Syncracy Capital 聯合創始人 Ryan Watkins 表示，Hyperliquid (HYPE) 到 2025 年在費用產生方面可能會超過競爭對手

過去幾天，由於猜測駭客與北韓支持的 Lazarus 集團有關聯，永續期貨 DEX 平台引起了人們的關注。

HyperLiquid, a recently launched layer-1 blockchain and decentralized exchange, has the potential to outpace its rivals in terms of fee generation over the next year, according to Syncracy Capital co-founder Ryan Watkins.

Syncracy Capital 聯合創始人 Ryan Watkins 表示，最近推出的 Layer-1 區塊鏈和去中心化交易所 HyperLiquid 有潛力在明年的費用產生方面超越競爭對手。

The DEX platform for perpetual futures has attracted attention in recent days amid speculation that hackers linked to the North Korea-backed Lazarus Group were snooping for vulnerability. Hyperliquid Labs has since dismissed the claims of potential vulnerability as linked to whale activity, which is rumored to be from North Korean hackers.

最近幾天，由於猜測與北韓支持的拉撒路集團有關的駭客正在窺探漏洞，永續期貨的 DEX 平台最近引起了人們的關注。此後，Hyperliquid Labs 駁回了與鯨魚活動有關的潛在漏洞的說法，據傳鯨魚活動來自北韓駭客。

But what does Ryan Watkins, the co-founder of venture capital firm Syncracy Capital and former senior research analyst at market intelligence platform Messari, have to say about Hyperliquid (HYPE)?

但創投公司 Syncracy Capital 聯合創辦人、市場情報平台 Messari 前資深研究分析師 Ryan Watkins 對 Hyperliquid (HYPE) 有什麼看法呢？

On Dec. 27, the Syncracy Capital co-founder took to X to express his bullish outlook for the DEX platform.

12 月 27 日，Syncracy Capital 聯合創始人在 X 上表達了他對 DEX 平台的看好前景。

In Watkins’ view, Hyperliquid could emerge as one of the largest blockchain projects by fee generation in the upcoming year.

在沃特金斯看來，Hyperliquid 在來年可能成為按費用產生最大的區塊鏈項目之一。

“Hyperliquid is strongly positioned to be the no.1 blockchain by fees in 2025 largely because it vertically integrates nearly all the most profitable businesses in crypto’s history: exchange (spot + derivatives) + blockspace (HyperEVM).”

「Hyperliquid 預計將成為 2025 年收費第一的區塊鏈，主要是因為它垂直整合了加密貨幣歷史上幾乎所有最賺錢的業務：交易所（現貨+衍生品）+區塊空間（HyperEVM）。”

According to observers, HYPE token’s potential to explode in the coming months is attributed to the industry's adoption of the spot and derivatives offering as well as the traction for the HyperEVM.

據觀察家稱，HYPE 代幣在未來幾個月爆發的潛力歸因於該行業對現貨和衍生性商品產品的採用以及 HyperEVM 的吸引力。

In Watkins’ view, the missing component that would see Hyperliquid “complete the holy trinity” and potentially dominate is a stablecoin.

在沃特金斯看來，Hyperliquid「完成神聖三位一體」並可能佔據主導地位的缺失要素是穩定幣。

“Stablecoin is harder to do in practice, but wouldn’t be surprised if it’s attempted. Terra in the past and Berachain + Ethena (coming soon) today are doing the sam.”

「穩定幣在實踐中更難實現，但如果嘗試的話也不會感到驚訝。過去的 Terra 和今天的 Berachain + Ethena（即將推出）正在做同樣的事情。

Ethena Labs recently launched USDtb, a stablecoin that is backed by Blackrock’s USD Institutional Digital Liquidity Fund, in partnership with the tokenization platform Securitize.

Ethena Labs 最近與代幣化平台 Securitize 合作推出了 USDtb，這是由貝萊德美元機構數位流動性基金支持的穩定幣。

According to DeFiLlama, Hyperliquid has recorded $5.16 million in seven-day fees and revenue. In comparison, Ethereum, Solana and Tron have generated higher levels of fees.

據 DeFiLlama 稱，Hyperliquid 的 7 天費用和收入已達到 516 萬美元。相比之下，以太坊、Solana 和 Tron 產生的費用更高。

Among the top protocols by fees across the ecosystem, stablecoin giant Tether leads on Ethereum, while DEX protocol Raydium, liquid staking platform Jito and meme launchpad Pump.fun generate the highest fees on Solana.

在整個生態系統中按費用排名最高的協議中，穩定幣巨頭 Tether 在以太坊上領先，而 DEX 協議 Raydium、液體質押平台 Jito 和 meme launchpad Pump.fun 在 Solana 上產生最高的費用。

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