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HYPE Hyperliquid Announces HIP-4 Upgrade: Predicts Market Will Achieve Unlicensed Deployment
Hyperliquid announced on July 20 that its upcoming HIP-4 network upgrade will allow Unlicensed Deployment to forecast the market. This feature, which will be available on the main network after testing is launched online, aims to expand the range of users who can create results markets, while also introducing verifier approved templates and pledge systems to ensure that these markets are clearly defined and properly settled.
Analysis of HIP-4 deployment mechanism
Previously, the results market on Hyperliquid was only deployed by verifiers, but the protocol party plans to change this situation. According to a message posted on the Hyperliquid Telegram channel, validators will vote on standardized result templates that can be used by any user who meets HIP-4 requirements to launch the market. These templates will be stored and enforced on-chain, and Hyperliquid says it is designed to cover events that are sufficiently fluid and have clear user interests, while avoiding ambiguity. The responsibility for defining and settling each market will be borne by the deployer based on the template selected, and multiple deployers can even launch the same market at the same time.
The "normative market" created by verifiers will continue to exist, but is expected to diminish gradually. Hyperliquid recommends that ideally, there should be fewer than 10 outcome markets per year for regulated markets. In addition, the proposal introduces financial incentives and penalties, including requiring anyone wishing to become a HIP-4 deployer to pledge 500,000 HYPE tokens. The pledge will be locked for six months. If the market is incorrectly defined or the settlement is not correctly followed by the template, the verifier has the right to reduce the pledge. If the market is not settled for more than a week, the deployer's pledge will also be reduced, and the deployer must settle all its markets before releasing the pledge.
According to Hyperliquid's announcement, each deployer will initially receive the capacity to create 100 result markets (i.e. 200 result tokens), and more quotas will be allocated through an auction mechanism in the future. The parties also pointed out that deployers will eventually be able to set up a fee share of up to 50% for their market, but configurable fee features will be introduced in subsequent updates. It is worth noting that under the HIP-4 framework, only AQAv2 quote tokens are supported.
The team clarified: "All the above specifications are preliminary plans and may be adjusted based on feedback." At the same time, it was added that once this function is launched on the test network and relevant documents are updated, users will be notified in a timely manner.
HYPE prices were not boosted
Despite the above news, Hyperliquid's native token HYPE is still on a downward trend. As of press time, HYPE was trading at about $60, down about 1% in 24 hours and nearly 10% in the past seven days. The same holds true for longer cycles, CoinGecko data shows: HYPE prices have fallen nearly 16% in the past two weeks and about 13% in the past 30 days.
However, in terms of year-on-year data, the asset is still rising-about 34% higher than 12 months ago. Despite its recent weakness, its price has fallen more than 21% from its all-time high of $76.87 set about a month ago.
The background of Hyperliquid's entry into the unlicensed results market is a recent CoinGecko report that thanks to the calendar of sports events such as the UEFA Champions League finals, NBA Finals and Wimbledon, the nominal transaction volume of the forecast platform reached a record $50.7 billion in June. This pushed total transaction volume to US$113.8 billion in the second quarter of 2026, a month-on-month increase of 48.7%.
