资产管理公司 VanEck 在 1 月 6 日的研究报告中表示，Layer-1 区块链网络 Hyperliquid 需要引导一个强大的开发者社区，以维持其原生代币约 250 亿美元的市值。

自 11 月空投推出 HYPE 代币以来，Hyperliquid 已成为最有价值的区块链之一。

Layer-1 blockchain network Hyperliquid needs to rapidly expand its developer community in order to sustain the roughly $25 billion market capitalization of its native token, asset manager VanEck said in a Jan. 6 research note.

资产管理公司 VanEck 在 1 月 6 日的一份研究报告中表示，Layer-1 区块链网络 Hyperliquid 需要迅速扩大其开发者社区，以维持其原生代币约 250 亿美元的市值。

Hyperliquid has quickly become one of the most valuable blockchains since launching its HYPE token in a November airdrop. But Hyperliquid’s nascent smart contract platform has “yet to attract much of a developer community,” according to VanEck.

自 11 月空投推出 HYPE 代币以来，Hyperliquid 已迅速成为最有价值的区块链之一。但 VanEck 表示，Hyperliquid 的新生智能合约平台“尚未吸引大量开发者社区”。

“If Hyperliquid is unable to meet the growth expectations of its community, the prisoner’s dilemma facing many newly rich $HYPE holders may quickly unravel,” VanEck said.

VanEck 表示：“如果 Hyperliquid 无法满足其社区的增长预期，许多新富 $HYPE 持有者面临的囚徒困境可能很快就会解开。”

Rapid growth, high expectations

快速增长，高期望

Since launching in 2024, Hyperliquid’s flagship perpetual futures exchange has captured around 70% of the market share, surpassing rivals like GMX and Dydx. It now handles roughly $260 million in transactions per day, according to VanEck.

自 2024 年推出以来，Hyperliquid 的旗舰永续期货交易所已占据约 70% 的市场份额，超过了 GMX 和 Dydx 等竞争对手。据 VanEck 称，它现在每天处理大约 2.6 亿美元的交易。

Hyperliquid’s growth reflects broader gains for decentralized exchanges (DEXs), which saw monthly trading volume hit all-time highs of $433 billion in December, according to VanEck.

VanEck 表示，Hyperliquid 的增长反映了去中心化交易所 (DEX) 的更广泛收益，该交易所 12 月份的月交易量达到 4330 亿美元的历史新高。

Perpetual futures, or “perps,” are derivatives that allow traders to buy or sell an asset at a future date with no expiration.

永续期货，或称“perps”，是一种衍生品，允许交易者在未来某个日期买卖资产，且没有到期日。

Meanwhile, Hyperliquid’s airdrop was widely hailed as 2024's most successful token generation event.

与此同时，Hyperliquid 的空投被广泛誉为 2024 年最成功的代币生成活动。

Its HYPE token has gained more than 500% since launching on Nov. 29. After reaching highs of roughly $34 per token in December, HYPE has retraced to around $25 as of Jan. 7, according to CoinGecko.

自 11 月 29 日推出以来，其 HYPE 代币已上涨超过 500%。据 CoinGecko 称，在 12 月达到每枚代币约 34 美元的高位后，截至 1 月 7 日，HYPE 已回落至 25 美元左右。

“In just one month of trading, Hyperliquid ranks as the 13th most valuable project in crypto,” according to VanEck.

VanEck 表示：“在短短一个月的交易时间内，Hyperliquid 就在加密货币领域最有价值的项目中排名第 13。”

This is partly because “Hyperliquid has built a growth story founded upon becoming a general-purpose blockchain that will accommodate other applications besides its ‘hyper’ successful Perp DEX,” according to VanEck.

VanEck 表示，部分原因是“Hyperliquid 在成为通用区块链的基础上构建了一个增长故事，除了‘超级’成功的 Perp DEX 之外，该区块链还将适应其他应用程序”。

According to VanEck, DEXs such as Hyperliquid “tend to lack long-term competitive moats […] because most DEXes are based on open-source code and offer features that are easy to copy.”

VanEck 表示，Hyperliquid 等 DEX“往往缺乏长期竞争护城河 [...]，因为大多数 DEX 都基于开源代码并提供易于复制的功能。”

In 2025, Hyperliquid is planning to launch an Ethereum Virtual Machine (EVM) smart contract platform, which VanEck said is critical for diversifying the L1’s revenue base and justifying HYPE’s lofty valuation.

2025 年，Hyperliquid 计划推出以太坊虚拟机（EVM）智能合约平台，VanEck 表示，这对于实现 L1 收入基础多元化并证明 HYPE 的高估值是至关重要的。

At least half a dozen Hyperliquid-native decentralized applications (DApps) are already live on the EVM’s testnet, in some cases touting thousands of users, according to ASXN, a Web3 researcher.

据 Web3 研究人员 ASXN 称，至少有六个 Hyperliquid 原生去中心化应用程序 (DApp) 已经在 EVM 的测试网上运行，在某些情况下甚至拥有数千名用户。