超级流动：下一代分散交流

几次分散的交易所在流动性，高昂的购买成本以及令人困惑的客户体验中挣扎，让投资者几乎没有选择，但要坚持使用诸如Binance和Bybit等集中式交流

In the sprawling landscape of decentralised exchanges (DEXs), several contenders valiantly clash for liquidity, striving to offer competitive purchase costs and seamless customer experiences—all while attempting to siphon customers away from centralised behemoths like Binance and Bybit. Sadly, for traders seeking an alternative to these centralised giants, the options might appear limited, leaving them with little choice but to stick to the likes of Binance or Bybit.

在分散交易所（DEX）的庞大景观中，几位竞争者英勇地冲突了流动性，努力提供有竞争力的购买成本和无缝的客户体验，同时又试图使客户脱离诸如Binance和Bybit这样的集中的巨头。可悲的是，对于寻求这些集中巨头替代方案的交易者来说，这些选择似乎有限，但他们别无选择，只能坚持使用Binance或Bybit。

Several DEXs clash with liquidity, high purchase costs, and customer experience

几个DEX与流动性，高购买成本和客户体验冲突

A substantial setback for DEXs is liquidity. While DEXs provide the benefit of self-custody and censorship resistance, they usually experience high gas costs, sluggish purchase times, and fragmented liquidity compared to their centralised counterparts.

DEX的重大挫折是流动性。尽管DEX提供了自我观察和审查制度的好处，但与集中式同行相比，它们通常会经历高的汽油成本，较差的购买时间以及零散的流动性。

Nonetheless, one particular DEX claims to have finally split the code and offers an answer to this pressing issue: Hyperliquid.

尽管如此，一个特定的DEX声称最终将代码分开，并对此紧迫问题提供答案：超流动。

Hyperliquid claims to be a blazing-fast order-book DEX boasting $12 billion in daily volume, nearly instant purchases, and a trading experience that matches CEXs while staying completely on-chain. It is also a no-VC, no-ICO DEX—a feat in an industry where most tasks struggle to launch without early-stage funding. Instead, Hyperliquid airdropped its native token, BUZZ, to early adopters, fostering rapid engagement.

Hyperliquid声称是一本盛大的订单书DEX，拥有120亿美元的每日数量，几乎即时的购买以及与CEX匹配的交易体验，同时又完全保持链子。这也是No-VC，No-Ico Dex，这是一个壮举，在一个行业中，大多数任务都在没有早期资金的情况下努力推出。取而代之的是，超流动的气流将其本地令牌，嗡嗡声向早期采用者带到了迅速的参与度中。

But Hyperliquid’s quick surge isn’t without controversy. Questions remain concerning who precisely lies behind the platform—and whether its purported decentralisation is as genuine as it claims.

但是Hyperliquid的快速激增并非没有争议。关于谁精确位于平台后面的问题仍然存在问题，以及其声称的权力下放是否像它所说的那样真实。

Is Hyperliquid the future of decentralised trading, or is it simply one more crypto venture harboring covert centralisation dangers? Today, we’re diving deep into who’s behind it, how it works, and whether it can live up to the hype.

超级流动性是分散交易的未来，还是仅仅是一个带有秘密集中危险的加密货币风险投资？今天，我们深入研究了谁的背后，它的工作原理以及它是否可以辜负炒作。

Hyperliquid’s Beginnings and Team

超级流动的起点和团队

The tale of Hyperliquid begins with Jeffrey Yan, a Harvard graduate with a background in mathematics, quantitative trading, and software development. Before venturing into crypto, Jeff worked at Google and an elite trading firm called Hudson River Trading, where he focused on building high-frequency trading (HFT) algorithms—experience that would later influence Hyperliquid’s design.

超流动性的故事始于哈佛大学的毕业生杰弗里·亚恩（Jeffrey Yan），具有数学，定量交易和软件开发的背景。在进入加密货币之前，杰夫（Jeff）曾在Google和一家名为Hudson River Trading的精英贸易公司工作，他专注于建立高频交易（HFT）算法 - 经验，这将影响后来影响Hyperliquid的设计。

Jeff initially became interested in crypto in 2018 after discovering Ethereum and its potential for decentralised applications. His initial attempt at building in the space was a Layer-2 prediction market on Ethereum, but after a few months, he abandoned the project. Instead, he returned to what he knew best—trading.

