#ETF与衍生品 Seeing Hyperliquid's market share drop from 80% to 20%, many are pessimistic about it, but I see a different story.

This is not the failure of the derivatives track, but rather a grander transformation — shifting from solely pursuing trading volume to building the infrastructure layer of decentralized finance. It's similar to the story of AWS back in the day: Amazon abandoned retail profit maximization and instead built an empire of cloud computing.

HIP-3 and Builder Codes embody this logic. Imagine any developer being able to seamlessly launch new markets on Hyperliquid — perpetual stocks, pre-IPO exposure, even gaming asset trading. These markets can be plugged into wallets like Phantom and MetaMask, allowing users to switch effortlessly without noticing. This creates a true network effect.

In the short term, this strategy may suffer. Competitors seize the transition period to aggressively push incentives, and "hiring liquidity" yields quick results. But in the long run? When the HIP-3 ecosystem explodes, and the first wave of super apps are born on it, attracting Web2 users to flood in, Hyperliquid will be the real hub for global financial transactions.

The future of the derivatives track is not dominated by a single player, but a winner-takes-all scenario at the infrastructure layer. This is the most exciting part of decentralized finance — enabling anyone to participate in building. It’s still early, but I am full of anticipation for this path.