#ETF与衍生品 Hyperliquid's market share dropped from 80% to 20%. It looks bleak, but I believe this move is actually a signal of long-term strategic positioning. Previously, they relied on points + new token launch advantages to build market share, but now they are shifting towards a B2B model to create "Liquidity AWS." In the short term, traffic will flow to competitors like Lighter that are still in the points season, which is normal.

What to truly focus on is the synergistic effect of HIP-3 and Builder Codes—once integrated into the front end, all HIP-3 markets become accessible, motivating developers to launch new products on top. This means that in the future, trading pairs will evolve from centralized official libraries to an ecosystem of unlimited expansion, with liquidity sources no longer driven by official incentives but by natural traffic from the application layer.

For the "profit-chasing" community, this is a new opportunity. We await the stage where super apps built on Hyperliquid attract non-crypto native users, significantly expanding the ecological interaction space, with more diverse new projects and interaction scenarios. Currently, there's no need to follow the trend to Lighter; instead, you can experience various innovative markets of HIP-3 on Hyperliquid, familiarize yourself with the ecosystem gameplay early, and prepare for the next wave of growth. In the short term, it may seem like decline, but in reality, it's paving the way for larger-scale expansion.