超流動性：鏈上交易的未來

透過將中心化交易的速度和效率與區塊鏈技術的透明度和安全性相結合，Hyperliquid 在加密貨幣領域創造了真正革命性的產品。

Hyperliquid, an innovative decentralized trading platform, has taken the crypto world by storm with its unique approach to combining the best aspects of both centralized and decentralized exchanges. This platform, powered by a dedicated L1 blockchain, has garnered immense attention due to its ability to facilitate faster and more secure on-chain trading experiences.

Hyperliquid 是一個創新的去中心化交易平台，以其獨特的方法結合了中心化和去中心化交易所的最佳方面，席捲了加密世界。該平台由專用的 L1 區塊鏈提供支持，因其能夠促進更快、更安全的鏈上交易體驗而受到了極大的關注。

Recently, Hyperliquid has made significant strides in its development, introducing several new features and initiatives that cater to the diverse needs of the crypto community. From launching auctions to introducing Hypurr Fun and PVP.Trade, and expanding its ecosystem with EVM and staking capabilities, Hyperliquid continues to push the boundaries of on-chain trading.

最近，Hyperliquid 在發展方面取得了重大進展，推出了多項新功能和舉措，以滿足加密貨幣社群的多樣化需求。從推出拍賣到引入 Hypurr Fun 和 PVP.Trade，再到透過 EVM 和質押功能擴展其生態系統，Hyperliquid 不斷突破鏈上交易的界限。

Here's a closer look at some of Hyperliquid's recent highlights:

以下是 Hyperliquid 最近的一些亮點的詳細介紹：

1. Auctions: A Gateway to Hyperliquid Listings

1. 拍賣：超流動性清單的門戶

Hyperliquid's unique approach to exchange listings involves a thrilling auction mechanism that determines gas prices. These auctions unfold over 31 hours, commencing at a high price and gradually decreasing to 10,000 USDC if the token remains unsold. Notably, the closing price of the previous auction serves as the starting price for the next.

Hyperliquid 獨特的交易所上市方式涉及一種令人興奮的拍賣機制，該機制決定了 Gas 價格。這些拍賣持續 31 小時，以高價開始，如果代幣仍未售出，則逐漸降至 10,000 USDC。值得注意的是，上次拍賣的收盤價將作為下一次拍賣的起始價。

For instance, if GOD closes at $975,746.79, the following auction will begin at $1.95 million. These auctions are open to the public, and live statistics can be accessed on Hypurrscan.

例如，如果 GOD 收盤價為 975,746.79 美元，則接下來的拍賣將以 195 萬美元開始。這些拍賣向公眾開放，並且可以在 Hypurrscan 上獲得即時統計數據。

2. Hypurr Fun: A Launchpad Tailored for Trench Hunters

2. Hypurr Fun：專為海溝獵人量身訂製的發射台

Hypurr Fun (HFUN) is a launchpad within the Hyperliquid ecosystem that caters specifically to "trench hunters"—those seeking high-potential tokens and early participation opportunities.

Hypurr Fun (HFUN) 是 Hyperliquid 生態系統中的一個啟動板，專門面向「戰壕獵人」——那些尋求高潛力代幣和早期參與機會的人。

Key Features:

主要特點：

- Telegram Bot Integration: Interact with Hypurr Fun via a dedicated Telegram bot, enabling token purchases, status monitoring, and alerts within the Telegram interface. To stay updated on token launches, join the Prelaunch Marketplace and Hypurr channels.

- Telegram 機器人整合：透過專用 Telegram 機器人與 Hypurr Fun 交互，在 Telegram 介面內啟用代幣購買、狀態監控和警報。若要了解代幣發布的最新動態，請加入預發布市場和 Hypurr 頻道。

- Token Creation and Issuance: A binding curve mechanism like Pump.fun is utilized for token issuance. Tokens exhibiting potential can seamlessly transition to Hyperliquid's spot market. Upon reaching a specified liquidity threshold (e.g., 80% of tokens sold), proceeds from the sale will be channeled towards securing Hyperliquid listing eligibility.

- 代幣創建和發行：利用像 Pump.fun 這樣的綁定曲線機制來發行代幣。具有潛力的代幣可以無縫過渡到 Hyperliquid 的現貨市場。當達到指定的流動性門檻（例如，已售出代幣的 80%）時，銷售收益將用於確保 Hyperliquid 上市資格。

- Trench Mechanics: The "trench" denotes the pre-issuance trading stage for tokens, where users can engage in mining potential tokens. Funds raised from Hypurr Fun will be used to participate in Hyperliquid's Dutch auctions, aiming to secure a spot listing on the exchange.

