超流动性：链上交易的未来

Hyperliquid Labs 由哈佛同学 Jeff Yan 和 Iliensinc 领导，致力于革新链上交易。团队成员来自加州理工学院、麻省理工学院、Citadel、Hudson River Trading、Nuro 等顶尖院校。

In the realm of cryptocurrency, where new projects emerge relentlessly, Hyperliquid has managed to distinguish itself, captivating the attention of both traders and crypto enthusiasts alike. With its innovative approach to decentralized trading, Hyperliquid has quickly ascended to become one of the most talked-about platforms in the DeFi space. So, what exactly is Hyperliquid, and why has it garnered so much interest? Let's delve deeper into this unique trading platform.

在新项目层出不穷的加密货币领域，Hyperliquid 成功脱颖而出，吸引了交易者和加密货币爱好者的关注。凭借其创新的去中心化交易方式，Hyperliquid 迅速成为 DeFi 领域最受关注的平台之一。那么，Hyperliquid 到底是什么？为什么它引起了如此多的兴趣？让我们更深入地研究这个独特的交易平台。

Introducing Hyperliquid: A New Era of On-Chain Trading

引入 Hyperliquid：链上交易的新时代

Hyperliquid is a decentralized trading platform that seamlessly combines the efficiency of centralized exchanges with the transparency of blockchain technology, offering a faster and safer on-chain trading experience. Unlike traditional DeFi exchanges, which often face challenges in terms of speed and liquidity, Hyperliquid boasts a dedicated L1 blockchain that boasts high throughput and ultra-low latency, enabling traders to execute trades swiftly and effortlessly.

Hyperliquid是一个去中心化交易平台，将中心化交易所的效率与区块链技术的透明度无缝结合起来，提供更快、更安全的链上交易体验。与传统的 DeFi 交易所经常面临速度和流动性方面的挑战不同，Hyperliquid 拥有专用的 L1 区块链，具有高吞吐量和超低延迟，使交易者能够快速、轻松地执行交易。

Crucially, Hyperliquid places a strong emphasis on user experience, presenting a user-friendly interface that caters to both experienced traders and newcomers alike. The platform features an intuitive order book interface, powerful charting tools, and a wide range of trading pairs, making it easy for anyone to navigate and participate in the vibrant on-chain trading market.

至关重要的是，Hyperliquid 非常重视用户体验，提供了一个用户友好的界面，既适合经验丰富的交易者，也适合新手。该平台具有直观的订单界面、强大的图表工具和广泛的交易对，使任何人都可以轻松浏览和参与充满活力的链上交易市场。

The Team Behind HYPE: A Stellar Lineup

HYPE 背后的团队：明星阵容

The driving force behind Hyperliquid is a team of exceptional individuals known as Hyperliquid Labs. Led by Jeff Yan and Iliensinc, two classmates from Harvard who share a passion for revolutionizing on-chain trading, the team comprises experienced professionals from top institutions such as Caltech, MIT, Citadel, Hudson River Trading, and Nuro.

Hyperliquid 背后的驱动力是一个由杰出人士组成的团队，称为 Hyperliquid Labs。该团队由两位哈佛同学 Jeff Yan 和 Iliensinc 领导，他们都热衷于革新链上交易，团队成员包括来自加州理工学院、麻省理工学院、Citadel、Hudson River Trading 和 Nuro 等顶级机构的经验丰富的专业人士。

Their combined expertise in finance, technology, and cryptocurrencies has been instrumental in shaping Hyperliquid's unique vision and innovative approach to decentralized trading. Notably, Hyperliquid Labs has remained fully self-funded throughout the platform's development, choosing to avoid the influence of venture capital and instead focusing on one primary goal: to create a platform that combines the efficiency of centralized exchanges with the transparency of DeFi.

他们在金融、技术和加密货币方面的综合专业知识有助于塑造 Hyperliquid 的独特愿景和去中心化交易的创新方法。值得注意的是，Hyperliquid Labs 在整个平台的开发过程中一直保持完全自筹资金，选择避免风险投资的影响，而是专注于一个主要目标：创建一个将中心化交易所的效率与 DeFi 的透明度结合起来的平台。

Hyperliquid L1: Tailored for Performance

Hyperliquid L1：专为性能而定制

Hyperliquid's Layer 1 blockchain is not just another generic chain; it is specifically designed for high-performance perpetual contract order book exchanges. Utilizing a custom consensus algorithm called HyperBFT, the chain fully on-chains the margin and matching engine state, ensuring complete decentralization while maintaining high speed.

