#ETF与衍生品 Seeing Hyperliquid's market share drop from 80% to 20%, I've seen this scene too many times before. The ICO boom in 2017, the DeFi summer in 2020, the NFT frenzy in 2021—each time, one or two projects briefly dominate the scene, only to stumble amid competition and strategic adjustments.

But this time, I see something different.

Hyperliquid's decline on the surface is a loss of market share, but fundamentally it's a pain point shifting from B2C to B2B. This transition may seem like a misstep, but in reality, it's a bet on future infrastructure competition. Remember when AWS first launched, many didn't understand why Amazon would open its core infrastructure to third parties—what happened next?

The logic behind HIP-3 and Builder Codes is clear—allow developers to build differentiated products on Hyperliquid, rather than the platform trying to do everything itself. @tradexyz's perpetual stocks, @ventuals' pre-IPO exposure, @trovemarkets' niche asset trading—these aren't directly built by Hyperliquid, but they all run on its infrastructure.

In the short term, this is indeed awkward. Lighter seizes the opportunity, easily capturing traffic through seasonal points. But what I'm thinking about is the scenario 18 months from now: if the HIP-3 market ecosystem truly takes hold, the market structure for derivatives could change fundamentally. Platforms will no longer compete on product breadth but on the reliability of infrastructure and developer experience. It's like the smoke-filled battles among CEXs back in the day—ultimately, the winners were those exchanges that positioned themselves as underlying infrastructure.

Hyperliquid's current predicament is actually paying for a bigger bet. Whether this path succeeds depends critically on the enthusiasm of ecosystem developers and whether non-crypto users can truly enter through these super apps. If it works, looking back at this 60% drop might just be the price of turning around.