超流動性正在在Defi生態系統中獲得吸引力

超流動性是一個分散的衍生品交易平台（DEX衍生品），它一直在Defi生態系統中受到關注

Hyperliquid is a decentralized derivatives trading platform (DEX derivatives) that has been steadily gaining attention in the DeFi ecosystem thanks to its unique operational model, transparent governance, and deep integration of both security and risk management mechanisms.

Hyperliquid是一個去中心化的衍生品交易平台（DEX衍生品），由於其獨特的運營模型，透明的治理以及安全性和風險管理機制的深刻整合，它一直在Defi生態系統中穩步關注。

As we’ll be discussing, Hyperliquid has also sparked lively debate about the trade-offs between decentralized decision-making and centralized intervention in times of crisis.

當我們將討論時，超流動性也引發了關於在危機時期分散決策與集中乾預之間權衡的激烈辯論。

The Hyperliquidity Provider (HLP) is a shared liquidity vault, funded by the community to execute market-making and liquidation strategies on the platform. Anyone can deposit USDC into HLP and earn profits or bear losses proportional to their contribution. HLP serves as the primary trading counterparty for most orders on the platform, similar to how GLP operates on GMX, but with a more active and adaptive approach.

超流動性提供商（HLP）是共享的流動性保險庫，由社區資助，以在平台上執行營銷和清算策略。任何人都可以將USDC存入HLP，並賺取與其貢獻成正比的利潤或承受損失。 HLP是該平台上大多數訂單的主要交易對手，類似於GLP在GMX上的運作方式，但採用更積極和適應性的方法。

HLP does not charge any management fees; all profits and losses are fully distributed to depositors, as the vault is entirely community-owned.

HLP不收取任何管理費；所有利潤和虧損都完全分配給存款人，因為保險庫完全是社區所有的。

In practice, HLP is structured into several sub-vaults, each implementing different strategies. Specifically, there are two vaults focused on market-making (referred to as Vault A and Vault B) and one vault designated for liquidations (the Liquidator vault). Vaults A and B continuously place buy/sell orders to provide liquidity to the order book, while the Liquidator vault handles positions that are being liquidated.

在實踐中，HLP被結構為幾個子資庫，每種都實施了不同的策略。具體而言，有兩個關注的保險庫（稱為保管庫A和VAULT B）和一個指定用於清算的保管庫（清算器庫）。保險庫A和B連續放置購買/出售訂單，以向訂單書提供流動性，而清算人保管人員處理正在清算的職位。

The variable "HLP" displays the net position aggregated across all three sub-vaults. For example, if Vault A is long 100 million USD worth of ETH, Vault B is long 200 million USD, and Liquidator is short 300 million USD, the overall net position of HLP would be zero since the long and short positions offset one another.

變量“ HLP”顯示在所有三個子資庫中匯總的淨位置。例如，如果Vault A為1億美元的ETH，Vault B長2億美元，而清算人則為3億美元，那麼HLP的總淨位置將為零，因為長位置和短職位相互抵消。

Hyperliquid Referral Code

超流利轉介代碼

4% Lifetime Discount on Trading Fees

交易費用4％終身折扣

Code Valid: April 2025

代碼有效：2025年4月

Since its launch, HLP has generally remained profitable – thanks to its market-making strategy and trading fee revenue. By the end of 2024, the HLP vault had reached a total value locked (TVL) of approximately 350 million USDC and had accumulated around 50 million USDC in profit, reflecting a consistently positive APR.

自推出以來，HLP通常一直保持盈利 - 這要歸功於其營銷策略和交易費用收入。到2024年底，HLP保險庫已達到約3.5億美元的鎖定總價值（TVL），並積累了約5000萬美元的利潤，反映了一個始終如一的APR。

HLP’s tendency to maintain a net short position throughout the 2023–2024 bull market allowed it to deliver steady returns, even as asset prices were trending upward.

HLP傾向於在2023 - 2024年牛市中保持淨短頭位的趨勢使其能夠提供穩定的回報，即使資產價格上漲。

HLP performance remained profitable since launched – Source: HyperLiquid

自推出以來，HLP的性能一直保持盈利 - 來源：超流動

However, HLP is not without risk. On several occasions, the vault recorded significant losses due to unexpected market volatility.

