Hyperliquid 與 Binance：代幣列表、費用和加密貨幣交易所的未來

深入探討 Hyperliquid 和幣安之間在代幣上市做法、費用和加密貨幣交易所不斷發展的格局方面的衝突，以及 Hyperliquid 的新 INDODAX 上市。

The crypto world's been buzzing about the contrasting approaches of Hyperliquid and Binance when it comes to listing new tokens. It's a showdown between centralized power and decentralized ideals, and everyone's got an opinion. Let's break down what's happening and why it matters.

加密世界一直在討論 Hyperliquid 和幣安在上市新代幣方面的對比做法。這是集權權力與分散理想之間的對決，每個人都有自己的看法。讓我們來分析一下正在發生的事情以及為什麼它很重要。

The Listing Debate: Binance vs. Hyperliquid

上市之爭：Binance vs. Hyperliquid

The drama started when Binance's CZ (Changpeng Zhao) defended Binance's listing policies. CZ emphasized that strong projects shouldn't have to shell out cash to get listed. His argument? If your project is legit, exchanges will be lining up to list you. But if you're begging for a listing, maybe it's time to re-evaluate your project.

戲劇性事件始於幣安的 CZ（趙長鵬）為幣安的上市政策辯護。 CZ強調，有實力的項目不應該為了上市而砸錢。他的論點？如果您的項目是合法的，交易所將會排隊將您列入名單。但如果您正在尋求上市，也許是時候重新評估您的項目了。

This came after whispers about Binance allegedly asking for 8% to 10% of a token's supply for a listing. Crypto analyst Ibrahim even pointed to the $WAL token as an example of Binance's listing approach negatively impacting market performance.

此前有傳言稱，幣安要求提供代幣供應量的 8% 至 10% 來上市。加密貨幣分析師 Ibrahim 甚至指出 $WAL 代幣是幣安上市方式對市場表現產生負面影響的一個例子。

Hyperliquid, on the other hand, came out swinging, touting its open system. No listing fees, no gatekeepers, nada. Anyone can launch a spot asset by paying a small gas fee in HYPE, making the process transparent and fair. Plus, deployers can earn up to 50% of trading fees from their spot pairs. It's a stark contrast to Binance's more centralized, and potentially costly, approach.

另一方面，超液體則大肆宣揚其開放系統。沒有上市費，沒有看門人，什麼也沒有。任何人都可以通過在 HYPE 中支付少量的 Gas 費來啟動現貨資產，從而使整個過程透明且公平。此外，部署者還可以從現貨對中賺取高達 50% 的交易費用。這與幣安更中心化且成本可能更高的方法形成鮮明對比。

CZ Responds: No Ties to Hyperliquid

CZ回應：與Hyperliquid無關

CZ also addressed rumors about Binance being linked to Hyperliquid. He clarified that there are no current investment ties, though Hyperliquid's founder, Jeff Yan, did participate in Binance Labs' incubation program back in 2018. However, that project didn't take off.

CZ 還回應了有關幣安與 Hyperliquid 相關的謠言。他澄清說，儘管 Hyperliquid 的創始人 Jeff Yan 確實在 2018 年參與了幣安實驗室的孵化計劃，但目前沒有投資關係。然而，該項目並沒有啟動。

CZ even took a jab at Hyperliquid's transparent on-chain order book, arguing that it exposes trading strategies. According to CZ, Wall Street traders wouldn't want their orders visible in real-time.

CZ 甚至批評了 Hyperliquid 透明的鏈上訂單簿，認為它暴露了交易策略。 CZ 表示，華爾街交易員不希望他們的訂單實時可見。

Hyperliquid's Latest Move: Permissionless Perpetual Futures

Hyperliquid 的最新舉措：無需許可的永續期貨

Hyperliquid isn't just talking the talk; they're walking the walk with their latest upgrade, HIP-3. This upgrade is a major step towards decentralizing the perpetual futures listing process, allowing users and developers to launch their own perpetual futures exchanges on the platform. Think of it as building your own mini-Binance, but on Hyperliquid.

