# ETF与衍生品

#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

#ETF与衍生品 Hyperliquid has fallen from 80% to 20%. On the surface, this appears to be due to intensified competition in the derivatives track, but the core issues exposed by on-chain data warrant attention.
Breaking it down: the first phase of dominance relied on early-mover incentives and UI experience, which have now been replicated by platforms like Lighter. The real turning point is the strategic shift—from B2C vertical integration to B2B infrastructure models, making short-term liquidity pressure inevitable.
But there is a signal worth tracking: the growth potential of HIP-3 custom markets

#ETF与衍生品 Seeing Hyperliquid drop from 80% market share to 20%, some people are starting to become bearish. But what I want to say is that the turning point of this story is worth paying close attention to.
From the data, competition in the derivatives track is indeed intensifying, and "hiring-type liquidity" causes funds to flow temporarily to platforms with more attractive incentives. This is normal—early on, there are always trend followers. But the key issue is not the current rankings, but the direction of infrastructure evolution.
HIP-3 and Builder Codes represent a shift from B2C to B2B

#ETF与衍生品 Seeing that Bitwise's Hyperliquid ETF is about to launch, with a fee rate of 0.67% and the stock code BHYP already confirmed, I have to say this: it is indeed a signal, but don't rush to follow the trend.
Having gone through so many cycles, I’ve noticed a pattern — derivatives and ETFs are increasing, but retail investors’ chances of making money are actually decreasing. Why? Because after institutional investors enter the market, liquidity does increase, but the pricing power shifts as well. Those high-leverage, high-fee products may seem convenient, but in reality, they are traps s

The grand token launch at the end of the year kicks off with an interesting comparison between Lighter and Hyperliquid.
After reviewing the discussions, the community is divided into two factions: one optimistic about Lighter's airdrop taking off within the year backed by giants like Coinbase and Robinhood, and the other questioning whether its ecosystem expansion space is too limited, fearing a collapse after the TGE due to waning incentives.
A closer look at their differences actually explains the situation quite well. Lighter's zero-fee model appears more user-friendly, but fundamentally it

#ETF与衍生品 Seeing Wood's recent statements, I am reminded of the logic behind the 2017 bull market—back then, the topic of institutional entry was also a hot discussion, but what was the real turning point? It still depends on whether products like ETFs can truly open the floodgates for institutional funds.
As for BTC's positioning within the global monetary system, I've heard this narrative for over a decade, but it took a full cycle for it to evolve from a geek toy to an institutional allocation asset. The flash crash on 10.11 is quite representative—BTC's liquidity was the strongest, yet it

#ETF与衍生品 Seeing Cathie Wood's latest insights really resonates with me! She clearly articulates the positioning of these three assets—BTC, ETH, and SOL—Bitcoin as the gateway to the global monetary system and institutional entry, Ethereum as infrastructure for institutions, and Solana as the space for consumer application imagination. This layered approach actually reflects the profound changes happening in the crypto world.
What excites me most is that traditional financial giants are truly taking action. Major institutions like Morgan Stanley, Bank of America, and Wells Fargo are officially

#ETF与衍生品 Seeing Hyperliquid drop from 80% to 20% market share, I’ve seen this scene too many times before. The ICO frenzy in 2017, Uniswap’s dominance in 2020, the synthetic assets race in 2021—each time following the same script: a product leverages first-mover advantage and execution to crush competitors, then makes a strategic shift at its peak, only to be eaten away by followers smelling blood.
But this time, Hyperliquid’s story is a bit different. On the surface, it’s the "old story" in the derivatives track: incentive exhaustion, competitors vertically integrating faster, market share s

#ETF与衍生品 Seeing Hyperliquid's market share drop from 80% to 20%, many are pessimistic, but I actually feel more excited. Behind this decline is actually a strategic upgrade — shifting from a B2C model competing for user traffic to building "liquidity AWS" as a B2B infrastructure.
In the short term, it's indeed painful, as competitors seize the opportunity to capture market share, and incentives can't keep up. But in the long run, the power of HIP-3 and Builder Codes has just begun to show. Imagine any developer being able to deploy their own derivatives markets on Hyperliquid — perpetual stoc

#ETF与衍生品 Seeing the news that Bitwise has submitted a revision for the Hyperliquid ETF, I am incredibly excited! What does this signify? After spot ETFs, the derivatives ecosystem is also moving into the mainstream view.
Think about it— from BTC spot ETFs to Ethereum spot ETFs, and now to derivatives track ETFs, this progression clearly shows that traditional finance is gradually embracing all dimensions of the crypto ecosystem. The 0.67% fee rate is also quite competitive, meaning institutional investors now have a cheaper and more convenient way to participate in high-performance trading ec