Hyperliquid：新的 Meme 代币制造商

无论是链上衍生品、DeFi，还是DEX去中心化交易所，这些领域早已人满为患，竞争令人窒息。

Hyperliquid, a decentralized perpetual contract trading platform, has attracted attention with its actual candlestick charts and rapid price increase, sparking discussion about the driving forces behind its popularity.

去中心化永续合约交易平台Hyperliquid以其实体K线图和快速上涨的价格吸引了人们的关注，引发了对其受欢迎背后驱动力的讨论。

While some may dismiss it as a simple technological innovation craze, a deeper analysis reveals several factors contributing to Hyperliquid's quick rise to prominence.

尽管有些人可能将其视为简单的技术创新热潮，但更深入的分析揭示了导致 Hyperliquid 迅速崛起的几个因素。

Unlike familiar platforms like GMX and dYdX, Hyperliquid boasts technical and model disruptions, addressing common DEX pain points such as slow transaction speed, high fees, and poor transparency.

与 GMX 和 dYdX 等熟悉的平台不同，Hyperliquid 拥有技术和模型颠覆性，解决了常见的 DEX 痛点，例如交易速度慢、费用高和透明度差等。

Its core features include:

其核心特点包括：

1. Decentralized order book perpetual contracts: Hyperliquid employs the trading method of traditional markets, offering efficiency and precise matching.

1、去中心化订单簿永续合约：Hyperliquid采用传统市场的交易方式，高效精准撮合。

2. Self-developed high-performance L1 chain: Unlike platforms dependent on Ethereum or Arbitrum, Hyperliquid has its own L1 public chain, ensuring low-latency, high-frequency transactions.

2、自研高性能L1链：与依赖以太坊或Arbitrum的平台不同，Hyperliquid拥有自己的L1公链，保证低延迟、高频交易。

3. Zero gas bill: Hyperliquid eliminates gas fees, providing convenience and enabling unrestricted trading for DeFi users.

3. 零gas费用：Hyperliquid消除了gas费用，为DeFi用户提供便利并实现无限制的交易。

4. Full chain transparency: Every transaction is recorded on the chain, offering openness, transparency, and verifiability, improving trust and eliminating black box operations.

4、全链透明：每一笔交易都记录在链上，公开、透明、可验证，提高信任，杜绝黑箱操作。

5. Innovative smart vault mechanism: Hyperliquid supports users creating personal "vaults" where others can deposit funds and copy the trading strategies of the vault owners.

5.创新的智能金库机制：Hyperliquid支持用户创建个人“金库”，其他人可以在其中存入资金并复制金库所有者的交易策略。

Hyperliquid's advantages can be summarized as follows:

Hyperliquid的优点可以概括如下：

1. Fast speed and low cost: The self-developed L1 chain and zero gas fee provide convenient transactions and an excellent experience.

1、速度快、成本低：自主研发的L1链、零gas费，交易便捷、体验极佳。

2. High transparency: All transaction data is made public to prevent black box operations.

2、透明度高：所有交易数据公开，杜绝暗箱操作。

3. Innovative and flexible: In addition to supporting perpetual contracts, Hyperliquid also provides advanced features like take profit and stop loss (TP/SL) and time-weighted average price (TWAP) to cater to advanced traders.

3. 创新灵活：除了支持永续合约外，Hyperliquid还提供止盈止损（TP/SL）和时间加权平均价格（TWAP）等高级功能，以满足高级交易者的需求。

Moreover, Hyperliquid's meme launch mechanism, the Dutch Auction, offers a new path for the resurgence of memes.

此外，Hyperliquid的表情包发布机制——荷兰式拍卖，为表情包的复兴提供了一条新路径。

In a Dutch auction, the price starts high and gradually decreases over time until someone bids. At Hyperliquid, a "listing quota" is auctioned every 31 hours, with the starting price typically twice that of the previous round.

在荷兰式拍卖中，价格一开始很高，然后随着时间的推移逐渐下降，直到有人出价。在 Hyperliquid，每 31 小时拍卖一次“上市配额”，起拍价格通常是上一轮的两倍。

This scarcity attracts memes because there is only one spot every 31 hours, presenting an excellent opportunity for exposure and gambling for any small-cap project or active community.

这种稀缺性吸引了人们的关注，因为每 31 小时只有一个位置，这为任何小型项目或活跃社区提供了绝佳的曝光和赌博机会。

Even unknown small currencies can ignite market heat through the Dutch auction, given sufficient community enthusiasm and a catchy ticker name.

