#ETF与衍生品 Seeing Hyperliquid's market share drop from 80% to 20%, many people are starting to pessimistically view this once-dominant derivatives leader. But if you only look at surface data to draw conclusions, you're really missing a brilliant strategic turnaround.

This is actually a very interesting case—Hyperliquid is evolving from a "liquidity aggregator" into "liquidity's AWS." In simple terms, it no longer just aims to be the strongest exchange but wants to become the infrastructure for the entire derivatives ecosystem.

The key lies in the new mechanisms HIP-3 and Builder Codes. Imagine any developer being able to create customized markets on Hyperliquid, which then automatically connect to all compatible wallets like Phantom, MetaMask, and others. This is like opening a "LEGO block" mode in the derivatives world—perpetual stocks, pre-IPO exposures, NFT derivatives... All innovations can be quickly launched and gain liquidity.

In the short term, the market share loss is indeed eye-catching. But in the long run, this model is the ultimate vision for Web3 finance—decentralized, modular, and infinitely composable. Competitors relying on incentivized wash trading to maintain market share will inevitably see liquidity shrink after token releases, while Hyperliquid is quietly building a self-growing ecosystem.

The derivatives track has just begun; the real big show is still ahead. Sticking with projects that have deep narratives often brings the biggest surprises.