超流動性：鏈上交易的未來

Hyperliquid Labs 由哈佛同學 Jeff Yan 和 Iliensinc 領導，致力於革新鏈上交易。團隊成員來自加州理工學院、麻省理工學院、Citadel、Hudson River Trading、Nuro 等頂尖院校。

In the realm of cryptocurrency, where new projects emerge relentlessly, Hyperliquid has managed to distinguish itself, captivating the attention of both traders and crypto enthusiasts alike. With its innovative approach to decentralized trading, Hyperliquid has quickly ascended to become one of the most talked-about platforms in the DeFi space. So, what exactly is Hyperliquid, and why has it garnered so much interest? Let's delve deeper into this unique trading platform.

在新專案層出不窮的加密貨幣領域，Hyperliquid 成功脫穎而出，吸引了交易者和加密貨幣愛好者的注意。憑藉其創新的去中心化交易方式，Hyperliquid 迅速成為 DeFi 領域最受關注的平台之一。那麼，Hyperliquid 到底是什麼？讓我們更深入地研究這個獨特的交易平台。

Introducing Hyperliquid: A New Era of On-Chain Trading

引進 Hyperliquid：鏈上交易的新時代

Hyperliquid is a decentralized trading platform that seamlessly combines the efficiency of centralized exchanges with the transparency of blockchain technology, offering a faster and safer on-chain trading experience. Unlike traditional DeFi exchanges, which often face challenges in terms of speed and liquidity, Hyperliquid boasts a dedicated L1 blockchain that boasts high throughput and ultra-low latency, enabling traders to execute trades swiftly and effortlessly.

Hyperliquid是一個去中心化交易平台，將中心化交易所的效率與區塊鏈技術的透明度無縫結合起來，提供更快、更安全的鏈上交易體驗。與傳統的 DeFi 交易所經常面臨速度和流動性方面的挑戰不同，Hyperliquid 擁有專用的 L1 區塊鏈，具有高吞吐量和超低延遲，使交易者能夠快速、輕鬆地執行交易。

Crucially, Hyperliquid places a strong emphasis on user experience, presenting a user-friendly interface that caters to both experienced traders and newcomers alike. The platform features an intuitive order book interface, powerful charting tools, and a wide range of trading pairs, making it easy for anyone to navigate and participate in the vibrant on-chain trading market.

至關重要的是，Hyperliquid 非常重視用戶體驗，提供了一個用戶友好的介面，既適合經驗豐富的交易者，也適合新手。該平台具有直覺的訂單介面、強大的圖表工具和廣泛的交易對，使任何人都可以輕鬆瀏覽和參與充滿活力的鏈上交易市場。

The Team Behind HYPE: A Stellar Lineup

HYPE 背後的團隊：明星陣容

The driving force behind Hyperliquid is a team of exceptional individuals known as Hyperliquid Labs. Led by Jeff Yan and Iliensinc, two classmates from Harvard who share a passion for revolutionizing on-chain trading, the team comprises experienced professionals from top institutions such as Caltech, MIT, Citadel, Hudson River Trading, and Nuro.

Hyperliquid 背後的驅動力是一個由傑出人士組成的團隊，稱為 Hyperliquid Labs。該團隊由兩位哈佛同學Jeff Yan 和Iliensinc 領導，他們都熱衷於革新鏈上交易，團隊成員包括來自加州理工學院、麻省理工學院、Citadel、Hudson River Trading 和Nuro 等頂級機構的經驗豐富的專業人士。

Their combined expertise in finance, technology, and cryptocurrencies has been instrumental in shaping Hyperliquid's unique vision and innovative approach to decentralized trading. Notably, Hyperliquid Labs has remained fully self-funded throughout the platform's development, choosing to avoid the influence of venture capital and instead focusing on one primary goal: to create a platform that combines the efficiency of centralized exchanges with the transparency of DeFi.

他們在金融、技術和加密貨幣方面的全面專業知識有助於塑造 Hyperliquid 的獨特願景和去中心化交易的創新方法。值得注意的是，Hyperliquid Labs 在整個平台的開發過程中一直保持完全自籌資金，選擇避免風險投資的影響，而是專注於一個主要目標：創建一個將中心化交易所的效率與DeFi 的透明度結合起來的平台。

Hyperliquid L1: Tailored for Performance

Hyperliquid L1：專為效能而客製化

Hyperliquid's Layer 1 blockchain is not just another generic chain; it is specifically designed for high-performance perpetual contract order book exchanges. Utilizing a custom consensus algorithm called HyperBFT, the chain fully on-chains the margin and matching engine state, ensuring complete decentralization while maintaining high speed.

