Hyperliquid：新的 Meme 代幣製造商

無論是鏈上衍生性商品、DeFi，或是DEX去中心化交易所，這些領域早已人滿為患，競爭令人窒息。

Hyperliquid, a decentralized perpetual contract trading platform, has attracted attention with its actual candlestick charts and rapid price increase, sparking discussion about the driving forces behind its popularity.

去中心化永續合約交易平台Hyperliquid以其實體K線圖和快速上漲的價格吸引了人們的關注，引發了對其受歡迎背後驅動力的討論。

While some may dismiss it as a simple technological innovation craze, a deeper analysis reveals several factors contributing to Hyperliquid's quick rise to prominence.

雖然有些人可能將其視為簡單的技術創新熱潮，但更深入的分析揭示了導致 Hyperliquid 迅速崛起的幾個因素。

Unlike familiar platforms like GMX and dYdX, Hyperliquid boasts technical and model disruptions, addressing common DEX pain points such as slow transaction speed, high fees, and poor transparency.

與 GMX 和 dYdX 等熟悉的平台不同，Hyperliquid 擁有技術和模型顛覆性，解決了常見的 DEX 痛點，例如交易速度慢、費用高和透明度差等。

Its core features include:

其核心特點包括：

1. Decentralized order book perpetual contracts: Hyperliquid employs the trading method of traditional markets, offering efficiency and precise matching.

1.去中心化訂單簿永續合約：Hyperliquid採用傳統市場的交易方式，高效能精準撮合。

2. Self-developed high-performance L1 chain: Unlike platforms dependent on Ethereum or Arbitrum, Hyperliquid has its own L1 public chain, ensuring low-latency, high-frequency transactions.

2.自研高效能L1鏈：與依賴以太坊或Arbitrum的平台不同，Hyperliquid擁有自己的L1公鏈，保證低延遲、高頻交易。

3. Zero gas bill: Hyperliquid eliminates gas fees, providing convenience and enabling unrestricted trading for DeFi users.

3. 零gas費用：Hyperliquid消除了gas費用，為DeFi用戶提供便利並實現無限的交易。

4. Full chain transparency: Every transaction is recorded on the chain, offering openness, transparency, and verifiability, improving trust and eliminating black box operations.

4.全鏈透明：每一筆交易都記錄在鏈上，公開、透明、可驗證，提高信任，杜絕黑箱操作。

5. Innovative smart vault mechanism: Hyperliquid supports users creating personal "vaults" where others can deposit funds and copy the trading strategies of the vault owners.

5.創新的智慧金庫機制：Hyperliquid支持用戶創建個人“金庫”，其他人可以在其中存入資金並複製金庫所有者的交易策略。

Hyperliquid's advantages can be summarized as follows:

Hyperliquid的優點可以概括如下：

1. Fast speed and low cost: The self-developed L1 chain and zero gas fee provide convenient transactions and an excellent experience.

1.速度快、成本低：自主研發的L1鏈、零gas費，交易便利、體驗極佳。

2. High transparency: All transaction data is made public to prevent black box operations.

2.透明度高：所有交易資料公開，杜絕暗箱操作。

3. Innovative and flexible: In addition to supporting perpetual contracts, Hyperliquid also provides advanced features like take profit and stop loss (TP/SL) and time-weighted average price (TWAP) to cater to advanced traders.

3.創新靈活：除了支援永續合約外，Hyperliquid還提供停盈止損（TP/SL）和時間加權平均價格（TWAP）等高級功能，以滿足高級交易者的需求。

Moreover, Hyperliquid's meme launch mechanism, the Dutch Auction, offers a new path for the resurgence of memes.

此外，Hyperliquid的表情包發布機制——荷蘭式拍賣，為表情包的復興提供了一條新路徑。

In a Dutch auction, the price starts high and gradually decreases over time until someone bids. At Hyperliquid, a "listing quota" is auctioned every 31 hours, with the starting price typically twice that of the previous round.

在荷蘭式拍賣中，價格一開始很高，然後隨著時間的推移逐漸下降，直到有人出價。在 Hyperliquid，每 31 小時拍賣一次“上市配額”，起拍價格通常是上一輪的兩倍。

This scarcity attracts memes because there is only one spot every 31 hours, presenting an excellent opportunity for exposure and gambling for any small-cap project or active community.

這種稀缺性吸引了人們的關注，因為每 31 小時只有一個位置，這為任何小型專案或活躍社區提供了絕佳的曝光和賭博機會。

Even unknown small currencies can ignite market heat through the Dutch auction, given sufficient community enthusiasm and a catchy ticker name.

