超級流動性：一種獨特的收入引擎，結合了交換和智能合約平台

在2024年第四季度，Syncracy Capital在炒作中建立了巨大的位置，並在2025年第一季度繼續提高其位置。

Hyperliquid is quickly becoming one of the hottest topics in the crypto sphere. Its unique revenue engine, combining an exchange and a smart contract platform, makes it the blockchain with the highest fees in the crypto industry. Its vertically integrated design, weaving together these two businesses with a unified interface, allows Hyperliquid to aggregate users more efficiently than any other platform to date, providing it with a structural advantage in accommodating all financial businesses around the world.

雜種迅速成為加密球體中最熱門的話題之一。其獨特的收入引擎將交易所和智能合同平台結合起來，使其成為加密行業最高費用的區塊鏈。它的垂直集成設計，將這兩家業務與統一的界面編織在一起，使超流動器比迄今為止的任何其他平台都更有效地匯總用戶，從而為其提供結構性優勢，以適應全球所有金融業務。

In the long run, Hyperliquid has the potential to "disrupt" Binance, offering performance superior to other decentralized platforms and outperforming centralized exchanges in terms of cost, accessibility, auditability, composability, security, and asset availability. At the same time, its smart contract platform has the potential to become one of the leading application ecosystems, leveraging Hyperliquid’s exchange and trader base as the foundation for its growth.

從長遠來看，Hyproliquid有可能“破壞”二進制，在成本，可及性，可訪問性，合成性，安全性，安全性和資產可用性方面，提供優於其他分散平台的性能優於其他分散的平台。同時，其智能合同平台有可能成為領先的應用程序生態系統之一，利用超級流動性的交換和交易者基礎作為其增長的基礎。

Syncracy estimates that the combined market size for its exchange and smart contract platform will reach hundreds of billions of dollars in the coming years.

Syncracy估計，在未來幾年中，其交換和智能合約平台的總市場規模將達到數十億美元。

Recently, Syncracy Capital has been largely investing in HYPE in the fourth quarter of 2024, and they continue to increase their position in the first quarter of 2025. In a recent statement, Syncracy Capital shared multiple reasons for their increased investment in HYPE.

最近，Syncracy Capital在2024年的第四季度大部分投資了炒作，並且他們在2025年第一季度繼續提高其頭寸。在最近的一份聲明中，Syncracy Capital分享了他們在炒作增加投資的多種原因。

Here is the full statement from Syncracy Capital (some modifications have been made to this article by Felix, from PANews):

這是Syncracy Capital的完整聲明（Felix已對Panews進行了一些修改）：

The Art of Progressive Decentralization

進步權力下放的藝術

Trading is one of the “killer” apps in the cryptoeconomy to date, yet the majority of trading volume still occurs on centralized platforms. Can an exchange be built with features similar to Bitcoin's origins and yet achieve liquidity on the scale of Binance at the time of FTX's collapse? This was the question Hyperliquid co-founder Jeff Yan set out to answer when he launched his new exchange in 2022.

交易是迄今為止加密經濟學中的“殺手”應用程序之一，但大多數交易量仍在集中式平台上發生。可以使用類似於比特幣的起源的功能來建立交換，但在FTX崩潰時的二手級規模上實現了流動性？這是Hypliquid聯合創始人Jeff Yan在2022年推出新交易所時的問題。

Hyperliquid did not receive any external funding from VCs, instead choosing to be completely self-funded. This was a critical decision that allowed the team to focus on developing the product without external pressure and ultimately distribute the majority of ownership to the community.

Hyperliquid沒有從VCS獲得任何外部資金，而是選擇完全自籌資金。這是一個關鍵決定，使團隊能夠專注於在沒有外部壓力的情況下開發產品，並最終向社區分配大部分所有權。

Two years later, Hyperliquid has become one of the fastest growing projects in the crypto industry, capturing more than 60% of the on-chain perpetual swap market. In doing so, Hyperliquid has played a key role in leading the shift to on-chain perpetual swap trading, which now accounts for approximately 12% of global trading volume.

