Hyperliquid's ecosystem takes shape around DEXs and HIP-3 perp venues.

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…