Hyperliquid HIPs Explained: HIP-1 to HIP-4

TL;DR Hyperliquid Improvement Proposals (HIPs) are formal, on-chain protocol upgrades governed by HYPE token holders. Each proposal targets a specific domain: HIP-1 introduced the native token standard and spot order books, HIP-2 embedded an automated liquidity mechanism into HyperCore to solve the cold-start problem for new token launches, HIP-3 made perpetual futures deployment permissionless for builders who meet the staking requirement, and HIP-4 introduces outcome contracts — binary markets