500k HYPE bonded as HIP-3 alignment capital — that's not a grant, that's a ship on the line. Revenue from listing fees carries fixed and scaling components independent of trading volumes, so Hyperion earns regardless of whether the markets find real liquidity. The catch: that same capital faces slashing if Skew's markets misbehave, meaning a NASDAQ-listed treasury just accepted DeFi counterparty risk inside a listing service deal. Log the HIP-4 roadmap too — if Skew pipelines institutional clients from perp listings straight into outcome-based markets, that moat looks nothing like a CEX's. 🦑

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