Hyperliquid打破「黑盒子上市」僵局，它改變了什麼？

近期，Hyperliquid公開上市機制引發熱議。不過，此事之所以能引起市場關注，與今年11月1日Moonrock Capital執行長西蒙的一則推特貼文密不可分。

Recently, Hyperliquid's public listing mechanism has sparked heated discussions. However, the reason why this matter can attract market attention is inseparable from a Twitter post by Moonrock Capital CEO Simon on November 1 this year. He claimed that "Binance requires a potential project to provide 15% of its total token supply to ensure its listing on CEX, which accounts for 15% of the total token supply, worth about 50 million to 100 million US dollars."

近日，Hyperliquid公開上市機制引發熱議。不過，此事之所以能引起市場關注，與今年11月1日Moonrock Capital執行長西蒙的一則推特貼文密不可分。他聲稱，“幣安要求潛在項目提供其總代幣供應量的15%，以確保其在CEX上市，該項目佔總代幣供應量的15%，價值約為5000萬至1億美元。”

At the same time, Sonic Labs co-founder Andre Cronje also wrote that "Binance does not charge listing fees, but Coinbase has repeatedly asked for fees and quoted $300 million, $50 million, $30 million, and the most recent offer is $60 million."

同時，Sonic Labs 聯合創始人 Andre Cronje 也寫道，“Binance 不收取上市費用，但 Coinbase 多次索要費用，報價為 3 億美元、5000 萬美元、3000 萬美元，最近的報價為 6000 萬美元。 ”

Why is there always a dispute over listing fees?

為什麼上​​市費用總是有爭議？

In the decentralized Crypto world, centralized CEXs have become the main participants. However, the black box operation of CEX listings is difficult for the market to buy, and there are "rumors" about CEX listings every once in a while. He Yi, the founder of Binance, once said after listing PNUT and ACT that "no listing fees were charged." Even a strong company like Binance needs to get out of the whirlpool of public opinion about "listing fees" through the listing of coins.

在去中心化的加密世界中，中心化的CEX成為主要參與者。但CEX上幣的暗箱操作很難讓市場買賬，時不時就會有關於CEX上幣的「流言」傳出。幣安創辦人何毅曾在PNUT和ACT上市後表示「不收上幣費」。即使是幣安這樣的實力公司，也需要透過上幣來走出關於「上幣費」的輿論漩渦。

Despite this, it is still difficult for the market to be convinced that CEX has no listing fees. Even if there is no "open and aboveboard" fee, there are still many rumors about hidden token fees. Although some leading CEXs clearly list no listing fees in their announcements, the project owners still need to pay a corresponding deposit to ensure that the price of the token remains stable after listing. At the same time, the CEX's investment share and activity funds and other matters must be agreed upon with the CEX when listing. These hidden listing fees that are difficult to explain have also become the reason why the market concludes that CEX's listing is a "black box" operation.

儘管如此，市場仍然很難相信CEX沒有上幣費。即使沒有「光明正大」的收費，關於隱藏代幣收費的傳聞仍然不少。儘管一些領先的CEX在公告中明確列出不收取上幣費用，但專案方仍需要繳納相應的保證金，以確保上幣後代幣價格保持穩定。同時，CEX的投資份額和活動資金等事項須在上市時與CEX達成協議。這些難以解釋的隱性上幣費用也成為市場斷定CEX上幣是「黑箱」操作的原因。

On the one hand, such a cumbersome and opaque listing mechanism is an additional burden for the project parties. The project parties need to spend extra costs to deal with the listing affairs of CEX, which will lead to the problem of reverse screening. The project parties are not interested in long-term development, but will have the expectation of "good luck with listing", which ultimately leads to most of the projects listed on the exchange running away.

一方面，如此繁瑣且不透明的上幣機制對專案方來說是額外的負擔。專案方需要花費額外的費用來處理CEX的上市事務，這會導致反向篩選的問題。專案方不追求長遠發展，而是抱著「上市大吉大利」的期待，最終導致大部分在交易所上市的專案跑路。

On the other hand, the unfair listing of CEX has even evolved into a niche track. Researching listing has become a serious "business", and listing has become a compulsory course for many investors and KOLs. For example, some time ago, Formula News made a huge profit of 3 million US dollars after ACT was listed through news trading on listing.

