Overview
- Hyperliquid announced on Monday that Phase 2 of HIP‑4 will let qualified deployers create prediction outcome markets permissionlessly on testnet before any mainnet release.
- The proposal requires deployers to lock a large HYPE stake that is widely reported as 500,000 HYPE but has also been reported as 1,000,000 HYPE and remains unresolved in the published specs.
- Validators will vote to approve standardized market templates that are stored and enforced on‑chain so deployers can list markets without per‑listing validator approval.
- Each deployer will initially get capacity for 100 outcomes (200 outcome tokens), face a six‑month lock on stakes, risk partial or full slashing for poor or late settlements, and may charge up to 50% in market fees under the current plan.
- The change builds on HIP‑4’s May launch, which ran fully collateralized, USDH‑settled binaries inside HyperCore and recorded roughly $100 million in trading volume in its first month, and it could raise demand for HYPE if testnet trials and community feedback lead to the proposed staking model and wider rollouts.