Multicoin has just invested in Trasia and raised 500000 HYPE, approximately $30 million Not only this company, but also Hyperion has handed over 500000 HYPEs to Skew to support its institutional level HIP-3 sustainable market These two sums of money do not seem to directly buy HYPE, they are actually investing in a new business in the Hyperliquid ecosystem: Who will enter the market, who will maintain the market, and who will bring in local assets and institutional users Previously, when people looked at Hyperliquid, they mainly looked at transaction volume OI、 Repurchase and HYPE But after HIP-3 came out, the ecosystem gained a more critical role: Deployer， That is, the market deployer TradeXYZ, Felix, Venturas, Trasia, Skew and other teams are no longer just directing traffic to Hyperliquid They can define their own targets, connect to oracle machines, set leverage and OI limits, and operate independent perpetual markets Hyperliquid provides the underlying order book, margin, and clearing system The deployer is responsible for transforming things in the real world that were not originally traded on Crypto exchanges into a market that can be long, short, and hedged on the chain Why did Multicoin invest in Trasia Trasia - Trade Asia， Trading Asia, this name is quite domineering. Combining with the local Asian market, build a builder mobile app and use Hip3 List to create high-quality asset ticket contracts for the Asian market The Skew line is the same Hyperion provides 500000 HYPEs through the HAUS protocol, while Skew is responsible for launching and operating the HIP-3 perpetual market for institutional clients Hyperion not only gains exposure to cryptocurrency prices, but also shares of Skew's equity and revenue sharing from listing services This means that the 500000 HYPE threshold for HIP-3 is gradually shifting from a "cost to market" to an infrastructure that can be financialized and serviced Some people pledge capital, some do market operations, some provide oracle machines and liquidity, and some are responsible for bringing users in And Hyperliquid provides a trading, clearing, and settlement base in the middle From the current cumulative market share of HIP-3, XYZ still accounts for about 91.5%, while Dreamcash accounts for about 5.2%, covering a total of 102 markets. The ecosystem is beginning to expand, but market share is still highly concentrated in the hands of top deployers. Yesterday, many friends still didn't understand how the A-standard Changxin storage was upgraded to Hyperliquid. This time, we can explain it in detail CXMT is not an official stock token issued by Hyperliquid for Changxin Storage. It is a HIP-3 pre disk perpetual contract deployed by TradeXYZ You are not trading stocks and will not receive shareholder equity, dividends, or voting rights. You are trading the market's expectations for the future price per share of Changxin Storage You can go long, short, or leverage Before the formation of continuous prices in the real secondary market, the initial anchor point and market rules of CXMT are set by TradeXYZ The on chain price mainly changes based on the buying and selling power, impact price, and controlled oracle update mechanism in the order book So when it first went online, there were a large number of buy orders around $6, and then the price was pushed up, which does not mean that Changxin Storage has already been traded at this price on the A-share market It indicates that: On the chain, there are already people willing to bet on how much Changxin Storage may be worth per share in the future But CXMT is also the most difficult type of target for HIP-3. Assets such as S&P, gold, crude oil, and US stocks have at least mature external markets to provide price anchors Pre IPO company does not have a continuous public transaction price, and the deployer's oracle, order book quality, liquidity depth, and risk parameters will directly determine whether this contract is reliable After the real open market begins trading, the CXMT on chain contract will also undergo testing. If the on chain price can smoothly converge to the real transaction price, it indicates that the pre market price discovery is meaningful If the deviation is too large, leveraged positions, funding rates, and liquidation will amplify the problem **So some people may ask, who set the initial price of $5 on the chain for the A-share IPO at a price of 8.66 yuan per share** When the market lacks external prices (such as during the Pre IPO phase), the initial quote for the perpetual contract subject is determined by the deployer (i.e. TradeXYZ platform) themselves But is the price of 5 dollars given arbitrarily, not necessarily - it corresponds to the boundary range of [$1.05, $17.92], and the theoretical lower limit price is $1.05 (about 7.12 RMB), which is 82% of the A-share IPO issue price of 8.66 RMB, slightly lower than the issue price, so it is still relatively reasonable This is also the biggest difference between HIP-3 and regular listing. Regular listing provides users with an additional trading target on the platform HIP-3 entrusts the task of "creating markets" to the deployers in the ecosystem The same mechanism can be used to list US stocks, Japanese, Korean, and Taiwanese stocks, commodities, indices, foreign exchange, as well as Pre IPO companies But every asset is not a copy and paste: For those with publicly available spot prices, focus on oracle and post market pricing For those without publicly available spot prices, focus on the order book, price boundaries, and the risk control capabilities of the deployer The most difficult aspect of niche assets is sustained liquidity Because the market can be created, it does not mean that there will be people trading in the market Returning to HYPE again The value of HIP-3 to HYPE is not just about charging a little extra handling fee The deployer needs to lock in HYPE, and the newly added market needs to participate in auctions. After the market has continuous transactions, the agreement can also leave some revenue But this is not 'the previous new market, HYPE must rise' The deployer has a fee sharing, the market maker and oracle also have costs, and the pledged HYPE is not permanently destroyed The true value of HYPE depends on whether these deployers can keep new assets, new users, and new liquidity on Hyperliquid continuously So, CXMT is not the entire story of today It is just the first answer sheet that is easier for the Chinese market to understand Multicoin invests in Trasia, Hyperion supports Skew, TradeXYZ launches CXMT Looking at these things together, Hyperliquid is now competing not only with Perp DEX's trading volume What it is competing for is: Which assets will be traded and priced on the chain first in the future HYPE Hyperliquid