Market-listing governance threshold
Hyperliquid's assessment for RD-F-072 — scored red on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
RED. Hyperliquid operates a permissionless perp listing regime with demonstrated exploit history. Taxonomy definition: 'permissionless / low-threshold / high-threshold / no new listings.' Assessment: LOW-THRESHOLD (permissionless with financial stake only). (1) Pre-HIP-3 mechanism: JELLY was listed permissionlessly under the old mechanism; the $4.5M position bootstrapped a $13.5M HLP loss. (2) HIP-3 (launched October 2025): deployers must stake 500,000 HYPE — a financial barrier but not a technical/governance review. Validator slashing (>50% intraday price move triggers review) is a POST-event remedy, not a pre-listing gatekeeping mechanism. (3) POPCAT manipulation (November 2025) occurred AFTER HIP-3 launch, demonstrating the stake requirement did not prevent the attack pattern. The JELLY delisting was achieved via validator oracle override — an ad hoc emergency governance action, not a pre-established on-chain process. No formal pre-listing governance review, no oracle-quality verifi
Sources #
- URLExplained: The Hyperliquid Hack (November 2025) — HalbornHalborn November 2025 analysisretrieved 2026-04-28
- Hyperliquid Hit by Third Market Manipulation Attack — $5M Bad Debt After POPCAT CrashPOPCAT attack Yahoo Finance — post-HIP-3 attack confirming continued vulnerabilityretrieved 2026-04-28
- 2025-26-03 Hyperliquid JELLY Incident — validator override used to resolveJELLY incident wiki — validator oracle override resolutionretrieved 2026-04-28
- HIP-3: Builder-deployed perpetuals — Hyperliquid DocsHIP-3 permissionless perps documentationretrieved 2026-04-28
Methodology #
Classify the governance threshold required to list a new market as: permissionless / low-threshold (team multisig) / high-threshold (DAO vote) / no new listings.
See the full factor methodology and distribution across all protocols →