The Hyperliquid ecosystem has coalesced around two distinct tracks: conventional DEXs, led by Project X and HyperSwap, and HIP-3 perpetual DEX platforms, where tradeXYZ and Dreamcash have established early dominance.
The split reflects a broader pattern in on-chain trading infrastructure — spot liquidity and perp markets developing in parallel rather than converging. HIP-3 in particular enables permissionless perpetuals deployment, giving builders a native path to launch leveraged markets without relying on centralised venues.
As liquidity deepens across both tracks, Hyperliquid's pitch as a self-contained trading layer becomes more credible.
Frequently asked questions
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What are the main projects driving the conventional DEXs in Hyperliquid's ecosystem?
The main projects driving the conventional DEXs in Hyperliquid's ecosystem are Project X and HyperSwap.
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How does HIP-3 facilitate the launch of leveraged markets?
HIP-3 enables permissionless perpetuals deployment, allowing builders to launch leveraged markets without relying on centralized venues.
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