Hyperliquid（HYPE）：DeFi 領域的新競爭者

自 2024 年推出以來，區塊鏈永續期貨交易所已佔據 70% 的市場份額，超過了 GMX 和 dYdX 等老牌競爭對手。

Hyperliquid [HYPE], a blockchain that hosts the largest decentralized perpetual futures exchange, has experienced remarkable growth since its launch in 2024. However, despite its achievements, concerns are emerging regarding its long-term sustainability.

Hyperliquid [HYPE] 是一個擁有最大的去中心化永續期貨交易所的區塊鏈，自2024 年推出以來經歷了顯著的增長。擔憂正在出現。

Hyperliquid’s Footprint Expands

超液體的足跡不斷擴大

Hyperliquid’s launch was followed by a rapid rise in market share, thanks to its perpetual futures exchange, which now commands 70% of the market, outpacing rivals like GMX and dYdX. This positioned Hyperliquid as a major player among decentralized exchanges (DEXs), handling approximately $260 million in daily transactions.

Hyperliquid 推出後，其永續期貨交易所的市佔率迅速上升，目前佔據 70% 的市場份額，超過了 GMX 和 dYdX 等競爭對手。這使得 Hyperliquid 成為去中心化交易所 (DEX) 的主要參與者，每天處理約 2.6 億美元的交易。

Meanwhile, DEX trading volumes reached record highs of $433 billion in December 2024, further highlighting the industry’s momentum. But as Hyperliquid basked in these achievements, questions arose about its ability to maintain these gains over the long haul.

同時，DEX 交易量於 2024 年 12 月達到 4,330 億美元的歷史新高，進一步凸顯了該產業的發展動能。但隨著 Hyperliquid 享有這些成就，人們開始質疑能否長期維持這些成果。

A recent report by VanEck expressed concerns regarding Hyperliquid’s market valuation of $25 billion, which is largely driven by the meteoric rise of the HYPE token. Without stronger developer engagement, this valuation could be at risk, the report stated.

VanEck 最近的一份報告表達了對 Hyperliquid 250 億美元市場估值的擔憂，這主要是由 HYPE 代幣的快速上漲所推動的。報告指出，如果開發商沒有加強參與，這項估值可能會面臨風險。

Hyperliquid’s smart contract platform has yet to cultivate a vibrant ecosystem of developers, which is crucial for sustaining growth and delivering on community expectations, the report added.

報告補充說，Hyperliquid 的智慧合約平台尚未培育出一個充滿活力的開發者生態系統，這對於維持成長和實現社區期望至關重要。

Diversification and Strategic Challenges

多元化和策略挑戰

Hyperliquid’s airdrop, heralded as 2024’s most successful token generation event, has put HYPE in the spotlight. The token saw gains of over 500% within a month, peaking at $34 before stabilizing around $25 in early January 2025.

Hyperliquid 的空投被譽為 2024 年最成功的代幣生成活動，使 HYPE 成為人們關注的焦點。該代幣在一個月內漲幅超過 500%，最高達到 34 美元，然後在 2025 年 1 月初穩定在 25 美元左右。

However, as VanEck pointed out, maintaining this momentum requires a broader use case beyond its highly successful perpetual futures exchange.

然而，正如 VanEck 所指出的那樣，保持這種勢頭需要在其非常成功的永續期貨交易所之外有更廣泛的用例。

Hyperliquid’s ambitions extend beyond its flagship exchange. By introducing an Ethereum Virtual Machine (EVM)-compatible smart contract platform in 2025, Hyperliquid aims to diversify its utility and attract decentralized application (dApp) developers.

Hyperliquid 的野心不僅限於其旗艦交易所。透過在 2025 年推出與以太坊虛擬機 (EVM) 相容的智慧合約平台，Hyperliquid 旨在使其實用性多樣化並吸引去中心化應用程式 (dApp) 開發人員。

Early testnet activity has shown encouraging signs, with at least six native dApps already operational and garnering thousands of users. This development marks a crucial step in positioning Hyperliquid as a general-purpose blockchain rather than a single-product platform.

早期的測試網活動已顯示出令人鼓舞的跡象，至少有 6 個原生 dApp 已經投入運行並吸引了數千名用戶。這項發展標誌著將 Hyperliquid 定位為通用區塊鏈而不是單一產品平台的關鍵一步。

Challenges in a Competitive Market

競爭市場中的挑戰

Hyperliquid’s rise has been swift, but maintaining its competitive edge will be challenging. According to VanEck, DEXs often struggle with a lack of long-term competitive moats due to their reliance on open-source technology, which makes features easily replicable.

Hyperliquid 的崛起迅速，但保持其競爭優勢將具有挑戰性。 VanEck 表示，由於依賴開源技術，DEX 經常因缺乏長期競爭護城河而苦苦掙扎，而開源技術使得功能很容易複製。

Without unique innovations or a loyal developer community, sustaining market dominance could be difficult. Another critical aspect is network decentralization. The selection process of validators for Hyperliquid is taken by the governing body called the Hyper Foundation, which has been questioned multiple times.

如果沒有獨特的創新或忠誠的開發者社區，維持市場主導地位可能會很困難。另一個關鍵方面是網路去中心化。 Hyperliquid 驗證者的選擇過程由名為 Hyper 基金會的管理機構負責，該機構曾多次受到質疑。

The foundation, therefore, clarified that validator roles are given out based on merit, hence reinstating its transparency and fairness policy. This would help to gain the much-needed trust of the community—a key factor in any blockchain ecosystem.

因此，基金會澄清，驗證者角色是根據功績分配的，從而恢復了其透明度和公平政策。這將有助於獲得社群急需的信任——這是任何區塊鏈生態系統的關鍵因素。

Will Hyperliquid Meet Its Lofty Expectations?

超液體能滿足其崇高期望嗎？

The next 12 months will be pivotal for Hyperliquid. The success of its EVM-compatible platform will determine whether it can evolve into a multi-faceted blockchain capable of supporting diverse applications.

未來 12 個月對 Hyperliquid 來說至關重要。其EVM相容平台的成功將決定其能否演變成能夠支援多種應用的多面向區塊鏈。

Expanding its developer base, fostering innovation, and addressing community concerns will be vital to sustaining its impressive market valuation and long-term relevance.

擴大開發者基礎、促進創新和解決社區關切對於維持其令人印象深刻的市場估值和長期相關性至關重要。