Hyperliquid：“链上币安”揭幕

Hyperliquid 于 2023 年推出，专注于提供更加去中心化的交易选项的链上衍生品交易平台。

Hyperliquid, a decentralized derivatives trading platform, launched in 2023 with the goal of creating a fully integrated financial hub. As part of its strategy, Hyperliquid began airdropping a total of $1.2 billion worth of $HYPE tokens to early users on 2024/11/29.

Hyperliquid 是一个去中心化衍生品交易平台，于 2023 年推出，目标是创建一个完全集成的金融中心。作为其战略的一部分，Hyperliquid 于 2024 年 11 月 29 日开始向早期用户空投价值总计 12 亿美元的 $HYPE 代币。

With the price of $HYPE reaching $3.9 at the time of the airdrop and peaking at $34 on 12/24, the FDV market cap reached $34 billion, roughly a quarter of BNB's market cap. Notably, despite being historically the highest-value airdrop, the team stated that they did not conduct any fundraising, which stands in stark contrast to the accumulated trading volume and revenue generated by the token before its issuance.

随着空投时 $HYPE 的价格达到 3.9 美元，并于 12 月 24 日达到峰值 34 美元，FDV 市值达到 340 亿美元，大约是 BNB 市值的四分之一。值得注意的是，尽管是历史上价值最高的空投，但该团队表示，他们没有进行任何筹款，这与代币发行前的累计交易量和产生的收入形成鲜明对比。

In addition to the airdrop wealth myth, several well-known projects have successively auctioned the HIP-1 token for $300,000 to $500,000 to gain the opportunity to list on Hyperliquid, attracting widespread attention in the CT circle, leading to a desire to gain a deeper understanding of what is referred to as the "on-chain Binance."

除了空投财富神话外，多个知名项目相继以30万至50万美元拍卖HIP-1代币以获得在Hyperliquid上市的机会，引起了CT圈的广泛关注，引发了更深层次的渴望。了解什么是“链上币安”。

The Hyperliquid team background

超液体团队背景

The document introduces that the Hyperliquid team was founded by Jeff and iliensinc, with only Jeff publicly attending interviews and posting comments on X. Jeffrey Yan graduated from Harvard with a degree in mathematics, previously worked as a software engineer at Google, and was responsible for developing trading algorithms at the Wall Street trading firm Hudson River.

文件介绍，Hyperliquid 团队由 Jeff 和 iliensinc 创立，只有 Jeff 公开参加采访并在 X 上发表评论。 Jeffrey Yan 毕业于哈佛大学，获得数学学位，此前曾在 Google 担任软件工程师，负责在华尔街交易公司 Hudson River 开发交易算法。

In 2020, he established the quantitative trading company Chameleon Trading, until 2022 when he realized that the team had reached the limits of high-frequency market making and began exploring opportunities in DeFi.

2020年，他成立了量化交易公司Chameleon Trading，直到2022年他意识到团队已经达到了高频做市的极限，开始探索DeFi的机会。

Jeff stated that after the FTX collapse, people suddenly had real reasons to distrust centralized exchanges and began to think about what could be done with existing resources. The idea of establishing Hyperliquid began to take shape, and the official Medium published "Introducing Hyperliquid: your new home to trade perps on DeFi," which aims to build an on-chain Perp DEX based on Tendermint.

Jeff表示，FTX崩溃后，人们突然有了真正的理由不信任中心化交易所，并开始思考可以利用现有资源做什么。建立Hyperliquid的想法开始成形，官方Medium发布了《Introducing Hyperliquid: your new home to trade perps on DeFi》，旨在打造一个基于Tendermint的链上Perp DEX。

In April 2023, it was announced that Hyperliquid L1 would be established because, during the investigation of existing L1 solutions, it was found that none could meet the low latency and TPS requirements needed to establish an on-chain exchange. Thus, it was decided to create an L1 focused on high-performance derivatives trading, initially concentrating on optimizing efficiency and throughput.

2023年4月，宣布建立Hyperliquid L1，因为在对现有L1解决方案的调查过程中发现，没有一个解决方案能够满足建立链上交易所所需的低延迟和TPS要求。因此，决定创建一个专注于高性能衍生品交易的 L1，最初专注于优化效率和吞吐量。

How to use Hyperliquid?

