#ETF与衍生品 Seeing Hyperliquid drop from 80% market share to 20%, some people are starting to become bearish. But what I want to say is that the turning point of this story is worth paying close attention to.

From the data, competition in the derivatives track is indeed intensifying, and "hiring-type liquidity" causes funds to flow temporarily to platforms with more attractive incentives. This is normal—early on, there are always trend followers. But the key issue is not the current rankings, but the direction of infrastructure evolution.

HIP-3 and Builder Codes represent a shift from B2C to B2B. This architectural innovation may seem like a retreat in the short term, but in fact, it is building a deeper moat. Let me use an analogy: if Hyperliquid was previously competing on features and speed, now it is building an ecosystem infrastructure—that takes time to mature, but once it does, it will be difficult for competitors to replicate.

There is an investment perspective worth considering: when we look at derivatives platforms, don’t just focus on short-term market share fluctuations. The long-term winners are often those projects willing to make strategic adjustments after profits peak. Just like building an investment portfolio, a temporary pullback of a single asset does not mean the wrong direction; the key is to judge whether they are making the right long-term layout.

For friends with a steady allocation of derivatives exposure, it is recommended to look at the bigger picture. Short-term changes in market share are often the best opportunities for observation, not signals of panic.