超液體實驗室：區塊鏈世界發展的堅實基礎

專家預測，到 2025 年，該平台可能成為收費領域的主要參與者，甚至有可能超越老牌競爭對手。

Hyperliquid (HLQ), a promising multi-chain decentralized exchange (DEX), is attracting attention for its potential to become a major player in fee generation by 2025. Experts are forecasting that the platform could outpace even established competitors in this crucial aspect of blockchain performance.

Hyperliquid (HLQ) 是一種前景光明的多鏈去中心化交易所(DEX)，因其在2025 年成為費用生成主要參與者的潛力而受到關注。這一關鍵面向超越老牌競爭對手錶現。

A Strong Foundation for Growth

堅實的成長基礎

Recently, Ryan Watkins, co-founder of venture capital firm Syncracy Capital and a former senior research analyst at Messari, expressed strong bullish sentiments about Hyperliquid’s growth trajectory. In a post shared on social media platform X, Watkins outlined the factors that could propel Hyperliquid into the upper echelons of the blockchain world.

最近，創投公司 Syncracy Capital 聯合創始人、Messari 前高級研究分析師 Ryan Watkins 對 Hyperliquid 的成長軌跡表達了強烈的看漲情緒。在社群媒體平台 X 上分享的一篇文章中，沃特金斯概述了可能推動 Hyperliquid 進入區塊鏈世界高層的因素。

At its core, Hyperliquid combines multiple high-demand services, such as decentralized spot trading and derivatives, with scalable blockspace. This synergy is expected to drive increased adoption and usage of the platform, which is crucial for fee generation. By vertically integrating these services, Hyperliquid enhances the efficiency and appeal of its ecosystem, making it an attractive option for both users and investors.

Hyperliquid 的核心是將多種高需求服務（例如去中心化現貨交易和衍生性商品）與可擴展的區塊空間結合。這種協同作用預計將推動該平台的採用和使用的增加，這對於產生費用至關重要。透過垂直整合這些服務，Hyperliquid 提高了其生態系統的效率和吸引力，使其成為對用戶和投資者都有吸引力的選擇。

As Watkins points out in his analysis, Hyperliquid is not just a DEX for perpetual futures but also a robust ecosystem designed to serve a wide range of crypto market participants. This broad approach, encompassing essential aspects of crypto, including derivatives trading and the use of HyperEVM, is seen as a key driver of future success.

正如沃特金斯在分析中指出的那樣，Hyperliquid 不僅是永續期貨的 DEX，而且還是一個強大的生態系統，旨在為廣泛的加密市場參與者提供服務。這種廣泛的方法涵蓋了加密貨幣的基本面，包括衍生性商品交易和 HyperEVM 的使用，被視為未來成功的關鍵驅動力。

The Missing Piece: Stablecoins

缺失的一環：穩定幣

Despite these promising features, Watkins also highlights an area where Hyperliquid’s journey to dominance may encounter challenges. According to his observations, the platform’s ecosystem would greatly benefit from the introduction of a stablecoin.

儘管有這些充滿希望的功能，沃特金斯也強調了 Hyperliquid 的統治之旅可能會遇到挑戰的一個領域。根據他的觀察，該平台的生態系統將因穩定幣的引入而受益匪淺。

“Hyperliquid has strong potential to become the top blockchain by fees generated in 2025,” Watkins noted. “It integrates nearly every profitable aspect of crypto (exchange services (spot and derivatives) and blockspace via HyperEVM (Ethereum Virtual Machine)) but a stablecoin is harder to do in practice, but wouldn’t be surprised if it’s attempted.”

Watkins 指出：“以 2025 年產生的費用計算，Hyperliquid 具有成為頂級區塊鏈的強大潛力。” 「它整合了加密貨幣的幾乎所有有利可圖的方面（交易服務（現貨和衍生品）和透過HyperEVM（以太坊虛擬機）的區塊空間），但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。

Stablecoins, which offer price stability, are integral to the success of many blockchain platforms, particularly those that engage in decentralized finance (DeFi) applications. In fact, other projects like Terra and Berachain are already exploring similar initiatives with their own stablecoins. Recently, Ethena Labs introduced the USDtb stablecoin, backed by BlackRock’s USD Institutional Digital Liquidity Fund, signaling that the stablecoin race is heating up.

