超流動性：深入探討新的 DeFi 獨角獸

2024年底，進入2025年初，一項非凡的資產引起了加密世界的關注。短短幾天內，從開盤價2美元飆升至35.2美元高位，實現1,610%漲幅。

At the end of 2024, a new project in the crypto world quickly attracted attention. In just a few days, the price of its token soared from $2 to a high of $35.2, achieving a 1610% increase. Its airdrop scale was also enormous, even surpassing Uniswap's airdrop record at one point, with an average airdrop of $28,500 per person and a TVL exceeding $2.5 billion. It can be described as a luxurious feast amidst the dead silence of yield farming sentiment in Arbitrum, Optimism, GMX, KiloEx, and other incentive mechanisms. Yes, it is $HYPE.

2024年底，加密世界的一個新項目迅速引起關注。短短幾天內，其代幣價格從2美元飆升至35.2美元高位，實現1,610%的漲幅。其空投規模也十分巨大，甚至一度超過了Uniswap的空投紀錄，平均每人空投28,500美元，TVL超過25億美元。 Arbitrum、Optimism、GMX、KiloEx 等激勵機制在流動性挖礦情緒的死寂中可謂是一場奢華的盛宴。是的，這是$HYPE。

First, let's clarify what Hyperliquid aims to do

首先，讓我們先澄清一下 Hyperliquid 的目標是什麼

In simple terms: Hyperliquid is a native high-concurrency L1 DeFi public chain, and its most notable product is Hyperliquid DEX, which is a comprehensive decentralized order book exchange (perp DEX) that includes contract trading, spot trading, and its own ecosystem MEME TOKENs (like purr). Therefore, it has been dubbed "the Binance on-chain" by the market. Unlike CEX, Hyperliquid's order flow, token value (oracles), and trading are all executed on its own L1, rather than on centralized servers.

簡單來說：Hyperliquid是一條原生高併發L1 DeFi公鏈，其最引人注目的產品是Hyperliquid DEX，這是一個綜合性去中心化訂單簿交易所（perp DEX），包括合約交易、現貨交易和自己的生態系MEME令牌（如咕嚕聲）。因此，被市場稱為「鏈上的幣安」。與 CEX 不同，Hyperliquid 的訂單流、代幣價值（預言機）和交易都在自己的 L1 上執行，而不是在中心化伺服器上執行。

Hyperliquid's consensus algorithm is Tindermint. Although Tindermint is rarely heard of, Cosmos has long been using the Tindermint algorithm. However, the Hyperliquid team has made deeper improvements to the Tindermint algorithm: end-to-end latency is 0.2 seconds, with a high throughput of 20K OPS/S. Every order, cancellation, trade, and settlement is transparently conducted on-chain, with block delays of less than 1 second. The chain currently supports 100,000 orders per second. This further lays the foundation for high-frequency, low-energy, and high-efficiency DeFi!

Hyperliquid 的共識演算法是Tindermint。儘管很少聽說Tindermint，但Cosmos 長期以來一直在使用Tindermint 演算法。不過，Hyperliquid團隊對Tindermint演算法進行了更深入的改進：端對端延遲為0.2秒，具有20K OPS/S的高吞吐量。每筆下單、取消、交易、結算都在鏈上透明進行，區塊延遲小於1秒。該鏈目前支援每秒 10 萬個訂單。這進一步為高頻、低能耗、高效的 DeFi 奠定了基礎！

In summary: Hyperliquid is a native high-performance EVM L1 that can build all general ecosystems and continuously address the liquidity bottlenecks in DeFi and improve capital efficiency as a public chain protocol.

總結：Hyperliquid 是一個原生的高效能 EVM L1，可以建構所有通用生態系統，並作為公鏈協議不斷解決 DeFi 的流動性瓶頸，提高資金效率。

Why does Hyperliquid have the confidence to become the new DeFi unicorn?

為什麼Hyperliquid有信心成為新的DeFi獨角獸？

1. The founding team has a strong professional quantitative background

1.創始團隊擁有強大的專業量化背景

The core founder of Hyperliquid is Jeff (@chameleon_jeff), who comes from Hudson River Trading, a top 15 global high-frequency quantitative firm, deeply engaged in market-making in the crypto space as a seasoned trader. More importantly, the HLP of Hyperliquid is customized by the team itself rather than through the protocol, and the combination of experience and practical operation can better adapt to changes in market liquidity.

