Hyperliquid打破“黑匣子上市”僵局，它改变了什么？

近期，Hyperliquid公开上市机制引发热议。不过，此事之所以能引起市场关注，与今年11月1日Moonrock Capital首席执行官西蒙的一条推特帖子密不可分。

Recently, Hyperliquid's public listing mechanism has sparked heated discussions. However, the reason why this matter can attract market attention is inseparable from a Twitter post by Moonrock Capital CEO Simon on November 1 this year. He claimed that "Binance requires a potential project to provide 15% of its total token supply to ensure its listing on CEX, which accounts for 15% of the total token supply, worth about 50 million to 100 million US dollars."

近日，Hyperliquid公开上市机制引发热议。不过，此事之所以能引起市场关注，与今年11月1日Moonrock Capital首席执行官西蒙的一条推特帖子密不可分。他声称，“币安要求潜在项目提供其总代币供应量的15%，以确保其在CEX上市，该项目占总代币供应量的15%，价值约为5000万至1亿美元。”

At the same time, Sonic Labs co-founder Andre Cronje also wrote that "Binance does not charge listing fees, but Coinbase has repeatedly asked for fees and quoted $300 million, $50 million, $30 million, and the most recent offer is $60 million."

同时，Sonic Labs 联合创始人 Andre Cronje 也写道，“Binance 不收取上市费用，但 Coinbase 多次索要费用，报价为 3 亿美元、5000 万美元、3000 万美元，最近的报价为 6000 万美元。 ”

Why is there always a dispute over listing fees?

为什么上市费用总是存在争议？

In the decentralized Crypto world, centralized CEXs have become the main participants. However, the black box operation of CEX listings is difficult for the market to buy, and there are "rumors" about CEX listings every once in a while. He Yi, the founder of Binance, once said after listing PNUT and ACT that "no listing fees were charged." Even a strong company like Binance needs to get out of the whirlpool of public opinion about "listing fees" through the listing of coins.

在去中心化的加密世界中，中心化的CEX成为主要参与者。但CEX上币的暗箱操作很难让市场买账，时不时就会有关于CEX上币的“流言”传出。币安创始人何毅曾在PNUT和ACT上市后表示“不收取上币费”。即使是币安这样的实力公司，也需要通过上币来走出关于“上币费”的舆论漩涡。

Despite this, it is still difficult for the market to be convinced that CEX has no listing fees. Even if there is no "open and aboveboard" fee, there are still many rumors about hidden token fees. Although some leading CEXs clearly list no listing fees in their announcements, the project owners still need to pay a corresponding deposit to ensure that the price of the token remains stable after listing. At the same time, the CEX's investment share and activity funds and other matters must be agreed upon with the CEX when listing. These hidden listing fees that are difficult to explain have also become the reason why the market concludes that CEX's listing is a "black box" operation.

尽管如此，市场仍然很难相信CEX没有上币费。即使没有“光明正大”的收费，关于隐藏代币收费的传闻仍然不少。尽管一些领先的CEX在公告中明确列出不收取上币费用，但项目方仍需要缴纳相应的保证金，以确保上币后代币价格保持稳定。同时，CEX的投资份额和活动资金等事项须在上市时与CEX达成一致。这些难以解释的隐性上币费用也成为市场断定CEX上币是“黑箱”操作的原因。

On the one hand, such a cumbersome and opaque listing mechanism is an additional burden for the project parties. The project parties need to spend extra costs to deal with the listing affairs of CEX, which will lead to the problem of reverse screening. The project parties are not interested in long-term development, but will have the expectation of "good luck with listing", which ultimately leads to most of the projects listed on the exchange running away.

一方面，如此繁琐且不透明的上币机制对项目方来说是额外的负担。项目方需要花费额外的费用来处理CEX的上市事务，这会导致反向筛选的问题。项目方并不追求长远发展，而是抱有“上市大吉大利”的期待，最终导致大部分在交易所上市的项目跑路。

On the other hand, the unfair listing of CEX has even evolved into a niche track. Researching listing has become a serious "business", and listing has become a compulsory course for many investors and KOLs. For example, some time ago, Formula News made a huge profit of 3 million US dollars after ACT was listed through news trading on listing.