另一方面，CEX的不公平上市甚至演變成了小眾賽道。研究上市已經成為一門正經的“正事”，上市也成為許多投資者、KOL的必修課。例如前段時間，Formula News在ACT上市後，透過上市新聞交易，獲得了300萬美元的巨額利潤。

Equation News conducts preemptive trading through coin listing announcement

方程式新聞透過上幣公告進行搶先交易

It can be said that cryptocurrencies have suffered from centralization for a long time. The wealth effect of each coin listing is almost taken away by CEX (coin listing fees) and scientists (preemptive trading after coin listing). The project party has to bear a considerable coin listing fee and thus sacrifice the quality of the project. Everything is ultimately paid for by retail investors. The logic of the coin listing incident is exactly the same as that of retail investors embracing memecoin and rejecting VC coins today. The core is still inseparable from fairness.

可以說，加密貨幣長期以來飽受中心化之苦。每個上幣的財富效應幾乎都被CEX（上幣費）和科學家（上幣後搶先交易）拿走了。專案方要承擔相當大的上幣費用，從而犧牲了專案的品質。一切最終都是由散戶所買單的。上幣事件的邏輯與今日散戶擁抱memecoin、拒絕VC幣的邏輯如出一轍。核心還是離不開公平。

HYPE hits new highs again and again, what is the market optimistic about?

HYPE連創新高，市場看好什麼？

However, the emergence of Hyperliquid broke the deadlock of "black box listing".

然而Hyperliquid的出現打破了「黑箱上市」的僵局。

Hyperliquid's popularity in the crypto world can be traced back to the rise of HYPE. It took HYPE only two weeks after its tge to enter the top 50 in terms of market capitalization, surpassing new and old projects such as Fantom and Bittensor, and even Arbitrum itself. Although the Perp DEX narrative is no longer a new narrative, Hyperliquid has successfully focused the market's attention on DEX again.

Hyperliquid 在加密世界的流行可以追溯到 HYPE 的興起。 HYPE在其tge後僅兩週就進入市值前50名，超越了Fantom和Bittensor等新舊項目，甚至Arbitrum本身。儘管 Perp DEX 敘事已不再是新的敘事，但 Hyperliquid 成功地將市場的注意力再次聚焦到了 DEX 上。

The coin listing mechanism is indispensable

上幣機制不可或缺

Just today, HYPE broke through $20, setting a new record high. Behind the new high, on the one hand, it is inseparable from Hyperlqiuid's precise "market aesthetics", which keenly captured the market pulse of "VC to meme" in this cycle. As a project that looks like "VC gathering temperament", Hyperliquid did not follow the old path of VC financing first, then increasing the volume and then listing on the exchange for shipment. Its founder Jeff has also publicly expressed his dissatisfaction with this form and market logic many times.

就在今天，HYPE突破20美元，創下新高。新高的背後，一方面離不開Hyperlqiuid精準的“市場美學”，敏銳地抓住了本輪週期“VC to meme”的市場脈搏。作為一個看似「VC聚集氣質」的項目，Hyperliquid並沒有走VC先融資、再做量、再上交易所出貨的老路。其創辦人傑夫也多次公開表達了對這種形式和市場邏輯的不滿。

On the other hand, Hyperliquid's team operations and project development are also online. Hyperliquid's ambition is not limited to PerpDEX, but it is also actively building a "transaction" public chain with low latency, high throughput, high-frequency transactions and order books. When the underlying logic is transformed from PerpDEX to a public chain, its valuation ceiling is

另一方面，Hyperliquid的團隊營運和專案開發也在線上。 Hyperliquid的野心不僅限於PerpDEX，它還在積極打造一條低延遲、高吞吐量、高頻交易和訂單簿的「交易」公鏈。當底層邏輯從PerpDEX轉型為公鏈時，其估價上限為