#ETF与衍生品 Seeing Hyperliquid's market share drop from 80% to 20%, many are pessimistic, but I actually feel more excited. Behind this decline is actually a strategic upgrade — shifting from a B2C model competing for user traffic to building "liquidity AWS" as a B2B infrastructure.

In the short term, it's indeed painful, as competitors seize the opportunity to capture market share, and incentives can't keep up. But in the long run, the power of HIP-3 and Builder Codes has just begun to show. Imagine any developer being able to deploy their own derivatives markets on Hyperliquid — perpetual stocks, pre-IPO exposure, niche asset trading — and these markets can be distributed through any integrated frontend (Phantom, MetaMask, etc.). This creates a perfect network effect flywheel.

The future of the derivatives track won't be monopolized by a single platform but will form an ecosystem of infrastructure + application layers. Hyperliquid is working to become that foundational layer everyone wants to build on. It's somewhat similar to the logic of ETFs — lowering participation barriers through standardized tools and unleashing infinite innovation possibilities.

So this isn't decline; it's the inevitable path for Web3 financial infrastructure from 0 to 1 and beyond. The truly exciting story has just begun.