Hyprolid於2023年啟動，已迅速成為DeFi中最受關注的項目之一。

根據Defillama的數據，今天，它以40億美元的每日交易量和60％的市場份額領先所有分散的衍生品交易所。

Launched in 2023, Hyperliquid has rapidly become one of the most talked-about projects in DeFi. Today, it leads all decentralized derivatives exchanges with $4 billion in daily trading volume and a dominant 60% market share, according to DefiLlama. Moreover, since this year, Hyperliquid is not only a high-performance DEX but also a full Layer-1 blockchain fueled by its native token, HYPE.

Hyprolid於2023年啟動，已迅速成為DeFi中最受關注的項目之一。根據Defillama的數據，今天，它以40億美元的每日交易量和60％的市場份額領先所有分散的衍生品交易所。此外，由於今年以來，超級流動不僅是高性能的DEX，而且是由其天然令牌炒作所推動的完整層1區塊鏈。

After scoring huge success with its decentralized exchange and perpetual swaps offering, Hyperliquid is now making a strategic shift to launch a general-purpose blockchain called HyperEVM. It will be fully compatible with the Ethereum Virtual Machine (EVM), opening the door for third-party DeFi DApps to join the ecosystem.

在通過分散的交易所和永久交換產品取得了巨大成功之後，Hyproliquid現在正在進行戰略轉變，以推出一個通用的區塊鏈，稱為HypereVM。它將與以太坊虛擬機（EVM）完全兼容，為第三方Defi Dapps打開了大門加入生態系統。

This move will turn Hyperliquid into a full-stack ecosystem where HyperCore will power trading, HyperEVM will power DeFi DApps, and the HYPE token will serve as the fuel for both.

這一舉動將將超流動性變成一個全棧生態系統，HyperCore Will Will Will Will Will Will Will Will Power Defi Dapps，炒作令牌將作為兩者的燃料。

What is Hyperliquid?

什麼是混血性？

Hyperliquid began as a decentralized exchange built for speed, capable of matching the performance of centralized giants like Binance. Unlike most DEXs, which rely on liquidity pools and slow confirmation times, Hyperliquid uses a custom Layer-1 chain called HyperCore built for real-time performance.

高流動性最初是作為為速度製定的分散交換，能夠匹配像Binance這樣的集中巨頭的性能。與大多數依賴流動性池和緩慢確認時間的DEX不同，Hyperliquid使用的自定義層鍊鍊被稱為HyperCore為實時性能而建。

The chain supports order book trading—a rarity in DeFi—thanks to the combination of a PoS consensus and a proprietary consensus called HyperBFT, designed specifically to support high-frequency trading. Hyperliquid currently handles 20,000 operations per second, including orders, cancels, and liquidations.

該連鎖店支持訂單的書籍交易（在Defi中的罕見性）感謝POS共識和稱為HyperBFT的專有共識的組合，該共識專門旨在支持高頻交易。當前，高流動性每秒處理20,000件操作，包括訂單，取消和清算。

On the downside, Hyperliquid is relatively centralized, with only 16 validators to secure the blockchain.

不利的一面是，超流體相對集中，只有16個驗證器可以保護區塊鏈。

In February 2025, Hyperliquid launched HyperEVM, a general-purpose blockchain designed to host third-party DeFi applications. This strategic shift turns Hyperliquid into a full-stack ecosystem where HyperCore will power trading, HyperEVM will power DeFi DApps, and the HYPE token will serve as the fuel for both.

2025年2月，Hypliquid啟動了HypereVM，這是一種通用區塊鏈，旨在託管第三方Defi應用程序。這種戰略性轉變將超流動性變成了一個全棧生態系統，HyperCore Will Will Will Will Will Will Will Will Will Will Will Defi Dapps和Hype代幣將成為兩者的燃料。

What is HYPE token?

什麼是炒作令牌？

In November 2024, Hyperliquid launched its native token, HYPE, via an airdrop to nearly 100,000 users. It was immediately dubbed “the most valuable airdrop ever,” with 12% of participants receiving between 5,000–10,000 tokens—worth over $140,000 within weeks. In total, Hyperliquid distributed 310 million HYPE, which is equivalent to 31% of its total 1 billion token supply.

