超流動性（炒作）價格飆升300％，因為山寨幣停滯不前，$ 1B的交易和無效的模型推動了敘事？

在大部分時間的大部分時間裡，主要的山寨幣在很大程度上側面交易的市場中，Hyproliquid（Hype）悄悄地建立了自己的看漲勢頭。

In a market that has largely seen major altcoins stall out through most of May, Hyperliquid (HYPE) managed to build some bullish momentum.

在一個在很大程度上看到主要的Altcoins在整個5月的大部分時間裡停滯不前的市場中，Hypliquid（Hype）設法建立了一些看漲的勢頭。

The token reached an all-time high of $39.93 on May 26, notching up more than a 326% rally from the April 7 low of $9.36. The climb unfolded gradually, with the price crossing $28 by May 21 and pushing past $30 during the final stretch of the month.

該令牌在5月26日達到39.93美元的歷史最高點，比4月7日低點9.36的低點升至326％。攀登逐漸發展，到5月21日，價格超過28美元，並在本月的最後一段時間內推出了30美元。

As of May 27, HYPE is trading around $38.5. While that reflects a 4.5% dip from the recent peak, it still marks a 47% gain over the past seven days.

截至5月27日，HYPE的交易約為38.5美元。儘管這反映了最近的峰值4.5％的下降，但在過去的七天中，它仍然標誌著47％的增長。

Trading activity has remained strong, with 24-hour volume hovering around $345 million. Hyperliquid’s market cap now stands at approximately $12.5 billion, placing it as the 11th largest crypto asset by market value.

貿易活動仍然很強勁，24小時的交易量徘徊在3.45億美元左右。 Hyperliquid的市值現在約為125億美元，按市場價值將其視為第11大加密資產。

This rally was fueled by noticeable improvements in key on-chain metrics. Open interest hit a record high of $10.1 billion, and daily trading fees reached $5.6 million on May 26, highlighting increased usage and engagement.

這次集會是由於關鍵的鏈上指標的明顯改善所推動的。 Open Isport達到了創紀錄的101億美元，每日交易費用在5月26日達到560萬美元，強調了使用和參與度的增加。

Hyperliquid reached new all-time highs again:

溢流再次達到了新的歷史高峰：

+ Open interest: $10.1B

+開放興趣：$ 10.1B

+ 24h fees: $5.6M

+ 24H費用：560萬美元

+ USDC TVL: $3.5B

+ USDC TVL：$ 3.5B

Welcome to all new members of the ecosystem.https://t.co/94ZcG89x30

歡迎來到生態系統的所有新成員.https：//t.co/94zcg89x30

The recent integration of USD Coin (USDC) as the main settlement asset has also added more depth to the ecosystem. With $3.5 billion now locked on the platform, confidence appears to be growing among both institutional participants and retail users.

USD硬幣（USDC）作為主要和解資產的最新集成也為生態系統增加了深度。現在，該平台上鎖定了35億美元，機構參與者和零售用戶的信心似乎都在增長。

Let’s look at what Hyperliquid does, why it’s gaining traction among users, and what current price predictions suggest about its potential path forward.

讓我們看一下超流動性的作用，為什麼它在用戶之間獲得吸引力以及當前價格預測對其潛在的前進方向提出了什麼建議。

What drives the Hyperliquid price?

是什麼推動了超流利價格？

Hyperliquid, launched in November 2024, runs on a custom layer 1 blockchain architecture designed to support fully on-chain trading of perpetual futures.

Hyperliquid於2024年11月推出，在自定義的第1層區塊鏈體系結構上運行，旨在支持永久期貨的完全鏈交易。

Unlike many decentralized exchanges that rely on off-chain order matching and on-chain settlement, Hyperliquid processes all transactions, orders, and trades directly on-chain. The system is anchored by two main components: HyperBFT and HyperEVM.

與許多依賴鏈訂單匹配和鏈上解決方案的分散交易所不同，超流動過程所有交易，訂單和交易直接在鏈上。該系統由兩個主要組成部分錨定：HyperBFT和HypereVM。

HyperBFT, a consensus protocol influenced by Meta’s LibraBFT, is built to handle throughput of up to 2 million transactions per second. It finalizes blocks in under a second and can process as many as 100,000 orders per second.

