#ETF与衍生品 Hyperliquid has fallen from 80% to 20%, and this move is worth reviewing.

Honestly, when I saw them shift from B2C to B2B and from rapid iteration to infrastructure development, I sensed there would be short-term pain. The loss of market share is not surprising—competitors are vertically integrated, incentives are still running, and HL has been paused for over a year during the points season, so liquidity being "employed" elsewhere is inevitable.

But there's a detail worth paying attention to: the ecosystem expansion of HIP-3 and Builder Codes. Recently, I observed TradeXYZ launching perpetual stocks on HL, Ventuals doing pre-IPO trading, and other seemingly niche applications forming network effects. The key is that any front-end integrated with HL can access these markets with one click, creating a real competitive moat—not just relying on incentives and first-mover advantages.

From a copy-trading perspective, this is an interesting time. Traders chasing points on platforms like Lighter face a high risk of liquidity drying up after TGE. Conversely, experts focusing on derivatives depth and innovative products on HL are accumulating real alpha. If HIP-3 indeed becomes a significant part of total trading volume by 2026, early players in this track will have a structural advantage.

This is not to say HL will definitely turn things around, but short-term market share figures mask the long-term product evolution logic. Practical experience will tell, and we need to keep observing.