Nature abhors vacuum, and innovators abhor involution. The PerpDEX track is becoming increasingly competitive, and the marginal return rate of operational methodologies such as token airdrop incentives, shaping whale trading wonders, and marketing to legendary traders and internet celebrities is getting lower and lower. Under the pressure of Aster and Lighter, HyperLiquid's market share has dropped from 60.6% at its peak to 22.5% today. HyperLiquid urgently needs to break through the second growth curve through HIP-3. HIP-3 allows anyone to open a custom PerpDEX trading pair, PerpDEX As A Service, after pledging 500000 HYPE. Due to the huge threshold for pledging funds required to establish custom PerpDEX trading pairs and the Slashing penalty mechanism, the first batch of custom trading pairs supported by HIP-3 are all tokenized US stock contract trading pairs. Although many people are not optimistic about the current trend of tokenization in the US stock market, I firmly believe in the future of tokenization in the US stock market. The initial form of RWA forwarding Yield is off chain<>on chain resale, the second-order form of RWA is off chain<>on chain resale of volatility, and the ultimate form of RWA will be unbounded fusion of off chain<>on chain. Let's return to the reality that tokenized US stocks and the encrypted endogenous liquidity of tokenized US stocks are in a dilemma of initial chicken or egg. HIP-3 utilizes HyperLiquid's infrastructure and aligns stakeholders' interests, providing a new solution for this. For oracle machines, the tokenized US stock contract trading pair feeding service of HIP-3 is another new market space with huge growth potential after LST. RedStone, which has always been highly sensitive to market environment version iterations, is already in a leading position in the HyperEVM oracle market and quickly launched HyperStone, a customized oracle service for HIP-3. Today, HyperStone has its first deployment instance: providing oracle services for Felix's first HLP-3 TSLA tokenized US stock contract trading pair. The above.