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FollowingHyperliquid Highlights Today: HIP-4 deployment and HyENA shutdown
In the week's largest Hyperliquid Highlights Today update, two independent developments were implemented within hours. Jeff, founder of the exchange, confirmed that HIP-4 unlicensed deployments will be activated in the next network upgrade and that the template will be gradually opened through validator voting. At the same time, HyENA, a USDe margin perpetual contract platform built based on its framework, announced that it will close all markets from August 31 to September 2. Both messages sparked heated discussions in today's crypto news, as traders assess what changes will happen next.
HIP-4 update: What unlicensed deployment means
According to a statement reported by WuBlockchain, Jeff said the next network upgrade will open the market for unlicensed deployment. Templates will not be available all at once. 
Instead, the validator vote will determine which standardized templates are launched and in the order in which they are launched, similar to the open framework previously used for third-party sustainable markets. For those who follow Hyperliquid's top news today, this is one of the most structural governance changes of the year.
announcement are as follows:
Binding of launch progress to the next planned network upgrade
Templates will be opened in stages rather than released in one go
Verifiers vote on template design and sequencing
Framework is built directly based on existing models
Why HyENA was shut down under the Hyperliquid HIP-3 framework
In the latest HyENA shutdown news, this Hyperliquid news today focuses on the team's official statement: All markets will close after processing more than US$4 billion in cumulative trading volume, serving more than 12,000 traders, and issuing nearly 2.5 million USDe margin bonuses.
The HyENA USDe margin perpetual contract uses Ethena's USDe as collateral. In an earlier Wu Blockchain report, the team pointed out that USDC integration is the reason why the USDe margin model is no longer in line with the future development direction. 
The shutdown of HyENA under the Hyperliquid HIP-3 framework marks the end of one of the largest products built based on the framework. The complete settlement steps are listed in the settlement document.
Settlement steps| Details
Market delisting| From August 31 to September 2, one market
settlement price per hour| One-hour TWAP
HLPe withdrawal of oracle price| Redemption through Upshift 1:1, one-day redemption period
Final reward payment| August 27
Final Alliance Payment| September 9
Document and Interface Access| There is no risk to user funds at least until September 30, when
is closed. Points have no monetary value. There are no tokens and no issuance plans.
Hyperliquid perpetual contract DEX trading volume still leads the market
A comparison of transaction volume shared on social media shows that Hyperliquid perpetual contract DEX trading volume reached US$249.2 billion, more than twice that of its closely following competitor (US$106 billion), ahead of platforms such as Aster, Lighter, edgeX and GMX. 
This scale is part of the reason why the launch of HIP-4 and the exit of HyENA are seen as signals related to the direction of liquidity convergence, rather than two isolated events.
Market observers who follow crypto news say that the phased launch of HIP-4 and the closure of HyENA point to the same trend: exchanges are narrowing around one major collateral standard rather than running multiple models in parallel. For traders following Hyperliquid's top news today, the coming weeks will see whether the validator led template can maintain the level of engagement previously established by HIP-3.
