#去中心化衍生品交易 Hyperliquid's market share dropped from 80% to 20%, which looks pretty bad, but I think there's no need to be too pessimistic this time.

The core issue is actually a strategic choice. Switching from B2C to B2B, abandoning short-term incentive battles, and instead building a "Liquidity AWS" — this decision was indeed exploited by competitors like Lighter, which took advantage of the current situation. After all, they are still in the points season, aggressively siphoning off a lot of "employed liquidity."

But the key is that the combination of HIP-3 and Builder Codes is starting to take effect. Perpetual stocks on TradeXYZ, the USDe terminal on HyenaTrade, IPO pre-exposure on Ventuals — these are all running on HIP-3. Once these innovative products are distributed through wallets like Phantom and MetaMask, liquidity can automatically aggregate, creating a virtuous cycle.

For us "撸毛" enthusiasts, the opportunities are actually greater. After Lighter's points season TGE, their market share will likely decline, and new projects on HIP-3 will come online one after another. At that point, interactive tasks will be especially abundant. It's recommended to solidify the foundation of HL now, while also paying attention to new players in the HIP-3 ecosystem — this is the real incremental airdrop opportunity in 2026. In the short term, HL may seem to be falling behind, but the long-term rhythm is still on track.