超流动性：深入探讨新的 DeFi 独角兽

2024年底，进入2025年初，一项非凡的资产引起了加密世界的关注。短短几天内，从开盘价2美元飙升至35.2美元高位，实现1610%涨幅。

At the end of 2024, a new project in the crypto world quickly attracted attention. In just a few days, the price of its token soared from $2 to a high of $35.2, achieving a 1610% increase. Its airdrop scale was also enormous, even surpassing Uniswap's airdrop record at one point, with an average airdrop of $28,500 per person and a TVL exceeding $2.5 billion. It can be described as a luxurious feast amidst the dead silence of yield farming sentiment in Arbitrum, Optimism, GMX, KiloEx, and other incentive mechanisms. Yes, it is $HYPE.

2024年底，加密世界的一个新项目迅速引起关注。短短几天内，其代币价格从2美元飙升至35.2美元高位，实现1610%的涨幅。其空投规模也十分巨大，甚至一度超过了Uniswap的空投记录，平均每人空投28,500美元，TVL超过25亿美元。 Arbitrum、Optimism、GMX、KiloEx 等激励机制在流动性挖矿情绪的死寂中可谓是一场奢华的盛宴。是的，这是$HYPE。

First, let's clarify what Hyperliquid aims to do

首先，让我们澄清一下 Hyperliquid 的目标是什么

In simple terms: Hyperliquid is a native high-concurrency L1 DeFi public chain, and its most notable product is Hyperliquid DEX, which is a comprehensive decentralized order book exchange (perp DEX) that includes contract trading, spot trading, and its own ecosystem MEME TOKENs (like purr). Therefore, it has been dubbed "the Binance on-chain" by the market. Unlike CEX, Hyperliquid's order flow, token value (oracles), and trading are all executed on its own L1, rather than on centralized servers.

简单来说：Hyperliquid是一条原生高并发L1 DeFi公链，其最引人注目的产品是Hyperliquid DEX，这是一个综合性去中心化订单簿交易所（perp DEX），包括合约交易、现货交易和自己的生态系统MEME令牌（如咕噜声）。因此，被市场称为“链上的币安”。与 CEX 不同，Hyperliquid 的订单流、代币价值（预言机）和交易都在自己的 L1 上执行，而不是在中心化服务器上​​执行。

Hyperliquid's consensus algorithm is Tindermint. Although Tindermint is rarely heard of, Cosmos has long been using the Tindermint algorithm. However, the Hyperliquid team has made deeper improvements to the Tindermint algorithm: end-to-end latency is 0.2 seconds, with a high throughput of 20K OPS/S. Every order, cancellation, trade, and settlement is transparently conducted on-chain, with block delays of less than 1 second. The chain currently supports 100,000 orders per second. This further lays the foundation for high-frequency, low-energy, and high-efficiency DeFi!

Hyperliquid 的共识算法是Tindermint。尽管很少听说Tindermint，但Cosmos 长期以来一直在使用Tindermint 算法。不过，Hyperliquid团队对Tindermint算法进行了更深入的改进：端到端延迟为0.2秒，具有20K OPS/S的高吞吐量。每笔下单、取消、交易、结算都在链上透明进行，区块延迟小于1秒。该链目前支持每秒 10 万个订单。这进一步为高频、低能耗、高效的 DeFi 奠定了基础！

In summary: Hyperliquid is a native high-performance EVM L1 that can build all general ecosystems and continuously address the liquidity bottlenecks in DeFi and improve capital efficiency as a public chain protocol.

总结：Hyperliquid 是一个原生的高性能 EVM L1，可以构建所有通用生态系统，并作为公链协议不断解决 DeFi 的流动性瓶颈，提高资金效率。

Why does Hyperliquid have the confidence to become the new DeFi unicorn?

为什么Hyperliquid有信心成为新的DeFi独角兽？

1. The founding team has a strong professional quantitative background

1、创始团队拥有强大的专业量化背景

The core founder of Hyperliquid is Jeff (@chameleon_jeff), who comes from Hudson River Trading, a top 15 global high-frequency quantitative firm, deeply engaged in market-making in the crypto space as a seasoned trader. More importantly, the HLP of Hyperliquid is customized by the team itself rather than through the protocol, and the combination of experience and practical operation can better adapt to changes in market liquidity.

