IOSG Analysis: The High Cost of HIP-3 Entry on Hyperliquid

An analysis by IOSG Ventures examines the performance of ten teams that registered perpetual markets on Hyperliquid under the HIP-3 proposal. Data shows that while ten teams registered, only four remain active, with Trade[XYZ] dominating 97.8% of the volume. The report highlights that HIP-3's share of total perpetual volume has declined from a peak of 57.1% in early August to below 30%, largely due to a significant increase in core market volume. Other challengers like Entropy and Paragon have struggled to maintain market share, and the report notes that non-USDC stablecoin settlement has proven unsustainable for these platforms.