Hyperliquid has launched its HIP-4 upgrade on mainnet, introducing a framework for fully collateralized binary outcome contracts designed to support permissionless outcome markets and lower trading frictions. The system requires deployers to stake 500,000 HYPE for six months, with that stake subject to validator slashing for poor settlement, while aiming to unify market types under a single cross-margin account that removes opening fees and liquidation risk. Hyperliquid had previously outlined a testnet-first path for permissionless deployment using validator-approved templates, and broader mainnet access for third-party builders has yet to be scheduled. Market pricing currently implies a 29.5% chance of Hyperliquid reaching $100 by Dec. 31, 2026, up slightly from the previous day but down over the past week, suggesting optimism around the upgrade is being tempered by concerns over quality control, staking risk and execution.