Solana's ambitious vision of becoming the "Internet Capital Markets" is facing significant challenges as Hyperliquid emerges as a formidable competitor. Solana, once hailed as an "Ethereum killer," has seen its SOL token drop 73.5% from its peak, underperforming major cryptocurrencies like Bitcoin and Ethereum. The Solana Foundation's vision of a global trading network encompassing stocks, commodities, and more is under pressure as Hyperliquid's focused, trading-driven approach gains traction. Hyperliquid, initially an on-chain perpetuals trading platform, has evolved into a comprehensive financial infrastructure, attracting capital and traders. This shift highlights the importance of performance and liquidity over a broad ecosystem, challenging Solana's strategy. The Solana ecosystem also suffered a setback with the Drift Protocol attack, resulting in over $200 million in losses, further eroding confidence. In response, Solana's founder Anatoly Yakovenko has promoted Phoenix, a decentralized platform, to regain market share. Despite increased popularity, Phoenix's trading volume remains significantly lower than leading platforms. As Solana grapples with internal divisions and external competition, its future in the "internet capital market" remains uncertain.