燃燒的炒作：修復超流動性的象徵學的一項激進建議

一項燃燒45％炒作供應的提議正在震撼超流動性，旨在減少FDV並吸引機構投資者。是改變遊戲規則還是賭博？

Burning HYPE: A Radical Proposal to Fix Hyperliquid's Tokenomics

燃燒的炒作：修復超流動性的象徵學的一項激進建議

Hyperliquid's native token, HYPE, is at the center of a heated debate. A radical proposal to burn a massive chunk of its supply is turning heads and sparking strong opinions. The goal? To make HYPE more attractive to big-money investors. Is this the right move, or is it a betrayal of the platform's roots?

Hyperliquid的本地令牌炒作是激烈爭論的中心。一項激進的提議燃燒大量供應量正在轉向頭部，並引發強烈的意見。目標？使炒作對大型投資者更具吸引力。這是正確的舉動，還是平台根源的背叛？

The HYPE Supply Problem

炒作供應問題

The core of the issue lies in HYPE's tokenomics. While the circulating supply is around 339 million, the total supply sits near 1 billion, creating a significant gap between market cap and fully diluted valuation (FDV). This discrepancy, largely due to tokens allocated for future emissions and community rewards (FECR) and an Assistance Fund (AF), makes HYPE look overvalued to potential investors.

該問題的核心在於炒作的標記學。雖然循環供應約為3.39億，但總供應量近10億，在市值和完全稀釋的估值（FDV）之間造成了顯著差距。這種差異很大程度上是由於為未來的排放和社區獎勵（FECR）和援助基金（AF）分配的代幣，這使炒作看上去對潛在的投資者高估了。

A Radical Solution: Burn, Baby, Burn!

激進的解決方案：燃燒，寶貝，燃燒！

Enter Jon Charbonneau and Hasu with a bold proposal: burn 45% of the total HYPE supply. This includes revoking authorization for 421 million FECR tokens, destroying the 31.26 million HYPE held by the AF, and removing the 1 billion supply cap. The rationale? A lower FDV makes HYPE appear less expensive and more appealing to institutional investors who often focus on FDV metrics.

以大膽的建議輸入喬恩·夏邦諾（Jon Charbonneau）和哈蘇（Hasu）：燒傷總炒作供應量的45％。這包括吊銷4.21億FECR令牌的授權，摧毀了AF持有的3126萬次炒作，並取消了10億個供應上限。理由？較低的FDV使炒作顯得更便宜，對通常專注於FDV指標的機構投資者更具吸引力。

Why the Radical Approach?

為什麼是激進的方法？

Charbonneau and Hasu argue that HYPE's current supply design is an accounting problem, not an economic one. Major data platforms calculate FDV differently, often leading to an inflated valuation for HYPE, regardless of repurchases or burns.

Charbonneau和Hasu認為，炒作目前的供應設計是一個會計問題，而不是經濟問題。主要數據平台以不同的方式計算FDV，通常導致炒作的估值膨脹，而不管是回購或燃燒。

The Community Weighs In

社區權衡

The proposal has ignited a firestorm of debate. Supporters, like Dragonfly Capital's Haseeb Qureshi, argue that it challenges the crypto industry's outdated practice of reserving massive token allocations for the

該提議引發了辯論的大火。支持者，就像蜻蜓資本的Haseeb Qureshi一樣，它辯稱，它挑戰了加密貨幣行業過時的實踐，即保留大量令牌分配給