Hyperbft是受Meta librabft影響的共識協議，旨在處理每秒多達200萬筆交易的吞吐量。它在不到一秒鐘的時間內最終確定了塊，並且每秒可以處理多達100,000個訂單。

HyperEVM ensures compatibility with the Ethereum Virtual Machine, giving developers the ability to deploy Ethereum-based smart contracts while benefiting from faster execution and lower transaction on a light-chain.

HypereVM確保與以太坊虛擬機的兼容性，使開發人員能夠部署基於以太坊的智能合約，同時受益於更快的執行和降低輕鏈的交易。

The platform offers perpetual futures trading across several major crypto assets, including Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Solana (SOL), and Sui (SUI). Traders can use up to 50x leverage and are not required to hold the underlying asset to open a position.

該平台提供了幾個主要加密資產的永久期貨交易，包括比特幣（BTC），以太坊（ETH），雪崩（Avax），Solana（Solana（Sol）（Sol）和Sui（SUI）。交易者最多可以使用50倍的槓桿作用，並且不需要持有基礎資產以開設職位。

New users onboard through wallet-based login, and the exchange does not conduct any know-your-customer checks. This model stands in contrast to most centralized platforms and may raise regulatory questions in certain jurisdictions.

新用戶通過基於錢包的登錄名來進行，交易所不會進行任何了解您的客戶檢查。該模型與大多數集中式平台形成鮮明對比，並可能在某些司法管轄區提出監管問題。

In addition to derivatives, Hyperliquid enables spot trading through its HIP-1 token standard, which is structurally similar to Ethereum’s ERC-20. Token listings come with relatively high costs, a measure aimed at reducing spam and filtering out low-quality projects.

除衍生物外，超流動性還可以通過其HIP-1代幣標准進行現場交易，該標准在結構上與以太坊的ERC-20相似。代幣清單的成本相對較高，旨在減少垃圾郵件和過濾低質量項目的措施。

The protocol also includes a Vaults feature that allows users to allocate capital to traders or algorithmic strategies in a non-custodial way. All vault performance data is public, and fund movements occur entirely on-chain.

該協議還包括一個金庫功能，該功能允許用戶以非監測方式將資本分配給交易者或算法策略。所有保險庫績效數據都是公開的，基金的移動完全發生在鏈上。

Hyperliquid has stated that it has not taken any venture capital funding. Postitioning the absence of VC involvement as a strategic choice, the team says it is focused on building long-term infrastructure rather than chasing short-term token performance.

Hyperliquid表示，它沒有佔用任何風險投資。該團隊將缺乏風險投資作為一種戰略選擇，並表示，該團隊專注於建立長期基礎設施，而不是追逐短期令牌績效。

James Wynn’s $1.25B position boosts trust in Hyperliquid wallet

詹姆斯·懷恩（James Wynn

Hyperliquid’s growing presence in the DeFi space is backed by a series of tangible developments that have unfolded over the past few months.

Hyperliquid在Defi空間中的日益增長得到了一系列切實的發展，這些發展在過去幾個月中一直存在。

On May 23, Hyperliquid Labs submitted two public comment letters to the U.S. Commodity Futures Trading Commission in response to the agency’s request for feedback on the future of perpetual futures and 24/7 crypto markets.

5月23日，超流動實驗室向美國商品期貨交易委員會提交了兩封公開評論信，以響應該機構對永久期貨和24/7加密市場的未來反饋的要求。

The letters called for regulatory approaches that support decentralized infrastructure while maintaining financial safeguards, marking the first time Hyperliquid participated in policy discussions at this level.

這些信件要求採用監管方法，在維持財務保障的同時，支持分散基礎設施，這是超流動性首次參加此級別的政策討論。

This engagement had an immediate impact, as HYPE rose 15% that day, according to CoinMarketCap data, signaling investor confidence in the platform’s long-term regulatory position.

根據CoinMarketCap數據，這一參與產生了直接的影響，因為當天炒作上漲了15％，這表明投資者對該平台的長期監管地位的信心。