Hyperliquid experienced two simultaneous' unlocks' this weekend 433000 team HYPE tokens have begun to be released from pledge, and HIP-4 has officially opened its mainnet to third-party deployers Which unlocking is more important for HYPE? First, let's take a look at the most sensitive team chips in the market On August 30th, Hyperliquid Labs initiated the release of approximately 433416 HYPEs worth approximately $36.15 million from the pledge. This batch of tokens needs to go through a 7-day cooling off period, and is expected to be released from pledge on the evening of September 6th and distributed to team members After the news came out, many people's first reaction may be that they are worried that another $36 million HYPE is ready to hit the market But releasing the pledge, allocating it to the team, and selling it are not the same thing The unlocking scale has actually stabilized this time. In July, the team unlocked about 433025 HYPEs, and in August, about 433416 HYPEs were unlocked, only an increase of 391 HYPEs In contrast, since August, the aid fund has cumulatively purchased approximately 714040 HYPEs worth around $48.63 million, with an average of approximately 24622 HYPEs purchased per day At this rate, it will take approximately 17.6 days for the aid fund to purchase the same amount of HYPE as the team unlocked in this round. That is to say, the unlocked quantity in this round is approximately 60.7% of the repurchase volume in the first 29 days of August In terms of quantity, the speed of purchasing HYPE through the agreement has exceeded the monthly unlocking speed of the team As of now, the team has allocated approximately 5.36 million HYPEs each month, of which approximately 574700 are still in traceable receiving wallets, accounting for 10.7%; About 378600 pieces are in a pledged state; The on chain model estimates that approximately 1.2439 million coins may have been sold, accounting for 23.2% of the cumulative allocation, and approximately 3.54 million coins have been transferred out of the original receiving wallet However, compared to the 433000 team chips, the more important "unlock" this weekend may occur at the product level On August 29th, Hyperliquid completed a critical mainnet upgrade, and the third-party deployment capability of HIP-4 was officially launched. The HIP-4 prediction market had already entered mainnet operation as early as May, but previously the market was mainly created by existing operators This upgrade opens the second phase: third-party teams can apply to become deployment parties on the main website, and create, operate, and settle their own predicted markets based on templates approved by validators And yesterday, the third-party market has already begun to generate real transactions This means that for the first time, HIP-4 has moved from "Hyperliquid has predictive market capabilities" to "any team that complies with the rules can operate a predictive market on Hyperliquid" The difference between the two is very significant. The former only adds a new type of product, while the latter opens up a set of market creation rights The third-party deployment party is responsible for proposing market and settlement rules, the Builder is responsible for developing wallets, trading terminals, or content entry points and bringing users, HyperCore is responsible for the underlying order book, margin, matching, and settlement, and the verifier is responsible for approving templates and punishing violators of deployment rules A few days ago, Jeff added three additional features based on feedback from Builder and is also preparing for this opening: Venue specifies who deploys and operates each market Builder Code allows the front-end to generate revenue from both buying and selling Semantic Restriction stipulates what markets are allowed to be created for each type of template, and violators of deployment may be fined In plain language, it means: who opened the market, who brought in users, who made money from transactions, and who violated the rules now have clearer ownership HIP-4's cumulative trading volume has reached approximately $421 million, with about 8 million transaction matches and 4 million transactions completed. The latest daily active users count is about 2000 But these historical data mainly come from before the open deployment of HIP-4, and cannot directly prove that the third-party market has been successful The real test has just begun From the BTC related prediction market, Hyperliquid currently has a 24-hour transaction volume of approximately $846000, accounting for about 4.2% of the comparison sample with Polymarket; Polymarket is approximately $19.51 million, accounting for 95.8% This gap indicates that Hyperliquid is still far from replacing mature prediction market platforms But the advantage of HIP-4 is not just replicating another Polymarket Hyperliquid already has a large number of trading users, USDC collateral assets, on chain order books, Builder distribution systems, as well as stock, commodity, and cryptocurrency markets Third parties can directly create predictive markets around these existing users without the need to build accounts, funds, and matchmaking systems from scratch This weekend, Hyperliquid actually released two things simultaneously. The team unlocks and releases potential circulation supply, while the HIP-4 upgrade releases market creation rights The former may affect short-term prices, while the latter may change long-term valuations Why wander around? Hyper has everything HYPE Hyperliquid HIP4 predicts DeFi outcome in the market