Hyprolid于2023年启动，已迅速成为DeFi中最受关注的项目之一。

根据Defillama的数据，今天，它以40亿美元的每日交易量和60％的市场份额领先所有分散的衍生品交易所。

Launched in 2023, Hyperliquid has rapidly become one of the most talked-about projects in DeFi. Today, it leads all decentralized derivatives exchanges with $4 billion in daily trading volume and a dominant 60% market share, according to DefiLlama. Moreover, since this year, Hyperliquid is not only a high-performance DEX but also a full Layer-1 blockchain fueled by its native token, HYPE.

Hyprolid于2023年启动，已迅速成为DeFi中最受关注的项目之一。根据Defillama的数据，今天，它以40亿美元的每日交易量和60％的市场份额领先所有分散的衍生品交易所。此外，由于今年以来，超级流动不仅是高性能的DEX，而且是由其天然令牌炒作所推动的完整层1区块链。

After scoring huge success with its decentralized exchange and perpetual swaps offering, Hyperliquid is now making a strategic shift to launch a general-purpose blockchain called HyperEVM. It will be fully compatible with the Ethereum Virtual Machine (EVM), opening the door for third-party DeFi DApps to join the ecosystem.

在通过分散的交易所和永久交换产品取得了巨大成功之后，Hyproliquid现在正在进行战略转变，以推出一个通用的区块链，称为HypereVM。它将与以太坊虚拟机（EVM）完全兼容，为第三方Defi Dapps打开了大门加入生态系统。

This move will turn Hyperliquid into a full-stack ecosystem where HyperCore will power trading, HyperEVM will power DeFi DApps, and the HYPE token will serve as the fuel for both.

这一举动将将超流动性变成一个全栈生态系统，HyperCore Will Will Will Will Will Will Will Will Power Defi Dapps，炒作令牌将作为两者的燃料。

What is Hyperliquid?

什么是混血性？

Hyperliquid began as a decentralized exchange built for speed, capable of matching the performance of centralized giants like Binance. Unlike most DEXs, which rely on liquidity pools and slow confirmation times, Hyperliquid uses a custom Layer-1 chain called HyperCore built for real-time performance.

高流动性最初是作为为速度制定的分散交换，能够匹配像Binance这样的集中巨头的性能。与大多数依赖流动性池和缓慢确认时间的DEX不同，Hyperliquid使用的自定义层链链被称为HyperCore为实时性能而建。

The chain supports order book trading—a rarity in DeFi—thanks to the combination of a PoS consensus and a proprietary consensus called HyperBFT, designed specifically to support high-frequency trading. Hyperliquid currently handles 20,000 operations per second, including orders, cancels, and liquidations.

该连锁店支持订单的书籍交易（在Defi中的罕见性）感谢POS共识和称为HyperBFT的专有共识的组合，该共识专门旨在支持高频交易。当前，高流动性每秒处理20,000件操作，包括订单，取消和清算。

On the downside, Hyperliquid is relatively centralized, with only 16 validators to secure the blockchain.

不利的一面是，超流体相对集中，只有16个验证器可以保护区块链。

In February 2025, Hyperliquid launched HyperEVM, a general-purpose blockchain designed to host third-party DeFi applications. This strategic shift turns Hyperliquid into a full-stack ecosystem where HyperCore will power trading, HyperEVM will power DeFi DApps, and the HYPE token will serve as the fuel for both.

2025年2月，Hypliquid启动了HypereVM，这是一种通用区块链，旨在托管第三方Defi应用程序。这种战略性转变将超流动性变成了一个全栈生态系统，HyperCore Will Will Will Will Will Will Will Will Will Will Will Defi Dapps和Hype代币将成为两者的燃料。

What is HYPE token?

什么是炒作令牌？

In November 2024, Hyperliquid launched its native token, HYPE, via an airdrop to nearly 100,000 users. It was immediately dubbed “the most valuable airdrop ever,” with 12% of participants receiving between 5,000–10,000 tokens—worth over $140,000 within weeks. In total, Hyperliquid distributed 310 million HYPE, which is equivalent to 31% of its total 1 billion token supply.

