超級流動：下一代分散交流

幾次分散的交易所在流動性，高昂的購買成本以及令人困惑的客戶體驗中掙扎，讓投資者幾乎沒有選擇，但要堅持使用諸如Binance和Bybit等集中式交流

In the sprawling landscape of decentralised exchanges (DEXs), several contenders valiantly clash for liquidity, striving to offer competitive purchase costs and seamless customer experiences—all while attempting to siphon customers away from centralised behemoths like Binance and Bybit. Sadly, for traders seeking an alternative to these centralised giants, the options might appear limited, leaving them with little choice but to stick to the likes of Binance or Bybit.

在分散交易所（DEX）的龐大景觀中，幾位競爭者英勇地衝突了流動性，努力提供有競爭力的購買成本和無縫的客戶體驗，同時又試圖使客戶脫離諸如Binance和Bybit這樣的集中的巨頭。可悲的是，對於尋求這些集中巨頭替代方案的交易者來說，這些選擇似乎有限，但他們別無選擇，只能堅持使用Binance或Bybit。

Several DEXs clash with liquidity, high purchase costs, and customer experience

幾個DEX與流動性，高購買成本和客戶體驗衝突

A substantial setback for DEXs is liquidity. While DEXs provide the benefit of self-custody and censorship resistance, they usually experience high gas costs, sluggish purchase times, and fragmented liquidity compared to their centralised counterparts.

DEX的重大挫折是流動性。儘管DEX提供了自我觀察和審查制度的好處，但與集中式同行相比，它們通常會經歷高的汽油成本，較差的購買時間以及零散的流動性。

Nonetheless, one particular DEX claims to have finally split the code and offers an answer to this pressing issue: Hyperliquid.

儘管如此，一個特定的DEX聲稱最終將代碼分開，並對此緊迫問題提供答案：超流動。

Hyperliquid claims to be a blazing-fast order-book DEX boasting $12 billion in daily volume, nearly instant purchases, and a trading experience that matches CEXs while staying completely on-chain. It is also a no-VC, no-ICO DEX—a feat in an industry where most tasks struggle to launch without early-stage funding. Instead, Hyperliquid airdropped its native token, BUZZ, to early adopters, fostering rapid engagement.

Hyperliquid聲稱是一本盛大的訂單書DEX，擁有120億美元的每日數量，幾乎即時的購買以及與CEX匹配的交易體驗，同時又完全保持鍊子。這也是No-VC，No-Ico Dex，這是一個壯舉，在一個行業中，大多數任務都在沒有早期資金的情況下努力推出。取而代之的是，超流動的氣流將其本地令牌，嗡嗡聲向早期採用者帶到了迅速的參與度中。

But Hyperliquid’s quick surge isn’t without controversy. Questions remain concerning who precisely lies behind the platform—and whether its purported decentralisation is as genuine as it claims.

但是Hyperliquid的快速激增並非沒有爭議。關於誰精確位於平台後面的問題仍然存在問題，以及其聲稱的權力下放是否像它所說的那樣真實。

Is Hyperliquid the future of decentralised trading, or is it simply one more crypto venture harboring covert centralisation dangers? Today, we’re diving deep into who’s behind it, how it works, and whether it can live up to the hype.

超級流動性是分散交易的未來，還是僅僅是一個帶有秘密集中危險的加密貨幣風險投資？今天，我們深入研究了誰的背後，它的工作原理以及它是否可以辜負炒作。

Hyperliquid’s Beginnings and Team

超級流動的起點和團隊

The tale of Hyperliquid begins with Jeffrey Yan, a Harvard graduate with a background in mathematics, quantitative trading, and software development. Before venturing into crypto, Jeff worked at Google and an elite trading firm called Hudson River Trading, where he focused on building high-frequency trading (HFT) algorithms—experience that would later influence Hyperliquid’s design.

超流動性的故事始於哈佛大學的畢業生杰弗裡·亞恩（Jeffrey Yan），具有數學，定量交易和軟件開發的背景。在進入加密貨幣之前，傑夫（Jeff）曾在Google和一家名為Hudson River Trading的精英貿易公司工作，他專注於建立高頻交易（HFT）算法 - 經驗，這將影響後來影響Hyperliquid的設計。

Jeff initially became interested in crypto in 2018 after discovering Ethereum and its potential for decentralised applications. His initial attempt at building in the space was a Layer-2 prediction market on Ethereum, but after a few months, he abandoned the project. Instead, he returned to what he knew best—trading.

