超流动性：链上交易的未来

通过将中心化交易的速度和效率与区块链技术的透明度和安全性相结合，Hyperliquid 在加密货币领域创造了真正革命性的产品。

Hyperliquid, an innovative decentralized trading platform, has taken the crypto world by storm with its unique approach to combining the best aspects of both centralized and decentralized exchanges. This platform, powered by a dedicated L1 blockchain, has garnered immense attention due to its ability to facilitate faster and more secure on-chain trading experiences.

Hyperliquid 是一个创新的去中心化交易平台，以其独特的方法结合了中心化和去中心化交易所的最佳方面，席卷了加密世界。该平台由专用的 L1 区块链提供支持，因其能够促进更快、更安全的链上交易体验而受到了极大的关注。

Recently, Hyperliquid has made significant strides in its development, introducing several new features and initiatives that cater to the diverse needs of the crypto community. From launching auctions to introducing Hypurr Fun and PVP.Trade, and expanding its ecosystem with EVM and staking capabilities, Hyperliquid continues to push the boundaries of on-chain trading.

最近，Hyperliquid 在发展方面取得了重大进展，推出了多项新功能和举措，以满足加密货币社区的多样化需求。从推出拍卖到引入 Hypurr Fun 和 PVP.Trade，再到通过 EVM 和质押功能扩展其生态系统，Hyperliquid 不断突破链上交易的界限。

Here's a closer look at some of Hyperliquid's recent highlights:

以下是 Hyperliquid 最近的一些亮点的详细介绍：

1. Auctions: A Gateway to Hyperliquid Listings

1. 拍卖：超流动性列表的门户

Hyperliquid's unique approach to exchange listings involves a thrilling auction mechanism that determines gas prices. These auctions unfold over 31 hours, commencing at a high price and gradually decreasing to 10,000 USDC if the token remains unsold. Notably, the closing price of the previous auction serves as the starting price for the next.

Hyperliquid 独特的交易所上市方式涉及一种激动人心的拍卖机制，该机制决定了 Gas 价格。这些拍卖持续 31 小时，以高价开始，如果代币仍未售出，则逐渐降至 10,000 USDC。值得注意的是，上一次拍卖的收盘价将作为下一次拍卖的起始价。

For instance, if GOD closes at $975,746.79, the following auction will begin at $1.95 million. These auctions are open to the public, and live statistics can be accessed on Hypurrscan.

例如，如果 GOD 收盘价为 975,746.79 美元，则接下来的拍卖将以 195 万美元开始。这些拍卖向公众开放，并且可以在 Hypurrscan 上获取实时统计数据。

2. Hypurr Fun: A Launchpad Tailored for Trench Hunters

2. Hypurr Fun：专为海沟猎人量身定制的发射台

Hypurr Fun (HFUN) is a launchpad within the Hyperliquid ecosystem that caters specifically to "trench hunters"—those seeking high-potential tokens and early participation opportunities.

Hypurr Fun (HFUN) 是 Hyperliquid 生态系统中的一个启动板，专门面向“战壕猎人”——那些寻求高潜力代币和早期参与机会的人。

Key Features:

主要特点：

- Telegram Bot Integration: Interact with Hypurr Fun via a dedicated Telegram bot, enabling token purchases, status monitoring, and alerts within the Telegram interface. To stay updated on token launches, join the Prelaunch Marketplace and Hypurr channels.

- Telegram 机器人集成：通过专用 Telegram 机器人与 Hypurr Fun 交互，在 Telegram 界面内启用代币购买、状态监控和警报。要了解代币发布的最新动态，请加入预发布市场和 Hypurr 频道。

- Token Creation and Issuance: A binding curve mechanism like Pump.fun is utilized for token issuance. Tokens exhibiting potential can seamlessly transition to Hyperliquid's spot market. Upon reaching a specified liquidity threshold (e.g., 80% of tokens sold), proceeds from the sale will be channeled towards securing Hyperliquid listing eligibility.

- 代币创建和发行：利用像 Pump.fun 这样的绑定曲线机制来发行代币。具有潜力的代币可以无缝过渡到 Hyperliquid 的现货市场。当达到指定的流动性阈值（例如，已售出代币的 80%）时，销售收益将用于确保 Hyperliquid 上市资格。

- Trench Mechanics: The "trench" denotes the pre-issuance trading stage for tokens, where users can engage in mining potential tokens. Funds raised from Hypurr Fun will be used to participate in Hyperliquid's Dutch auctions, aiming to secure a spot listing on the exchange.

