超流動性：當區塊鏈必須證明其價值時

當一個加密項目崩潰時，社區會咬緊牙關，夢想著光明的未來。但當整個區塊鏈出現問題時會發生什麼？

Hyperliquid has quickly become a major player in the DEX landscape since launching in 2024. Its flagship offering is a perpetual trading platform that currently commands 70% of the market share, outpacing competitors like dYdX and GMX. With daily trading volume reaching $260 million, Hyperliquid’s growth has surpassed expectations.

自 2024 年推出以來，Hyperliquid 迅速成為 DEX 領域的主要參與者。 Hyperliquid 的每日交易量達到 2.6 億美元，其成長超出了預期。

However, this success is tenuous, as the blockchain is notably lacking in developers to expand its ecosystem.

然而，這種成功是脆弱的，因為區塊鏈明顯缺乏開發人員來擴展其生態系統。

As VanEck, an asset manager, points out, Hyperliquid’s success is a delicate balancing act.

正如資產經理 VanEck 指出的那樣，Hyperliquid 的成功是一種微妙的平衡行為。

“If the community does not see its expectations met, the prisoner’s dilemma of the wealthy HYPE holders could quickly derail,” he notes.

「如果社區的期望沒有得到滿足，富有的 HYPE 持有者的囚徒困境可能很快就會脫軌，」他指出。

With a market capitalization of $25 billion, the HYPE token has seen its value multiply by five since it was airdropped in November 2024. But it must demonstrate its resilience beyond market fluctuations.

HYPE 代幣的市值已達 250 億美元，自 2024 年 11 月空投以來，其價值已翻了五倍。

Several factors contribute to the buzz surrounding Hyperliquid. Firstly, its hybrid technology combines the speed of an L1 blockchain with the interoperability of an L3 system. This architecture enables Hyperliquid to process 100,000 orders per second, far outpacing dYdX's capacity of 2,000 orders per second.

有幾個因素導致了圍繞超液體的熱議。首先，其混合技術將 L1 區塊鏈的速度與 L3 系統的互通性結合在一起。該架構使 Hyperliquid 能夠每秒處理 100,000 個訂單，遠遠超過 dYdX 每秒 2,000 個訂單的處理能力。

Secondly, Hyperliquid's pricing model is more competitive than its rivals, attracting high trading volumes. Finally, its proximity to Ethereum opens up a vast market, comprising $75 billion in tokens, $111 billion in stablecoins, and $400 billion in ETH.

其次，Hyperliquid的定價模式比競爭對手更具競爭力，吸引了高交易量。最後，它與以太坊的接近開闢了一個廣闊的市場，其中包括 750 億美元的代幣、1,110 億美元的穩定幣和 4,000 億美元的 ETH。

To sustain this rapid growth, Hyperliquid must entice more developers to build within its ecosystem. Currently, only around half a dozen decentralized applications are operating on Hyperliquid's EVM testnet. While promising, this number is insufficient to justify such a high valuation.

為了維持這種快速成長，Hyperliquid 必須吸引更多開發人員在其生態系統中進行開發。目前，只有大約六個去中心化應用程式在 Hyperliquid 的 EVM 測試網路上執行。儘管前景光明，但這個數字不足以證明如此高的估值是合理的。

The broader context: a fiercely competitive crypto market

更廣泛的背景：競爭激烈的加密貨幣市場

Hyperliquid's success is part of a wider trend, as highlighted by the increasing popularity of decentralized crypto exchanges. In December 2024, these exchanges collectively processed a record volume of $433 billion.

Hyperliquid 的成功是更廣泛趨勢的一部分，去中心化加密貨幣交易所的日益普及就凸顯了這一點。 2024 年 12 月，這些交易所的總處理量達到創紀錄的 4,330 億美元。

However, in an industry where open-source code can be easily copied, DEXs like Hyperliquid must devise strategies to protect themselves from competition.

然而，在一個開源程式碼很容易被複製的行業中，像 Hyperliquid 這樣的 DEX 必須制定策略來保護自己免受競爭。

In the past year, Hyperliquid has:

在過去的一年裡，Hyperliquid 實現了：

Despite these efforts, Hyperliquid's model is not without vulnerabilities. The HYPE tokens, which were distributed generously via an airdrop, could become a point of weakness if the promised governance and rewards fail to materialize.

儘管做出了這些努力，Hyperliquid 的模型並非沒有漏洞。如果承諾的治理和獎勵未能實現，透過空投慷慨分發的 HYPE 代幣可能會成為一個弱點。

Hyperliquid must also address concerns regarding its closed-source code, as highlighted in a tweet by the company:

Hyperliquid 還必須解決對其封閉原始碼的擔憂，正如該公司在推文中所強調的那樣：

“Open source is important. Our developments will become public once their stability is assured.”

「開源很重要。一旦穩定性得到保證，我們的進展就會公開。

Finally, the foundation's delegation program, which aims to diversify the validator network, must be swiftly implemented to assuage a demanding community. As Hyperliquid pushes the boundaries of innovation and agility, the unforgiving nature of the crypto market leaves no room for strategic missteps.

最後，基金會的委託計畫旨在使驗證者網絡多樣化，必須迅速實施，以緩解要求嚴格的社區。隨著 Hyperliquid 不斷突破創新和敏捷性的界限，加密市場的無情本質不允許出現策略性失誤。

Meanwhile, Hyperliquid developers are keeping a close watch on threats lurking in the shadows, particularly North Korean hackers. In the lead-up to Christmas, they already triggered mass withdrawals to the tune of $256 million. If Hyperliquid aspires for a prosperous future, it must navigate cautiously in these shark-infested waters. The story continues to unfold.

與此同時，Hyperliquid 開發人員正在密切關注潛伏在陰影中的威脅，尤其是北韓駭客。在聖誕節前夕，他們已經引發了高達 2.56 億美元的大規模提款。如果 Hyperliquid 渴望繁榮的未來，它必須在這些鯊魚出沒的水域中謹慎航行。故事還在繼續展開。

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