HyperLiquid 的以太永续合约交易量飙升至超过比特币，创下新纪录

据 DefiLlama 称，该平台上的永续合约累计交易量已飙升至 5000 亿美元以上，今年迄今增长了 15 倍。

Bitcoin (BTC) may be setting milestones, but it’s not the only crypto asset that’s rallying.

比特币（BTC）可能正在设定里程碑，但它并不是唯一正在上涨的加密资产。

HyperLiquid, a leading on-chain perpetuals trading protocol that operates on its custom-built layer 1 blockchain, is also seeing some impressive activity, with the platform seeing more activity in ether (ETH) than bitcoin.

HyperLiquid 是一种领先的链上永续合约交易协议，在其定制的第 1 层区块链上运行，也看到了一些令人印象深刻的活动，该平台看到的以太坊 (ETH) 活动比比特币更多。

The cumulative perpetuals volume on the platform has surged past $500 billion, registering a 15-fold year-to-date rise, according to DefiLlama.

据 DefiLlama 称，该平台上的永续合约累计交易量已飙升至 5000 亿美元以上，今年迄今增长了 15 倍。

The platform has seen an average daily volume of over $5 billion in the past seven days, accounting for over 45% of the total onchain perpetuals market activity of the past 24 hours.

该平台过去 7 天的日均交易量超过 50 亿美元，占过去 24 小时链上永续合约市场总交易量的 45% 以上。

But what’s interesting is that ether, not bitcoin, is leading the boom in activity this week.

但有趣的是，本周引领活跃热潮的是以太币，而不是比特币。

Since Monday, ether perpetuals have registered a cumulative trading volume of $7 billion. That’s 18% greater than bitcoin’s tally of $5.94 billion, according to data source stats.hyperliquid.xyz.

自周一以来，以太永续合约累计交易量已达 70 亿美元。根据数据源 stats.hyperliquid.xyz 的数据，这比比特币 59.4 亿美元的价值高出 18%。

Ether has also led the growth in the cumulative notional open interest on the platform since late November.

自 11 月底以来，以太坊还引领了该平台累计名义未平仓合约的增长。

At press time, ether perpetuals worth $857.5 million were active, accounting for nearly 25% of the total open interest of $3.49 billion.

截至发稿时，活跃的以太永续合约价值为 8.575 亿美元，占未平仓合约总额 34.9 亿美元的近 25%。

The increased activity in ether on HyperLiquid represents sticky capital that could fuel the next leg up in the second-largest cryptocurrency by market value. As of writing, ETH was changing hands at $3,900, representing a 70% year-to-date gain, CoinDesk data shows.

HyperLiquid 上以太坊活动的增加代表着粘性资本，可能会推动市值第二大加密货币的下一步上涨。 CoinDesk 数据显示，截至撰写本文时，ETH 易手价格为 3,900 美元，较年初至今上涨 70%。

Some observers attribute the success to HyperLiquid being a purpose-specific protocol rather than a general all-purpose chain.

一些观察家将其成功归因于 HyperLiquid 是一种特定用途的协议，而不是通用的通用链。

"HyperLiquid’s success appears rooted in prioritizing product-market fit, blending institutional-grade performance with DeFi accessibility, such as no KYC requirements. By offering more generous incentives for active traders, Hyperliquid aligns closely with user needs, potentially setting a new standard for future crypto projects," algorithmic trading firm Wintermute said in a note shared with CoinDesk.

“HyperLiquid 的成功似乎植根于优先考虑产品市场契合度，将机构级性能与 DeFi 可访问性相结合，例如无 KYC 要求。通过为活跃交易者提供更慷慨的激励，Hyperliquid 与用户需求紧密结合，有可能为未来设定新标准加密项目”，算法交易公司 Wintermute 在与 CoinDesk 分享的一份报告中表示。

HYPE Is Bigger Than AAVE

炒作比 AAVE 更重要

Speaking of market action, HyperLiquid’s two-week-old HYPE token is already making waves.

说到市场行为，HyperLiquid 推出两周的 HYPE 代币已经引起了轰动。

The cryptocurrency has surged over 300% since its inception, zooming to a market value of $5.69 billion, bigger than long-established DeFi players like Ethereum’s leading lending protocol Aave and Solana-based decentralized exchanges Raydium and Jupiter, according to data source Coingecko.

根据数据源 Coingecko 的数据，自诞生以来，这种加密货币已经飙升了 300% 以上，市值达到 56.9 亿美元，超过了以太坊领先的借贷协议 Aave 和基于 Solana 的去中心化交易所 Raydium 和 Jupiter 等历史悠久的 DeFi 参与者。

The sustained bullish move following the record airdrop is a sign of investor confidence, according to Wintermute.

Wintermute 表示，空投创纪录后的持续看涨走势是投资者信心的迹象。

"Despite the potential for significant sell pressure from the airdrop recipients, the sustained demand for HYPE has consistently outpaced supply, indicating robust market confidence," Wintermute noted.

Wintermute 指出：“尽管空投接收者可能会带来巨大的抛售压力，但对 HYPE 的持续需求始终超过供应，这表明市场信心强劲。”

On Nov. 29, HyperLiquid airdropped 31% of HYPE's nearly 1 billion supply to users who held points earned through trading activities. The airdrop was valued at $1.9 billion, surpassing layer 2 solution Arbitrum's $1.5 billion valuation.

11 月 29 日，HyperLiquid 将 HYPE 近 10 亿供应量中的 31% 空投给持有通过交易活动赚取积分的用户。此次空投的价值为 19 亿美元，超过了 Layer 2 解决方案 Arbitrum 的 15 亿美元估值。

HYPE is used as a staking asset to secure the platform’s HyperBFT consensus mechanism and acts as a gas token, facilitating transactions and smart contract executions.

HYPE 用作质押资产，以确保平台的 HyperBFT 共识机制的安全，并充当 Gas 代币，促进交易和智能合约的执行。