#ETF与衍生品 Hyperliquid's market share dropped from 80% to 20%, and this reversal indeed triggered many bearish voices. But upon closer examination of the underlying logic, I think this is more like a strategic upgrade rather than a true decline.

The first phase of absolute dominance was built on the concentrated advantages of the B2C model—best UI, latest tokens, fastest deployment speed. But this advantage is essentially replicable; once competitors follow suit, combined with the "liquidity employment" incentive effect, a decline in market share becomes inevitable.

What truly excites me is the subsequent shift—from being the "best derivatives platform" to becoming the "liquidity AWS." This means Hyperliquid is betting on the future value of infrastructure layers. The combination of HIP-3 and Builder Codes is creating an ecosystem of "protocols as markets." Any developer can build unique trading pairs on it, and any frontend can directly access the full market liquidity—this virtuous cycle is far more imaginative than mere market share battles.

I predict 2026 will be the true testing period for Hyperliquid. When super apps built on its protocol begin to emerge and attract non-crypto-native users, we will realize that the current "decline" is actually a preparation for larger growth. The future of the derivatives track belongs to those players willing to step back from the product layer and focus on building solid infrastructure.