Hyperliquid Adds USDT Pairs and Expands Dutch Auctions for Token Listings
Decentralised exchange Hyperliquid has enabled trading against multiple quote currencies on its mainnet, completing a deployment that brings Tether’s USDT alongside the platform’s existing USDC markets. The upgrade automatically listed the first USDT-denominated pair, HYPE/USDT, and allows any new base asset launched under the HIP-1 framework to specify its own quote asset at inception. With the change, Hyperliquid’s auction mechanism has been expanded. In addition to the regular 36-hour Dutch auction that lets users bid for entirely new tickers, traders can now bid to relist an existing token with a different quote currency—opening the door to offerings such as BTC/USDT. Market participants said the adjustment should deepen on-chain liquidity and give the protocol’s accumulation fund exposure to multiple stablecoins.
Sources
steven.hl
Apart from multiple quote assets going live, it seems a second dutch auction has been introduced! In addition to users bidding on new tickers every 36 hours, users can now bid to deploy a ticker that already exists, but with a different quote asset (e.g. BTC/USDT). Hyperliquid https://t.co/g5ddhNKV72
Hyperliquid Spot trading against multiple quote assets has been activated on Hyperliquid mainnet. The USDT0 team completed their deployment today, which automatically deployed the HYPE/USDT pair. HIP-1 base asset deployments can specify any quote asset as their first spot pair deployment.
- steven.hl
When traders trade a USDC spot pair like HYPE/USDC, the seller pays in HYPE (which is burned) and the buyer pays in USDC (this is sent to the AF). As far as I can tell, the new HYPE/USDT pair is the same, meaning the AF is now accumulating USDT. Hyperliquid https://t.co/W01bZYCnFq
Additional media
