耕种的最终指南超流液生态系统

本文介绍了HypereVM生态系统中的几个DEFI协议，涵盖了Felix，Mizu Labs，Drip.Trade，Trade，Hyperswap等方案。

Original Title: The Ultimate Guide to Farm the Hyperliquid Ecosystem

原始标题：耕种的终极指南超流利生态系统

Original Author: Castle Labs

原始作者：城堡实验室

Original Compiler: zhouzhou, BlockBeats

原始编译器：khouzhou，blockbeats

Editor's Note: This article introduces several DeFi protocols within the HyperEVM ecosystem, covering protocols such as Felix, Mizu Labs, Drip.Trade, HyperSwap, etc., which provide opportunities for staking, liquidity mining, and airdrop rewards. By participating in these protocols, users can earn multiple rewards and ecosystem points, and potentially receive future token allocations. The HyperEVM ecosystem shows great potential, with the value of early activities being underestimated, providing a second chance for users who missed the first wave of airdrops.

编者注：本文介绍了HypereVM生态系统中的几种Defi协议，涵盖了Felix，Mizu Labs，Drip.Trade，Trade，Trade，Hyperswap等方案，这些方案为静止，流动性挖掘和空调提供了机会。通过参与这些协议，用户可以赚取多个奖励和生态系统积分，并有可能获得未来的令牌分配。 HypereVM生态系统表现出巨大的潜力，而早期活动的价值被低估了，这为错过第一波AirDrops的用户提供了第二次机会。

Unless you have completely detached from the crypto space, you must have noticed: Hyperliquid is everywhere. It is one of the few projects executing TGE strategies precisely, not only creating substantial wealth but also maintaining growth momentum across the ecosystem.

除非您完全与加密货币空间脱离，否则您必须注意到：超流动物无处不在。它是精确执行TGE策略的少数项目之一，不仅创造了大量财富，而且还保持了整个生态系统的增长势头。

While most traders focus on perpetual contract layers, which have indeed found product-market fit and built one of the most active "cult communities" in the crypto space, the expanding application layer around HyperEVM is often overlooked. The real opportunity lies here.

尽管大多数交易者都专注于永久合同层，这些合同层确实发现了产品市场合适并建立了加密货币空间中最活跃的“邪教社区”之一，但通常会忽略HypereVM周围扩展的应用程序层。真正的机会在这里。

Castle has covered the core content of Hyperliquid in this analysis:

在此分析中，城堡涵盖了混血的核心内容：

This guide will delve into the mining strategies forming around HyperEVM, including their evolution, who is most likely to receive rewards, and how to position oneself in the early stages.

本指南将深入研究围绕HypereVM的采矿策略，包括其进化，最有可能获得奖励以及如何在早期阶段定位自己的采矿策略。

What has happened, and what comes next?

发生了什么，接下来会发生什么？

@hyperliquidx's first airdrop in November 2024 became a historic event, distributing 31% of its total token supply to over 90,000 users. The token issuance price was $3.20, peaking at $34. This airdrop was valued at over $10.5 billion at its peak, making it one of the largest wealth transfers in crypto history.

@Hyperliquidx在2024年11月的第一台Airdrop成为历史性活动，将其代币供应总额的31％分配给了90,000多名用户。令牌发行价格为3.20美元，达到34美元的高峰。该空投的高峰期价值超过105亿美元，使其成为加密历史上最大的财富转移之一。

The current opportunity is immense and still in its early stages. HyperEVM is live, core protocols are operational, and various point systems are incentivizing user behavior.

当前的机会是巨大的，仍处于早期阶段。 HypereVM是实时的，核心协议是运行的，各种点系统正在激励用户行为。

The liquidity across the entire ecosystem remains thin, which is often the best time to capture maximum returns. So far, Hyperliquid has allocated 31% of its total supply, with another 39% yet to be distributed. At current valuations, this means nearly $4 billion worth of $HYPE could be distributed to future participants.

整个生态系统中的流动性仍然很薄，这通常是捕获最大回报的最佳时间。到目前为止，超流动性已分配了其总供应量的31％，另有39％的人尚待分配。在目前的估值中，这意味着可以将近40亿美元的$炒作分发给未来的参与者。

And this is not just about $HYPE itself. Native protocols like @KittenswapHype, @HyperLendx, and @HypurrFi are also conducting their own point activities, which can yield rewards now and potentially stack with future ecosystem incentives.