傑夫（Jeff）發現以太坊及其進行分散應用的潛力後，最初對加密貨幣感興趣。他最初在該領域建造的嘗試是以太坊的第二層預測市場，但是幾個月後，他放棄了該項目。取而代之的是，他回到了他最了解的東西 - 交易。

In early 2020, Jeff started Chameleon Trading, a proprietary crypto trading firm and market maker. According to him, Chameleon became a significant player in the space, yet strangely enough, there is nearly no public information concerning it. The company’s website, now offline, included only a single sentence: “Global proprietary trading and investment firm.” There’s no LinkedIn account, no company information, and no legal documents of its trading activity.

2020年初，傑夫（Jeff）創立了Chameleon Trading，這是一家專有的加密貨幣貿易公司和做市商。據他說，變色龍成為該領域的重要參與者，但奇怪的是，幾乎沒有關於它的公眾信息。該公司的網站現在離線，僅包括一個句子：“全球專有貿易和投資公司”。沒有LinkedIn帳戶，沒有公司信息，也沒有其交易活動的法律文件。

By late 2022, Chameleon Trading had shifted its attention to DeFi, observing that despite the crypto bear market, decentralised exchanges were still attracting huge trading volumes. The collapse of FTX, one of the largest centralised derivatives exchanges, left a significant gap in the market—a void that Jeff and his team saw as an opportunity.

到2022年底，變色龍的交易將注意力轉移到了Defi，觀察到，儘管加密熊市市場，但分散的交易所仍吸引了巨大的交易量。 FTX是最大的集中衍生品交流之一的崩潰，在市場上留下了很大的差距，這是傑夫和他的團隊認為的機會。

This led to the birth of Hyperliquid, a decentralised derivatives exchange aiming to provide the same speed, liquidity depth, and low latency as centralised exchanges but without the risks of custody and opaque balance sheets.

這導致了超級流動的誕生，這是一種分散的衍生工具交換，旨在提供與集中式交流相同的速度，流動性深度和低潛伏期，但沒有監護權和不透明的資產負債表的風險。

Hyperliquid’s Unique Funding Model

超級流動的獨特資金模型

We can’t discuss Hyperliquid without mentioning its controversial funding.

如果不提到其有爭議的資金，我們就無法討論超流動。

Among the boldest claims Hyperliquid makes is that it launched with no VC funding, ICO, or pre-sale. This is nearly unprecedented in the crypto space, where most tasks rely on early-stage venture capital or token sales to bootstrap growth and provide liquidity. Instead, Hyperliquid took a different approach: a massive airdrop of its native token, BUZZ, to early adopters—quickly generating a large, engaged user base without selling tokens to VCs.

超流動性提出的最大膽的主張之一是，它沒有投資，ICO或預售。在加密貨幣領域，這幾乎是前所未有的，在加密貨幣領域中，大多數任務都依賴於早期風險投資或代幣銷售來引導性增長並提供流動性。取而代之的是，Hyplliquid採用了另一種方法：其本地令牌，嗡嗡聲，對早期採用者的巨大空調 - Qually Quickly會產生一個大型，參與的用戶群，而不會向VCS出售代幣。

At first glance, this appears to be a clean launch, reinforcing Hyperliquid’s decentralised values. However, when you look deeper, the question of who precisely funded Hyperliquid’s development and initial liquidity remains unanswered.

乍一看，這似乎是一個乾淨的發射，增強了超流動性的分散值。但是，當您更深入地看時，誰精確資助了超流動性的發展和初始流動性的問題仍未得到解答。

Building a custom Layer-1 blockchain, deploying a sophisticated order-book-based DEX, and onboarding users without external financing is no small feat. Without VC funding, the most rational source of capital would be Chameleon Trading—the market-making firm that Hyperliquid’s owner, Jeffrey Yan, ran before launching the exchange. Given Chameleon’s alleged success as a trading firm, it’s plausible that the team self-funded Hyperliquid using trading profits.

構建自定義的第1層區塊鏈，部署基於訂單的訂單書籍的DEX，而沒有外部融資的登機用戶並不是很小的壯舉。沒有風險投資資金，最合理的資本來源將是變色龍交易，這是超級流動公司的所有者杰弗裡·亞恩（Jeffrey Yan）在推出交易所之前運行的。鑑於Chameleon據稱作為一家貿易公司的成功，該團隊使用交易利潤自製了超級流利，這是合理的。

Yet if that is true, this raises another question: Did Chameleon Trading—or other professional entities—claim a large portion of the buzz airdrop?

然而，如果這是真的，那就提出了另一個問題：變色龍交易（或其他專業實體）是否會在Buzz Airdrop中確定大部分？

This has led some to speculate that a significant part of the airdrop

這導致一些人推測空氣盤的很大一部分