#ETF与衍生品 Recently, I discovered a particularly interesting phenomenon: Hyperliquid, a decentralized derivatives platform, dropped from an 80% market share to 20%. At first, I was shocked by this number and thought it was going to fail 😅. But after a deeper understanding, I realized that this guy is actually playing a big game — shifting from directly serving users to becoming an infrastructure provider.

Honestly, this gave me a new perspective on the development direction of ETFs and derivatives. The platform is pushing HIP-3 and Builder Codes, which means enabling other developers to build products on its foundation, creating a virtuous cycle. It feels a bit like transitioning from running a store to opening a shopping mall; the market share may drop in the short term, but in the long run, it could be part of a bigger pattern 🤔.

However, this also made a newcomer like me realize a problem — when choosing exchanges and derivatives platforms, you can't just look at current popularity and incentive activities; you also need to understand the underlying business logic. Recently, I saw some platforms still running incentive programs to grab market share, but if the infrastructure isn't solid enough, they might face user attrition later on.

Have any of you experienced the "pitfalls" of choosing the wrong platform? The market changes so quickly; share your insights!