The crypto market has undergone significant changes in recent years, with traders increasingly focusing on traditional assets rather than cryptocurrencies. The growth of Web3 infrastructure has enabled the creation of permissionless trading ecosystems, allowing users to buy and sell a wide range of assets.
One notable example is Hyperliquid's HIP-3, which has become a major hub for trading commodities and equities. The platform has seen significant growth in open interest and DEX activity, with top 10 futures pairs on HIP-3 now containing six non-crypto asset classes. Oil, precious metals, and equities have become increasingly popular among traders, with the CL contract for WTI brand oil generating over $1B in daily volumes.
Another platform, Polymarket, has also seen significant growth as users take advantage of its prediction markets. The platform allows users to make directional bets on various assets and events, with oil being a particularly popular topic in March. With 152 prediction markets related to oil, traders are taking advantage of the platform's simplicity and ease of use.