Hyperliquid 的 Layer 1 区块链不仅仅是另一个通用链；它专为高性能永续合约订单簿交换而设计。该链利用名为 HyperBFT 的定制共识算法，将保证金和匹配引擎状态完全上链，确保完全去中心化，同时保持高速。

Imagine Binance, but fully operating on-chain. That's the essence of Hyperliquid L1. And why does this matter? Because it fundamentally changes the way we conduct on-chain trading.

想象一下币安，但完全在链上运营。这就是 Hyperliquid L1 的精髓。为什么这很重要？因为它从根本上改变了我们进行链上交易的方式。

Redefining Token Standards: HIP-1 and HIP-2

重新定义代币标准：HIP-1和HIP-2

Hyperliquid has introduced two groundbreaking token standards, HIP-1 and HIP-2, which maximize the utility and liquidity of tokens within the Hyperliquid ecosystem.

Hyperliquid 推出了两个突破性的代币标准 HIP-1 和 HIP-2，最大限度地提高了 Hyperliquid 生态系统中代币的实用性和流动性。

HIP-1: Native Token with Built-in Trading Functionality

HIP-1：具有内置交易功能的原生代币

HIP-1 allows users to create fungible tokens that are directly linked to the on-chain spot order book, elevating tokens to specialized financial instruments that can be traded seamlessly upon deployment.

HIP-1 允许用户创建直接链接到链上现货订单簿的可替代代币，将代币提升为可以在部署后无缝交易的专用金融工具。

HIP-2: Embedded Liquidity at Issuance

HIP-2：发行时嵌入的流动性

HIP-2 permanently binds liquidity to HIP-1 tokens, addressing one of the critical pain points in the DeFi space by ensuring that tokens have sufficient liquidity from the moment they are issued.

HIP-2 将流动性与 HIP-1 代币永久绑定，通过确保代币从发行之日起就拥有足够的流动性，解决了 DeFi 领域的关键痛点之一。

Auctions: The Key to Successful Token Issuance

拍卖：代币发行成功的关键

Hyperliquid employs a unique auction mechanism to determine the gas price for each token deployment, ensuring fairness and transparency throughout the process. Each auction spans 31 hours, commencing at a high price, which then linearly decreases to 10,000 USDC if the tokens remain unsold.

Hyperliquid 采用独特的拍卖机制来确定每个代币部署的 Gas 价格，确保整个过程的公平性和透明度。每次拍卖持续 31 小时，以高价开始，如果代币仍未售出，则价格线性下降至 10,000 USDC。

This means that after GOD closed at $975,746.79, the starting price for the next auction will be $1.95 million! These auctions are public, and you can follow Hypurrscan to view real-time statistics.

这意味着GOD以975,746.79美元收盘后，下一次拍卖的起拍价将为195万美元！这些拍卖是公开的，您可以关注 Hypurrscan 查看实时统计数据。

Recent Highlights: Hypurr Fun for "Trench Hunters"

近期亮点：“战壕猎人”的 Hypurr 乐趣

Hypurr Fun (HFUN) is a launchpad platform within the Hyperliquid ecosystem, designed specifically for "trench hunters"—crypto enthusiasts who are always on the lookout for promising new tokens and wish to participate in their earliest stages.

Hypurr Fun (HFUN) 是 Hyperliquid 生态系统中的一个启动平台，专为“战壕猎人”而设计，即始终在寻找有前途的新代币并希望参与早期阶段的加密货币爱好者。

Key Features:

主要特点：

1. Telegram Bot Integration

1. Telegram 机器人集成

Hypurr Fun can be accessed and operated seamlessly through a dedicated Telegram bot. This integration allows users to purchase tokens, monitor their status, and receive alerts, all via Telegram.

Hypurr Fun 可以通过专用的 Telegram 机器人无缝访问和操作。这种集成允许用户购买代币、监控其状态并接收警报，所有这些都通过 Telegram 进行。

Join the Prelaunch market and Hypurr channels to stay updated on the latest token deployments.

加入预发布市场和 Hypurr 渠道，了解最新的代币部署情况。

2. Token Creation and Issuance

2. 代币创建与发行

Tokens are issued using a bonding curve mechanism similar to Pump.fun. Promising tokens can automatically transition to Hyperliquid's spot market.

代币的发行使用类似于 Pump.fun 的联合曲线机制。有前途的代币可以自动转移到 Hyperliquid 的现货市场。

Once liquidity thresholds (e.g., 80% of tokens sold) are met, proceeds from the sales will be used to ensure Hyperliquid listing.

一旦达到流动性阈值（例如，已售出 80% 的代币），销售收益将用于确保 Hyperliquid 上市。

3. Trench Mechanism

3. 沟槽机制

Pre-Launch Market: The "trench" is the trading phase for pre-issuance tokens, where the focus is on uncovering promising new tokens.

预发行市场：“战壕”是预发行代币的交易阶段，重点是发现有前途的新代币。