超流動性：挑戰不透明 CEX 清單的荷蘭式拍賣機制

近日，Hyperliquid公開宣布的上幣機制引發熱議。不過，此事之所以引起市場關注，

Hyperliquid's recent rise in the crypto space can be largely attributed to the journey of its HYPE token. Following its TGE, HYPE managed to enter the top 50 in terms of market capitalization within just two weeks, briefly surpassing both new and established projects like Fantom and Bittensor, and even outpacing Arbitrum itself.

Hyperliquid 最近在加密貨幣領域的崛起很大程度上歸功於其 HYPE 代幣的發展。在 TGE 之後，HYPE 在短短兩週內就進入了市值前 50 名，短暫超越了 Fantom 和 Bittensor 等新項目和成熟項目，甚至超過了 Arbitrum 本身。

While the narrative of Perp DEX is no longer a novel concept, Hyperliquid has successfully refocused the market's attention on DEXs.

雖然 Perp DEX 的敘述不再是一個新概念，但 Hyperliquid 成功地將市場的注意力重新聚焦在 DEX 上。

The Indispensable Listing Mechanism

不可或缺的上市機制

Today, HYPE breached the 20 dollar mark, setting a new all-time high. Behind this new peak lies Hyperliquid's precise "market aesthetics,"敏锐地捕捉到本周期“VC to meme” 的脉络。Hyperliquid, which seems to embody the quality of a "VC gathering," did not follow the old path of first securing VC funding and then inflating trading volume before listing. Its founder, Jeff, has expressed dissatisfaction with this form and market logic multiple times in public.

今天，HYPE突破20美元大關，創下歷史新高。這個新高峰的背後，隱藏著Hyperliquid精準的“市場美學”，敏銳地捕捉到本週期“VC to meme”的脈絡。創投融資，然後在上市前擴大交易量。其創辦人傑夫多次在公開場合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 top-notch. Hyperliquid's ambitions extend beyond Perp DEX; it is actively building a "trading" public chain characterized by low latency, high throughput, high-frequency trading, and order books. When the underlying logic shifts from Perp DEX to a public chain, it also opens up its valuation ceiling.

另一方面，Hyperliquid的團隊運作和專案開發也是一流的。 Hyperliquid 的野心不僅限於 Perp DEX；正在積極打造一條以低延遲、高吞吐量、高頻交易、訂單簿為特點的「交易」公鏈。當底層邏輯從Perp DEX轉向公鏈時，也開啟了其估價上限。

In addition to the reasons mentioned above, Hyperliquid's success can also be credited to its open and transparent listing mechanism. So how does Hyperliquid conduct its listings?

除了上述原因之外，Hyperliquid的成功也可以歸功於其公開透明的上市機制。那麼Hyperliquid是如何進行上市的呢？

Dutch Auction

荷蘭式拍賣

Hyperliquid employs a Dutch auction to auction the token ticker, and its listing process is relatively open and transparent, with detailed introductions in the official documentation.

Hyperliquid採用荷蘭式拍賣方式拍賣代幣，其上幣流程相對公開透明，官方文件中有詳細介紹。

First, if a project party wants to launch a spot token, they need to apply for the deployment rights of the HIP-1 native token (HIP-1 is the token standard established by Hyperliquid). Subsequently, a Dutch auction mechanism will be used to determine which party will ultimately acquire the token ticker. A Dutch auction, also known as a descending price auction, starts at a price higher than market expectations and continuously decreases until the first party accepts the price, at which point the transaction is completed. From a game theory perspective, a Dutch auction reflects the true psychological expectations of bidders and can achieve a fair price for the auction.

首先，如果專案方想要推出現貨代幣，則需要申請HIP-1原生代幣的部署權（HIP-1是Hyperliquid所訂定的代幣標準）。隨後，將使用荷蘭式拍賣機制來確定哪一方最終將獲得代幣。荷蘭式拍賣，也稱為降價拍賣，以高於市場預期的價格開始，並不斷下降，直到甲方接受該價格，此時交易完成。從博弈論的角度來看，荷蘭式拍賣反映了競標者的真實心理預期，能夠取得公平的拍賣價格。

Hyperliquid's spot deployment process

Hyperliquid 的現場部署流程

When a project party deploys a token on Hyperliquid, they need to pay a gas fee, but this gas auction fee will later be returned to the HLP Vault.

