The Future of Hyperliquid: HIP-3 and HyperStone

Author: Yue Xiaoyu Source: X, @yuexiaoyu111

Hyperliquid's future lies in HIP-3, and HIP-3's foundation is HyperStone.

1. Hyperliquid is not just building an on-chain contract exchange, but is constructing an ecosystem, which has a much higher ceiling.

RWA is currently in full swing, with US Treasury bonds and US stocks going on-chain, and everything can be on-chain.

However, Hyperliquid cannot handle or monopolize these markets alone, so it must leverage the power of its ecosystem.

On October 13, 2025, the HIP-3 mainnet was launched, achieving complete decentralization of perpetual contract listings.

From that day on, Hyperliquid ceased to be an approval-based exchange and became an open platform where anyone could open their own market by staking 1 million HYPE. Simply put, Hyperliquid opened up the right to list tokens to the community. 2. At this point, when everyone wanted to put various assets on-chain, what was a core problem encountered? It was actually price. Unlike Hyperliquid's native market, which relies on validator consensus for pricing, the HIP-3 market relies entirely on external oracles for price data. This places extremely high demands on data accuracy and real-time performance. Therefore, oracles are the most critical infrastructure. 3. This necessitates focusing on the core player in this sector: RedStone. RedStone held a 99.5% dominant position in the oracle market from the very beginning of HyperEVM's launch and served as the official price feed provider for Hyperliquid's native stablecoin, USDH. Based on this, RedStone developed HyperStone, optimizing its modular oracle architecture into a dedicated HIP-3 solution. This is the first oracle designed specifically for HIP-3. HyperStone can help builders launch perpetual contracts on virtually any asset, from cryptocurrencies to tokenized stocks (such as TSLA), real-world assets (RWA), and even economic indicators. For example, if you want to create a Tesla stock perpetual contract, HyperStone tells you every 3 milliseconds: how much is Tesla stock currently worth in the US market. It's fair to say that without HyperStone, HIP-3 would be an empty city. 4. Where is Hyperliquid's moat? It's not trading volume, not transaction fees, but the people who can build the market, and the accuracy and speed of price feeds. Hyperliquid is shifting from a centralized team-driven model to a decentralized trading network. And every heartbeat of this network comes from a 3-millisecond pulse from HyperStone. This is why it's said that Hyperliquid's future lies in HIP-3, and HIP-3's foundation is HyperStone. (See the mind map for a detailed analysis of the @redstone_defi project.)