超流动性：当区块链必须证明其价值时

当一个加密项目崩溃时，社区会咬紧牙关，梦想着光明的未来。但当整个区块链出现问题时会发生什么？

Hyperliquid has quickly become a major player in the DEX landscape since launching in 2024. Its flagship offering is a perpetual trading platform that currently commands 70% of the market share, outpacing competitors like dYdX and GMX. With daily trading volume reaching $260 million, Hyperliquid’s growth has surpassed expectations.

自 2024 年推出以来，Hyperliquid 迅速成为 DEX 领域的主要参与者。其旗舰产品是永续交易平台，目前占据 70% 的市场份额，超过了 dYdX 和 GMX 等竞争对手。 Hyperliquid 的日交易量达到 2.6 亿美元，其增长超出了预期。

However, this success is tenuous, as the blockchain is notably lacking in developers to expand its ecosystem.

然而，这种成功是脆弱的，因为区块链明显缺乏开发人员来扩展其生态系统。

As VanEck, an asset manager, points out, Hyperliquid’s success is a delicate balancing act.

正如资产经理 VanEck 指出的那样，Hyperliquid 的成功是一种微妙的平衡行为。

“If the community does not see its expectations met, the prisoner’s dilemma of the wealthy HYPE holders could quickly derail,” he notes.

“如果社区的期望没有得到满足，富有的 HYPE 持有者的囚徒困境可能很快就会脱轨，”他指出。

With a market capitalization of $25 billion, the HYPE token has seen its value multiply by five since it was airdropped in November 2024. But it must demonstrate its resilience beyond market fluctuations.

HYPE 代币的市值已达 250 亿美元，自 2024 年 11 月空投以来，其价值已翻了五倍。但它必须展现出超越市​​场波动的弹性。

Several factors contribute to the buzz surrounding Hyperliquid. Firstly, its hybrid technology combines the speed of an L1 blockchain with the interoperability of an L3 system. This architecture enables Hyperliquid to process 100,000 orders per second, far outpacing dYdX's capacity of 2,000 orders per second.

有几个因素导致了围绕超液体的热议。首先，其混合技术将 L1 区块链的速度与 L3 系统的互操作性结合在一起。该架构使 Hyperliquid 能够每秒处理 100,000 个订单，远远超过 dYdX 每秒 2,000 个订单的处理能力。

Secondly, Hyperliquid's pricing model is more competitive than its rivals, attracting high trading volumes. Finally, its proximity to Ethereum opens up a vast market, comprising $75 billion in tokens, $111 billion in stablecoins, and $400 billion in ETH.

其次，Hyperliquid的定价模式比竞争对手更具竞争力，吸引了高交易量。最后，它与以太坊的接近开辟了一个广阔的市场，其中包括 750 亿美元的代币、1110 亿美元的稳定币和 4000 亿美元的 ETH。

To sustain this rapid growth, Hyperliquid must entice more developers to build within its ecosystem. Currently, only around half a dozen decentralized applications are operating on Hyperliquid's EVM testnet. While promising, this number is insufficient to justify such a high valuation.

为了维持这种快速增长，Hyperliquid 必须吸引更多开发人员在其生态系统中进行开发。目前，只有大约六个去中心化应用程序在 Hyperliquid 的 EVM 测试网上运行。尽管前景光明，但这个数字不足以证明如此高的估值是合理的。

The broader context: a fiercely competitive crypto market

更广泛的背景：竞争激烈的加密货币市场

Hyperliquid's success is part of a wider trend, as highlighted by the increasing popularity of decentralized crypto exchanges. In December 2024, these exchanges collectively processed a record volume of $433 billion.

Hyperliquid 的成功是更广泛趋势的一部分，去中心化加密货币交易所的日益普及就凸显了这一点。 2024 年 12 月，这些交易所的总处理量达到创纪录的 4330 亿美元。

However, in an industry where open-source code can be easily copied, DEXs like Hyperliquid must devise strategies to protect themselves from competition.

然而，在一个开源代码很容易被复制的行业中，像 Hyperliquid 这样的 DEX 必须制定策略来保护自己免受竞争。

In the past year, Hyperliquid has:

在过去的一年里，Hyperliquid 实现了：

Despite these efforts, Hyperliquid's model is not without vulnerabilities. The HYPE tokens, which were distributed generously via an airdrop, could become a point of weakness if the promised governance and rewards fail to materialize.

尽管做出了这些努力，Hyperliquid 的模型并非没有漏洞。如果承诺的治理和奖励未能实现，通过空投慷慨分发的 HYPE 代币可能会成为一个弱点。

Hyperliquid must also address concerns regarding its closed-source code, as highlighted in a tweet by the company:

Hyperliquid 还必须解决对其封闭源代码的担忧，正如该公司在推文中强调的那样：

“Open source is important. Our developments will become public once their stability is assured.”

“开源很重要。一旦稳定性得到保证，我们的进展就会公开。”

Finally, the foundation's delegation program, which aims to diversify the validator network, must be swiftly implemented to assuage a demanding community. As Hyperliquid pushes the boundaries of innovation and agility, the unforgiving nature of the crypto market leaves no room for strategic missteps.

最后，基金会的委托计划旨在使验证者网络多样化，必须迅速实施，以缓解要求严格的社区。随着 Hyperliquid 不断突破创新和敏捷性的界限，加密市场的无情本质不允许出现战略失误。

Meanwhile, Hyperliquid developers are keeping a close watch on threats lurking in the shadows, particularly North Korean hackers. In the lead-up to Christmas, they already triggered mass withdrawals to the tune of $256 million. If Hyperliquid aspires for a prosperous future, it must navigate cautiously in these shark-infested waters. The story continues to unfold.

与此同时，Hyperliquid 开发人员正在密切关注潜伏在阴影中的威胁，尤其是朝鲜黑客。在圣诞节前夕，他们已经引发了高达 2.56 亿美元的大规模提款。如果 Hyperliquid 渴望繁荣的未来，它就必须在这些鲨鱼出没的水域中谨慎航行。故事还在继续展开。

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

区块链和加密革命正在进行中！当世界上最脆弱的经济体感受到影响的那一天，尽管万般希望，我会说我与它有关