Introduction
As Q3 2025 begins, the StaFi roadmap focuses on launching Liquid Staking Vaults (LSV) and expanding the SubDAO ecosystem. In alignment with these priorities, a potential listing of $FIS on Hyperliquid, a high-performance, on-chain order book exchange — is currently under active evaluation. This paper outlines the rationale behind the initiative, introduces Hyperliquid, and explores how such a listing could support the broader growth of LSVs and SubDAOs.
Why Consider Listing $FIS on Hyperliquid?
Hyperliquid is a high-performance decentralized exchange (DEX) built on its own Layer-1 blockchain. It uses on-chain order books powered by HIPs (Hyperliquid Improvement Proposals) to support both spot and derivatives trading. With built-in support for perpetual futures and a native automated market-making mechanism, Hyperliquid delivers deep liquidity, low latency, and an experience comparable to centralized exchanges.
As StaFi continues expanding its cross-chain staking infrastructure, identifying listing venues that align with its permissionless and modular approach becomes increasingly relevant. To assess whether a listing aligns with StaFi’s strategic direction, the following considerations are currently under review:
- Optimized Trading Infrastructure: Hyperliquid runs on its own Layer 1, purpose-built for trading. It offers ultra-low latency, minimal gas costs, and a fully on-chain order book—bringing a CEX-like trading experience to DeFi.
- Modular Access to Spot and Perps: With support for both spot and permissionless perpetual markets, the HIP-1 to HIP-3 framework provides flexible tools for launching and scaling tokens.
- Engaged Trader Base: Hyperliquid attracts a core audience of professional on-chain traders. Listing FIS here introduces the token to capital-efficient users who value speed, transparency, and advanced trading features.
- Early Ecosystem Visibility: As a fast-growing platform with a curated token list, early movers like FIS can benefit from greater visibility and lower listing competition.
In short, Hyperliquid offers technical advantages, an aligned audience, and a clear opportunity to amplify $FIS’s utility, reach, and liquidity.
Hyperliquid Listing Process and Cost Overview
Listing $FIS on Hyperliquid involves three modular components:
HIP-1 – Token Deployment & Spot Market: A Dutch auction secures a slot to mint a native token and automatically opens a USDC spot market. Based on recent auctions, StaFi’s estimated clearing price may range from 500 to 1,000 HYPE.
HIP-2 – Market-Making Engine: This module enables AMM-style behavior directly on the order book. All operations are fully on-chain and customizable. Costs depend on:
- Initial price setting
- Number of order levels
- Order size per level
- Number of seeded bid levels
HIP-3 – Perpetual Futures Module: Projects may optionally deploy permissionless perpetual futures. Activating HIP-3 requires a deposit of 1,000,000 HYPE.
Pros and Cons of Listing $FIS on Hyperliquid
Pros
- Expanded Liquidity and Access: Hyperliquid’s on-chain order book (via HIP-2) delivers deep liquidity and fast execution, engaging a new wave of power users and DeFi-native traders.
- Enhanced Utility for $FIS: Trading activity generates fee revenue, improves price discovery, and strengthens the overall token economy.
- Scalable Pathway for Ecosystem Tokens: The HIP framework provides a replicable model for future LSV and SubDAO tokens like Chaos, Gimo, and Hito.
- Cross-Chain Synergy: This listing complements StaFi’s expansion into the SVM and EVM ecosystems, reinforcing LSV deployment across networks.
Cons
- Cost Uncertainty: The HIP-1 auction and HIP-2 setup require HYPE token payments, deposits, and liquidity provisioning. Volatile auction prices can make budgeting difficult.
- Limited Focus on Spot: Platform momentum currently favors perpetuals over spot markets, which may affect initial exposure for FIS.
- Liquidity Risk for Mid/Small-Cap Tokens: Most trading volume is concentrated in major assets; low-cap tokens may struggle with traction and visibility.
Call for Community Discussion
This post provides a summary of StaFi’s ongoing research into whether $FIS should be listed on Hyperliquid, a high-performance on-chain order book exchange.
We welcome your thoughts, concerns, and ideas, especially around listing costs, liquidity strategies, and potential impact on the broader StaFi ecosystem.
High-Performance Ecosystem