Hyperliquid 的核心創始人是 Jeff (@chameleon_jeff)，他來自全球排名前 15 的高頻量化公司 Hudson River Trading，作為一名經驗豐富的交易員深耕加密領域做市。更重要的是，Hyperliquid的HLP是團隊自己客製化的，而不是透過協議，經驗與實際操作相結合，可以更好地適應市場流動性的變化。

2. Hyperliquid is a one-stop ecological expressway, solving the bottleneck of launching protocols

2. Hyperliquid是一站式生態高速公路，解決協議上線瓶頸

Hyperliquid has the HIP-1 native token protocol and the HIP-2 liquidity solution, which means users can issue tokens through HIP-1 while enjoying the market-making benefits brought by HIP-2.

Hyperliquid擁有HIP-1原生代幣協議和HIP-2流動性解決方案，這意味著用戶可以透過HIP-1發行代幣，同時享受HIP-2帶來的做市收益。

So someone might ask: Isn't this the same as Pump.FUN?

那麼有人可能會問：這不是跟Pump.FUN一樣嗎？

What I want to say is that there is a fundamental difference. As mentioned in the previous article about Pump.FUN, when the tokens launched on Pump.FUN reach 85 SOL (about $69,000 market value), they will migrate to Raydium to establish liquidity. Essentially, Pump.FUN is merely a launch protocol that carries the initial trading scenario, ultimately passing the market-making responsibility to Raydium. However, Hyperliquid is a complete decentralized exchange combination. After users deploy tokens using HIP-1, they directly enjoy the liquidity solution of HIP-2, and the liquidity solution is based on market-making strategies customized by the Hyperliquid team, with the market-making responsibility still resting on Hyperliquid. A team with deep market-making experience can often bring many surprising solutions for liquidity without being constrained by the protocol itself.

我想說的是，這是有本質差異的。正如之前有關 Pump.FUN 的文章中提到的，當 Pump.FUN 上推出的代幣達到 85 SOL（約 69,000 美元市值）時，它們將遷移到 Raydium 以建立流動性。從本質上講，Pump.FUN 只是一個啟動協議，承載著最初的交易場景，最終將做市責任交給了 Raydium。然而，Hyperliquid 是一個完整的去中心化交易所組合。用戶使用HIP-1部署代幣後，直接享受HIP-2的流動性解決方案，流動性解決方案基於Hyperliquid團隊定制的做市策略，做市責任仍然由Hyperliquid承擔。擁有深厚做市經驗的團隊往往能夠帶來許多令人驚訝的流動性解決方案，而不受協議本身的限制。

3. Aligning with the current Web3 sovereignty ideology

3. 與當前Web3主權意識形態保持一致

Hyperliquid's current development behavior aligns very well with the market sentiment of this round of Web3:

Hyperliquid 目前的發展行為與本輪 Web3 的市場情緒非常吻合：

① No VC and financing - The community does not need to worry about investors interfering with the future value space.

① 無VC和融資－社區無需擔心投資者乾擾未來價值空間。

② Huge narrative, huge imagination space - Hyperliquid is currently labeled as contract trading, spot trading, MEME, and public chain, with each narrative capable of generating significant discussion, now combined into a single project.

② 敘事性大，想像空間巨大——Hyperliquid目前被貼上合約交易、現貨交易、MEME、公鏈的標籤，每一種敘事都能夠產生重大討論，現在合併為一個項目。

③ The team is not short of funds - The quantitative background of the team itself can create diversified protocol revenue, not just a quick-fix project.

③ 團隊不缺資金－團隊本身的量化背景可以創造多元化的協議效益，而不僅僅是一個權宜之計的專案。

④ Positive data - The current TVL exceeds $2.5 billion, with a market cap over $8.7 billion, and even after the airdrop, there has been no significant drop.

④ 正面數據－目前TVL超過25億美元，市值超過87億美元，即使空投後也沒有明顯下降。

⑤ Essentially solving liquidity issues - Technology, HIP protocols, and genuinely addressing current problems and seeing practical implementations.

⑤ 本質上解決流動性問題——技術、HIP協議，真正解決當前問題並看到實際落地。

⑥ Diverse ways to make money - Vaults follow institutions or DAOs to earn

⑥ 賺錢方式多元－金庫跟隨機構或 DAO 賺錢