Hyperliquid：「鏈上幣安」揭幕

Hyperliquid 於 2023 年推出，專注於提供更去中心化的交易選項的鏈上衍生性商品交易平台。

Hyperliquid, a decentralized derivatives trading platform, launched in 2023 with the goal of creating a fully integrated financial hub. As part of its strategy, Hyperliquid began airdropping a total of $1.2 billion worth of $HYPE tokens to early users on 2024/11/29.

Hyperliquid 是一個去中心化衍生性商品交易平台，於 2023 年推出，目標是創建一個完全整合的金融中心。作為其策略的一部分，Hyperliquid 於 2024 年 11 月 29 日開始向早期用戶空投價值總計 12 億美元的 $HYPE 代幣。

With the price of $HYPE reaching $3.9 at the time of the airdrop and peaking at $34 on 12/24, the FDV market cap reached $34 billion, roughly a quarter of BNB's market cap. Notably, despite being historically the highest-value airdrop, the team stated that they did not conduct any fundraising, which stands in stark contrast to the accumulated trading volume and revenue generated by the token before its issuance.

隨著空投時 $HYPE 的價格達到 3.9 美元，並在 12 月 24 日達到高峰 34 美元，FDV 市值達到 340 億美元，大約是 BNB 市值的四分之一。值得注意的是，儘管是歷史上價值最高的空投，但該團隊表示，他們沒有進行任何籌款，這與代幣發行前的累積交易量和產生的收入形成鮮明對比。

In addition to the airdrop wealth myth, several well-known projects have successively auctioned the HIP-1 token for $300,000 to $500,000 to gain the opportunity to list on Hyperliquid, attracting widespread attention in the CT circle, leading to a desire to gain a deeper understanding of what is referred to as the "on-chain Binance."

除了空投財富神話外，多個知名項目相繼以30萬至50萬美元拍賣HIP-1代幣以獲得在Hyperliquid上市的機會，引起了CT圈的廣泛關注，引發了更深層次的渴望。 「鏈上幣安」。

The Hyperliquid team background

超液體團隊背景

The document introduces that the Hyperliquid team was founded by Jeff and iliensinc, with only Jeff publicly attending interviews and posting comments on X. Jeffrey Yan graduated from Harvard with a degree in mathematics, previously worked as a software engineer at Google, and was responsible for developing trading algorithms at the Wall Street trading firm Hudson River.

文件介紹，Hyperliquid 團隊由 Jeff 和 iliensinc 創立，只有 Jeff 公開參加採訪並在 X 上發表評論。交易算法。

In 2020, he established the quantitative trading company Chameleon Trading, until 2022 when he realized that the team had reached the limits of high-frequency market making and began exploring opportunities in DeFi.

2020年，他成立了量化交易公司Chameleon Trading，直到2022年他意識到團隊已經達到了高頻做市的極限，開始探索DeFi的機會。

Jeff stated that after the FTX collapse, people suddenly had real reasons to distrust centralized exchanges and began to think about what could be done with existing resources. The idea of establishing Hyperliquid began to take shape, and the official Medium published "Introducing Hyperliquid: your new home to trade perps on DeFi," which aims to build an on-chain Perp DEX based on Tendermint.

Jeff表示，FTX崩潰後，人們突然有了真正的理由不信任中心化交易所，並開始思考可以利用現有資源做什麼。建立Hyperliquid的想法開始成形，官方Medium發布了《Introducing Hyperliquid: your new home to trade perps on DeFi》，旨在打造一個基於Tendermint的鏈上Perp DEX。

In April 2023, it was announced that Hyperliquid L1 would be established because, during the investigation of existing L1 solutions, it was found that none could meet the low latency and TPS requirements needed to establish an on-chain exchange. Thus, it was decided to create an L1 focused on high-performance derivatives trading, initially concentrating on optimizing efficiency and throughput.

2023年4月，宣佈建立Hyperliquid L1，因為在對現有L1解決方案的調查過程中發現，沒有一個解決方案能夠滿足建立鏈上交易所所需的低延遲和TPS要求。因此，決定創建一個專注於高效能衍生性商品交易的 L1，最初專注於優化效率和吞吐量。

How to use Hyperliquid?

