trade.xyz dominates the majority of HIP-3 volume, but non-XYZ deployers collectively grew from $6M to $110M OI in 10 weeks, with peak weekly volume reaching $2.2B.
> Dreamcash is the breakout among new deployers. Launched 3 weeks ago, it already generates ~$1.1B in peak weekly volume. Volume growth outpacing OI growth signals active trading demand, not just passive positioning.
> Hyperliquid's 24/7 structure gives HIP-3 a structural edge over COMEX. While COMEX closes on weekends, HIP-3 processed meaningful volume on SILVER and GOLD perps continuously, proving demand for around the clock risk transfer in commodity markets.
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