如何使用超液体？

Hyperliquid primarily offers derivatives and spot trading. Users can deposit USDC on Arbitrum for trading, with fees and gas costs paid in USDC. Users can also deposit USDC into the HLP Vault to earn yields or stake HYPE to receive HYPE from validator nodes. All operations are covered in the instructional video.

Hyperliquid 主要提供衍生品和现货交易。用户可以将USDC存入Arbitrum进行交易，费用和gas费用以USDC支付。用户还可以将 USDC 存入 HLP Vault 以赚取收益，或质押 HYPE 以从验证者节点接收 HYPE。所有操作均包含在教学视频中。

How to stake HYPE with HyperCollective

如何通过 HyperCollective 质押 HYPE

The Hyperliquid Foundation announced that HYPE Staking will officially open on 2025/12/30, with 16 validators joining. Among them, the Nansen x HypurCollective node has accumulated 30 million HYPE, with a total value of $600 million staked in that node, making it the largest unofficial validator node (the top 5 is Hyper Foundation).

Hyperliquid 基金会宣布 HYPE Stake 将于 2025 年 12 月 30 日正式开放，已有 16 名验证人加入。其中，Nansen x HypurCollective 节点已累积 3000 万个 HYPE，该节点质押总价值 6 亿美元，成为最大的非官方验证节点（前 5 名是 Hyper 基金会）。

Hyperliquid ecosystem projects

超液体生态系统项目

The HYPE ecosystem mainly represents tokens of memes and community culture: VAPOR, FARM, PURR, HCR…

HYPE生态系统主要代表模因和社区文化的代币：VAPOR、FARM、PURR、HCR……

HypurrFun

海普尔乐趣

The Pump.fun of the Hype ecosystem requires participation through the Hypurr Fun bot, where users can check the projects being raised in the Telegram group or on the hypurr.fun website. Users participate using USDC, and if the cumulative amount in the current pool exceeds 65% of the current auction price, a new token will be bid to participate in the auction, launching on Hyperliquid.

Hype 生态系统的 Pump.fun 需要通过 Hypurr Fun 机器人参与，用户可以在 Telegram 群组或 hypurr.fun 网站上查看正在筹集的项目。用户使用 USDC 参与，如果当前池中的累计金额超过当前拍卖价格的 65%，则会出价新的代币参与拍卖，并在 Hyperliquid 上上线。

Since Hyperliquid currently does not have smart contracts, the implementation of the Bonding Curve is done through off-chain calculations. Users send USDC to a designated address for purchase, and off-chain calculates the current token balance based on the Bonding Curve. After a successful auction, liquidity is created on Hyperliquid and allocated to participating addresses.

由于Hyperliquid目前没有智能合约，所以Bonding Curve的实现是通过链下计算来完成的。用户将USDC发送至指定地址进行购买，链下根据Bonding Curve计算当前代币余额。拍卖成功后，Hyperliquid 上会产生流动性并分配给参与地址。

Recommended reading is the information organized by @chrischang43, as publicly available mechanism information is very hard to find.

推荐阅读的是@chrischang43整理的信息，因为公开的机制信息很难找到。

Recently, the HCR, which focuses on technical analysis, has gained some attention and has interacted with Aixbtx on Twitter, although its replies tend to be lengthy and uninteresting, which the market does not seem to favor.

近期，专注于技术分析的HCR获得了一些关注，并在Twitter上与Aixbtx进行了互动，尽管其回复往往冗长无趣，市场似乎并不青睐。

Hypurr Fun: https://app.hypurr.fun/

Hypurr 乐趣：https://app.hypurr.fun/

Hypur Fun Bot: https://t.me/HypurrFunBot?start=ref_98ca8973

海普尔趣味机器人：https://t.me/HypurrFunBot?start=ref_98ca8973

Hyperlend

超级贷款

The first native lending protocol of the Hype ecosystem, in addition to basic functions, features support for HLP Vault as collateral, unlocking opportunities for leveraged yields.

Hype生态系统首个原生借贷协议，除了基本功能外，还支持HLP Vault作为抵押品，释放杠杆收益的机会。