Syncracy Capital 联合创始人 Ryan Watkins 表示，Hyperliquid (HYPE) 到 2025 年在费用产生方面可能会超过竞争对手

过去几天，由于猜测黑客与朝鲜支持的 Lazarus 集团有关联，永续期货 DEX 平台引起了人们的关注。

HyperLiquid, a recently launched layer-1 blockchain and decentralized exchange, has the potential to outpace its rivals in terms of fee generation over the next year, according to Syncracy Capital co-founder Ryan Watkins.

Syncracy Capital 联合创始人 Ryan Watkins 表示，最近推出的 Layer-1 区块链和去中心化交易所 HyperLiquid 有潜力在明年的费用产生方面超越竞争对手。

The DEX platform for perpetual futures has attracted attention in recent days amid speculation that hackers linked to the North Korea-backed Lazarus Group were snooping for vulnerability. Hyperliquid Labs has since dismissed the claims of potential vulnerability as linked to whale activity, which is rumored to be from North Korean hackers.

最近几天，由于猜测与朝鲜支持的拉撒路集团有关的黑客正在窥探漏洞，永续期货的 DEX 平台最近引起了人们的关注。此后，Hyperliquid Labs 驳回了与鲸鱼活动有关的潜在漏洞的说法，据传鲸鱼活动来自朝鲜黑客。

But what does Ryan Watkins, the co-founder of venture capital firm Syncracy Capital and former senior research analyst at market intelligence platform Messari, have to say about Hyperliquid (HYPE)?

但风险投资公司 Syncracy Capital 联合创始人、市场情报平台 Messari 前高级研究分析师 Ryan Watkins 对 Hyperliquid (HYPE) 有什么看法呢？

On Dec. 27, the Syncracy Capital co-founder took to X to express his bullish outlook for the DEX platform.

12 月 27 日，Syncracy Capital 联合创始人在 X 上表达了他对 DEX 平台的看好前景。

In Watkins’ view, Hyperliquid could emerge as one of the largest blockchain projects by fee generation in the upcoming year.

在沃特金斯看来，Hyperliquid 可能会在来年成为按费用产生最大的区块链项目之一。

“Hyperliquid is strongly positioned to be the no.1 blockchain by fees in 2025 largely because it vertically integrates nearly all the most profitable businesses in crypto’s history: exchange (spot + derivatives) + blockspace (HyperEVM).”

“Hyperliquid 有望成为 2025 年费用第一的区块链，很大程度上是因为它垂直整合了加密货币历史上几乎所有最赚钱的业务：交易所（现货+衍生品）+区块空间（HyperEVM）。”

According to observers, HYPE token’s potential to explode in the coming months is attributed to the industry's adoption of the spot and derivatives offering as well as the traction for the HyperEVM.

据观察人士称，HYPE 代币在未来几个月爆发的潜力归因于该行业对现货和衍生品产品的采用以及 HyperEVM 的吸引力。

In Watkins’ view, the missing component that would see Hyperliquid “complete the holy trinity” and potentially dominate is a stablecoin.

在沃特金斯看来，Hyperliquid“完成神圣三位一体”并可能占据主导地位的缺失要素是稳定币。

“Stablecoin is harder to do in practice, but wouldn’t be surprised if it’s attempted. Terra in the past and Berachain + Ethena (coming soon) today are doing the sam.”

“稳定币在实践中更难实现，但如果尝试的话也不会感到惊讶。过去的 Terra 和今天的 Berachain + Ethena（即将推出）正在做同样的事情。”

Ethena Labs recently launched USDtb, a stablecoin that is backed by Blackrock’s USD Institutional Digital Liquidity Fund, in partnership with the tokenization platform Securitize.

Ethena Labs 最近与代币化平台 Securitize 合作推出了 USDtb，这是一种由贝莱德美元机构数字流动性基金支持的稳定币。

According to DeFiLlama, Hyperliquid has recorded $5.16 million in seven-day fees and revenue. In comparison, Ethereum, Solana and Tron have generated higher levels of fees.

据 DeFiLlama 称，Hyperliquid 的 7 天费用和收入已达到 516 万美元。相比之下，以太坊、Solana 和 Tron 产生的费用更高。

Among the top protocols by fees across the ecosystem, stablecoin giant Tether leads on Ethereum, while DEX protocol Raydium, liquid staking platform Jito and meme launchpad Pump.fun generate the highest fees on Solana.

在整个生态系统中按费用排名最高的协议中，稳定币巨头 Tether 在以太坊上处于领先地位，而 DEX 协议 Raydium、液体质押平台 Jito 和 meme launchpad Pump.fun 在 Solana 上产生的费用最高。

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