The more HIP-3 markets fail because they can't compete with XYZ's liquidity, market makers, and order flow, the clearer one thing becomes: you can't compete by becoming another copycat Dreamcash had strong backing from Tether and over 200k USDT in weekly incentives, but it still failed badly. besides, permissionless doesn't mean competitive. anyone can launch a HIP-3 market, but launching a market is very different from building one that can survive. when new entrants repeatedly fail, competition slows, and the market becomes increasingly dependent on a single dominant venue. that's why aggregation makes more sense than replication. it's to make every venue feel like one market to the trader. instead of forcing users to split capital across isolated venues, the future may look more like a single Credit Account that can access the best execution across multiple perp venues. One account → One margin → Many perp venues.