兩年後，Hyproliquid已成為加密貨幣行業中增長最快的項目之一，捕獲了超過60％的永久交換市場。在這樣做的過程中，Hyproliquid在領導轉向鏈上永久交易方面發揮了關鍵作用，該交易現在約佔全球交易量的12％。

Keys to Success

成功的關鍵

It all starts with the team’s product-first philosophy. The team does not optimize for ideological purity, for example, the priority from the beginning is not maximum decentralization, but providing the best on-chain transaction experience. This strategy can be understood as progressive decentralization - a practical approach to building successful projects in the crypto industry, which involves the team first finding product-market fit and then gradually giving up control over time.

這一切都始於團隊的產品優先哲學。例如，團隊沒有針對意識形態純度進行優化，例如，從一開始就優先是最大的權力下放，而是提供最佳的鏈交易經驗。該策略可以理解為漸進式的權力下放 - 一種實用的方法，是在加密行業建立成功項目的實用方法，該方法涉及團隊首先找到產品市場擬合，然後逐漸放棄隨著時間的流逝。

While decentralization and open source are critical to reducing counterparty risk and improving product scalability in the long term, most users prefer performance and usability over strict adherence to Cypherpunk principles. Therefore, in the two years before the HYPE token was launched, the team refined the platform through direct engagement with traders.

從長遠來看，權力下放和開源對於降低對手風險和提高產品可伸縮性至關重要，但大多數用戶更喜歡性能和可用性，而不是嚴格遵守Cypherpunk原則。因此，在炒作啟動的兩年前，該團隊通過與交易者的直接互動來完善平台。

This feedback proved valuable, as the Hyperliquid team often implemented feature requests and bug fixes within hours, building deep trust in the community. It also led to key product features such as order cancellation priority for traders, which enables market makers to quote tighter spreads, and the Hyperliquid Vault, which enables exchanges to quickly bootstrap liquidity for new token pairs. The result is a high-performance chain with a fixed order book (CLOB) capable of 100,000 transactions per second (TPS) throughput and sub-second finality, an order of magnitude higher than other platforms.

這項反饋證明是有價值的，因為超流動團隊經常在數小時內實施功能請求和錯誤修復，從而建立了對社區的深刻信任。它還導致了關鍵產品功能，例如交易者的訂單取消優先級，這使做市商能夠引用更嚴格的點差和超流量的庫，這使交易所能夠快速為新的代幣對引起流動性。結果是一個高性能鏈，其固定訂單（CLOB）每秒100,000件交易（TPS）吞吐量和次秒終結性，比其他平台高的數量級。

As trading volume grew exponentially by the end of 2024, Hyperliquid airdrops 31% of its token supply to users. The airdrop is a huge success.

隨著到2024年底的交易量成倍增長，超流動的Airdrops 31％的代幣供應量。空投取得了巨大的成功。

Crucially, the HYPE token also had a clear intrinsic value, with fees at the time being $228 million per year. This not only provided an incentive for recipients to hold rather than sell, but also provided buying momentum for HYPE due to the high revenues, driving large-scale buybacks. Furthermore, since there was no pre-allocation to any insiders outside of the core team, large buyers had to buy on the market. Not only did this force these participants to join Hyperliquid directly, increasing trading volume in tandem, it also highlighted that the next step in Hyperliquid's development was more than just a simple derivatives exchange.

至關重要的是，炒作令牌還具有明顯的內在價值，當時費用為2.28億美元。這不僅為接收者持有而不是賣出提供了激勵措施，而且由於收入高，推動了大規模回購，還提供了炒作的購買動力。此外，由於核心團隊以外的任何內部人士都沒有預分配，因此大型買家必須在市場上購買。這些參與者不僅迫使這些參與者直接加入超級流動性，增加了串聯的交易量，還強調了超流動性開發的下一步不僅僅是簡單的衍生品交換。

Everything Exchange

一切交換

Exchanges are winner-take-all markets, where liquidity network effects, scale efficiencies, brand equity, and regulatory moats concentrate trading activity in a few dominant players. This model has shaped the financial market landscape for centuries, solidifying the CME’s dominance in derivatives, the NYSE and Nasdaq in equities

交易所是贏家全方位的市場，在這裡，流動性網絡效果，規模效率，品牌資產和監管護城河集中在一些主要參與者中的貿易活動。該模型已經塑造了金融市場的格局數百年來，鞏固了CME在衍生產品，紐約證券交易所和納斯達克股票的統治地位