Hyperliquid Unveils HIP-4 Testnet Amid HYPE Price Pressure

Hyperliquid has launched its HIP-4 testnet as the price of HYPE tests $53.

The launch marks a significant milestone for Hyperliquid, which is developing a decentralized layer-1 blockchain. The HIP-4 permissionless deployments on testnet allow anyone to deploy an outcome market without an auction or gas fee.

Developers must stake 100 HYPE tokens to become an outcome deployer and can choose from templates approved by Hyperliquid validators. The testnet currently limits each deployer to 10 active outcomes and 50 deployments per day, with configurable fees and more market templates planned for later implementation.

The launch comes as the HYPE price faces selling pressure due to large on-chain transfers. A wallet unstaked around 1.02 million HYPE tokens after keeping them locked for approximately 17 months, followed by a transfer of nearly $106 million worth of HYPE to institutional brokerage platforms.