- 戰壕機制：「戰壕」是指代幣發行前的交易階段，用戶可以在其中挖掘潛在的代幣。 Hypurr Fun 籌集的資金將用於參加 Hyperliquid 的荷蘭式拍賣，旨在確保在交易所現貨上市。

3. PVP.Trade: Upcoming Airdrop via Telegram Bot

3. PVP.Trade：即將透過 Telegram Bot 進行空投

PVP.Trade is a Telegram bot that integrates with the Hyperliquid ecosystem, catering to social and competitive trading. This platform is especially appealing to airdrop hunters, as active trading now accumulates points that influence future rewards.

PVP.Trade 是一款與 Hyperliquid 生態系統整合的 Telegram 機器人，適合社交和競爭性交易。該平台對空投獵人特別有吸引力，因為活躍的交易現在可以累積影響未來獎勵的積分。

Key Features:

主要特點：

- Trading Robot: Execute transactions directly via Telegram, covering both spot and leveraged trading on the Hyperliquid platform.

- 交易機器人：直接透過 Telegram 執行交易，涵蓋 Hyperliquid 平台上的現貨和槓桿交易。

- Community Interaction: A social trading feature enables users to view the positions of group members, fostering collaboration and learning within the trading community.

- 社群互動：社交交易功能使用戶能夠查看群組成員的立場，促進交易社群內的協作和學習。

- Reward and Points System: Points are earned through trading and will be used in an upcoming token airdrop, encouraging users to actively participate in transactions via the bot.

- 獎勵和積分系統：積分透過交易獲得，並將用於即將到來的代幣空投，鼓勵用戶透過機器人積極參與交易。

4. HyBridge: Cross-Chain Asset Bridging Tool

4. HyBridge：跨鏈資產橋接工具

HyBridge serves as a cross-chain bridging asset tool, designed to streamline the process of transferring assets into the Hyperliquid ecosystem. This tool facilitates the transfer of tokens from multiple blockchains, including Ethereum and Solana, to Hyperliquid.

HyBridge 作為跨鏈橋接資產工具，旨在簡化將資產轉移到 Hyperliquid 生態系統的流程。該工具有助於將代幣從多個區塊鏈（包括以太坊和 Solana）轉移到 Hyperliquid。

5. EVM: Expanding the Hyperliquid Ecosystem

5. EVM：擴展超液體生態系統

Recently, Hyperliquid introduced the Ethereum Virtual Machine (EVM) on the testnet, presenting an opportunity for developers to build and experiment with Ethereum-compatible applications. This feature allows for the migration of existing EVM applications or the creation of new front ends, ultimately encouraging more participation in the Hyperliquid ecosystem.

最近，Hyperliquid 在測試網路上引入了以太坊虛擬機器（EVM），為開發人員提供了建置和試驗以太坊相容應用程式的機會。此功能允許遷移現有 EVM 應用程式或建立新的前端，最終鼓勵更多人參與 Hyperliquid 生態系統。

The EVM operates through a JSON-RPC interface to seamlessly interact with the blockchain. Additionally, the Hyperliquid testnet now includes staking, enabling users to contribute to network security and earn rewards in the process. As the platform continues to develop, these features will play a crucial role in promoting community participation and rewarding user activity.

EVM 透過 JSON-RPC 介面運行，與區塊鏈無縫互動。此外，Hyperliquid 測試網現在包括質押，使用戶能夠為網路安全做出貢獻並在此過程中獲得獎勵。隨著平台的不斷發展，這些功能將在促進社區參與和獎勵用戶活動方面發揮至關重要的作用。

Developer Information: Instructions on deploying a programmable wallet on Telegram are available here.

開發者資訊：此處提供了有關在 Telegram 上部署可編程錢包的說明。

Conclusion: Ushering in the Future of On-Chain Transactions

結論：引領鏈上交易的未來

Hyperliquid is无疑地 at the forefront of DeFi innovation, aiming to redefine the landscape of on-chain trading experiences. By merging the strengths of both centralized and decentralized exchanges, the platform has created a truly unique product in the crypto space.

Hyperliquid 無疑處於 DeFi 創新的前沿，旨在重新定義鏈上交易體驗的格局。透過融合集中式和去中心化交易所的優勢，該平台在加密貨幣領域創造了真正獨特的產品。

While indicators like token price and daily trading volume contribute to a platform's success, Hyperliquid's impact extends far beyond these metrics, thanks to its ability to create an organic and comprehensive ecosystem. Every aspect of the platform, from its purpose-built L1 blockchain and innovative token standards (HIP-1 and HIP-2) to user-friendly interfaces like Hypurr Fun and PVP Trade, has

雖然代幣價格和每日交易量等指標有助於平台的成功，但 Hyperliquid 的影響力遠遠超出了這些指標，因為它有能力創建一個有機且全面的生態系統。該平台的各個方面，從專門構建的 L1 區塊鏈和創新代幣標準（HIP-1 和 HIP-2）到 Hypurr Fun 和 PVP Trade 等用戶友好介面，都具有