The technical framework of HyperLiquid comprises several components, including the proprietary Layer 1 blockchain Hyperliquid L1, a bridge facilitating asset transfers, and API servers for seamless connectivity.
In addition to the HIP-1, the Hyperliquid L1 also incorporates HIP-2, known as “Hyperliquidity,” which introduces a unique mechanism for permanently committing liquidity to a spot order book for HIP-1 tokens. These Hyperliquidity strategies are executed entirely on-chain and complement users’ existing order book liquidity. Both HIP-1 and HIP-2 represent advancements toward establishing a versatile infrastructure with efficient native components.
Recently, Hyperliquid unveiled its plan to integrate an EVM into the Hyperliquid L1 blockchain. This EVM enhancement will seamlessly interact with native elements on the Hyperliquid L1, including HIP-1 assets, spot trading, perpetual trading, and various other decentralized finance (DeFi) primitives.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
