Hyperliquid：澄清盈利傳聞，優先考慮 DeFi 領域的風控

Hyperliquid 創始人 Jeff Yan 回應了盈利傳聞，強調在去中心化衍生品市場競爭日益激烈的情況下，風險控制是該平台的首要任務。

Hyperliquid: Dismissing Profit Rumors and Prioritizing Risk Control in the DeFi Arena

Hyperliquid：澄清盈利傳聞，優先考慮 DeFi 領域的風控

Hyperliquid, a decentralized exchange, has been making waves, and not just for its impressive performance. Amidst growing speculation about the platform's priorities, founder Jeff Yan has stepped forward to set the record straight: risk control comes first.

Hyperliquid 是一家去中心化交易所，一直掀起波瀾，不僅僅是因為其令人印象深刻的表現。在對該平台優先事項的猜測越來越多時，創始人 Jeff Yan 站出來澄清事實：風險控制是第一位的。

Risk Control Over Revenue: Hyperliquid's Stance

收入風險控制：Hyperliquid 的立場

Yan addressed claims about Hyperliquid's focus on protocol profits as "nonsense," emphasizing that the platform's systems are designed to protect traders. He pointed to automatic deleveraging (ADL) events as evidence. On October 10, traders reportedly made "hundreds of millions" in gains as profitable short positions were automatically closed at optimal prices. Yan argued that while relying on backstop liquidations could have generated more revenue for the platform, it would have exposed users to unacceptable levels of risk.

Yan 將有關 Hyperliquid 專注於協議利潤的說法視為“無稽之談”，並強調該平台的系統旨在保護交易者。他指出自動去槓桿化（ADL）事件就是證據。據報導，10 月 10 日，由於有利可圖的空頭頭寸以最優價格自動平倉，交易員獲得了“數億美元”的收益。 Yan 認為，雖然依靠清算支持可以為平台帶來更多收入，但它會讓用戶面臨不可接受的風險。

"The ADL system lets profits stay with users while keeping exposure under control," Yan stated, highlighting the platform's queue-based mechanism, modeled after centralized exchanges but simplified for reliability and transparency.

Yan 表示：“ADL 系統讓利潤留在用戶手中，同時控制風險敞口。”他強調了該平台基於隊列的機制，該機制仿照中心化交易，但為了可靠性和透明度而進行了簡化。

Competition Heats Up in the Perps Arena

Perps Arena 的競爭愈演愈烈

Hyperliquid's success has positioned it as a benchmark for newer perpetual DEXs. Aster, which launched its token earlier this month, briefly surpassed Hyperliquid in both volume and open interest, signaling an increasingly competitive landscape. Despite strong competition, Hyperliquid dominates the DEX space with a massive $5 billion in total value locked (TVL), commanding over 60% market share.

Hyperliquid 的成功使其成為新型永久性 DEX 的基準。本月早些時候推出的 Aster 代幣在交易量和未平倉合約方面都短暫超過了 Hyperliquid，這表明競爭格局日益激烈。儘管競爭激烈，Hyperliquid 仍以 50 億美元的總鎖定價值 (TVL) 佔據主導地位，佔據了超過 60% 的市場份額。

HYPE's Supply Crunch

HYPE 的供應緊縮

Hyperliquid [HYPE] has jumped to the top of the perpetual DEX market. As token supply continues to fall and demand stays strong, a supply crunch may be just around the corner.

Hyperliquid [HYPE] 已躍居永久 DEX 市場的榜首。隨著代幣供應持續下降而需求保持強勁，供應緊縮可能即將到來。

Hyperliquid's Buyback Program

Hyperliquid 的回購計劃

Hyperliquid’s ongoing buyback program has accumulated an impressive $521.85 million since March 2025, repurchasing 15.26 million HYPE tokens; about 5.64% of the circulating supply.The accumulation, funded through protocol fees, proves strong treasury activity despite recent price dips.

自 2025 年 3 月以來，Hyperliquid 正在進行的回購計劃已積累了令人印象深刻的 5.2185 億美元，回購了 1526 萬個 HYPE 代幣；約佔流通供應量的 5.64%。儘管最近價格下跌，但通過協議費用資助的積累證明了財務活動的強勁。

A New Power Center in Crypto Derivatives

加密衍生品的新權力中心

Despite being far smaller than centralized giants like Binance or Coinbase, Hyperliquid has achieved extraordinary performance metrics. Monthly trading volumes across the perpetuals sector now exceed $6 trillion, and Hyperliquid’s growth suggests decentralized venues are becoming the new battleground for derivatives traders.

儘管規模遠小於幣安或 Coinbase 等中心化巨頭，但 Hyperliquid 卻取得了非凡的性能指標。永續合約行業的月交易量現已超過 6 萬億美元，Hyperliquid 的增長表明去中心化交易場所正在成為衍生品交易者的新戰場。

For Hyperliquid, navigating the uncertainties of the crypto derivatives market may be its greatest advantage.

對於 Hyperliquid 來說，應對加密貨幣衍生品市場的不確定性可能是其最大的優勢。

So, while the crypto world keeps spinning, Hyperliquid seems determined to keep its users safe and sound. Who knows, maybe one day we'll all be trading perpetuals with a smile on our faces. Until then, keep your eyes on Hyperliquid – they're definitely one to watch!

因此，儘管加密世界不斷旋轉，Hyperliquid 似乎決心確保用戶的安全。誰知道呢，也許有一天我們都會面帶微笑地進行永續合約交易。在那之前，請密切關注 Hyperliquid——它們絕對值得一看！