只要有足够的社区热情和朗朗上口的股票名称，即使是不知名的小货币也可以通过荷兰式拍卖点燃市场热度。

For instance, in a recent auction, the quota price soared to 100 WU (around 100,000 USD), setting the stage for more projects to spend heavily to secure a chance to "break out of the circle."

例如，在最近的一次拍卖中，配额价格飙升至100 WU（约合10万美元），为更多项目斥巨资争取“破圈”机会奠定了基础。

This way, small-cap meme coins not only gain attention through collective bidding but also become the focus of the industry.

这样一来，小盘表情币不仅通过集体竞价获得关注，也成为行业关注的焦点。

Hyperliquid's role as a meme token-making machine is evident in pushing “small but beautiful” projects to a grander stage.

Hyperliquid 作为 meme 代币制造机器的作用显而易见，它将“小而美”的项目推向了更宏伟的舞台。

To get involved with Hyperliquid:

要参与 Hyperliquid：

Method 1: Directly participate in spot projects (meme coins)

方式一：直接参与现货项目（meme币）

Many meme projects have been launched on Hyperliquid, typically having a lower market value but an active community atmosphere. For those who prefer low risk, these spot projects can be an option, offering potential projects driven by hot money.

Hyperliquid 上推出了许多 meme 项目，通常市值较低，但社区氛围活跃。对于那些喜欢低风险的人来说，这些现货项目可以作为一种选择，提供由热钱驱动的潜在项目。

Method 2: Participate in the Dutch auction and seize the opportunity of the internal market

方式二：参与荷兰式拍卖，抓住内部市场机会

For those with a higher risk appetite, own investment research strategies can be used to choose relevant memes that are auctioned by the Dutch auction mechanism, held every 31 hours. After the auction is successful, your tokens will receive trading support and community exposure from Hyperliquid.

对于风险偏好较高的人来说，可以利用自己的投资研究策略来选择相关的模因，由荷兰拍卖机制进行拍卖，每 31 小时举行一次。拍卖成功后，您的代币将获得 Hyperliquid 的交易支持和社区曝光。

Risks and recommendations:

风险和建议：

Market risk: Participating in Hyperliquid's auction may involve some "dog coins" with low market capitalization and average community activity. Some coins may encounter problems like pull-ups and manipulation or even the risk of project failure. Especially when the auction fee rises to 100WU, many small projects may not have enough funds to cover the listing fees, and the quality of the project may not be guaranteed.

市场风险：参与Hyperliquid的拍卖可能涉及一些市值较低、社区活跃度一般的“狗币”。有些币种可能会遇到拉升、操纵等问题，甚至存在项目失败的风险。尤其是当拍卖费用上涨到100WU时，很多小项目可能没有足够的资金来支付上市费用，项目的质量可能无法保证。

Liquidity risk: Since the platform has a limited number of listings and only one opportunity every 31 hours, small projects with low liquidity may experience drastic price fluctuations.

流动性风险：由于平台上币数量有限，每31小时只有一次机会，流动性较低的小型项目可能会出现剧烈的价格波动。

Participation logic: After some project parties obtain quotas through lower auction fees, they will use "pull-up" means to increase prices, thereby bringing higher handling fees and trading volumes. However, if the project does not have strong market support or substantial value, it may lead to a crash or "Rug Pull" (running away).

参与逻辑：部分项目方通过较低的拍卖费用获得额度后，会利用“拉升”手段拉高价格，从而带来更高的手续费和交易量。然而，如果项目没有强大的市场支持或实质性价值，则可能会导致崩盘或“Rug Pull”（跑路）。

Recommendation: For beginners or users with less funds, it is advised to participate in Dutch auctions with caution. You can first observe some existing and active meme projects to gauge their market performance and community dynamics. When choosing whether to participate in the auction, you must have sufficient understanding and judgment to avoid blindly following the trend just because of the market enthusiasm.

建议：对于初学者或者资金较少的用户，建议谨慎参与荷兰式拍卖。您可以首先观察一些现有的和活跃的模因项目，以衡量它们的市场表现和社区动态。在选择是否参与竞拍时，一定要有足够的了解和判断，避免仅仅因为市场热情而盲目跟风。

Hyperliquid is undeniably a shining star in the DeFi track

Hyperliquid 无疑是 DeFi 赛道上一颗闪亮的明星