2024年11月，Hyproliquid通过Airdrop向近100,000个用户推出了原始的令牌，Hype。它立即被称为“有史以来最有价值的气盘”，其中12％的参与者在几周内获得了14万美元的收入。总体液体分布总计3.1亿炒作，相当于其总数10亿代价的31％。

HYPE tokens have two primary functions: powering governance and serving as gas fees on the Hyperliquid chain. Gas fees are generally not required for standard transactions and trading. However, for advanced operations—such as deploying tokens or interacting with smart contracts on HyperEVM—gas fees are payable exclusively in HYPE tokens.

炒作令牌具有两个主要功能：在超流动链上为治理提供动力，并用作汽油费。标准交易和交易通常不需要汽油费。但是，对于高级操作（例如部署令牌或与HypereVM上的智能合约互动），GAS费用仅在炒作代币中支付。

What sets HYPE apart is its VC-free distribution model. Hyperliquid Labs opted to remain self-funded, allowing the team to distribute 75% of the airdrop to current and future users. The rest went to core contributors, but those tokens don’t vest until 2027–2028, minimizing the risk of early insider selloffs.

设定炒作的是其无VC分配模型。 Hyperliquid Labs选择保持自筹资金，使团队可以向当前和未来的用户分配75％的空投。其余的是核心贡献者，但这些令牌直到2027 - 2028年才归属，从而最大程度地减少了早期内幕抛售的风险。

Within a month of launch, HYPE hit a $10 billion market cap, which has since corrected to $5 billion.

在发布后的一个月内，Hype达到了100亿美元的市值，此后已纠正至50亿美元。

Hyperliquid potential

液体的电势

Despite being a relatively new player, Hyperliquid is already outperforming many established blockchains and DeFi protocols in terms of fee generation. In February 2025, it brought in $12.6 million in weekly fees, surpassing Solana ($11.8M), Tron ($10.2M), and Raydium ($9.8M), according to DefiLlama.

尽管是一个相对较新的玩家，但在收费生产方面，Hyperliquid已经超过了许多已建立的区块链和DEFI协议。根据Defillama的数据，在2025年2月，它带来了1,260万美元的每周费用，超过了Solana（1,180万美元），Tron（1,020万美元）和Raydium（980万美元）。

Such performance suggests a highly efficient and sustainable revenue model necessary for long-term growth.

这种表现表明，长期增长所需的高效和可持续收入模型。

Momentum accelerated further on March 25, when Hyperliquid announced HyperCore and HyperEVM linking now live on mainnet. This linking allows HyperEVM builders to have a permissionless path to listing on HyperCore’s order books and makes HyperCore spot assets available as building blocks for DApps on HyperEVM.

3月25日，Hyperliquid宣布HyperCore和HypereVM Linking现在在Mainnet上播放了动力。这种链接使HypereVM构建者能够在HyperCore的订单书上列出无许可的途径，并使HyperCore现货资产可作为HypereVM上DAPP的构建块可用。

This integration marked a powerful synergy. Liquidity and user activity on HyperCore now flow naturally into the broader app ecosystem, while new DApps on HyperEVM drive demand back to the core exchange. It’s a self-reinforcing system.

这种集成标志着强大的协同作用。现在，HyperCore上的流动性和用户活动自然流入了更广泛的应用程序生态系统，而HypereVM驱动器需求的新DAPP回到了核心交换。这是一个自我增强系统。

This echoes the vision of Hyperliquid co-founder Jeff Yan. Last year, he said: “Most L1s build infrastructure and hope that others will come build the killer apps. Hyperliquid takes the opposite approach: polish a native application and then grow into general-purpose infrastructure.”

这回应了超流动联合创始人杰夫·扬的视野。他说：“大多数L1建立基础设施，并希望其他人能够建立杀手级应用程序。超流动采用相反的方法：抛光本地应用，然后成长为通用基础设施。”

This user-first strategy appears to be paying off. With a clean interface, zero trading fees, and no KYC requirement, Hyperliquid has so far attracted over 400,00

这个用户优先的策略似乎正在获得回报。凭借干净的界面，零交易费和不需要的KYC要求，迄今为止，Hyproliquid吸引了400,00多个