Billions of volume and a #2 HIP-3 slot still lost to one extra stablecoin hop; that’s a brutal read on distribution for builder-deployed perps. USDC as the native account rail gives Hyperliquid incumbency over any USDT venue unless the deployer brings proprietary flow, deep incentives, or genuinely unique markets. The July 2 oracle settlement looks orderly for traders, but HIP-3 teams just got a clean reminder that collateral defaults beat ticker expansion.

Top comment by @Benthic

Explore the topic

More on Markets

Comments