Hyperliquid Recently, there have been two changes that have attracted market attention: firstly, large amounts of funds on the chain continue to buy HYPE, and secondly, the platform has launched an upgrade of HIP-3, which has added more flexible deployment methods to the perpetual contract market. With these two factors combined, the market has begun to re-evaluate the short-term popularity of HYPE and the platform's subsequent expansion potential.
Multiple large-value purchases have occurred on the chain.
On-chain tracking account Lookonchain indicates that the address 0x6436 has purchased another 430,224 units of HYPE, which is approximately worth 35.1 million US dollars according to the calculations in the text. Another newly created wallet withdrew 94,149 units of HYPE from FalconX, valued at around 7.66 million US dollars.
Market commentator Ted Pillows also mentioned that another large order worth approximately $30 million appeared. Multiple large transactions occurring within a short period of time have kept the capital movements of HYPE at the center of market attention.
However, based solely on these on-chain records, it is not possible to confirm the true intentions of the relevant addresses. These funds may be intended for long-term holding, or they could be related to market-making, liquidity arrangements, or other trading strategies.
HIP-3 Launch of Sustainable Market Deployment
Compared to price fluctuations, the more concerning fundamental changes come from HIP-3. According to the information in the text, this upgrade allows any deployer who has staked 500,000 HYPE to create their own perpetual contract market.
HIP-3 A new option has also been added, which allows deployers to attach an on-chain whitelist to the market. In this way, a specific market can set transaction access conditions, allowing only approved users to participate.
This does not mean that the entire Hyperliquid platform will switch to a licensing system. More precisely, the platform will continue to maintain an open architecture; it simply hands over the decision of whether to restrict access to the deployers of individual markets.
Compliance requirements become a focal point of observation.
The reason this change has attracted attention is also related to the compliance discussions faced by the platform. Bloomberg previously reported that Hyperliquid Labs is in contact with the parent company of Kraken to discuss providing perpetual contract products to American traders through the regulated exchange Bitnomial.
At the same time, reports also mention that North Korean hackers are alleged to have laundered approximately $30 million within three weeks through Hyperliquid. Since the platform originally emphasized permissionless trading, such incidents have also subjected it to greater scrutiny at the regulatory level.
In this context, the optional whitelist mechanism provided by HIP-3 is regarded as a more flexible market design. For institutional counterparties or specific jurisdictions, such a setup may be more conducive to meeting access and compliance requirements.
However, the information currently available is not sufficient to confirm that such cooperative discussions will definitely come to fruition, nor can we determine to what extent HIP-3 will be adopted. At this stage, the market narrative surrounding HYPE has indeed strengthened, but its future performance will still depend on the actual usage of the platform's new features and whether there will be a sustained presence of large-scale buying orders.
