《HIP-3: An Expensive Ticket, But No Moat You Can Buy》 (Author: Mario Chow @ IOSG) The article focuses on Hyperliquid's HIP-3 perpetual market, analyzing its high staking threshold, market competition, settlement assets, and liquidity structure. Data shows that 10 teams have already registered for the HIP-3 perpetual market, with most locking up around $40M in HYPE. However, Trade[XYZ] dominates with approximately 97.8% of the trading volume, and the 30-day trading volume has dropped 44.2% month-over-month. The article argues that USDC settlement is the key factor determining whether the market can sustain operations, as venues not using USDC settlement have already ceased trading. At the same time, the high cost of HIP-3 has not created a stable moat, leaving room for challengers to break in through asset selection, oracles, and product design. However, the overall trading volume and revenue scale remain limited, and ultimate competitiveness still depends on real liquidity and trading demand. Read the full article: https://(wublock123.com)/articles/hip-3-expensive-entry-no-bought-moat-59527