#ETF与衍生品 The recent moves by Hyperliquid are quite interesting. Their market share has dropped from 80% to 20%, which on the surface looks like a defeat, but in reality, they are playing a bigger game.

The core logic is as follows: Hyperliquid is shifting from a pure B2C model to B2B, positioning itself as the "Liquidity AWS." Through HIP-3 and Builder Codes, third-party developers can build specialized products on top. In the short term, they are indeed losing money because competitors are still aggressively incentivizing traffic, but in the long run, this is the real moat.

For us retail enthusiasts, now is a good opportunity. Various new markets and interactions will gradually emerge within the Hyperliquid ecosystem—perpetual stocks, pre-IPO exposure, niche asset trading—all of which are fresh airdrop opportunities. Plus, with Builder Codes integrated into wallets like Phantom and MetaMask, more non-crypto-native users will flood in the future, making the ecosystem more vibrant.

It is recommended to start paying attention to new project developments on HIP-3, especially those newly launched trading terminals and markets, as they often offer early interaction rewards. Don't be scared by the short-term decline in market share; Hyperliquid is playing a long game, and we should participate according to the rhythm.