超液体实验室：区块链世界发展的坚实基础

专家预测，到 2025 年，该平台可能成为收费领域的主要参与者，甚至有可能超越老牌竞争对手。

Hyperliquid (HLQ), a promising multi-chain decentralized exchange (DEX), is attracting attention for its potential to become a major player in fee generation by 2025. Experts are forecasting that the platform could outpace even established competitors in this crucial aspect of blockchain performance.

Hyperliquid (HLQ) 是一种前景光明的多链去中心化交易所 (DEX)，因其到 2025 年成为费用生成主要参与者的潜力而受到关注。专家预测，该平台甚至可能在区块链的这一关键方面超越老牌竞争对手表现。

A Strong Foundation for Growth

坚实的成长基础

Recently, Ryan Watkins, co-founder of venture capital firm Syncracy Capital and a former senior research analyst at Messari, expressed strong bullish sentiments about Hyperliquid’s growth trajectory. In a post shared on social media platform X, Watkins outlined the factors that could propel Hyperliquid into the upper echelons of the blockchain world.

最近，风险投资公司 Syncracy Capital 联合创始人、Messari 前高级研究分析师 Ryan Watkins 对 Hyperliquid 的增长轨迹表达了强烈的看涨情绪。在社交媒体平台 X 上分享的一篇文章中，沃特金斯概述了可能推动 Hyperliquid 进入区块链世界高层的因素。

At its core, Hyperliquid combines multiple high-demand services, such as decentralized spot trading and derivatives, with scalable blockspace. This synergy is expected to drive increased adoption and usage of the platform, which is crucial for fee generation. By vertically integrating these services, Hyperliquid enhances the efficiency and appeal of its ecosystem, making it an attractive option for both users and investors.

Hyperliquid 的核心是将多种高需求服务（例如去中心化现货交易和衍生品）与可扩展的区块空间相结合。这种协同作用预计将推动该平台的采用和使用的增加，这对于产生费用至关重要。通过垂直整合这些服务，Hyperliquid 提高了其生态系统的效率和吸引力，使其成为对用户和投资者都有吸引力的选择。

As Watkins points out in his analysis, Hyperliquid is not just a DEX for perpetual futures but also a robust ecosystem designed to serve a wide range of crypto market participants. This broad approach, encompassing essential aspects of crypto, including derivatives trading and the use of HyperEVM, is seen as a key driver of future success.

正如沃特金斯在分析中指出的那样，Hyperliquid 不仅是永续期货的 DEX，而且还是一个强大的生态系统，旨在为广泛的加密市场参与者提供服务。这种广泛的方法涵盖了加密货币的基本方面，包括衍生品交易和 HyperEVM 的使用，被视为未来成功的关键驱动力。

The Missing Piece: Stablecoins

缺失的一环：稳定币

Despite these promising features, Watkins also highlights an area where Hyperliquid’s journey to dominance may encounter challenges. According to his observations, the platform’s ecosystem would greatly benefit from the introduction of a stablecoin.

尽管有这些充满希望的功能，沃特金斯还强调了 Hyperliquid 的统治之旅可能会遇到挑战的一个领域。根据他的观察，该平台的生态系统将因稳定币的引入而受益匪浅。

“Hyperliquid has strong potential to become the top blockchain by fees generated in 2025,” Watkins noted. “It integrates nearly every profitable aspect of crypto (exchange services (spot and derivatives) and blockspace via HyperEVM (Ethereum Virtual Machine)) but a stablecoin is harder to do in practice, but wouldn’t be surprised if it’s attempted.”

Watkins 指出：“按 2025 年产生的费用计算，Hyperliquid 具有成为顶级区块链的强大潜力。” “它集成了加密货币的几乎所有有利可图的方面（交易服务（现货和衍生品）和通过 HyperEVM（以太坊虚拟机）的区块空间），但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。”

Stablecoins, which offer price stability, are integral to the success of many blockchain platforms, particularly those that engage in decentralized finance (DeFi) applications. In fact, other projects like Terra and Berachain are already exploring similar initiatives with their own stablecoins. Recently, Ethena Labs introduced the USDtb stablecoin, backed by BlackRock’s USD Institutional Digital Liquidity Fund, signaling that the stablecoin race is heating up.