- 战壕机制：“战壕”是指代币发行前的交易阶段，用户可以在其中挖掘潜在的代币。 Hypurr Fun 筹集的资金将用于参加 Hyperliquid 的荷兰式拍卖，旨在确保在交易所现货上市。

3. PVP.Trade: Upcoming Airdrop via Telegram Bot

3. PVP.Trade：即将通过 Telegram Bot 进行空投

PVP.Trade is a Telegram bot that integrates with the Hyperliquid ecosystem, catering to social and competitive trading. This platform is especially appealing to airdrop hunters, as active trading now accumulates points that influence future rewards.

PVP.Trade 是一款与 Hyperliquid 生态系统集成的 Telegram 机器人，适合社交和竞争性交易。该平台对空投猎人特别有吸引力，因为活跃的交易现在可以积累影响未来奖励的积分。

Key Features:

主要特点：

- Trading Robot: Execute transactions directly via Telegram, covering both spot and leveraged trading on the Hyperliquid platform.

- 交易机器人：直接通过 Telegram 执行交易，涵盖 Hyperliquid 平台上的现货和杠杆交易。

- Community Interaction: A social trading feature enables users to view the positions of group members, fostering collaboration and learning within the trading community.

- 社区互动：社交交易功能使用户能够查看群组成员的立场，促进交易社区内的协作和学习。

- Reward and Points System: Points are earned through trading and will be used in an upcoming token airdrop, encouraging users to actively participate in transactions via the bot.

- 奖励和积分系统：积分通过交易获得，并将用于即将到来的代币空投，鼓励用户通过机器人积极参与交易。

4. HyBridge: Cross-Chain Asset Bridging Tool

4. HyBridge：跨链资产桥接工具

HyBridge serves as a cross-chain bridging asset tool, designed to streamline the process of transferring assets into the Hyperliquid ecosystem. This tool facilitates the transfer of tokens from multiple blockchains, including Ethereum and Solana, to Hyperliquid.

HyBridge 作为跨链桥接资产工具，旨在简化将资产转移到 Hyperliquid 生态系统的流程。该工具有助于将代币从多个区块链（包括以太坊和 Solana）转移到 Hyperliquid。

5. EVM: Expanding the Hyperliquid Ecosystem

5. EVM：扩展超液体生态系统

Recently, Hyperliquid introduced the Ethereum Virtual Machine (EVM) on the testnet, presenting an opportunity for developers to build and experiment with Ethereum-compatible applications. This feature allows for the migration of existing EVM applications or the creation of new front ends, ultimately encouraging more participation in the Hyperliquid ecosystem.

最近，Hyperliquid 在测试网上引入了以太坊虚拟机（EVM），为开发人员提供了构建和试验以太坊兼容应用程序的机会。此功能允许迁移现有 EVM 应用程序或创建新的前端，最终鼓励更多人参与 Hyperliquid 生态系统。

The EVM operates through a JSON-RPC interface to seamlessly interact with the blockchain. Additionally, the Hyperliquid testnet now includes staking, enabling users to contribute to network security and earn rewards in the process. As the platform continues to develop, these features will play a crucial role in promoting community participation and rewarding user activity.

EVM 通过 JSON-RPC 接口运行，与区块链无缝交互。此外，Hyperliquid 测试网现在包括质押，使用户能够为网络安全做出贡献并在此过程中获得奖励。随着平台的不断发展，这些功能将在促进社区参与和奖励用户活动方面发挥至关重要的作用。

Developer Information: Instructions on deploying a programmable wallet on Telegram are available here.

开发者信息：此处提供了有关在 Telegram 上部署可编程钱包的说明。

Conclusion: Ushering in the Future of On-Chain Transactions

结论：引领链上交易的未来

Hyperliquid is无疑地 at the forefront of DeFi innovation, aiming to redefine the landscape of on-chain trading experiences. By merging the strengths of both centralized and decentralized exchanges, the platform has created a truly unique product in the crypto space.

Hyperliquid 无疑处于 DeFi 创新的前沿，旨在重新定义链上交易体验的格局。通过融合集中式和去中心化交易所的优势，该平台在加密货币领域创造了真正独特的产品。

While indicators like token price and daily trading volume contribute to a platform's success, Hyperliquid's impact extends far beyond these metrics, thanks to its ability to create an organic and comprehensive ecosystem. Every aspect of the platform, from its purpose-built L1 blockchain and innovative token standards (HIP-1 and HIP-2) to user-friendly interfaces like Hypurr Fun and PVP Trade, has

虽然代币价格和每日交易量等指标有助于平台的成功，但 Hyperliquid 的影响力远远超出了这些指标，因为它有能力创建一个有机且全面的生态系统。该平台的各个方面，从专门构建的 L1 区块链和创新代币标准（HIP-1 和 HIP-2）到 Hypurr Fun 和 PVP Trade 等用户友好界面，都具有