超液體、液晶和先進材料：2025 年深入研究

探索 2025 年 Hyperliquid 的爆炸性增長、其對去中心化衍生品的影響，以及液晶與先進材料的集成。

Hyperliquid, Liquid Crystals, and Advanced Materials: A 2025 Deep Dive

超液體、液晶和先進材料：2025 年深入研究

Hyperliquid's rise in 2025 reshaped decentralized derivatives, fueled by on-chain liquidity and retail activity. This blog post explores its journey, the challenges faced, and the broader context of advanced materials.

在鏈上流動性和零售活動的推動下，Hyperliquid 在 2025 年的崛起重塑了去中心化衍生品。這篇博文探討了它的歷程、面臨的挑戰以及先進材料的更廣泛背景。

Hyperliquid's Explosive Growth in 2025

超液體在 2025 年將出現爆炸式增長

2025 was a banner year for Hyperliquid. The platform's Total Value Locked (TVL) surged from $3.5 billion to over $5 billion by Q3. Notably, Hyperliquid captured a staggering 73% of all decentralized perpetual trading volume, surpassing even centralized exchanges like ByBit and OKX. This dominance underscores the platform's innovative approach to decentralized finance (DeFi).

2025 年對於 Hyperliquid 來說是輝煌的一年。到第三季度，該平台的總鎖定價值 (TVL) 從 35 億美元飆升至超過 50 億美元。值得注意的是，Hyperliquid 佔據了所有去中心化永續交易量的 73％，甚至超過了 ByBit 和 OKX 等中心化交易所。這種主導地位凸顯了該平台在去中心化金融（DeFi）方面的創新方法。

On-Chain Liquidity: The Engine of Expansion

鏈上流動性：擴張的引擎

Hyperliquid's impressive liquidity profile solidified its position for sustained growth. Open interest (OI) skyrocketed to $15 billion by Q3, dwarfing the combined OI of all other decentralized perpetual exchanges. HyperEVM, reaching $2 billion in organic TVL by mid-2025, played a significant role in this liquidity boom.

Hyperliquid 令人印象深刻的流動性狀況鞏固了其持續增長的地位。到第三季度，未平倉合約 (OI) 飆升至 150 億美元，使所有其他去中心化永續交易所的 OI 總和相形見絀。 HyperEVM 的有機 TVL 到 2025 年中期達到 20 億美元，在這場流動性繁榮中發揮了重要作用。

Retail Trading Patterns: High Leverage, High Activity, High Risk

零售交易模式：高槓桿、高活躍度、高風險

Retail investors have been instrumental in Hyperliquid's rapid ascent. Data from Q3 reveals aggressive trading strategies, with some traders employing high leverage. This high-risk, high-reward approach has contributed significantly to the platform's overall volume, but also highlights the inherent dangers of leveraged trading in a volatile market.

散戶投資者在 Hyperliquid 的快速崛起中發揮了重要作用。第三季度的數據顯示出激進的交易策略，一些交易者採用了高槓桿。這種高風險、高回報的方式為平台的整體交易量做出了巨大貢獻，但也凸顯了波動市場中槓桿交易的固有危險。

Institutional Interest and Ecosystem Development

機構利益和生態系統發展

Hyperliquid's success hasn't gone unnoticed by institutional players. The filing of a U.S. SEC application for a Hyperliquid ETF signals growing mainstream acceptance. The introduction of HyperEVM in early 2025 was a pivotal moment, adding EVM compatibility and fostering a growing ecosystem of decentralized applications (dApps).

Hyperliquid 的成功並沒有被機構參與者忽視。美國證券交易委員會 (SEC) 提交的 Hyperliquid ETF 申請標誌著主流接受度的不斷提高。 2025 年初 HyperEVM 的推出是一個關鍵時刻，它增加了 EVM 兼容性並培育了不斷發展的去中心化應用程序 (dApp) 生態系統。

Challenges and Considerations

挑戰和考慮因素

Despite its success, Hyperliquid faces challenges. The resignation of Hyperion DeFi’s CEO in November 2025 introduced uncertainty about the company's stability. Furthermore, like all DeFi platforms, Hyperliquid carries inherent risks, including smart contract vulnerabilities, network instability, and potential oracle manipulation. Users should proceed with caution, understanding the risks involved.

儘管取得了成功，Hyperliquid 也面臨著挑戰​​。 Hyperion DeFi 首席執行官於 2025 年 11 月辭職，給公司的穩定性帶來了不確定性。此外，與所有 DeFi 平台一樣，Hyperliquid 也存在固有風險，包括智能合約漏洞、網絡不穩定和潛在的預言機操縱。用戶應謹慎行事，了解所涉及的風險。

What is Hyperliquid?

什麼是超液體？

Hyperliquid is a decentralized exchange focusing on perpetual futures built on its own high-performance Layer-1 blockchain. Launched in 2023, the platform was created by Jeff Yan and a team of former traders from Chameleon Trading. The platform’s primary goal is to offer a trading experience with the speed of a CEX while retaining the critical benefits of decentralization, most notably self-custody.

Hyperliquid 是一家去中心化交易所，專注於基於其自己的高性能 Layer-1 區塊鏈構建的永續期貨。該平台於 2023 年推出，由 Jeff Yan 和 Chameleon Trading 的前交易員團隊創建。該平台的主要目標是提供中心化交易所速度的交易體驗，同時保留去中心化的關鍵優勢，尤其是自我託管。

Conclusion: A Glimpse into the Future of Decentralized Finance

結論：去中心化金融的未來一瞥

Hyperliquid's remarkable 2025 performance underscores the transformative potential of robust on-chain liquidity and strong retail demand in the decentralized finance space. While innovations have set new standards for decentralized trading, the inherent risks of high leverage and token price swings remain significant. The future of Hyperliquid depends on balancing innovation with responsible risk management. So, buckle up, crypto enthusiasts! The ride's just getting started.

Hyperliquid 在 2025 年的出色表現凸顯了去中心化金融領域強勁的鏈上流動性和強勁的零售需求的變革潛力。儘管創新為去中心化交易設定了新標準，但高槓桿和代幣價格波動的固有風險仍然很大。 Hyperliquid 的未來取決於創新與負責任的風險管理之間的平衡。所以，係好安全帶，加密貨幣愛好者！旅程才剛剛開始。