#ETF与衍生品 Recently learning about derivatives trading, I was a bit confused when I saw the news about Hyperliquid. 😅 The market share dropped from 80% to 20%, is this a sign of imminent decline?

After taking a closer look, I realized that it's not a decline but a "big reshuffle." They are shifting from B2C to B2B, positioning themselves as the "liquidity AWS" — in simple terms, moving from developing their own products to providing toolkits for others. HIP-3 and Builder Codes sound impressive, but for a newcomer like me, the core idea is: developers can create various derivatives markets on Hyperliquid and then distribute them to all users via wallets like Phantom and MetaMask.

Thinking this way, it does seem like a short-term loss, especially since incentives have stopped and liquidity is being siphoned off by competitors like Lighter. But in the long run? It feels like building a financial infrastructure, with more and more applications relying on it.

What I’m most curious about now is whether this transformation can ultimately turn things around or if the initial pain will last even longer. Can any experts explain when we might see real results from this model? 👀