MemCast
MemCast / episode / insight
#builder-markets1#market-curation2#permissionless-perps1#staking3
Builders must stake HYPE to earn market‑making rights, aligning incentives
  • To obtain the right to provide liquidity on a new perp, a builder must lock a minimum amount of HYPE.
  • The staking amount is bid against other interested parties, creating a market for market‑making slots.
  • Successful bidders receive the exclusive ability to post orders, ensuring they have skin in the game.
  • This mechanism discourages spam markets and aligns builder profit with protocol health.
JeffBell Curve00:52:30

Supporting quotes

Quote
00:52:30
“You have to stake to get the right to make a market.” — Jeff
Quote
00:53:24
“The intention is not to have a competition... it's a permissionless protocol where people can deploy per.” — Jeff

From this concept

Permissionless Builder-Deployed Perps and Market Curation

Hyperliquid's protocol is permissionless, allowing anyone to launch a perpetual market after staking. Builders gain market-making rights through a bidding process, while core markets remain curated for stability. This hybrid model balances openness with quality control.

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