HIP-3 Market Design and Felix’s Role | Charlie, Felix Protocol
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Nothing set on Xerox Research is the recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Bocaccio, Ryan and our guests may hold positions in the company's funds or projects discussed. What's up guys? Welcome back to another episode of Xerox Research. Today I'm joined by Shonda from Blockworks Research and Charlie from Felix. Charlie, how are doing?
Good, sir. How are you?
Good. Good. I forgot that in prerecorded, you kind of have that awkward phase in the very beginning when you have to read the small talk, but we can avoid it. I hope all of the listeners have had a happy holidays. I guess like just to dive right into it. Shonda, you've recently been writing a lot about these kind of hyper liquid hate posts a little bit, specifically regarding outsourcing and decentralized Nasdaq. Do you wanna kinda run over it a little bit, and then we can allow further this discussion to take place?
Yeah. But at first, I gotta clarify. It's definitely not a hate post, just, like, kind of taking a more objective stance. Now we've had almost a year of this outsourcing model. And, I mean, this is in regards to something I recently wrote, which was looking at the HIP one and two outsourcing of Spot. Right? So in the beginning of the year, this was done with UNIT, like, listing Bitcoin, ETH. And in the beginning, it worked really well. I think UNIT did a really good job because there was one team kind of monopolizing it. It was very straightforward. It was efficient. I think there were two ris
When you say not going to share revenue, you mean they're not going to give 100% of revenue. Correct?
Yeah. Exactly. So it's like the fifty fifty split. Right now, units basically using it to buy back hype, so it's essentially a 100%. But going forward, if it's not gonna be unit, it's gonna be revenues basically cut in half.
Yeah. I realized we kind of throw we're kind of throwing Charlie into the deep end here with a kind of very big topic and so, Charlie, if you wanna Go ahead.
Not too. It's a great topic. Yeah. It's something that we've been thinking about a fair amount. I think it there's a lot of different dynamics at play with spot on hyper liquid. A couple initial ones I would bring up, and I think, Shonda, you touched on them briefly are the the cost to deploy these markets. So the ticker cost, just the the barrier to your cost, and the lack of taker flow on hyperliquid. So we can dive in with those briefly and then go into more nuanced things after. But on the ticker cost side, mean, as people know it, it costs to deploy a spot asset on hyperliquid. You have t
Yeah. I have so just to, like, give some color, hype twenty four hour volume is 61 mil, that's on spot assets. Hype USDC, UBTC, USDC is 36 mil, EEV USDC is 21 mil, and then anything after after that is sub 10 mil on the twenty four hour, which is very low volume. So, I have two things. One is regarding the I don't wanna say fragmentation, but like the UI issue that Shonda mentioned, which is, I don't know, BTCUSTH and then BTCUSTC. It's not even BTC, it's UBTCUSDC technically, but the front end shows it as BTCUSDC. So, does hype per liquid need to be a bit more opinionated as a front end, is o
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