#ETF与衍生品 Seeing Hyperliquid drop from 80% to 20% indeed touched many people's nerves. But upon a closer breakdown of this story, I see a different logic—this guy isn't declining, just changing tactics.

The monopoly position in the first phase was very虚, essentially built on incentives + first-mover advantage to accumulate liquidity. Once competitors react, losing market share becomes inevitable. The team behind Lighter maintains vertical integration,疯狂收割 during the激励季, making short-term data look very good. But I bet after this wave of TGE, it will significantly fall back—雇佣型流动性 in DeFi has always been like this.

What’s truly interesting is Hyperliquid’s B2B shift. The HIP-3 and Builder Codes combo is fundamentally about building infrastructure in the derivatives field. TradeXYZ offers perpetual stocks, Ventuals provides IPO pre-exposure, and these developers are willing to build on HL because they can access a complete ecosystem. This creates network effects that are hard for competitors to replicate.

From a follow-trade perspective, chasing Hyperliquid’s orders now might mean enduring short-term volatility. But if you look at the various emerging trading products derived from HIP-3—like niche speculative markets or pre-listing contracts—you might find opportunities to see professional traders perform on these new battlegrounds. The problem is, these traders are still few, and liquidity is in the accumulation stage.

Rather than going all-in on a single protocol now, it’s better to diversify based on your risk appetite: aggressive traders can follow high-frequency traders at the end of the激励季 to squeeze the last wave of gains; conservative traders should observe those with real trading depth within the HIP-3 ecosystem. The competition in the derivatives track has just begun, and the landscape is far from settled.