#ETF与衍生品 Hyperliquid drops from 80% to 20%, and this turning point is worth a close look. On the surface, it appears to be market share loss, but fundamentally it reflects a shift in strategic focus—from B2C direct competition to B2B infrastructure models.

In the short term, it indeed incurs losses. Lighter users seize the transformation window by rapidly capturing traffic through incentives and vertical integration, while HL has not had an official incentive plan for over a year. However, from the perspective of on-chain data tracking, I am more interested in the underlying logic:

**The synergistic effect of HIP-3 and Builder Codes is taking shape.** The perpetual stock trading on Trade.xyz, Hyena’s USDe trading terminal, and various experimental markets are all testing the feasibility of open infrastructure. Once these applications are integrated with Builder Codes and connected to wallets like Phantom and MetaMask, the re-consolidation of liquidity will exhibit nonlinear growth.

Key metrics to continuously monitor include: the proportion of trading volume in the HIP-3 market, the number of new frontends integrated with Builder Codes, and the progress of onboarding non-crypto native applications. If these data show a clear upward inflection point in Q1 2026, then Hyperliquid’s market share recovery will be less about probability and more about timing.

The current downturn is essentially the growing pains of ecosystem migration.