超流动性正在在Defi生态系统中获得吸引力

超流动性是一个分散的衍生品交易平台（DEX衍生品），它一直在Defi生态系统中受到关注

Hyperliquid is a decentralized derivatives trading platform (DEX derivatives) that has been steadily gaining attention in the DeFi ecosystem thanks to its unique operational model, transparent governance, and deep integration of both security and risk management mechanisms.

Hyperliquid是一个去中心化的衍生品交易平台（DEX衍生品），由于其独特的运营模型，透明的治理以及安全性和风险管理机制的深刻整合，它一直在Defi生态系统中稳步关注。

As we’ll be discussing, Hyperliquid has also sparked lively debate about the trade-offs between decentralized decision-making and centralized intervention in times of crisis.

当我们将讨论时，超流动性也引发了关于在危机时期分散决策与集中干预之间权衡的激烈辩论。

The Hyperliquidity Provider (HLP) is a shared liquidity vault, funded by the community to execute market-making and liquidation strategies on the platform. Anyone can deposit USDC into HLP and earn profits or bear losses proportional to their contribution. HLP serves as the primary trading counterparty for most orders on the platform, similar to how GLP operates on GMX, but with a more active and adaptive approach.

超流动性提供商（HLP）是共享的流动性保险库，由社区资助，以在平台上执行营销和清算策略。任何人都可以将USDC存入HLP，并赚取与其贡献成正比的利润或承受损失。 HLP是该平台上大多数订单的主要交易对手，类似于GLP在GMX上的运作方式，但采用更积极和适应性的方法。

HLP does not charge any management fees; all profits and losses are fully distributed to depositors, as the vault is entirely community-owned.

HLP不收取任何管理费；所有利润和亏损都完全分配给存款人，因为保险库完全是社区所有的。

In practice, HLP is structured into several sub-vaults, each implementing different strategies. Specifically, there are two vaults focused on market-making (referred to as Vault A and Vault B) and one vault designated for liquidations (the Liquidator vault). Vaults A and B continuously place buy/sell orders to provide liquidity to the order book, while the Liquidator vault handles positions that are being liquidated.

在实践中，HLP被结构为几个子资库，每种都实施了不同的策略。具体而言，有两个关注的保险库（称为保管库A和VAULT B）和一个指定用于清算的保管库（清算器库）。保险库A和B连续放置购买/出售订单，以向订单书提供流动性，而清算人保管人员处理正在清算的职位。

The variable "HLP" displays the net position aggregated across all three sub-vaults. For example, if Vault A is long 100 million USD worth of ETH, Vault B is long 200 million USD, and Liquidator is short 300 million USD, the overall net position of HLP would be zero since the long and short positions offset one another.

变量“ HLP”显示在所有三个子资库中汇总的净位置。例如，如果Vault A为1亿美元的ETH，Vault B长2亿美元，而清算人则为3亿美元，那么HLP的总净位置将为零，因为长位置和短职位相互抵消。

Hyperliquid Referral Code

超流利转介代码

4% Lifetime Discount on Trading Fees

交易费用4％终身折扣

Code Valid: April 2025

代码有效：2025年4月

Since its launch, HLP has generally remained profitable – thanks to its market-making strategy and trading fee revenue. By the end of 2024, the HLP vault had reached a total value locked (TVL) of approximately 350 million USDC and had accumulated around 50 million USDC in profit, reflecting a consistently positive APR.

自推出以来，HLP通常一直保持盈利 - 这要归功于其营销策略和交易费用收入。到2024年底，HLP保险库已达到约3.5亿美元的锁定总价值（TVL），并积累了约5000万美元的利润，反映了一个始终如一的APR。

HLP’s tendency to maintain a net short position throughout the 2023–2024 bull market allowed it to deliver steady returns, even as asset prices were trending upward.

HLP倾向于在2023 - 2024年牛市中保持净短头位的趋势使其能够提供稳定的回报，即使资产价格上涨。

HLP performance remained profitable since launched – Source: HyperLiquid

自推出以来，HLP的性能一直保持盈利 - 来源：超流动

However, HLP is not without risk. On several occasions, the vault recorded significant losses due to unexpected market volatility.

