超级流动性：一种独特的收入引擎，结合了交换和智能合约平台

在2024年第四季度，Syncracy Capital在炒作中建立了巨大的位置，并在2025年第一季度继续提高其位置。

Hyperliquid is quickly becoming one of the hottest topics in the crypto sphere. Its unique revenue engine, combining an exchange and a smart contract platform, makes it the blockchain with the highest fees in the crypto industry. Its vertically integrated design, weaving together these two businesses with a unified interface, allows Hyperliquid to aggregate users more efficiently than any other platform to date, providing it with a structural advantage in accommodating all financial businesses around the world.

杂种迅速成为加密球体中最热门的话题之一。其独特的收入引擎将交易所和智能合同平台结合起来，使其成为加密行业最高费用的区块链。它的垂直集成设计，将这两家业务与统一的界面编织在一起，使超流动器比迄今为止的任何其他平台都更有效地汇总用户，从而为其提供结构性优势，以适应全球所有金融业务。

In the long run, Hyperliquid has the potential to "disrupt" Binance, offering performance superior to other decentralized platforms and outperforming centralized exchanges in terms of cost, accessibility, auditability, composability, security, and asset availability. At the same time, its smart contract platform has the potential to become one of the leading application ecosystems, leveraging Hyperliquid’s exchange and trader base as the foundation for its growth.

从长远来看，Hyproliquid有可能“破坏”二进制，在成本，可及性，可访问性，合成性，安全性，安全性和资产可用性方面，提供优于其他分散平台的性能优于其他分散的平台。同时，其智能合同平台有可能成为领先的应用程序生态系统之一，利用超级流动性的交换和交易者基础作为其增长的基础。

Syncracy estimates that the combined market size for its exchange and smart contract platform will reach hundreds of billions of dollars in the coming years.

Syncracy估计，在未来几年中，其交换和智能合约平台的总市场规模将达到数十亿美元。

Recently, Syncracy Capital has been largely investing in HYPE in the fourth quarter of 2024, and they continue to increase their position in the first quarter of 2025. In a recent statement, Syncracy Capital shared multiple reasons for their increased investment in HYPE.

最近，Syncracy Capital在2024年的第四季度大部分投资了炒作，并且他们在2025年第一季度继续提高其头寸。在最近的一份声明中，Syncracy Capital分享了他们在炒作增加投资的多种原因。

Here is the full statement from Syncracy Capital (some modifications have been made to this article by Felix, from PANews):

这是Syncracy Capital的完整声明（Felix已对Panews进行了一些修改）：

The Art of Progressive Decentralization

进步权力下放的艺术

Trading is one of the “killer” apps in the cryptoeconomy to date, yet the majority of trading volume still occurs on centralized platforms. Can an exchange be built with features similar to Bitcoin's origins and yet achieve liquidity on the scale of Binance at the time of FTX's collapse? This was the question Hyperliquid co-founder Jeff Yan set out to answer when he launched his new exchange in 2022.

交易是迄今为止加密经济学中的“杀手”应用程序之一，但大多数交易量仍在集中式平台上发生。可以使用类似于比特币的起源的功能来建立交换，但在FTX崩溃时的二手级规模上实现了流动性？这是Hypliquid联合创始人Jeff Yan在2022年推出新交易所时的问题。

Hyperliquid did not receive any external funding from VCs, instead choosing to be completely self-funded. This was a critical decision that allowed the team to focus on developing the product without external pressure and ultimately distribute the majority of ownership to the community.

Hyperliquid没有从VCS获得任何外部资金，而是选择完全自筹资金。这是一个关键决定，使团队能够专注于在没有外部压力的情况下开发产品，并最终向社区分配大部分所有权。

Two years later, Hyperliquid has become one of the fastest growing projects in the crypto industry, capturing more than 60% of the on-chain perpetual swap market. In doing so, Hyperliquid has played a key role in leading the shift to on-chain perpetual swap trading, which now accounts for approximately 12% of global trading volume.

