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Hyperliquid Launches Permissionless Spot Quote Assets on Mainnet

According to Hyperliquid, the launch of permissionless quote assets allows stable asset deployers to activate quote status under on-chain rules, expanding decentralized spot trading options.

HYPE

Summary

Hyperliquid has launched permissionless quote assets on its mainnet, enabling stable asset deployers to activate quote asset status based on on-chain criteria. The protocol allows any quote asset to be used in the first HIP-1 spot trading pair, with new base-quote pairs deployable through permissionless Dutch auctions independent of HIP-1 token auctions. Native Markets deployed USDH as the first permissionless quote asset, with HYPE/USDH trading now live. Plans are underway to expand with more permissionless pairs.

Terms & Concepts
  • Permissionless Trading: A decentralized trading model where participants can list and trade assets without requiring approval from a central authority.
  • Quote Asset: In trading pairs, the asset used to measure and express the price of a base asset—commonly a stablecoin or other reference currency.
  • Dutch Auction: A pricing mechanism where the price is lowered until a buyer accepts, often used for launching new asset pairs in a decentralized setting.