只要有足夠的社區熱情和朗朗上口的股票名稱，即使是不知名的小貨幣也可以透過荷蘭式拍賣點燃市場熱度。

For instance, in a recent auction, the quota price soared to 100 WU (around 100,000 USD), setting the stage for more projects to spend heavily to secure a chance to "break out of the circle."

例如，在最近的一次拍賣中，配額價格飆升至100 WU（約10萬美元），為更多項目斥巨資爭取「破圈」機會奠定了基礎。

This way, small-cap meme coins not only gain attention through collective bidding but also become the focus of the industry.

這樣一來，小盤表情幣不僅透過集體競價獲得關注，也成為業界關注的焦點。

Hyperliquid's role as a meme token-making machine is evident in pushing “small but beautiful” projects to a grander stage.

Hyperliquid 作為 meme 代幣製造機器的作用顯而易見，它將「小而美」的項目推向了更宏偉的舞台。

To get involved with Hyperliquid:

要參與 Hyperliquid：

Method 1: Directly participate in spot projects (meme coins)

方式一：直接參與現貨項目（meme幣）

Many meme projects have been launched on Hyperliquid, typically having a lower market value but an active community atmosphere. For those who prefer low risk, these spot projects can be an option, offering potential projects driven by hot money.

Hyperliquid 上推出了許多 meme 項目，通常市值較低，但社區氛圍活躍。對於那些喜歡低風險的人來說，這些現貨項目可以作為一種選擇，提供由熱錢驅動的潛在項目。

Method 2: Participate in the Dutch auction and seize the opportunity of the internal market

方式二：參與荷蘭式拍賣，把握內部市場機會

For those with a higher risk appetite, own investment research strategies can be used to choose relevant memes that are auctioned by the Dutch auction mechanism, held every 31 hours. After the auction is successful, your tokens will receive trading support and community exposure from Hyperliquid.

對於風險偏好較高的人來說，可以利用自己的投資研究策略來選擇相關的迷因，由荷蘭拍賣機制進行拍賣，每 31 小時舉行一次。拍賣成功後，您的代幣將獲得 Hyperliquid 的交易支援和社群曝光。

Risks and recommendations:

風險與建議：

Market risk: Participating in Hyperliquid's auction may involve some "dog coins" with low market capitalization and average community activity. Some coins may encounter problems like pull-ups and manipulation or even the risk of project failure. Especially when the auction fee rises to 100WU, many small projects may not have enough funds to cover the listing fees, and the quality of the project may not be guaranteed.

市場風險：參與Hyperliquid的拍賣可能涉及一些市值較低、社區活躍度一般的「狗幣」。有些幣種可能會遇到拉升、操縱等問題，甚至有專案失敗的風險。尤其是當拍賣費用上漲到100WU時，許多小型專案可能沒有足夠的資金來支付上市費用，專案的品質可能無法保證。

Liquidity risk: Since the platform has a limited number of listings and only one opportunity every 31 hours, small projects with low liquidity may experience drastic price fluctuations.

流動性風險：由於平台上幣數量有限，每31小時只有一次機會，流動性較低的小型專案可能會出現劇烈的價格波動。

Participation logic: After some project parties obtain quotas through lower auction fees, they will use "pull-up" means to increase prices, thereby bringing higher handling fees and trading volumes. However, if the project does not have strong market support or substantial value, it may lead to a crash or "Rug Pull" (running away).

參與邏輯：部分專案方透過較低的拍賣費用獲得額度後，會利用「拉升」手段拉高價格，進而帶來更高的手續費和交易量。然而，如果專案沒有強大的市場支持或實質價值，則可能會導致崩盤或「Rug Pull」（跑路）。

Recommendation: For beginners or users with less funds, it is advised to participate in Dutch auctions with caution. You can first observe some existing and active meme projects to gauge their market performance and community dynamics. When choosing whether to participate in the auction, you must have sufficient understanding and judgment to avoid blindly following the trend just because of the market enthusiasm.

建議：對於初學者或資金較少的用戶，建議謹慎參與荷蘭式拍賣。您可以先觀察一些現有的、活躍的迷因項目，以衡量其市場表現和社區動態。在選擇是否參與競標時，一定要有足夠的了解和判斷，避免僅僅因為市場熱情而盲目跟風。

Hyperliquid is undeniably a shining star in the DeFi track

Hyperliquid 無疑是 DeFi 賽道上一顆閃亮的明星