Hyperliquid 的 HYPE 代幣在代幣解鎖大幅減少後價格飆升

Hyperliquid 大幅削減了團隊代幣的解鎖量，引發 HYPE 每週上漲 55%，並重新討論其價格目標。

Hyperliquid Slashes Team Token Unlocks, HYPE Price Skyrockets

Hyperliquid 大幅削減團隊代幣解鎖量，HYPE 價格飆升

In a move that has sent ripples through the crypto community, Hyperliquid has significantly curtailed its monthly team token unlocks, a decision that has coincided with a remarkable 55% weekly surge for its native HYPE token. This strategic adjustment has reignited conversations about the token's potential to reclaim its former glory, with some analysts even whispering about a return to the $50 price target.

Hyperliquid 大幅削減了每月團隊代幣的解鎖量，這一舉措在加密社區引起了軒然大波，這一決定恰逢其原生 HYPE 代幣每週激增 55%。這一戰略調整重新引發了有關該代幣重拾昔日輝煌潛力的討論，一些分析師甚至私下談論該代幣將重返 50 美元的目標價格。

A Strategic Shift to Bolster HYPE's Value

提升 HYPE 價值的戰略轉變

The core of this market excitement lies in Hyperliquid's decision to drastically reduce the amount of HYPE tokens released from team allocations. Specifically, the February 2026 group of unlocks has been slashed to approximately 140,000 HYPE tokens, a stark contrast to the roughly 1.2 million released in January. This represents a nearly 90% reduction in monthly team releases, a move the project asserts is aimed at mitigating dilution and easing supply pressure in the highly competitive perpetual futures market.

這一市場興奮的核心在於 Hyperliquid 決定大幅減少團隊分配中釋放的 HYPE 代幣數量。具體來說，2026 年 2 月的解鎖數量已被削減至約 140,000 個 HYPE 代幣，與 1 月份釋放的約 120 萬個形成鮮明對比。這意味著每月團隊釋放量減少了近 90%，該項目聲稱此舉旨在減少稀釋並緩解競爭激烈的永續期貨市場的供應壓力。

Core contributors were initially allocated around 23.8% of HYPE's 1 billion maximum supply, subject to a one-year cliff and a 24-month vesting period. These distributions are now confirmed to occur on the 6th of each month. By slowing the pace of these unlocks, Hyperliquid is effectively reducing near-term sell pressure, a factor closely monitored by market participants since HYPE's airdrop launch in November 2024. Currently, over 61% of the total supply remains locked, with the circulating supply at approximately 238 million tokens.

核心貢獻者最初分配了 HYPE 10 億最大供應量的 23.8% 左右，並受到一年的懸崖和 24 個月的歸屬期的限制。現在已確認這些分發將在每月 6 日進行。通過放慢解鎖速度，Hyperliquid 有效降低了近期拋售壓力，這是自 2024 年 11 月 HYPE 空投推出以來市場參與者密切關注的一個因素。目前，超過 61% 的總供應量仍處於鎖定狀態，流通供應量約為 2.38 億個代幣。

Technical Indicators Point to Upward Momentum

技術指標顯示上漲動力

The impact of this supply-side adjustment is already being felt. At the time of writing, HYPE was trading around $33.9, showing modest daily gains and a substantial weekly increase of over 55%. While still approximately 43% below its all-time high of $59.30, the token's market capitalization has climbed to over $8 billion. This rally has also seen HYPE reclaim its 50-day moving average on the three-day timeframe, breaking a prolonged downtrend and signaling a potential shift in price structure. Analysts are now eyeing the $28-$29 zone as a crucial support level. Should this hold, further upward movement towards the mid-$30s and low-$40s is considered possible, with a return to $50 requiring a sustained volume and favorable market conditions.

此次供給側調整的影響已經顯現。截至撰寫本文時，HYPE 的交易價格約為 33.9 美元，每日漲幅不大，週漲幅超過 55%。雖然仍比 59.30 美元的歷史高點低約 43%，但該代幣的市值已攀升至超過 80 億美元。此次反彈還見證了 HYPE 在三天時間範圍內收復 50 日移動均線，打破了長期下降趨勢，並預示著價格結構可能發生轉變。分析師目前將 28-29 美元區域視為關鍵支撐位。如果這種情況持續下去，則認為有可能進一步上漲至 30 美元左右和 40 美元以下，而回到 50 美元需要持續的交易量和有利的市場條件。

Beyond Tokenomics: Strong Protocol Performance

超越代幣經濟學：強大的協議性能

The positive sentiment isn't solely driven by tokenomics adjustments. Hyperliquid is also demonstrating robust performance in its core operations. The platform recently announced that its HIP-3 open interest (OI) reached a record $790 million, significantly up from $260 million just a month prior, largely fueled by a surge in commodities trading. Furthermore, the platform's founder, Jeff Yan, highlighted that Bitcoin futures liquidity on Hyperliquid has now surpassed Binance in certain order book comparisons, underscoring its growing prominence as a venue for price discovery.

積極情緒不僅僅由代幣經濟調整驅動。 Hyperliquid 還在其核心業務中展示了強勁的性能。該平台最近宣布，其 HIP-3 未平倉合約 (OI) 達到創紀錄的 7.9 億美元，遠高於一個月前的 2.6 億美元，這在很大程度上是由大宗商品交易激增推動的。此外，該平台的創始人 Jeff Yan 強調，Hyperliquid 上的比特幣期貨流動性現已在某些訂單簿比較中超過了幣安，凸顯了其作為價格發現場所的日益突出的地位。

Since its launch, Hyperliquid has processed over $25 billion in cumulative trading volume, with a substantial portion coming from futures markets developed by third-party teams utilizing the HIP-3 framework. The total value locked (TVL) stands near $4.6 billion, and annualized protocol revenue is estimated at around $714 million, part of which is directed towards buybacks and burns, further reducing HYPE's circulating supply.

自推出以來，Hyperliquid 已處理超過 250 億美元的累計交易量，其中很大一部分來自第三方團隊利用 HIP-3 框架開發的期貨市場。鎖定的總價值（TVL）接近 46 億美元，年化協議收入估計約為 7.14 億美元，其中部分用於回購和銷毀，進一步減少了 HYPE 的流通供應量。

Looking Ahead: The Path to New All-Time Highs

展望未來：通往歷史新高的道路

While the recent token unlock reduction and strong protocol metrics paint a bullish picture, the long-term trajectory of HYPE will depend on sustained technological development, ecosystem growth, and favorable macroeconomic conditions. The potential for HYPE to reach new all-time highs is certainly present, but it hinges on the protocol's continued execution and its ability to capture value in the decentralized derivatives market. For now, the market is buzzing with optimism, and it looks like HYPE is ready to dance!

雖然最近代幣解鎖量的減少和強大的協議指標描繪了一幅看漲的圖景，但 HYPE 的長期軌跡將取決於持續的技術發展、生態系統的增長和有利的宏觀經濟條件。 HYPE 達到歷史新高的潛力肯定是存在的，但這取決於該協議的持續執行及其在去中心化衍生品市場獲取價值的能力。目前，市場充滿樂觀情緒，看起來 HYPE 已經準備好跳舞了！