當專案方在 Hyperliquid 上部署代幣時，需要支付一定的 Gas 費，但這筆 Gas 拍賣費稍後會回到 HLP Vault。

Additionally, Hyperliquid's auctions typically occur every 31 hours, with a maximum of 282 spots available for listing throughout the year. This passive "capping" method also indirectly improves the quality of the listed projects.

此外，Hyperliquid 的拍賣通常每 31 小時進行一次，全年最多有 282 個位置可供拍賣。這種被動的「封頂」方式也間接提高了上市項目的品質。

In summary, compared to the opaque operations of CEXs that leave the public confused, Hyperliquid's listing mechanism is open and transparent, and the gas auction price collected will later be returned to the community in the form of staking, creating a virtuous cycle.

綜上所述，相較於CEX操作不透明、讓大眾摸不著頭腦的情況，Hyperliquid的上幣機制公開透明，收取的Gas拍賣價格後期會以質押的形式返還給社區，形成良性循環。

Derivatives of the Auction Mechanism

拍賣機制的衍生性商品

By adopting this public auction mechanism, more interesting routes will emerge in the future. For example, this auction mechanism may lead to "ticker" disputes. Earlier this year, when zkSync was listing on various major exchanges, the Polyhedra Network, which initially used the ZK token ticker, ceded the prestigious ZK ticker to zkSync, subsequently changing its token to ZKJ.

透過採用這種公開拍賣機制，未來將會出現更多有趣的路線。例如，這種拍賣機制可能會導致「股票」糾紛。今年早些時候，當 zkSync 在各大交易所上市時，最初使用 ZK 代幣代碼的 Polyhedra Network 將久負盛名的 ZK 代碼讓給了 zkSync，隨後將其代幣更改為 ZKJ。

It is foreseeable that more projects will exhibit similar "conflicts" after launching on Hyperliquid. Project parties will fiercely compete for a ticker that better suits their tokens, and stories similar to "Sina spent 8 million yuan to purchase weibo.com" and "Finance was acquired by Moniker for 3.6 million dollars in 2007" will soon play out on Hyperliquid.

可以預見，更多的專案在Hyperliquid上上線後將會出現類似的「衝突」。專案方將激烈爭奪更適合自己代幣的代幣，類似「新浪斥資800萬元收購微博」、「2007年Finance被Moniker以360萬美元收購」的故事很快就會在Hyperliquid上上演。

The "Big Fool" Who Spent 180,000 Dollars

花了18萬塊的“大傻瓜”

After completing its "epic" airdrop at TGE, Hyperliquid's auction prices have continuously broken new highs. Back in June this year, its auction ceiling hovered around 35,000 dollars, failing to break the previous hard cap of 35,000 dollars. However, after TGE, Hyperliquid received unprecedented market attention, directly "pushing" the price to 128,000 dollars, breaking through previous constraints. On December 11, it achieved a historical high of 180,000 dollars in the FARM auction.

在TGE完成「史詩級」空投後，Hyperliquid的拍賣價格不斷突破新高。早在今年6月，其拍賣上限就徘徊在35,000美元左右，未能突破先前35,000美元的硬上限。然而，在TGE之後，Hyperliquid受到了前所未有的市場關注，直接將價格「推」至128,000美元，突破了先前的限制。 12月11日，在FARM拍賣中創下18萬美元的歷史新高。

The previous record-breaking 128,000 dollar ticker dispute stemmed from "SOLV," and it is noteworthy that the Solv Protocol will have its TGE soon, so it is highly likely that this ticker was acquired by Solv Protocol. Previously, the token tickers auctioned by Hyperliquid were mostly meme-related, such as PIP, CATBALL, etc.

先前破紀錄的128,000美元的代幣爭議源於“SOLV”，值得注意的是，Solv Protocol即將推出TGE，因此該代幣很有可能被Solv Protocol收購。在此之前，Hyperliquid 拍賣的代幣大多與 meme 相關，例如 PIP、CATBALL 等。