超液體不僅僅是說說而已；他們正在使用最新的升級產品 HIP-3。此次升級是永續合約上市流程去中心化的重要一步，允許用戶和開發者在平台上推出自己的永續合約交易所。可以將其視為在 Hyperliquid 上構建您自己的迷你幣安。

HIP-3 brings builder-deployed perpetuals, sharing characteristics with HyperCore. Gas fees in HYPE are determined through a Dutch auction every 31 hours. The staking requirement is set at 500,000 HYPE for the mainnet, but it's expected to decrease as the infrastructure matures. Any deployer meeting the staking criterion can establish one perpetual DEX, with independent margin, order books, and deployer settings.

HIP-3 帶來了構建者部署的永久組件，與 HyperCore 具有相同的特性。 HYPE 中的 Gas 費用是通過每 31 小時進行一次荷蘭式拍賣確定的。主網的質押要求設定為 500,000 HYPE，但隨著基礎設施的成熟，​​​​預計會降低。任何符合質押標準的部署者都可以建立一個永久的DEX，具有獨立的保證金、訂單簿和部署者設置。

Hyperliquid Lands on INDODAX

Hyperliquid 登陸 INDODAX

In other news, Hyperliquid's native token, HYPE, has been listed on INDODAX, the largest crypto exchange in Indonesia. This listing, which occurred on October 16, 2025, gives Indonesian traders direct access to HYPE through the HYPE/IDR pair. Alongside HYPE, INDODAX also listed Palapa (PLPA), Avantis (AVNT), Aster (ASTER), and RED (RED2), expanding its offerings in the Indonesian market.

其他消息方面，Hyperliquid 的原生代幣 HYPE 已在印度尼西亞最大的加密貨幣交易所 INDODAX 上市。此次上市於 2025 年 10 月 16 日進行，印度尼西亞交易者可以通過 HYPE/IDR 對直接接觸 HYPE。除了 HYPE 之外，INDODAX 還上市了 Palapa (PLPA)、Avantis (AVNT)、Aster (ASTER) 和 RED (RED2)，擴大了其在印度尼西亞市場的產品範圍。

My Take: A Shifting Landscape

我的看法：不斷變化的景觀

The clash between Binance and Hyperliquid highlights a growing trend: the push for decentralization in the crypto space. While Binance offers liquidity and exposure, the listing requirements can be a barrier for smaller projects. Hyperliquid's open system levels the playing field, allowing anyone to participate. This matters because the future of crypto depends on empowering innovation, not gatekeeping it.

幣安和 Hyperliquid 之間的衝突凸顯了一個日益增長的趨勢：推動加密貨幣領域的去中心化。雖然幣安提供流動性和風險敞口，但上市要求可能成為小型項目的障礙。 Hyperliquid 的開放系統提供了公平的競爭環境，允許任何人參與。這很重要，因為加密貨幣的未來取決於賦能創新，而不是把關它。

Binance's model isn't necessarily evil, however. Let's be real, the need for security deposits to protect users from scam projects has some validity. However, the 8-10% token ask for a listing seems a bit steep, especially for projects just starting out. I think both exchanges have their merits, and the best solution will likely be somewhere in the middle: a system that balances accessibility with security and fairness.

然而，幣安的模式並不一定是邪惡的。說實話，需要保證金來保護用戶免受詐騙項目的侵害是有一定道理的。然而，8-10% 的代幣上市要求似乎有點過高，尤其是對於剛剛起步的項目。我認為這兩個交易所都有各自的優點，最好的解決方案可能是中間的某個地方：一個平衡可訪問性與安全性和公平性的系統。

Final Thoughts

最後的想法

So, what does all this mean? The crypto world is evolving, and the debate over listing practices is just one piece of the puzzle. Whether you're team Binance or team Hyperliquid, it's clear that the future of crypto exchanges will be shaped by the ongoing tension between centralization and decentralization. Buckle up, it's going to be a wild ride!

那麼，這一切意味著什麼呢？加密世界正在不斷發展，關於上市做法的爭論只是難題的一小部分。無論您是幣安團隊還是 Hyperliquid 團隊，很明顯，加密貨幣交易所的未來將由中心化和去中心化之間持續的緊張關係決定。係好安全帶，這將是一次瘋狂的旅程！