另一方面，CEX的不公平上市甚至演变成了小众赛道。研究上市已经成为一门正经的“正事”，上市也成为很多投资者、KOL的必修课。比如前段时间，Formula News在ACT上市后，通过上市新闻交易，获得了300万美元的巨额利润。

Equation News conducts preemptive trading through coin listing announcement

方程新闻通过上币公告进行抢先交易

It can be said that cryptocurrencies have suffered from centralization for a long time. The wealth effect of each coin listing is almost taken away by CEX (coin listing fees) and scientists (preemptive trading after coin listing). The project party has to bear a considerable coin listing fee and thus sacrifice the quality of the project. Everything is ultimately paid for by retail investors. The logic of the coin listing incident is exactly the same as that of retail investors embracing memecoin and rejecting VC coins today. The core is still inseparable from fairness.

可以说，加密货币长期以来饱受中心化之苦。每个上币的财富效应几乎都被CEX（上币费）和科学家（上币后抢先交易）拿走了。项目方要承担相当大的上币费用，从而牺牲了项目的质量。一切最终都是由散户投资者买单的。上币事件的逻辑与今天散户拥抱memecoin、拒绝VC币的逻辑如出一辙。核心还是离不开公平。

HYPE hits new highs again and again, what is the market optimistic about?

HYPE连创新高，市场看好什么？

However, the emergence of Hyperliquid broke the deadlock of "black box listing".

然而Hyperliquid的出现打破了“黑箱上市”的僵局。

Hyperliquid's popularity in the crypto world can be traced back to the rise of HYPE. It took HYPE only two weeks after its tge to enter the top 50 in terms of market capitalization, surpassing new and old projects such as Fantom and Bittensor, and even Arbitrum itself. Although the Perp DEX narrative is no longer a new narrative, Hyperliquid has successfully focused the market's attention on DEX again.

Hyperliquid 在加密世界的流行可以追溯到 HYPE 的兴起。 HYPE在其tge后仅两周就进入市值前50名，超越了Fantom和Bittensor等新老项目，甚至Arbitrum本身。尽管 Perp DEX 叙事已不再是新的叙事，但 Hyperliquid 成功地将市场的注意力再次聚焦到了 DEX 上。

The coin listing mechanism is indispensable

上币机制不可或缺

Just today, HYPE broke through $20, setting a new record high. Behind the new high, on the one hand, it is inseparable from Hyperlqiuid's precise "market aesthetics", which keenly captured the market pulse of "VC to meme" in this cycle. As a project that looks like "VC gathering temperament", Hyperliquid did not follow the old path of VC financing first, then increasing the volume and then listing on the exchange for shipment. Its founder Jeff has also publicly expressed his dissatisfaction with this form and market logic many times.

就在今天，HYPE突破20美元，创下新高。新高的背后，一方面离不开Hyperlqiuid精准的“市场美学”，敏锐地抓住了本轮周期“VC to meme”的市场脉搏。作为一个看似“VC聚集气质”的项目，Hyperliquid并没有走VC先融资、再做量、再上交易所出货的老路。其创始人杰夫也多次公开表达了对这种形式和市场逻辑的不满。

On the other hand, Hyperliquid's team operations and project development are also online. Hyperliquid's ambition is not limited to PerpDEX, but it is also actively building a "transaction" public chain with low latency, high throughput, high-frequency transactions and order books. When the underlying logic is transformed from PerpDEX to a public chain, its valuation ceiling is

另一方面，Hyperliquid的团队运营和项目开发也在线上。 Hyperliquid的野心不仅限于PerpDEX，它还在积极打造一条低延迟、高吞吐量、高频交易和订单簿的“交易”公链。当底层逻辑从PerpDEX转型为公链时，其估值上限为