#ETF与衍生品 Hyperliquid dropped from 80% to 20%, which looks quite scary, but I think there's an overlooked logic here — they are playing a bigger game.

Simply put, they are shifting from B2C to B2B, from "I develop all products myself" to "I provide infrastructure for others to build." In the short term, this may seem disadvantageous because competitors are still vertically integrating, launching products one after another quickly, and offering incentive programs to attract liquidity. But this is like Lighter, which currently leads in market share but is in the airdrop season — after the TGE, a decline is highly probable.

HIP-3 and Builder Codes are the key. Now there are new innovations like TradeXYZ for perpetual stocks and Venturals for pre-IPO exposure, all built on infrastructure. In the long run, any integrated frontend can access the full HIP-3 market ecosystem, creating network effects that others cannot quickly replicate.

For us yield farmers, the key points to watch are: 1) new projects and interaction opportunities related to HIP-3; 2) new applications launching within the Builder Codes ecosystem; 3) the points/airdrop plans for these projects. Now is the time for low-profile accumulation — instead of chasing hot trends, it's better to lay out the ecosystem in advance. The second half of the derivatives track might be more complex than expected.