BlockBeats report: On March 16, a withdrawal run occurred on the HIP-3-based trading platform Ventuals, causing the platform’s HYPE liquid staking token, vHYPE, to briefly drop to $9 before rebounding to $31. HYPE is currently trading at $37.50, with vHYPE still trading at an approximately 18% discount.
Hyperliquid HIP-3 allows anyone to deploy their own perpetual futures sub-DEX, but requires staking at least 500,000 HYPE. Ventuals accepts user HYPE and issues liquid staking tokens called vHYPE; however, its treasury is now nearing the minimum 500,000 HYPE staking threshold, triggering user panic and redemption requests.
Ventuals CEO Alvin Hsia stated that this is not a bug, but rather a design rule itself. Withdrawals will be paused after approaching the treasury threshold to avoid disrupting traders in the Ventuals market. Ventuals is collaborating with private LPs to increase HYPE holdings. Ventuals and its partners will provide exchanges at a vHYPE-to-HYPE ratio of 0.85:1 through major secondary liquidity pools, serving as the final discount floor, guaranteeing users an exit at a maximum 15% discount if immediate liquidity is needed.