Hyperliquid's Market Share Plummets 60% — Can HIP-3 and Builder Codes Restore Its Dominance?

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Hyperliquid's market share has fallen 60% in just seven months, from 80% in May 2025 to 20% by early December 2025. The shift to a B2B model slowed product updates and let rivals catch up. Now, the platform is pushing HIP-3 and Builder Codes to attract developers and expand use cases. These tools aim to drive new user growth and reshape market trends in decentralized derivatives. Market analysis shows the strategy could help Hyperliquid regain lost ground.
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