Wrote about HIP-3 in Hyperliquid this morning, and a buddy asked me if it's the same as SIP-5 released recently by
@StandX ?
How to put it? SIP-5 and Hyperliquid's HIP-3 both seem to be all about 'anyone can get into the contract', but they're not on the same level.
HIP-3 is more about opening up the perp listing rights, focusing on 'who can open the market'. Essentially, it's making Hyperliquid more like a permissionless perpetual contract platform, with the core still being the trade itself.
SIP-5 is heavier; it's not just about opening listing rights, but also aims to modularize the components needed to take a market from 0 to 1. StandX's formula is pretty clear: UM = Seed + Oracle Grid + Shield.
In other words, it’s not just about 'can we list', but also 'what kicks off the liquidity, what's the pricing mechanism, how to prevent manipulation, and how to handle risk protection'.
Looking deeper, the underlying philosophies are different. Hyperliquid has always excelled in matching, depth, user experience, and trading mindset, so HIP-3 feels like it's just loosening up market creation permissions on an already strong trading base.
On the other hand, StandX is building up from DUSD, yield-bearing margin, and community market-making modules, eventually connecting to SIP-5, making it more like a 'market generation framework' rather than just a listing proposal.
To sum it up simply:
• HIP-3: Opening perp listing rights
• SIP-5: Opening perp listing rights + bundling liquidity, oracles, risk control, and margin yield together
So if I had to wrap it up in one sentence: HIP-3 allows more people to open markets, while SIP-5 not only lets more people open markets but also attempts to ensure those markets can thrive.
#Hyperliquid #StandX