2024年11月，Hyproliquid通過Airdrop向近100,000個用戶推出了原始的令牌，Hype。它立即被稱為“有史以來最有價值的氣盤”，其中12％的參與者在幾週內獲得了14萬美元的收入。總體液體分佈總計3.1億炒作，相當於其總數10億代價的31％。

HYPE tokens have two primary functions: powering governance and serving as gas fees on the Hyperliquid chain. Gas fees are generally not required for standard transactions and trading. However, for advanced operations—such as deploying tokens or interacting with smart contracts on HyperEVM—gas fees are payable exclusively in HYPE tokens.

大肆宣傳令牌具有兩個主要功能：在超流動鏈上為治理提供動力，並用作汽油費。標準交易和交易通常不需要汽油費。但是，對於高級操作（例如部署令牌或與HypereVM上的智能合約互動），GAS費用僅在炒作代幣中支付。

What sets HYPE apart is its VC-free distribution model. Hyperliquid Labs opted to remain self-funded, allowing the team to distribute 75% of the airdrop to current and future users. The rest went to core contributors, but those tokens don’t vest until 2027–2028, minimizing the risk of early insider selloffs.

設定炒作的是其無VC分配模型。 Hyperliquid Labs選擇保持自籌資金，使團隊可以向當前和未來的用戶分配75％的空投。其餘的是核心貢獻者，但這些令牌直到2027 - 2028年才歸屬，從而最大程度地減少了早期內幕拋售的風險。

Within a month of launch, HYPE hit a $10 billion market cap, which has since corrected to $5 billion.

在發布後的一個月內，Hype達到了100億美元的市值，此後已糾正至50億美元。

Hyperliquid potential

液體的電勢

Despite being a relatively new player, Hyperliquid is already outperforming many established blockchains and DeFi protocols in terms of fee generation. In February 2025, it brought in $12.6 million in weekly fees, surpassing Solana ($11.8M), Tron ($10.2M), and Raydium ($9.8M), according to DefiLlama.

儘管是一個相對較新的玩家，但在收費生產方面，Hyperliquid已經超過了許多已建立的區塊鍊和DEFI協議。根據Defillama的數據，在2025年2月，它帶來了1,260萬美元的每週費用，超過了Solana（1,180萬美元），Tron（1,020萬美元）和Raydium（980萬美元）。

Such performance suggests a highly efficient and sustainable revenue model necessary for long-term growth.

這種表現表明，長期增長所需的高效和可持續收入模型。

Momentum accelerated further on March 25, when Hyperliquid announced HyperCore and HyperEVM linking now live on mainnet. This linking allows HyperEVM builders to have a permissionless path to listing on HyperCore’s order books and makes HyperCore spot assets available as building blocks for DApps on HyperEVM.

3月25日，Hyperliquid宣布HyperCore和HypereVM Linking現在在Mainnet上播放了動力。這種鏈接使HypereVM構建者能夠在HyperCore的訂單書上列出無許可的途徑，並使HyperCore現貨資產可作為HypereVM上DAPP的構建塊可用。

This integration marked a powerful synergy. Liquidity and user activity on HyperCore now flow naturally into the broader app ecosystem, while new DApps on HyperEVM drive demand back to the core exchange. It’s a self-reinforcing system.

這種集成標誌著強大的協同作用。現在，HyperCore上的流動性和用戶活動自然流入了更廣泛的應用程序生態系統，而HypereVM驅動器需求的新DAPP回到了核心交換。這是一個自我增強系統。

This echoes the vision of Hyperliquid co-founder Jeff Yan. Last year, he said: “Most L1s build infrastructure and hope that others will come build the killer apps. Hyperliquid takes the opposite approach: polish a native application and then grow into general-purpose infrastructure.”

這回應了超流動聯合創始人傑夫·揚的視野。他說：“大多數L1建立基礎設施，並希望其他人能夠建立殺手級應用程序。超流動採用相反的方法：拋光本地應用，然後成長為通用基礎設施。”

This user-first strategy appears to be paying off. With a clean interface, zero trading fees, and no KYC requirement, Hyperliquid has so far attracted over 400,00

這個用戶優先的策略似乎正在獲得回報。憑藉乾淨的界面，零交易費和不需要的KYC要求，迄今為止，Hyproliquid吸引了400,00多個