如何使用超液體？

Hyperliquid primarily offers derivatives and spot trading. Users can deposit USDC on Arbitrum for trading, with fees and gas costs paid in USDC. Users can also deposit USDC into the HLP Vault to earn yields or stake HYPE to receive HYPE from validator nodes. All operations are covered in the instructional video.

Hyperliquid 主要提供衍生性商品和現貨交易。用戶可以將USDC存入Arbitrum進行交易，費用和gas費用以USDC支付。用戶還可以將 USDC 存入 HLP Vault 以賺取收益，或質押 HYPE 以從驗證者節點接收 HYPE。所有操作均包含在教學影片中。

How to stake HYPE with HyperCollective

如何透過 HyperCollective 質押 HYPE

The Hyperliquid Foundation announced that HYPE Staking will officially open on 2025/12/30, with 16 validators joining. Among them, the Nansen x HypurCollective node has accumulated 30 million HYPE, with a total value of $600 million staked in that node, making it the largest unofficial validator node (the top 5 is Hyper Foundation).

Hyperliquid 基金會宣布 HYPE Stake 將於 2025 年 12 月 30 日正式開放，已有 16 位驗證人加入。其中，Nansen x HypurCollective 節點已累積 3,000 萬個 HYPE，該節點質押總價值達 6 億美元，成為最大的非官方驗證節點（前 5 名是 Hyper 基金會）。

Hyperliquid ecosystem projects

超液體生態系項目

The HYPE ecosystem mainly represents tokens of memes and community culture: VAPOR, FARM, PURR, HCR…

HYPE生態系統主要代表迷因和社區文化的代幣：VAPOR、FARM、PURR、HCR…

HypurrFun

海普爾樂

The Pump.fun of the Hype ecosystem requires participation through the Hypurr Fun bot, where users can check the projects being raised in the Telegram group or on the hypurr.fun website. Users participate using USDC, and if the cumulative amount in the current pool exceeds 65% of the current auction price, a new token will be bid to participate in the auction, launching on Hyperliquid.

Hype 生態系統的 Pump.fun 需要透過 Hypurr Fun 機器人參與，使用者可以在 Telegram 群組或 hypurr.fun 網站上查看正在籌集的項目。用戶使用 USDC 參與，如果當前池中的累計金額超過當前拍賣價格的 65%，則會出價新的代幣參與拍賣，並在 Hyperliquid 上上線。

Since Hyperliquid currently does not have smart contracts, the implementation of the Bonding Curve is done through off-chain calculations. Users send USDC to a designated address for purchase, and off-chain calculates the current token balance based on the Bonding Curve. After a successful auction, liquidity is created on Hyperliquid and allocated to participating addresses.

由於Hyperliquid目前沒有智能合約，所以Bonding Curve的實作是透過鏈下計算來完成的。用戶將USDC發送至指定地址進行購買，鏈下根據Bonding Curve計算當前代幣餘額。拍賣成功後，Hyperliquid 上會產生流動性並分配給參與地址。

Recommended reading is the information organized by @chrischang43, as publicly available mechanism information is very hard to find.

推薦閱讀的是@chrischang43整理的訊息，因為公開的機制資訊很難找到。

Recently, the HCR, which focuses on technical analysis, has gained some attention and has interacted with Aixbtx on Twitter, although its replies tend to be lengthy and uninteresting, which the market does not seem to favor.

近期，專注於技術分析的HCR獲得了一些關注，並在Twitter上與Aixbtx進行了互動，儘管其回應往往冗長無趣，市場似乎並不青睞。

Hypurr Fun: https://app.hypurr.fun/

Hypurr 樂趣：https://app.hypurr.fun/

Hypur Fun Bot: https://t.me/HypurrFunBot?start=ref_98ca8973

海普趣味機器人：https://t.me/HypurrFunBot?start=ref_98ca8973

Hyperlend

超級貸款

The first native lending protocol of the Hype ecosystem, in addition to basic functions, features support for HLP Vault as collateral, unlocking opportunities for leveraged yields.

Hype生態系統首個原生借貸協議，除了基本功能外，還支援HLP Vault作為抵押品，釋放槓桿收益的機會。