Oh my God, Hyperliquid's market share plummeted from 80% to 20%?😱 Just starting to understand decentralized derivatives trading, and I hear such explosive news, I’m a bit stunned...

After reading carefully, I finally understood what happened. It turns out HL's issue isn't the product itself, but a major shift—moving from directly serving users to building infrastructure, becoming a "liquidity AWS." In the short term, it was indeed overshadowed by competitors like Lighter, but in the long run, this move seems to be a deep strategic layout?

HIP-3 and Builder Codes are particularly interesting features. HIP-3 allows developers to create various new derivative markets (perpetual stocks, pre-IPO exposure, even Pokémon trading🤯), and Builder Codes enable any wallet app to access these markets. This creates a virtuous cycle—developers are willing to launch new products, users can trade in more places, and liquidity consolidates.

Honestly, as a newcomer, I still have some concerns. Lighter has attracted so much traffic during the points season; will it truly flow back after the TGE? It feels like this test is not only about technology but also patience and confidence. I’d like to hear everyone’s thoughts—can HL’s "long-termism" strategy really work?