#ETF与衍生品 Seeing Hyperliquid's market share drop from 80% to 20%, many people are pessimistic. But I believe this is precisely the most easily misunderstood moment.

On the surface, it looks like a setback, but in essence, it is a strategic shift—from "I am all-powerful" to "I empower." Hyperliquid has abandoned aggressive expansion on the B2C side and instead is building a "liquidity AWS," enabling third-party developers to freely create derivatives markets through HIP-3, and allowing any frontend (Phantom, MetaMask, etc.) to access the complete trading ecosystem via Builder Codes.

This may seem to lose out in the short term because competitors are still engaged in incentive wars and rapid feature releases. But in the long run? When more innovative markets launch on HIP-3, when super apps emerge based on the Hyperliquid ecosystem, and when ordinary users can seamlessly trade stocks, raise pre-IPO funding, or even manage Pokémon assets through a single wallet... that will be the true explosion.

It's like shifting from a single exchange to a financial infrastructure layer. The derivatives race will become more crowded, but only a few decentralized layers will achieve the "everything is tradable" goal.

The future of derivatives isn't about who offers the most incentives, but about whose ecosystem is open and deep enough. The current growing pains may just be the preparation for the next phase of takeoff.