Decentralized exchange Hyperliquid has launched its permissionless spot quote asset feature on the mainnet. 

Essentially, this means any asset that meets onchain requirements can be used as a quote asset for trading pairs without requiring centralized approval.

The Hyperliquid team noted that any quote asset can be specified as the quote asset in the first spot pair of an HIP-1 deployment. Subsequent quote asset launches will be subject to a Dutch auction to determine a fair starting price.

In trading terms, the “quote asset” is the stable currency used to price other assets. USDH, Hyperliquid’s newly launched stablecoin from Native Markets, has already been deployed as the first permissionless quote asset.

This story is an excerpt from the Unchained Daily newsletter.

Hyperliquid also distributed 4,600 Hypurr NFTs on the HyperEVM earlier in the day, as a reward to early ecosystem participants. Some rare NFTs from the collection have seen extraordinary sales, such as Hypurr #21, which sold for 9,999 HYPE or $467,000.

Data from NFT marketplace OpenSea shows that the Hypurr NFT collections generated more than $36 million worth of trading volume.