穩定幣提供價格穩定性，是許多區塊鏈平台成功不可或缺的一部分，特別是那些從事去中心化金融（DeFi）應用的平台。事實上，Terra 和 Berachain 等其他項目已經在用自己的穩定幣探索類似的舉措。最近，Ethena Labs 推出了由貝萊德美元機構數位流動性基金支持的 USDtb 穩定幣，這表明穩定幣競賽正在升溫。

If Hyperliquid successfully integrates a stablecoin into its ecosystem, it could solidify its position as a top contender in the blockchain space.

如果 Hyperliquid 成功地將穩定幣整合到其生態系統中，它可以鞏固其作為區塊鏈領域頂級競爭者的地位。

Recent Developments and Fee Generation

最新進展和費用產生

Hyperliquid has already made early strides in generating fees, which is attracting attention. According to data from DeFiLlama, the platform has earned $5.16 million in seven-day fees and revenue. While this is a significant achievement, it still lags behind leading blockchains such as Ethereum, Solana, and Tron, which have generated higher fees. Ethereum, in particular, continues to dominate, driven by the success of stablecoins like Tether and other popular decentralized protocols.

Hyperliquid 在收費方面已經取得了早期進展，引起了人們的注意。根據 DeFiLlama 的數據，該平台的 7 天費用和收入已賺取 516 萬美元。雖然這是一項重大成就，但它仍然落後於以太坊、Solana 和 Tron 等領先的區塊鏈，這些區塊鏈產生了更高的費用。尤其是以太坊，在 Tether 等穩定幣和其他流行的去中心化協議的成功推動下，繼續佔據主導地位。

Despite the competition, Hyperliquid’s promising growth trajectory suggests it may be poised for a breakout in the near future. If the platform can maintain its momentum and successfully navigate challenges like the introduction of a stablecoin, its fee-generation capabilities could see a dramatic rise by 2025.

儘管存在競爭，Hyperliquid 充滿希望的成長軌跡表明它可能在不久的將來取得突破。如果該平台能夠保持勢頭並成功應對引入穩定幣等挑戰，那麼到 2025 年其收費能力可能會大幅上升。

Overcoming Security Concerns

克服安全問題

While Hyperliquid’s potential is widely recognized, it has also faced some controversy. Recently, the platform was linked to speculation involving potential hacking activity from the North Korea-affiliated Lazarus Group. However, Hyperliquid Labs quickly addressed these concerns, attributing the unusual activity to “whale” behavior rather than any real vulnerability. This swift response helped to alleviate concerns over the platform’s security, allowing it to maintain investor confidence and continue its growth.

雖然超液體的潛力得到了廣泛認可，但它也面臨一些爭議。最近，該平台與涉及北韓附屬拉撒路集團潛在駭客活動的猜測有關。然而，Hyperliquid Labs 很快就解決了這些擔憂，將異常活動歸因於「鯨魚」行為，而不是任何真正的漏洞。這種迅速的反應有助於緩解對該平台安全性的擔憂，使其能夠保持投資者的信心並繼續成長。

Bottom Line

底線

As 2025 approaches, all eyes will be on Hyper Liquid to see if it can fulfill the optimistic projections laid out by industry experts. With its strong integration of profitable crypto services, growing fee generation, and potential for innovation, Hyperliquid could emerge as a major force in the blockchain space. However, its success will depend on the platform’s ability to continue evolving and adapting to the rapidly changing cryptocurrency landscape.

隨著 2025 年的臨近，所有人的目光都將集中在 Hyper Liquid 上，看看它是否能夠實現行業專家提出的樂觀預測。憑藉其對有利可圖的加密服務的強大整合、不斷增長的費用產生和創新潛力，Hyperliquid 可能會成為區塊鏈領域的一支主要力量。然而，它的成功將取決於該平台繼續發展和適應快速變化的加密貨幣格局的能力。