高流動性在流動性池損失數百萬的ETH清算後增加了保證金要求

專門從事交易的區塊鍊網絡Hyperliquid在其流動性池損失了數百萬美元之後，對交易者的利潤率提高了

Hyperliquid, a blockchain network that specializes in trading, has increased margin requirements for traders after its liquidity pool lost millions of dollars during a massive Ether (ETH) liquidation, the network said.

該網絡說，在貿易商的流動性池損失了數百萬美元的清算期間，Hyplliquid是一個專門從事交易的區塊鍊網絡，對交易者的利潤率提高了。

On March 12, a trader intentionally liquidated a roughly $200 million Ether long position, causing Hyperliquid's liquidity pool, HLP, to lose $4 million, unwinding the trade.

3月12日，一名交易員故意清算了大約2億美元的以太股份，導致超級流動性的流動性池HLP損失了400萬美元，從而放鬆了交易。

Starting March 15, Hyperliquid will begin requiring traders to maintain a collateral margin of at least 20% on certain open positions to "reduce the systemic impact of large positions with hypothetical market impact upon closing," Hyperliquid said in a March 13 X post.

從3月15日開始，Hyperliquid在3月13日x帖子中說，超級流動性將開始要求交易者在某些開放位置上保持至少20％的抵押品邊緣，以“減少大型職位的系統性影響，並假設市場對關閉的影響”。

The incident highlights the growing pains confronting Hyperliquid, which has emerged as Web3's most popular platform for leveraged perpetual trading.

該事件突出了越來越多的痛苦與超流動性相遇，這已經成為Web3最受歡迎的槓桿永久交易平台。

Hyperliquid said the $4 million loss was not from an exploit but rather a predictable consequence of the mechanics of its trading platform under extreme conditions.

Hyperliquid表示，這筆400萬美元的損失不是來自剝削，而是其在極端條件下其交易平台機制的可預測結果。

"Yesterday's event highlighted an opportunity to strengthen the margining framework to address extreme conditions more robustly," Hyperliquid said.

Hypliquid說：“昨天的活動強調了一個機會，可以加強邊緣框架，以更加堅固地解決極端情況。”

These changes only apply in certain circumstances, such as when traders are withdrawing collateral from open positions, Hyperliquid said. Traders can still take on new positions with up to 40 times leverage.

Hyperliquid說，這些更改僅適用於某些情況，例如交易者從公開位置退出抵押品時。交易者仍然可以擔任新職位，最多可以槓桿率40倍。

Perpetual futures, or "perps," are leveraged futures contracts with no expiry date. Traders deposit margin collateral — typically USDC (USDC) for Hyperliquid — to secure open positions.

永久期貨或“ perps”是槓桿期貨合約，沒有到期日。貿易商將保證金抵押品（通常為USDC（USDC））存放，以確保開放位置。

By withdrawing most of his collateral and liquidating his own position, the trader effectively cashed out of his trade without incurring slippage — or losses from selling a large position all at once.

通過撤回他的大部分抵押品並清算自己的立場，交易員有效地從交易中兌現了貿易，而不會產生打滑，或者一次出售大型職位而造成的損失。

Instead, those losses were borne by Hyperliquid's HLP liquidity pool.

取而代之的是，這些損失是由HLP的HLP流動性池承擔的。

Hyperliquid's HLP has more than $350 million in TVL. Source: DeFiLlama

Hypliquid的HLP擁有超過3.5億美元的TVL。資料來源：Defillama

Related: Crypto market liquidations likely reached $10B — Bybit CEO

相關：加密貨幣市場清算可能達到$ 10B - BYBIT CEO

Leading perps exchange

領先的PERPS交換

As of March 13, HLP has a total value locked (TVL) of approximately $340 million sourced from user deposits, according to DefiLlama.

根據Defillama的數據，截至3月13日，HLP的總價值鎖定（TVL）約為3.4億美元。

Launched in 2024, Hyperliquid's flagship perps exchange has clocked 70% of the market share, outperforming rivals like GMX and dYdX, according to a January report by asset manager VanEck.

根據資產經理Vaneck的一月份報告，Hyplliquid的旗艦PERPS Exchange於2024年推出，已經達到了市場份額的70％，表現優於GMX和DYDX等競爭對手。

Hyperliquid touts a trading experience that is more convenient than centralized exchanges, featuring fast settlement times and low fees, but it is less decentralized than other exchanges.

超級流動的吹捧的交易體驗比集中交易更方便，具有快速的和解時間和低費用，但與其他交易所相比，它的分散程度較低。

As of March 12, Hyperliquid had around $180 million per day in transaction volume, according to DefiLlama.

根據Defillama的說法，截至3月12日，Hyproliquid的交易量約為1.8億美元。