HIP-1: Native Token Standard

HIP-1 defines a capped-supply fungible token standard with onchain spot order books on Hyperliquid.

Token Genesis Parameters

Parameter Description
name Human-readable identifier (max 6 characters, not unique)
weiDecimals Minimal unit → float conversion (e.g., ETH uses 18, BTC uses 8)
szDecimals Minimum tradable decimals on spot order books
maxSupply Maximum and initial supply (can decrease via fees/burns)
initialWei Optional genesis balances (multisig treasuries, bridge mints)
anchorTokenWei Existing HIP-1 tokens to receive proportional genesis balances
hyperliquidityInit Parameters for HIP-2: Hyperliquidity initialization

Constraint: szDecimals + 5 ≤ weiDecimals

Deployment Gas (Dutch Auction)

  • Duration: 31 hours
  • Price decreases linearly from initial price to 500 HYPE
  • Initial price: 500 HYPE (if previous auction failed) or 2x last gas price
  • Gas is charged at the first step (deploy); subsequent steps have no time constraints
  • Gas is non-refundable if deployment gets stuck

USDC Integration

With HIP-1, USDC becomes a spot token with atomic transfers between perps and spot. Parameters: szDecimals = weiDecimals = 8.

Deploying External Assets

Common for bridged assets, tokenized RWAs, stablecoins. Supported bridges: LayerZero, Axelar, Chainlink, Debridge, Wormhole.

Once HyperCore token and HyperEVM ERC-20 are linked, transfers between them are seamless.

Fee Structure

  • Non-USDC HIP-1 fees: 100% deployer share by default (configurable 0-100%, only decreasing)
  • Non-redirected base token fees are burned
  • Quote token fees go to the Assistance Fund
  • Legacy tokens: can increase fee share once from 0 → positive, then only decrease

Spot Dust Conversion

Daily at 00:00 UTC. Balances < 1 lot size with notional ≤ $1 are dusted. Aggregate dust is market-sold; USDC distributed to dusted users proportionally. Does not occur if book is one-sided or notional dust exceeds thresholds (10k USDC for PURR, 3k for others).

See also: HIP-2: Hyperliquidity, Spot Trading, Fee Structure