Hyperliquid has deployed its long-awaited permissionless spot quote asset feature on mainnet, allowing any eligible asset to be designated as a quote asset and anchor new trading pairs. The upgrade marks a major step toward making markets more open, decentralized, and accessible for both token projects and community traders.
With permissionless spot quoting, the process of launching new pairs, once restricted to preset lists or centralized approval, is now fully decentralized.
Any stable asset deployer that meets the on-chain requirements outlined in Hyperliquid’s documentation can grant their token quote asset status. Once activated, these assets can immediately pair with other tokens, giving issuers and users the power to create and manage markets autonomously.
According to the report, the mechanism relies on Dutch auctions, a market-driven price discovery model that enables projects and community members to collectively establish fair pricing and liquidity for new pairs. These auctions operate independently of Hyperliquid’s HIP-1 auctions, ensuring that participants can add spot pairs without disrupting past or future token distributions.
USDH Debuts as Spot Quote Asset
USDH, the Hyperliquid ecosystem’s stablecoin, has become the inaugural permissionless quote asset, deployed by Native Markets. The launch enabled immediate trading of the HYPE/USDH pair on the mainnet, with Hyperliquid confirming that additional permissionless pairs will follow as the process matures.
The permissionless system is a potential way to deepen liquidity and broaden participation. By bypassing centralized gatekeepers, the platform provides an avenue for emerging projects. Many are often overlooked by large exchanges, as they provide access to early, transparent, and community-driven markets.
To celebrate this technical milestone and bolster early engagement, HYPE’s Hyperliquid has distributed 4,600 Hypurr NFTs to active supporters of the protocol. The NFTs, minted directly on HyperEVM, serve as a gesture of recognition for early adopters.
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