IOSG: Hyperliquid HIP-3 Perp DEX Volume Share Falls to 25.8% as Leader Trade[XYZ] Drops 44%

The headline number understates the structural story: more than half of registered HIP-3 venues are not trading at all, and the collapse of non-USDC settlement suggests the model's friction points are around collateral and settlement rather than demand alone. Concentration in a single leader means the whole category's share now tracks one venue's fortunes, so the pullback in Trade[XYZ] volumes drags the aggregate regardless of what other builders do. Whether the halted venues resume — and whether USDC-only settlement becomes the de facto standard — is the open question.