# XYZ Architecture

Hyperliquid is a performant blockchain that offers permissionless access to hundreds of perpetual trading markets. Trades, execution, and settlement are all handled on-chain and processed by Hyperliquid’s decentralized set of [validators](https://hyperliquid.gitbook.io/hyperliquid-docs/validators). 

Hyperliquid Improvement Proposal 3 (HIP-3) lets independent builders deploy and operate their own perpetual markets on Hyperliquid. You can read more details about HIP-3 in Hyperliquid’s documentation [here](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals).

**The XYZ protocol** is a HIP-3 DEX that defines market listings, oracle sources, leverage limits, and other parameters for XYZ markets. XYZ markets exist for a range of asset classes, including equities, indices/ETF's, and commodities.

**trade\[XYZ]** is an interface providing access to XYZ markets and other Hyperliquid markets. It is not the exclusive means of accessing XYZ markets.

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<table><thead><tr><th width="212.484375">HIP-3 Metadata</th><th>Value</th></tr></thead><tbody><tr><td>Name</td><td><code>xyz</code></td></tr><tr><td>Full Name</td><td><code>XYZ</code></td></tr><tr><td>Deployer</td><td><code>0x88806a71D74ad0a510b350545C9aE490912F0888</code></td></tr><tr><td>Oracle Updater</td><td><code>0x1234567890545d1Df9EE64B35Fdd16966e08aCEC</code></td></tr></tbody></table>