这不仅是$ $炒作本身。 @kittenswaphype，@hyperlendx和@hypurrfi之类的本机协议也在进行自己的积分活动，这些活动现在可以产生奖励，并可能与未来的生态系统激励措施一起堆积。

The market has not yet reacted fully. Overall participation remains low, attention is scattered, and few can position themselves accurately. If this cycle unfolds according to the logic of the previous cycle, the earliest and most active participants will reap the largest rewards.

市场尚未做出反应。总体参与仍然很低，注意力散布，很少有能够准确地定位自己。如果这个周期根据上一个周期的逻辑展开，则最早，最活跃的参与者将获得最大的回报。

So, who is most likely to benefit next?

那么，谁最有可能受益？

Considering these, here are the 10 mining opportunities currently worth focusing on in the Hyperliquid ecosystem.

考虑到这些，这是当前值得关注超流动生态系统中的10个采矿机会。

1. KittenSwap -- ve(3,3) Model DEX for HyperEVM - @kittenswaphype

1。kittenswap -ve（3,3）HypereVM的型号 - @kittenswaphype

KittenSwap is the main DeX on HyperEVM, adopting a ve(3,3) model similar to Velodrome and Solidly. It supports trading pairs of stablecoins and volatile tokens, rewarding long-term users through fee dividends, point programs, and governance mechanisms.

KittensWap是HypereVM上的主要DEX，采用了类似于赛车体和牢固的VE（3,3）模型。它支持交易对的稳定币和挥发性令牌，通过收费股息，点计划和治理机制来奖励长期用户。

As the DEX with the highest trading volume and TVL in the ecosystem, KittenSwap is the core hub of HyperEVM liquidity. Many new protocols choose to launch tokens or create stablecoin trading pairs here.

作为生态系统中交易量最高和TVL的DEX，KittensWap是HypereVM流动性的核心枢纽。许多新协议选择在此处启动令牌或创建Stablecoin交易对。

KittenSwap recently launched concentrated liquidity pools, allowing for custom price ranges, and temporarily increased point multiplier. Some trading pairs currently offer up to 20 times point rewards (such as LHYPE/HYPE and USDXL/HYPE), while standard pools have seen a decrease in multipliers. This indicates that the protocol will be more inclined to support concentrated liquidity in the future.

KittensWap最近推出了集中的流动性池，允许定制价格范围，并暂时增加了点乘数。目前，某些交易对提供了20倍的奖励（例如LHYPE/HYPE和USDXL/HYPE），而标准池的乘数减少了。这表明该协议将来将更倾向于支持集中流动性。

Mining Strategy

采矿策略

Add liquidity to high-yield pools ------ Focus on pools with high multipliers, such as PURR/HYPE, LHYPE/HYPE, and USDXL. Avoid pools with excessively high total locked amounts, where rewards may be diluted.

将流动性添加到高收益池中-------关注具有高乘数的池，例如Purr/hype，lhype/hype和usdxl。避免将总锁定量过高的池，在此可能会稀释奖励。

Stake LP tokens to earn points ------ After adding liquidity, stake LP tokens on KittenSwap to earn points. Points are updated weekly and determine your allocation share in future token distributions.

Stake LP代币以赚取积分-------在增加流动性后，在KittensWap上股权LP令牌以赚取积分。积分每周更新，并确定您在未来的令牌分布中的分配分享。

Use MechaCats NFTs to boost yields ------ Holding MechaCats NFTs provides a points bonus:

使用Mechacats NFT提高产量------持有Mechacats NFTS提供点奖励：

MechaCats holders will also ensure a 3% share of the veKITTEN supply when the token launches.

当令牌推出时，Mechacats持有人还将确保3％的Vekitten供应份额。

2. HypurrFi -- Leverage Lending and Stablecoin Yields - @hypurrfi

2。HEADURRFI-利用贷款和稳定的产量 - @hypurrfi

@HypurrFi is a leverage lending platform on HyperEVM and the issuer of the native over-collateralized stablecoin USDXL. Users can borrow USDXL by collateralizing $HYPE or stHYPE while

@hypurrfi是HypereVM上的杠杆贷款平台，也是本机过度合成的STABLECOIN USDXL的发行人。用户可以通过将$ hype或sthype借入$ usdxl而借用