杰夫（Jeff）发现以太坊及其进行分散应用的潜力后，最初对加密货币感兴趣。他最初在该领域建造的尝试是以太坊的第二层预测市场，但是几个月后，他放弃了该项目。取而代之的是，他回到了他最了解的东西 - 交易。

In early 2020, Jeff started Chameleon Trading, a proprietary crypto trading firm and market maker. According to him, Chameleon became a significant player in the space, yet strangely enough, there is nearly no public information concerning it. The company’s website, now offline, included only a single sentence: “Global proprietary trading and investment firm.” There’s no LinkedIn account, no company information, and no legal documents of its trading activity.

2020年初，杰夫（Jeff）创立了Chameleon Trading，这是一家专有的加密货币贸易公司和做市商。据他说，变色龙成为该领域的重要参与者，但奇怪的是，几乎没有关于它的公众信息。该公司的网站现在离线，仅包括一个句子：“全球专有贸易和投资公司”。没有LinkedIn帐户，没有公司信息，也没有其交易活动的法律文件。

By late 2022, Chameleon Trading had shifted its attention to DeFi, observing that despite the crypto bear market, decentralised exchanges were still attracting huge trading volumes. The collapse of FTX, one of the largest centralised derivatives exchanges, left a significant gap in the market—a void that Jeff and his team saw as an opportunity.

到2022年底，变色龙的交易将注意力转移到了Defi上，观察到，尽管加密熊市市场，分散的交易所仍吸引了巨大的交易量。 FTX是最大的集中衍生品交流之一的崩溃，在市场上留下了很大的差距，这是杰夫和他的团队认为的机会。

This led to the birth of Hyperliquid, a decentralised derivatives exchange aiming to provide the same speed, liquidity depth, and low latency as centralised exchanges but without the risks of custody and opaque balance sheets.

这导致了超级流动的诞生，这是一种分散的衍生工具交换，旨在提供与集中式交流相同的速度，流动性深度和低潜伏期，但没有监护权和不透明的资产负债表的风险。

Hyperliquid’s Unique Funding Model

超级流动的独特资金模型

We can’t discuss Hyperliquid without mentioning its controversial funding.

如果不提到其有争议的资金，我们就无法讨论超流动。

Among the boldest claims Hyperliquid makes is that it launched with no VC funding, ICO, or pre-sale. This is nearly unprecedented in the crypto space, where most tasks rely on early-stage venture capital or token sales to bootstrap growth and provide liquidity. Instead, Hyperliquid took a different approach: a massive airdrop of its native token, BUZZ, to early adopters—quickly generating a large, engaged user base without selling tokens to VCs.

超流动性提出的最大胆的主张之一是，它没有投资，ICO或预售。在加密货币领域，这几乎是前所未有的，在加密货币领域中，大多数任务都依赖于早期风险投资或代币销售来引导性增长并提供流动性。取而代之的是，Hyplliquid采用了另一种方法：其本地令牌，嗡嗡声，对早期采用者的巨大空调 - Qually Quickly会产生一个大型，参与的用户群，而不会向VCS出售代币。

At first glance, this appears to be a clean launch, reinforcing Hyperliquid’s decentralised values. However, when you look deeper, the question of who precisely funded Hyperliquid’s development and initial liquidity remains unanswered.

乍一看，这似乎是一个干净的发射，增强了超流动性的分散值。但是，当您更深入地看时，谁精确资助了超流动性的发展和初始流动性的问题仍未得到解答。

Building a custom Layer-1 blockchain, deploying a sophisticated order-book-based DEX, and onboarding users without external financing is no small feat. Without VC funding, the most rational source of capital would be Chameleon Trading—the market-making firm that Hyperliquid’s owner, Jeffrey Yan, ran before launching the exchange. Given Chameleon’s alleged success as a trading firm, it’s plausible that the team self-funded Hyperliquid using trading profits.

构建自定义的第1层区块链，部署基于订单的订单书籍的DEX，而没有外部融资的登机用户并不是很小的壮举。没有风险投资资金，最合理的资本来源将是变色龙交易，这是超级流动公司的所有者杰弗里·亚恩（Jeffrey Yan）在推出交易所之前运行的。鉴于Chameleon据称作为一家贸易公司的成功，该团队使用交易利润自制了超级流利，这是合理的。

Yet if that is true, this raises another question: Did Chameleon Trading—or other professional entities—claim a large portion of the buzz airdrop?

然而，如果这是真的，那就提出了另一个问题：变色龙交易（或其他专业实体）是否会在Buzz Airdrop中确定大部分？

This has led some to speculate that a significant part of the airdrop

这导致一些人推测空气盘的很大一部分