#去中心化衍生品交易 Hyperliquid's market share has dropped from 80% to 20%, and this move is truly aggressive. It seems they made a strategic mistake—jumping directly from B2C to B2B mode, handing over the initiative to third-party developers, which naturally causes liquidity to flow out in the short term. Lighter is taking advantage of the积分季 to aggressively吸血, and many trading volumes are clearly just for刷分.

But upon closer inspection, Hyperliquid might be playing a bigger game. If the HIP-3 and Builder Codes combo can truly be implemented successfully, it could create an ecological cycle—any frontend can access the complete market, which will motivate developers, and liquidity will follow. From the perspective of early participants now, innovations like perpetual stocks, USDe trading, and pre-IPO exposure are indeed things competitors don't have.

The question is whether this path can be successful, which depends on data from 2026. Once Lighter's TGE ends, incentivized liquidity will definitely flow back, and only then can we see if Hyperliquid's new model works or not. Currently, it looks tough in the short term, but it might be possible in the long term.