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.

Vote
For: Support the proposal to list FIS on Hyperliquid.
Against: Do nothing.

Please read the full proposal here.