#ETF与衍生品 Hyperliquid's market share has dropped from 80% to 20%, and this turning point warrants an in-depth review.

The key lies in the strategic shift—from B2C product stacking to B2B infrastructure development. In the short term, this indeed hurt liquidity absorption, allowing competitors to seize the opportunity. Platforms like Lighter rapidly gained market share through continuous incentives and feature completion. But this is not a sign of failure; rather, it is laying the groundwork for a long-term ecosystem.

The synergy between HIP-3 and Builder Codes is the real key. Any frontend integrated with Hyperliquid can immediately access the entire HIP-3 market, creating strong incentives for developers—new markets can be distributed across multiple chains like Phantom, MetaMask, etc. The signals I observe are that projects like TradeXYZ's perpetual stocks and Ventuals' pre-IPO exposure are already testing this logic.

The true threat is not the current market share figures but whether a positive feedback loop can form after launching HIP-3 markets. If these third-party markets indeed generate significant trading volume, Hyperliquid will shift from "single product competition" to "market ecosystem competition"—a completely different moat.

On-chain signals to watch: the daily average trading volume proportion of HIP-3 markets, the growth rate of active wallets connected via Builder Codes, and the capital flow stability of these new markets. It is still in the early validation stage, but the logic is self-consistent.