稳定币提供价格稳定性，是许多区块链平台成功不可或缺的一部分，特别是那些从事去中心化金融（DeFi）应用的平台。事实上，Terra 和 Berachain 等其他项目已经在用自己的稳定币探索类似的举措。最近，Ethena Labs 推出了由贝莱德美元机构数字流动性基金支持的 USDtb 稳定币，这表明稳定币竞赛正在升温。

If Hyperliquid successfully integrates a stablecoin into its ecosystem, it could solidify its position as a top contender in the blockchain space.

如果 Hyperliquid 成功地将稳定币整合到其生态系统中，它可以巩固其作为区块链领域顶级竞争者的地位。

Recent Developments and Fee Generation

最新进展和费用产生

Hyperliquid has already made early strides in generating fees, which is attracting attention. According to data from DeFiLlama, the platform has earned $5.16 million in seven-day fees and revenue. While this is a significant achievement, it still lags behind leading blockchains such as Ethereum, Solana, and Tron, which have generated higher fees. Ethereum, in particular, continues to dominate, driven by the success of stablecoins like Tether and other popular decentralized protocols.

Hyperliquid 在收费方面已经取得了早期进展，引起了人们的关注。根据 DeFiLlama 的数据，该平台的 7 天费用和收入已赚取 516 万美元。虽然这是一项重大成就，但它仍然落后于以太坊、Solana 和 Tron 等领先的区块链，这些区块链产生了更高的费用。尤其是以太坊，在 Tether 等稳定币和其他流行的去中心化协议的成功推动下，继续占据主导地位。

Despite the competition, Hyperliquid’s promising growth trajectory suggests it may be poised for a breakout in the near future. If the platform can maintain its momentum and successfully navigate challenges like the introduction of a stablecoin, its fee-generation capabilities could see a dramatic rise by 2025.

尽管存在竞争，Hyperliquid 充满希望的增长轨迹表明它可能会在不久的将来取得突破。如果该平台能够保持势头并成功应对引入稳定币等挑战，那么到 2025 年其收费能力可能会大幅上升。

Overcoming Security Concerns

克服安全问题

While Hyperliquid’s potential is widely recognized, it has also faced some controversy. Recently, the platform was linked to speculation involving potential hacking activity from the North Korea-affiliated Lazarus Group. However, Hyperliquid Labs quickly addressed these concerns, attributing the unusual activity to “whale” behavior rather than any real vulnerability. This swift response helped to alleviate concerns over the platform’s security, allowing it to maintain investor confidence and continue its growth.

虽然超液体的潜力得到了广泛认可，但它也面临着一些争议。最近，该平台与涉及朝鲜附属拉撒路集团潜在黑客活动的猜测有关。然而，Hyperliquid Labs 很快就解决了这些担忧，将异常活动归因于“鲸鱼”行为，而不是任何真正的漏洞。这种迅速的反应有助于缓解对该平台安全性的担忧，使其能够保持投资者的信心并继续增长。

Bottom Line

底线

As 2025 approaches, all eyes will be on Hyper Liquid to see if it can fulfill the optimistic projections laid out by industry experts. With its strong integration of profitable crypto services, growing fee generation, and potential for innovation, Hyperliquid could emerge as a major force in the blockchain space. However, its success will depend on the platform’s ability to continue evolving and adapting to the rapidly changing cryptocurrency landscape.

随着 2025 年的临近，所有人的目光都将集中在 Hyper Liquid 上，看看它是否能够实现行业专家提出的乐观预测。凭借其对有利可图的加密服务的强大整合、不断增长的费用产生和创新潜力，Hyperliquid 可能会成为区块链领域的一支主要力量。然而，它的成功将取决于该平台继续发展和适应快速变化的加密货币格局的能力。