looks like @tradexyz just made another victim. i won’t lie, i was a fan of Ventuals as they were among the first teams to bring Hyperliquid pre-IPO stocks onchain unfortunately for them tho tradexyz controls the vast majority of volume across overlapping HIP-3 markets, often capturing 90%+ market share; and when one venue owns the liquidity, mindshare, and order flow, everyone else is effectively fighting over scraps. Ventuals ultimately became the worst-performing HIP-3 deployment by cumulative PnL which led it to where it is now the bigger question is whether HIP-3 can sustainably support multiple deployers, or if this naturally becomes a winner-takes-most market where one player captures the majority of the economics. regardless, props to @alvinhsia and team for making it this far. looking forward to seeing what they build next. hyperliquid