Hyperliquid Launches HIP-4 Testnet as HYPE Price Tests $53

Hyperliquid, a decentralized layer-1 blockchain, has opened its first permissionless HIP-4 deployments on testnet, giving developers a new way to create prediction and outcome markets. 

The launch comes as the HYPE price falls toward $53, with large whale transfers adding to pressure on the token.

Hyperliquid Opens HIP-4 Markets on Testnet

Hyperliquid said HIP-4 permissionless deployments are now live on testnet, allowing anyone to deploy an outcome market without an auction or gas fee.

Developers must stake 100 HYPE to become an outcome deployer. They can then choose from templates approved by Hyperliquid validators and set the underlying asset, target, and expiry.

The testnet currently limits each deployer to 10 active outcomes and 50 deployments per day. Hyperliquid said configurable fees and more market templates will be added later.

The template system is designed to keep markets more consistent. Instead of allowing thousands of different questions with similar wording, templates standardize the wording, side names, and keywords.

HYPE Price Falls as Large Holders Move Tokens

The HIP-4 launch comes as HYPE price faces fresh selling pressure. Hyperliquid burned about 26,080 HYPE, worth roughly $1.43 million, over the past 24 hours, while the protocol generated around $1.47 million in fees during the same period.

However, large on-chain transfers are drawing more attention.

Blockchain tracker Lookonchain identified a wallet that unstaked about 1.02 million HYPE after keeping the tokens locked for roughly 17 months. A related wallet later moved around 1.89 million HYPE, worth nearly $106 million, to institutional brokerage platforms.

Another large holder also unstaked HYPE and deposited the tokens with FalconX and Coinbase Prime. Such transfers can be linked to large over-the-counter sales, although the movements alone do not confirm that the tokens were sold.

HYPE Price Tests Key $52-$54 Support

The price chart shows HYPE making a series of lower highs and lower lows after falling to around $53.50.

The immediate focus is now the $52-$54 area, which also lines up with a June swing low. A confirmed breakdown has not happened yet.

A four-hour close below $52, followed by a failed move back above that level, could open the way toward $48-$50. A deeper decline could bring the earlier $44-$46 target back into focus.

On the other hand, a move back above $58-$60, followed by a successful retest and a higher low, would weaken the bearish setup.