Hyperliquid 的 Layer 1 區塊鏈不僅僅是另一個通用鏈；它專為高性能永續合約訂單簿交換而設計。該鏈利用名為 HyperBFT 的客製化共識演算法，將保證金和匹配引擎狀態完全上鍊，確保完全去中心化，同時保持高速。

Imagine Binance, but fully operating on-chain. That's the essence of Hyperliquid L1. And why does this matter? Because it fundamentally changes the way we conduct on-chain trading.

想像幣安，但完全在鏈上運作。這就是 Hyperliquid L1 的精髓。為什麼這很重要？因為它從根本上改變了我們進行鏈上交易的方式。

Redefining Token Standards: HIP-1 and HIP-2

重新定義代幣標準：HIP-1和HIP-2

Hyperliquid has introduced two groundbreaking token standards, HIP-1 and HIP-2, which maximize the utility and liquidity of tokens within the Hyperliquid ecosystem.

Hyperliquid 推出了兩個突破性的代幣標準 HIP-1 和 HIP-2，最大限度地提高了 Hyperliquid 生態系統中代幣的實用性和流動性。

HIP-1: Native Token with Built-in Trading Functionality

HIP-1：具有內建交易功能的原生代幣

HIP-1 allows users to create fungible tokens that are directly linked to the on-chain spot order book, elevating tokens to specialized financial instruments that can be traded seamlessly upon deployment.

HIP-1 允許用戶創建直接連結到鏈上現貨訂單簿的可替代代幣，將代幣提升為可以在部署後無縫交易的專用金融工具。

HIP-2: Embedded Liquidity at Issuance

HIP-2：發行時嵌入的流動性

HIP-2 permanently binds liquidity to HIP-1 tokens, addressing one of the critical pain points in the DeFi space by ensuring that tokens have sufficient liquidity from the moment they are issued.

HIP-2 將流動性與 HIP-1 代幣永久綁定，透過確保代幣從發行之日起就擁有足夠的流動性，解決了 DeFi 領域的關鍵痛點之一。

Auctions: The Key to Successful Token Issuance

拍賣：代幣發行成功的關鍵

Hyperliquid employs a unique auction mechanism to determine the gas price for each token deployment, ensuring fairness and transparency throughout the process. Each auction spans 31 hours, commencing at a high price, which then linearly decreases to 10,000 USDC if the tokens remain unsold.

Hyperliquid 採用獨特的拍賣機制來確定每個代幣部署的 Gas 價格，確保整個過程的公平性和透明度。每次拍賣持續 31 小時，以高價開始，如果代幣仍未售出，則價格線性下降至 10,000 USDC。

This means that after GOD closed at $975,746.79, the starting price for the next auction will be $1.95 million! These auctions are public, and you can follow Hypurrscan to view real-time statistics.

這意味著GOD以975,746.79美元收盤後，下一次拍賣的起拍價將為195萬美元！這些拍賣是公開的，您可以關注 Hypurrscan 查看即時統計數據。

Recent Highlights: Hypurr Fun for "Trench Hunters"

近期亮點：「戰壕獵人」的 Hypurr 樂趣

Hypurr Fun (HFUN) is a launchpad platform within the Hyperliquid ecosystem, designed specifically for "trench hunters"—crypto enthusiasts who are always on the lookout for promising new tokens and wish to participate in their earliest stages.

Hypurr Fun (HFUN) 是 Hyperliquid 生態系統中的一個啟動平台，專為「戰壕獵人」而設計，即始終在尋找有前途的新代幣並希望參與早期階段的加密貨幣愛好者。

Key Features:

主要特點：

1. Telegram Bot Integration

1. Telegram 機器人集成

Hypurr Fun can be accessed and operated seamlessly through a dedicated Telegram bot. This integration allows users to purchase tokens, monitor their status, and receive alerts, all via Telegram.

Hypurr Fun 可以透過專用的 Telegram 機器人無縫存取和操作。這種整合允許用戶購買代幣、監控其狀態並接收警報，所有這些都透過 Telegram 進行。

Join the Prelaunch market and Hypurr channels to stay updated on the latest token deployments.

加入預發布市場和 Hypurr 管道，了解最新的代幣部署。

2. Token Creation and Issuance

2. 代幣創建與發行

Tokens are issued using a bonding curve mechanism similar to Pump.fun. Promising tokens can automatically transition to Hyperliquid's spot market.

代幣的發行使用類似 Pump.fun 的聯合曲線機制。有前途的代幣可以自動過渡到 Hyperliquid 的現貨市場。

Once liquidity thresholds (e.g., 80% of tokens sold) are met, proceeds from the sales will be used to ensure Hyperliquid listing.

一旦達到流動性門檻（例如，已售出 80% 的代幣），銷售收益將用於確保 Hyperliquid 上市。

3. Trench Mechanism

3. 溝槽機制

Pre-Launch Market: The "trench" is the trading phase for pre-issuance tokens, where the focus is on uncovering promising new tokens.

預發行市場：「戰壕」是預發行代幣的交易階段，重點是發現有前途的新代幣。