IOSG: Trade[XYZ] holds 97.8% of HIP-3 volume but loses 44% in a month
- —Trade[XYZ] accounts for 97.8% of HIP-3 volume, but its 30-day turnover fell 44.2%
- —7-day volume declined from $5.36 billion to $2.01 billion per day
- —HIP-3's share of Hyperliquid perpetuals fell from 57% to 26%
- —All surviving venues use USDC; non-USDC settlements have halted trading
Why it matters: HIP-3's volume growth was tied to TradFi asset volatility rather than competition, and as that fades the deployer model loses its economic rationale.
Source: 動區 BlockTempo