两年后，Hyproliquid已成为加密货币行业中增长最快的项目之一，捕获了超过60％的永久交换市场。在这样做的过程中，Hyproliquid在领导转向链上永久交易方面发挥了关键作用，该交易现在约占全球交易量的12％。

Keys to Success

成功的关键

It all starts with the team’s product-first philosophy. The team does not optimize for ideological purity, for example, the priority from the beginning is not maximum decentralization, but providing the best on-chain transaction experience. This strategy can be understood as progressive decentralization - a practical approach to building successful projects in the crypto industry, which involves the team first finding product-market fit and then gradually giving up control over time.

这一切都始于团队的产品优先哲学。例如，团队没有针对意识形态纯度进行优化，例如，从一开始就优先是最大的权力下放，而是提供最佳的链交易经验。该策略可以理解为渐进式的权力下放 - 一种实用的方法，是在加密行业建立成功项目的实用方法，该方法涉及团队首先找到产品市场拟合，然后逐渐放弃随着时间的流逝。

While decentralization and open source are critical to reducing counterparty risk and improving product scalability in the long term, most users prefer performance and usability over strict adherence to Cypherpunk principles. Therefore, in the two years before the HYPE token was launched, the team refined the platform through direct engagement with traders.

从长远来看，权力下放和开源对于降低对手风险和提高产品可伸缩性至关重要，但大多数用户更喜欢性能和可用性，而不是严格遵守Cypherpunk原则。因此，在炒作启动的两年前，该团队通过与交易者的直接互动来完善平台。

This feedback proved valuable, as the Hyperliquid team often implemented feature requests and bug fixes within hours, building deep trust in the community. It also led to key product features such as order cancellation priority for traders, which enables market makers to quote tighter spreads, and the Hyperliquid Vault, which enables exchanges to quickly bootstrap liquidity for new token pairs. The result is a high-performance chain with a fixed order book (CLOB) capable of 100,000 transactions per second (TPS) throughput and sub-second finality, an order of magnitude higher than other platforms.

这项反馈证明是有价值的，因为超流动团队经常在数小时内实施功能请求和错误修复，从而建立了对社区的深刻信任。它还导致了关键产品功能，例如交易者的订单取消优先级，这使做市商能够引用更严格的点差和超流量的库，这使交易所能够快速为新的代币对引起流动性。结果是一个高性能链，其固定订单（CLOB）每秒100,000件交易（TPS）吞吐量和次秒终结性，比其他平台高的数量级。

As trading volume grew exponentially by the end of 2024, Hyperliquid airdrops 31% of its token supply to users. The airdrop is a huge success.

随着到2024年底的交易量成倍增长，超流动的Airdrops 31％的代币供应量。空投取得了巨大的成功。

Crucially, the HYPE token also had a clear intrinsic value, with fees at the time being $228 million per year. This not only provided an incentive for recipients to hold rather than sell, but also provided buying momentum for HYPE due to the high revenues, driving large-scale buybacks. Furthermore, since there was no pre-allocation to any insiders outside of the core team, large buyers had to buy on the market. Not only did this force these participants to join Hyperliquid directly, increasing trading volume in tandem, it also highlighted that the next step in Hyperliquid's development was more than just a simple derivatives exchange.

至关重要的是，炒作令牌还具有明显的内在价值，当时费用为2.28亿美元。这不仅为接收者持有而不是卖出提供了激励措施，而且由于收入高，推动了大规模回购，还提供了炒作的购买动力。此外，由于核心团队以外的任何内部人士都没有预分配，因此大型买家必须在市场上购买。这些参与者不仅迫使这些参与者直接加入超级流动性，增加了串联的交易量，还强调了超流动性开发的下一步不仅仅是简单的衍生品交换。

Everything Exchange

一切交换

Exchanges are winner-take-all markets, where liquidity network effects, scale efficiencies, brand equity, and regulatory moats concentrate trading activity in a few dominant players. This model has shaped the financial market landscape for centuries, solidifying the CME’s dominance in derivatives, the NYSE and Nasdaq in equities

交易所是赢家全方位的市场，在这里，流动性网络效果，规模效率，品牌资产和监管护城河集中在一些主要参与者中的贸易活动。该模型已经塑造了金融市场的格局数百年来，巩固了CME在衍生产品，纽约证券交易所和纳斯达克股票的统治地位