Hyperliquid's Fair Listing Mechanism Breaks the CEX Listing Black Box Operation

Recently, Hyperliquid's public listing mechanism has caused heated discussions. However, the reason why this matter can attract market attention is inseparable from a Twitter post by Moonrock Capital CEO Simon on November 1 this year.

Recently, Hyperliquid's public listing mechanism has caused heated discussions. However, the reason why this matter can attract market attention is inseparable from a Twitter post by Moonrock Capital CEO Simon on November 1 this year. He claimed that "Binance requires a potential project to provide 15% of its total token supply to ensure its listing on CEX, which accounts for 15% of the total token supply, worth about 50 million to 100 million US dollars."

At the same time, Sonic Labs co-founder Andre Cronje also wrote that "Binance does not charge listing fees, but Coinbase has repeatedly asked for fees and quoted $300 million, $50 million, $30 million, and the most recent offer is $60 million."

Why is there always a dispute over listing fees?

In the decentralized Crypto world, centralized CEXs have become the main participants. However, the black box operation of CEX listings is difficult for the market to buy, and there are "rumors" about CEX listings every once in a while. He Yi, the founder of Binance, once said after listing PNUT and ACT that "no listing fees were charged." Even a strong company like Binance needs to get out of the whirlpool of public opinion about "listing fees" through the listing of coins.

Despite this, it is still difficult for the market to be convinced that CEX has no listing fees. Even if there is no "open and aboveboard" fee, there are still many rumors about hidden token fees. Although some leading CEXs clearly list no listing fees in their announcements, the project owners still need to pay a corresponding deposit to ensure that the price of the token remains stable after listing. At the same time, the CEX's investment share and activity funds and other matters must be agreed upon with the CEX when listing. These hidden listing fees that are difficult to explain have also become the reason why the market concludes that CEX's listing is a "black box" operation.

On the one hand, such a cumbersome and opaque listing mechanism is an additional burden for the project parties. The project parties need to spend extra costs to deal with the listing affairs of CEX, which will lead to the problem of reverse screening. The project parties are not interested in long-term development, but will have the expectation of "good luck with listing", which ultimately leads to most of the projects listed on the exchange running away.

On the other hand, the unfair listing of CEX has even evolved into a niche track. Researching listing has become a serious "business", and listing has become a compulsory course for many investors and KOLs. For example, some time ago, Formula News made a huge profit of 3 million US dollars after ACT was listed through news trading on listing.

Equation News conducts preemptive trading through coin listing announcement

It can be said that cryptocurrencies have suffered from centralization for a long time. The wealth effect of each coin listing is almost taken away by CEX (coin listing fees) and scientists (preemptive trading after coin listing). The project party has to bear a considerable coin listing fee and thus sacrifice the quality of the project. Everything is ultimately paid for by retail investors. The logic of the coin listing incident is exactly the same as that of retail investors embracing memecoin and rejecting VC coins today. The core is still inseparable from fairness.

HYPE hits new highs again and again, what is the market optimistic about?

However, the emergence of Hyperliquid broke the deadlock of "black box listing".

Hyperliquid's popularity in the crypto world can be traced back to the rise of HYPE. It took HYPE only two weeks after its tge to enter the top 50 in terms of market capitalization, surpassing new and old projects such as Fantom and Bittensor, and even Arbitrum itself. Although the Perp DEX narrative is no longer a new narrative, Hyperliquid has successfully focused the market's attention on DEX again.

The coin listing mechanism is indispensable

Just today, HYPE broke through $20, setting a new record high. Behind the new high, on the one hand, it is inseparable from Hyperlqiuid's precise "market aesthetics", which keenly captured the market pulse of "VC to meme" in this cycle. As a project that looks like "VC gathering temperament", Hyperliquid did not follow the old path of VC financing first, then increasing the volume and then listing on the exchange for shipment. Its founder Jeff has also publicly expressed his dissatisfaction with this form and market logic many times.

On the other hand, Hyperliquid's team operations and project development are also online. Hyperliquid's ambition is not limited to PerpDEX, but it is also actively building a "transaction" public chain with low latency, high throughput, high-frequency transactions and order books. When the underlying logic is transformed from PerpDEX to a public chain, its valuation ceiling is