. @tradexyz now accounts for 96%+ of all HIP-3 volume, enough to equal 49% of Hyperliquid's core DEX daily volume, up 30% q/q. At first glance, that looks like one venue taking meaningful share. But HIP-3 is structured differently. @HyperliquidX takes a fixed 50% cut on every HIP-3 venue, with HIP-3 fees set at 2x core-DEX rates. The result is that Hyperliquid earns the same protocol fee whether trading happens on its own book or someone else's. Venue-level competition among HIP-3 deployers barely changes Hyperliquid's economics. That's a very different business model from one where the protocol has to win every competitive battle itself. In our latest Hyperliquid Q2 update, we break down HIP-3's full economics, HyperEVM growth, valuation, and the key risks we're watching. If you'd like to access the (free) report, see in comments below 👇