高流动性在流动性池损失数百万的ETH清算后增加了保证金要求

专门从事交易的区块链网络Hyperliquid在其流动性池损失了数百万美元之后，对交易者的利润率提高了

Hyperliquid, a blockchain network that specializes in trading, has increased margin requirements for traders after its liquidity pool lost millions of dollars during a massive Ether (ETH) liquidation, the network said.

该网络说，在贸易商的流动性池损失了数百万美元的清算期间，Hyplliquid是一个专门从事交易的区块链网络，对交易者的利润率提高了。

On March 12, a trader intentionally liquidated a roughly $200 million Ether long position, causing Hyperliquid's liquidity pool, HLP, to lose $4 million, unwinding the trade.

3月12日，一名交易员故意清算了大约2亿美元的以太股份，导致超级流动性的流动性池HLP损失了400万美元，从而放松了交易。

Starting March 15, Hyperliquid will begin requiring traders to maintain a collateral margin of at least 20% on certain open positions to "reduce the systemic impact of large positions with hypothetical market impact upon closing," Hyperliquid said in a March 13 X post.

从3月15日开始，Hyperliquid在3月13日x帖子中说，超级流动性将开始要求交易者在某些开放位置上保持至少20％的抵押品边缘，以“减少大型职位的系统性影响，并假设市场对关闭的影响”。

The incident highlights the growing pains confronting Hyperliquid, which has emerged as Web3's most popular platform for leveraged perpetual trading.

该事件突出了越来越多的痛苦与超流动性相遇，这已经成为Web3最受欢迎的杠杆永久交易平台。

Hyperliquid said the $4 million loss was not from an exploit but rather a predictable consequence of the mechanics of its trading platform under extreme conditions.

Hyperliquid表示，这笔400万美元的损失不是来自剥削，而是其在极端条件下其交易平台机制的可预测结果。

"Yesterday's event highlighted an opportunity to strengthen the margining framework to address extreme conditions more robustly," Hyperliquid said.

Hypliquid说：“昨天的活动强调了一个机会，可以加强边缘框架，以更加坚固地解决极端情况。”

These changes only apply in certain circumstances, such as when traders are withdrawing collateral from open positions, Hyperliquid said. Traders can still take on new positions with up to 40 times leverage.

Hyperliquid说，这些更改仅适用于某些情况，例如交易者从公开位置退出抵押品时。交易者仍然可以担任新职位，最多可以杠杆率40倍。

Perpetual futures, or "perps," are leveraged futures contracts with no expiry date. Traders deposit margin collateral — typically USDC (USDC) for Hyperliquid — to secure open positions.

永久期货或“ perps”是杠杆期货合约，没有到期日。贸易商将保证金抵押品（通常为USDC（USDC））存放，以确保开放位置。

By withdrawing most of his collateral and liquidating his own position, the trader effectively cashed out of his trade without incurring slippage — or losses from selling a large position all at once.

通过撤回他的大部分抵押品并清算自己的立场，交易员有效地从交易中兑现了贸易，而不会产生打滑，或者一次出售大型职位而造成的损失。

Instead, those losses were borne by Hyperliquid's HLP liquidity pool.

取而代之的是，这些损失是由HLP的HLP流动性池承担的。

Hyperliquid's HLP has more than $350 million in TVL. Source: DeFiLlama

Hypliquid的HLP拥有超过3.5亿美元的TVL。资料来源：Defillama

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Leading perps exchange

领先的PERPS交换

As of March 13, HLP has a total value locked (TVL) of approximately $340 million sourced from user deposits, according to DefiLlama.

根据Defillama的数据，截至3月13日，HLP的总价值锁定（TVL）约为3.4亿美元。

Launched in 2024, Hyperliquid's flagship perps exchange has clocked 70% of the market share, outperforming rivals like GMX and dYdX, according to a January report by asset manager VanEck.

根据资产经理Vaneck的一月份报告，Hyplliquid的旗舰PERPS Exchange于2024年推出，已经达到了市场份额的70％，表现优于GMX和DYDX等竞争对手。

Hyperliquid touts a trading experience that is more convenient than centralized exchanges, featuring fast settlement times and low fees, but it is less decentralized than other exchanges.

超级流动的吹捧的交易体验比集中交易更方便，具有快速的和解时间和低费用，但与其他交易所相比，它的分散程度较低。

As of March 12, Hyperliquid had around $180 million per day in transaction volume, according to DefiLlama.

根据Defillama的说法，截至3月12日，Hyproliquid的交易量约为1.8亿美元。