但是，HLP并非没有风险。由于市场意外的市场波动，保险库有几次记录了巨大的损失。

One of the most notable incidents occurred in late March 2025, involving a short squeeze on the token JELLY. A trader opened a short position worth approximately 8 million USDC on JELLY, then proceeded to buy up the token on decentralized exchanges (DEXs), causing the price to surge dramatically. As a result, the short position was liquidated and fully transferred to the HLP vault.

最著名的事件之一发生在2025年3月下旬，涉及对令牌果冻的短暂挤压。一名交易员在果冻上开设了一个价值约800万美元的短职位，然后继续在分散交易所（DEX）上购买代币，从而导致价格急剧上涨。结果，较短的位置被清算并完全转移到HLP库中。

The price of JELLY on DEXs skyrocketed by several hundred percent, pushing HLP into an unrealized loss of over 10 million USD.

果冻上的Dexs的价格飙升了数百分之几，将HLP推向了超过1000万美元的未实现损失。

Facing the risk that a 230 million USD vault could lose everything to a small memecoin, the team acted quickly: they delisted JELLY and set a mandatory liquidation price at 0.0095 USD – exactly the level where the attacker had originally opened the short.

面对2.3亿美元保险库可能会失去一件小记忆的风险，该团队采取了迅速行动：他们将果冻降级并将强制性清算价格定为0.0095 USD，正是攻击者最初打开短暂的水平。

This move sparked widespread controversy regarding Hyperliquid’s decentralization and transparency. Many argued that this was effectively a “validator bailout” (or “validator put”)—a” situation where the network steps in to cap losses when the vault is hit too hard. This raised concerns that Hyperliquid may be willing to override market mechanisms to protect HLP’s capital, potentially at the expense of other users.

这一举动引发了关于超流动的权力下放和透明度的广泛争议。许多人认为，这实际上是一种“验证者的救助”（或“验证者看台”），即一种情况，在此情况下，网络在巨大的撞击时陷入困境。这引起了人们的担忧，即高流动性可能愿意覆盖市场机制以保护HLP的资本，并有可能以其他用户为代价。

In response, Hyperliquid upgraded its blockchain to include on-chain validator voting for future asset delistings – a step toward deterring manipulation. Still, questions remain about the platform’s commitment to true decentralization.

作为回应，超流动性将其区块链升级为包括链上验证者对未来的资产脱口秀的投票 - 迈向阻止操纵的一步。尽管如此，关于平台对真正权力下放的承诺仍然存在问题。

Following the JELLY incident, Hyperliquid implemented a series of risk management upgrades to prevent similar scenarios from occurring in the future. One major change involved reducing the portion of HLP capital used for liquidation strategies. The team set this allocation at a fixed, clearly defined amount and also decreased the rebalancing frequency for the Liquidator vault to help limit potential losses during major liquidation events.

果冻事件发生后，Hypliquid实施了一系列风险管理升级，以防止将来发生类似的情况。一个重大变化涉及减少用于清算策略的HLP资本的部分。团队将此分配设置为固定的，明确定义的量，并降低了清算库的重新平衡频率，以帮助限制重大清算事件期间的潜在损失。

In addition, Hyperliquid introduced a mechanism for loss thresholds and Auto-Deleveraging (ADL). This system automatically triggers deleveraging when losses from liquidation strategies exceed a specific threshold. Once the losses hit that limit, the protocol activates ADL, which draws on unrealized profits from other traders within the same asset pair to cover the deficit.

此外，超流动性引入了一种损失阈值和自动驱动器（ADL）的机制。当清算策略损失超过特定阈值时，该系统会自动触发去杠杆化。一旦损失达到了限制，协议就会激活ADL，ADL借鉴了同一资产对中其他交易者未实现的利润以弥补赤字。

To further enhance stability, the platform also adopted dynamic Open Interest (OI) caps. The platform adjusts these caps based on each asset’s liquidity and market capitalization, enforcing much stricter limits on low-cap tokens

为了进一步提高稳定性，该平台还采用了动态开放兴趣（OI）上限。该平台根据每个资产的流动性和市值来调整这些上限