但是，HLP並非沒有風險。由於市場意外的市場波動，保險庫有幾次記錄了巨大的損失。

One of the most notable incidents occurred in late March 2025, involving a short squeeze on the token JELLY. A trader opened a short position worth approximately 8 million USDC on JELLY, then proceeded to buy up the token on decentralized exchanges (DEXs), causing the price to surge dramatically. As a result, the short position was liquidated and fully transferred to the HLP vault.

最著名的事件之一發生在2025年3月下旬，涉及對令牌果凍的短暫擠壓。一名交易員在果凍上開設了一個價值約800萬美元的短職位，然後繼續在分散交易所（DEX）上購買代幣，從而導致價格急劇上漲。結果，較短的位置被清算並完全轉移到HLP庫中。

The price of JELLY on DEXs skyrocketed by several hundred percent, pushing HLP into an unrealized loss of over 10 million USD.

果凍上的Dexs的價格飆升了數百分之幾，將HLP推向了超過1000萬美元的未實現損失。

Facing the risk that a 230 million USD vault could lose everything to a small memecoin, the team acted quickly: they delisted JELLY and set a mandatory liquidation price at 0.0095 USD – exactly the level where the attacker had originally opened the short.

面對2.3億美元保險庫可能會失去一件小記憶的風險，該團隊採取了迅速行動：他們將果凍降級並將強制性清算價格定為0.0095 USD，正是攻擊者最初打開短暫的水平。

This move sparked widespread controversy regarding Hyperliquid’s decentralization and transparency. Many argued that this was effectively a “validator bailout” (or “validator put”)—a” situation where the network steps in to cap losses when the vault is hit too hard. This raised concerns that Hyperliquid may be willing to override market mechanisms to protect HLP’s capital, potentially at the expense of other users.

這一舉動引發了關於超流動的權力下放和透明度的廣泛爭議。許多人認為，這實際上是一種“驗證者的救助”（或“驗證者看台”），即一種情況，在此情況下，網絡在巨大的撞擊時陷入困境。這引起了人們的擔憂，即高流動性可能願意覆蓋市場機制以保護HLP的資本，並有可能以其他用戶為代價。

In response, Hyperliquid upgraded its blockchain to include on-chain validator voting for future asset delistings – a step toward deterring manipulation. Still, questions remain about the platform’s commitment to true decentralization.

作為回應，超流動性將其區塊鏈升級為包括鏈上驗證者對未來的資產脫口秀的投票 - 邁向阻止操縱的一步。儘管如此，關於平台對真正權力下放的承諾仍然存在問題。

Following the JELLY incident, Hyperliquid implemented a series of risk management upgrades to prevent similar scenarios from occurring in the future. One major change involved reducing the portion of HLP capital used for liquidation strategies. The team set this allocation at a fixed, clearly defined amount and also decreased the rebalancing frequency for the Liquidator vault to help limit potential losses during major liquidation events.

果凍事件發生後，Hypliquid實施了一系列風險管理升級，以防止將來發生類似的情況。一個重大變化涉及減少用於清算策略的HLP資本的部分。團隊將此分配設置為固定的，明確定義的量，並降低了清算庫的重新平衡頻率，以幫助限制重大清算事件期間的潛在損失。

In addition, Hyperliquid introduced a mechanism for loss thresholds and Auto-Deleveraging (ADL). This system automatically triggers deleveraging when losses from liquidation strategies exceed a specific threshold. Once the losses hit that limit, the protocol activates ADL, which draws on unrealized profits from other traders within the same asset pair to cover the deficit.

此外，超流動性引入了一種損失閾值和自動驅動器（ADL）的機制。當清算策略損失超過特定閾值時，該系統會自動觸發去槓桿化。一旦損失達到了限制，協議就會激活ADL，ADL借鑒了同一資產對中其他交易者未實現的利潤以彌補赤字。

To further enhance stability, the platform also adopted dynamic Open Interest (OI) caps. The platform adjusts these caps based on each asset’s liquidity and market capitalization, enforcing much stricter limits on low-cap tokens

為了進一步提高穩定性，該平台還採用了動態開放興趣（OI）上限。該平台根據每個資產的流動性和市值來調整這些上限