IOSG Report: Hyperliquid HIP-3 Market Concentration and Volume Decline

An IOSG report reveals that Trade[XYZ] accounts for 97.8% of trading volume among Hyperliquid HIP-3 deployers, though its daily volume has dropped significantly from $5.36 billion in early August to $2.01 billion. The decline is attributed to reduced volatility in underlying assets rather than competition. Data indicates that while ten teams deployed perpetual markets, most have seen minimal activity, and those using non-USDC stablecoins for settlement have ceased operations.