Hyperliquid 的核心创始人是 Jeff (@chameleon_jeff)，他来自全球排名前 15 的高频量化公司 Hudson River Trading，作为一名经验丰富的交易员深耕加密领域做市。更重要的是，Hyperliquid的HLP是团队自己定制的，而不是通过协议，经验与实际操作相结合，可以更好地适应市场流动性的变化。

2. Hyperliquid is a one-stop ecological expressway, solving the bottleneck of launching protocols

2. Hyperliquid是一站式生态高速公路，解决协议上线瓶颈

Hyperliquid has the HIP-1 native token protocol and the HIP-2 liquidity solution, which means users can issue tokens through HIP-1 while enjoying the market-making benefits brought by HIP-2.

Hyperliquid拥有HIP-1原生代币协议和HIP-2流动性解决方案，这意味着用户可以通过HIP-1发行代币，同时享受HIP-2带来的做市收益。

So someone might ask: Isn't this the same as Pump.FUN?

那么有人可能会问：这不是和Pump.FUN一样吗？

What I want to say is that there is a fundamental difference. As mentioned in the previous article about Pump.FUN, when the tokens launched on Pump.FUN reach 85 SOL (about $69,000 market value), they will migrate to Raydium to establish liquidity. Essentially, Pump.FUN is merely a launch protocol that carries the initial trading scenario, ultimately passing the market-making responsibility to Raydium. However, Hyperliquid is a complete decentralized exchange combination. After users deploy tokens using HIP-1, they directly enjoy the liquidity solution of HIP-2, and the liquidity solution is based on market-making strategies customized by the Hyperliquid team, with the market-making responsibility still resting on Hyperliquid. A team with deep market-making experience can often bring many surprising solutions for liquidity without being constrained by the protocol itself.

我想说的是，这是有本质区别的。正如之前有关 Pump.FUN 的文章中提到的，当 Pump.FUN 上推出的代币达到 85 SOL（约 69,000 美元市值）时，它们将迁移到 Raydium 以建立流动性。从本质上讲，Pump.FUN 只是一个启动协议，承载着最初的交易场景，最终将做市责任交给了 Raydium。然而，Hyperliquid 是一个完整的去中心化交易所组合。用户使用HIP-1部署代币后，直接享受HIP-2的流动性解决方案，流动性解决方案基于Hyperliquid团队定制的做市策略，做市责任仍然由Hyperliquid承担。拥有深厚做市经验的团队往往能够带来许多令人惊讶的流动性解决方案，而不受协议本身的限制。

3. Aligning with the current Web3 sovereignty ideology

3. 与当前Web3主权意识形态保持一致

Hyperliquid's current development behavior aligns very well with the market sentiment of this round of Web3:

Hyperliquid 目前的发展行为与本轮 Web3 的市场情绪非常吻合：

① No VC and financing - The community does not need to worry about investors interfering with the future value space.

① 无VC和融资——社区无需担心投资者干扰未来价值空间。

② Huge narrative, huge imagination space - Hyperliquid is currently labeled as contract trading, spot trading, MEME, and public chain, with each narrative capable of generating significant discussion, now combined into a single project.

② 叙事性大，想象空间巨大——Hyperliquid目前被贴上合约交易、现货交易、MEME、公链的标签，每一种叙事都能够产生重大讨论，现在合并为一个项目。

③ The team is not short of funds - The quantitative background of the team itself can create diversified protocol revenue, not just a quick-fix project.

③ 团队不缺资金——团队本身的量化背景可以创造多元化的协议收益，而不仅仅是一个权宜之计的项目。

④ Positive data - The current TVL exceeds $2.5 billion, with a market cap over $8.7 billion, and even after the airdrop, there has been no significant drop.

④ 积极数据——目前TVL超过25亿美元，市值超过87亿美元，即使在空投之后也没有出现明显下降。

⑤ Essentially solving liquidity issues - Technology, HIP protocols, and genuinely addressing current problems and seeing practical implementations.

⑤ 本质上解决流动性问题——技术、HIP协议，真正解决当前问题并看到实际落地。

⑥ Diverse ways to make money - Vaults follow institutions or DAOs to earn

⑥ 赚钱方式多样——金库跟随机构或 DAO 赚钱