高流動性通過在分散融資的基礎設施和應用層上進行創新而引起波浪。它可以成為“數字資產金融基礎架構”？

Hyperliquid: Building the Future of Finance, Layer by Layer

溢流：建立財務的未來，一層

Hyperliquid is not just another on-chain trading protocol; it's steadily evolving into a mainstream contender for "digital asset financial infrastructure." Let's dive into how Hyperliquid is innovating at both the infrastructure and application layers, and what it means for the future of finance.

超流動不僅是另一種鏈交易方案；它正在穩步發展成為“數字資產金融基礎設施”的主流競爭者。讓我們深入了解在基礎架構和應用程序層次上都在創新過時，這對金融的未來意味著什麼。

Builder Code: The Engine of Ecosystem Expansion

構建器代碼：生態系統擴展的引擎

Hyperliquid's Builder Code allows developers to charge fees on filled orders, creating a revenue-generating engine for the open trading ecosystem. Think of it as a way for apps built on Hyperliquid to monetize transaction volume. Currently, the maximum fee is 0.1% for perpetual contracts and 1% for spot trading. While that spot fee might sound high, it could become the norm as more assets launch on Hyperliquid. We are already seeing Builder Code revenue approaching $10 million.

Hyperliquid的構建器代碼允許開發人員對填充訂單收取費用，從而為開放交易生態系統創建創收引擎。將其視為建立在超級液體上以獲取交易量的應用程序的方式。目前，永久合同的最高費用為0.1％，現貨交易的最高費用為1％。儘管該現貨費用聽起來很高，但隨著越來越多的資產在超流動性上推出，它可能會成為常態。我們已經看到建築商代碼收入接近1000萬美元。

Who's Leading the Charge?

誰領導了指控？

Currently, @pvp_dot_trade is leading the way with around $7.2 million in revenue generated through Builder Code. But more than 22 new developers are jumping in, including @okto_web3, which could see significant growth due to its broader reach.

目前，@PVP_DOT_TRADE正在以建造者代碼產生的收入約為720萬美元的收入。但是，包括 @okto_web3在內的22多個新開發人員正在跳入，由於其更廣泛的覆蓋範圍可能會顯著增長。

Hyperliquid: More Than Just a DEX

溢流：不僅僅是磁帶

Hyperliquid is positioning itself as a trading infrastructure. Platforms can plug into Hyperliquid's Builder Code instead of building their own markets. This means permissionless listings through Hyperliquid's spot deployment and upcoming HIP-3 proposals, allowing platforms to focus on building the best user experience and capturing fees, similar to Axiom and PvP Trade.

Hyproliquid將自己定位為一種交易基礎設施。平台可以插入超級流動性的構建器代碼，而不是建立自己的市場。這意味著通過Hyperliquid的現貨部署和即將進行的HIP-3提案，無許可的列表，使平台可以專注於建立最佳的用戶體驗和捕獲費用，類似於Axiom和PvP Trade。

The Robinhood Possibility

搶劫可能性

Imagine if Robinhood integrated Hyperliquid's infrastructure. By investing a relatively small amount in HYPE, Robinhood could deploy its own marketplace on Hyperliquid and capture fees through the Builder Code. This move could save Robinhood months or even years of development time and millions of dollars in technology costs.

想像一下，Robinhood是否整合了超流動性的基礎架構。通過投資相對較小的炒作，Robinhood可以將自己的市場部署在超級流動式上，並通過構建器代碼捕獲費用。這一舉動可以節省幾個月甚至數年的發展時間和數百萬美元的技術成本。

HYPE Token Valuation: A Deep Dive

炒作令牌估值：深度潛水

The HYPE token is the core value carrier of the Hyperliquid ecosystem. By comparing Hyperliquid's fund-backed buybacks to those of traditional public companies, we can get a sense of its value. Using payment processing companies like Visa and Mastercard as a reference, one analysis suggests an implied valuation of $25.9 billion for HYPE.

炒作令牌是超流動生態系統的核心價值載體。通過將Hyproliquid的基金支持的回購與傳統上市公司的回購進行比較，我們可以了解其價值。使用Visa和MasterCard等付款處理公司作為參考，一項分析表明，炒作的隱含估值為259億美元。

Why This Valuation is Conservative

為什麼這種估值是保守的

This valuation focuses on a single dimension (buybacks) and ignores the value of HYPE as a Layer-1 native token, its role in governance, and future staking rewards. It's also based on historical data and uses the average valuation multiple of the payment industry to avoid overvaluation.

該估值重點是單個維度（回購），而忽略了炒作作為1層本地令牌的價值，其在治理中的作用以及未來的積分獎勵。它也基於歷史數據，並利用支付行業的平均估值倍數來避免高估。

Hyperliquid: A Rising Star in Crypto

超流利：加密貨幣中的後起之秀

Hyperliquid is standing out in the growing perpetual space. It runs on its own custom blockchain, giving it full control over speed and efficiency. With daily trading volume often exceeding $500 million, Hyperliquid is proving its ability to handle big numbers and offer a user-friendly experience.

超流動在不斷增長的永久空間中脫穎而出。它以自己的自定義區塊鏈運行，使其完全控制速度和效率。由於每日交易量通常超過5億美元，Hyproligid證明了其處理大數字並提供用戶友好的體驗的能力。

So, is Hyperliquid the next big thing in crypto? Only time will tell. But with its innovative approach to infrastructure and application layers, it's definitely one to watch. Who knows, maybe we'll all be trading on Hyperliquid-powered platforms sooner than we think. And hey, if you happen to stumble upon some HYPE along the way, don't say I didn't warn ya!

那麼，超流液是加密貨幣中的下一個大事嗎？只有時間會證明。但是，憑藉其針對基礎架構和應用程序層的創新方法，它絕對是一種值得關注的方法。誰知道，也許我們所有人都比我們想像的要早就在超流利的平台上進行交易。嘿，如果您碰巧偶然發現了一些炒作，請不要說我沒有警告您！