Hyperliquid（HYPE）：DeFi 领域的新竞争者

自 2024 年推出以来，区块链永续期货交易所已占据 70% 的市场份额，超过了 GMX 和 dYdX 等老牌竞争对手。

Hyperliquid [HYPE], a blockchain that hosts the largest decentralized perpetual futures exchange, has experienced remarkable growth since its launch in 2024. However, despite its achievements, concerns are emerging regarding its long-term sustainability.

Hyperliquid [HYPE] 是一个拥有最大的去中心化永续期货交易所的区块链，自 2024 年推出以来经历了显着的增长。然而，尽管取得了成就，但人们对其长期可持续性的担忧正在出现。

Hyperliquid’s Footprint Expands

超液体的足迹不断扩大

Hyperliquid’s launch was followed by a rapid rise in market share, thanks to its perpetual futures exchange, which now commands 70% of the market, outpacing rivals like GMX and dYdX. This positioned Hyperliquid as a major player among decentralized exchanges (DEXs), handling approximately $260 million in daily transactions.

Hyperliquid 推出后，其永续期货交易所的市场份额迅速上升，目前占据 70% 的市场份额，超过了 GMX 和 dYdX 等竞争对手。这使得 Hyperliquid 成为去中心化交易所 (DEX) 的主要参与者，每天处理约 2.6 亿美元的交易。

Meanwhile, DEX trading volumes reached record highs of $433 billion in December 2024, further highlighting the industry’s momentum. But as Hyperliquid basked in these achievements, questions arose about its ability to maintain these gains over the long haul.

与此同时，DEX 交易量于 2024 年 12 月达到 4330 亿美元的历史新高，进一步凸显了该行业的发展势头。但随着 Hyperliquid 享受这些成就，人们开始质疑其能否长期保持这些成果。

A recent report by VanEck expressed concerns regarding Hyperliquid’s market valuation of $25 billion, which is largely driven by the meteoric rise of the HYPE token. Without stronger developer engagement, this valuation could be at risk, the report stated.

VanEck 最近的一份报告表达了对 Hyperliquid 250 亿美元市场估值的担忧，这主要是由 HYPE 代币的迅速上涨推动的。报告指出，如果开发商没有加强参与，这一估值可能会面临风险。

Hyperliquid’s smart contract platform has yet to cultivate a vibrant ecosystem of developers, which is crucial for sustaining growth and delivering on community expectations, the report added.

报告补充说，Hyperliquid 的智能合约平台尚未培育出一个充满活力的开发者生态系统，这对于维持增长和实现社区期望至关重要。

Diversification and Strategic Challenges

多元化和战略挑战

Hyperliquid’s airdrop, heralded as 2024’s most successful token generation event, has put HYPE in the spotlight. The token saw gains of over 500% within a month, peaking at $34 before stabilizing around $25 in early January 2025.

Hyperliquid 的空投被誉为 2024 年最成功的代币生成活动，使 HYPE 成为人们关注的焦点。该代币在一个月内涨幅超过 500%，最高达到 34 美元，然后在 2025 年 1 月上旬稳定在 25 美元左右。

However, as VanEck pointed out, maintaining this momentum requires a broader use case beyond its highly successful perpetual futures exchange.

然而，正如 VanEck 指出的那样，保持这种势头需要在其非常成功的永续期货交易所之外有更广泛的用例。

Hyperliquid’s ambitions extend beyond its flagship exchange. By introducing an Ethereum Virtual Machine (EVM)-compatible smart contract platform in 2025, Hyperliquid aims to diversify its utility and attract decentralized application (dApp) developers.

Hyperliquid 的野心不仅仅局限于其旗舰交易所。通过在 2025 年推出兼容以太坊虚拟机 (EVM) 的智能合约平台，Hyperliquid 旨在使其实用性多样化并吸引去中心化应用程序 (dApp) 开发人员。

Early testnet activity has shown encouraging signs, with at least six native dApps already operational and garnering thousands of users. This development marks a crucial step in positioning Hyperliquid as a general-purpose blockchain rather than a single-product platform.

早期的测试网活动已显示出令人鼓舞的迹象，至少有 6 个原生 dApp 已经投入运行并吸引了数千名用户。这一发展标志着将 Hyperliquid 定位为通用区块链而不是单一产品平台的关键一步。

Challenges in a Competitive Market

竞争市场中的挑战

Hyperliquid’s rise has been swift, but maintaining its competitive edge will be challenging. According to VanEck, DEXs often struggle with a lack of long-term competitive moats due to their reliance on open-source technology, which makes features easily replicable.

Hyperliquid 的崛起迅速，但保持其竞争优势将具有挑战性。 VanEck 表示，由于依赖开源技术，DEX 经常因缺乏长期竞争护城河而苦苦挣扎，而开源技术使得功能很容易复制。

Without unique innovations or a loyal developer community, sustaining market dominance could be difficult. Another critical aspect is network decentralization. The selection process of validators for Hyperliquid is taken by the governing body called the Hyper Foundation, which has been questioned multiple times.

如果没有独特的创新或忠诚的开发者社区，维持市场主导地位可能会很困难。另一个关键方面是网络去中心化。 Hyperliquid 验证者的选择过程由名为 Hyper 基金会的管理机构负责，该机构曾多次受到质疑。

The foundation, therefore, clarified that validator roles are given out based on merit, hence reinstating its transparency and fairness policy. This would help to gain the much-needed trust of the community—a key factor in any blockchain ecosystem.

因此，该基金会澄清，验证者角色是根据功绩分配的，从而恢复了其透明度和公平政策。这将有助于获得社区急需的信任——这是任何区块链生态系统的关键因素。

Will Hyperliquid Meet Its Lofty Expectations?

超液体能满足其崇高期望吗？

The next 12 months will be pivotal for Hyperliquid. The success of its EVM-compatible platform will determine whether it can evolve into a multi-faceted blockchain capable of supporting diverse applications.

未来 12 个月对于 Hyperliquid 来说至关重要。其EVM兼容平台的成功将决定其能否演变成能够支持多种应用的多方面区块链。

Expanding its developer base, fostering innovation, and addressing community concerns will be vital to sustaining its impressive market valuation and long-term relevance.

扩大开发者基础、促进创新和解决社区关切对于维持其令人印象深刻的市场估值和长期相关性至关重要。