To elaborate, HIP-3 essentially involves listing open contract assets on HyperCore, with the focus not on the numerous new projects based on HIP-3. 👇 HyperCore is the spot/contract L1 of Hyperliquid, commonly referred to as open contracts, where spot trading occurs, and HyperEVM is the parallel L1 EVM. HyperCore listing mechanism: 1. Team designated, including contracts and spot for $PUMP, which are all listed by the team, closely resembling the CEX listing process; 2. Auction mechanism, starting with the spot auction mechanism, but contract listings have always been controlled by the team. This time, HIP-3 opens up the contract listing mechanism for HyperCore. It sounds a bit convoluted, but HIP-3 specifies that project parties must stake 500,000 $HYPE to build their own contract market on HyperCore, allowing them to pin their own listings, oracles, and market-making mechanisms, essentially creating a contract DEX nested within the HL contract market. After winning the auction and paying, project parties can trade any assets, including contracts, forex, options, and prediction markets. - Benefits: Capturing the long-tail market, consuming $HYPE - Downsides: Essentially creating new assets, which may increase the bubble 🫧 People will rush towards various concepts and their tokens and points, but most will not become the second $HYPE; they just want to seek more profits. The $HYPE priced at $40-$50 is already out of the retail buying range, so Hyperliquid creates new low-cost assets to boost overall sales. For project parties, this is another good opportunity for asset issuance. Just because HL itself does not accept VC does not mean they cannot accept it; HL needs to consider long-term development, but that does not mean they care about long-term interests. In summary, this is a great game of chance, where everyone has their own opportunities or risks.