Hyperliquid 的 MON 交易狂潮：估值 140 億美元——炒作還是未來？

Hyperliquid 上線了 Monad 的 MON 代幣，引發了 140 億美元的估值爭論。這是合理的，還是只是發布前的炒作？深入了解這種 DeFi 現象的細節。

Hyperliquid's MON Trading Frenzy: $14 Billion Valuation – Hype or the Future?

Hyperliquid 的 MON 交易狂潮：估值 140 億美元——炒作還是未來？

Hyperliquid's listing of Monad's MON token with an implied $14 billion valuation has the crypto world buzzing. Is this justified or just pre-launch hype?

Hyperliquid 上市 Monad 的 MON 代幣，隱含估值為 140 億美元，這引起了加密世界的關注。這是合理的還是只是發布前的炒作？

MON Token's Explosive Debut

MON Token爆發式亮相

Hyperliquid, the decentralized perpetual futures exchange, recently listed Monad's MON token for pre-market trading. The implied fully diluted valuation (FDV) immediately hit between $14 billion and $15 billion, igniting intense discussion and significant trading volume. This move highlights the growing importance of decentralized platforms in early price discovery, offering a glimpse into potential valuations before the official launch.

去中心化永續期貨交易所 Hyperliquid 最近上線了 Monad 的 MON 代幣進行盤前交易。隱含的完全攤薄估值 (FDV) 立即達到 140 億至 150 億美元之間，引發了激烈的討論和巨大的交易量。此舉凸顯了去中心化平台在早期價格發現中日益重要的重要性，讓人們可以在正式推出之前了解潛在估值。

Market Reaction and Price Volatility

市場反應和價格波動

The MON token contracts started trading around $0.14 to $0.15 on Hyperliquid's "hyperps." The initial hours saw trading volume soar to between $19.3 million and $22.2 million, with open interest exceeding $4 million to $5 million. However, pre-market trading is inherently volatile, with lower liquidity and higher risks. Past pre-market examples, like Notcoin (NOT) and Aevo (AEVO), show that initial prices can diverge significantly from post-launch values.

MON 代幣合約在 Hyperliquid 的“hyperps”上開始交易，價格約為 0.14 至 0.15 美元。最初幾個小時，交易量飆升至 1930 萬美元至 2220 萬美元，未平倉合約超過 400 萬美元至 500 萬美元。然而，盤前交易本質上具有波動性，流動性較低，風險較高。過去的上市前例子，例如 Notcoin (NOT) 和 Aevo (AEVO)，表明初始價格可能與發布後的價格存在顯著差異。

Community and Ecosystem Buzz

社區和生態系統熱議

The listing has sparked vibrant debate across the crypto community. While many are excited about Monad's potential, some express skepticism about the $14 billion valuation, especially considering the 100 billion token supply. Concerns about dilution have led to playful jabs, but proponents argue that the large supply is necessary for a high-throughput network. Monad's engagement with its community, including an "airdrop claim loading" progress bar, has intensified anticipation and prompted warnings about potential scams.

此次上市引發了整個加密貨幣社區的激烈爭論。儘管許多人對 Monad 的潛力感到興奮，但也有人對 140 億美元的估值表示懷疑，特別是考慮到 1000 億的代幣供應量。對稀釋的擔憂引發了有趣的攻擊，但支持者認為，大量供應對於高吞吐量網絡是必要的。 Monad 與其社區的互動，包括“空投索賠加載”進度條，增強了人們的預期，並引發了有關潛在詐騙的警告。

Monad's Technical Ambitions and Impact

Monad 的技術抱負和影響

Monad's full Ethereum Virtual Machine (EVM) compatibility is a major draw, potentially allowing existing Ethereum dApps to migrate easily. PancakeSwap already boasts a significant Total Value Locked (TVL) on the Monad testnet, signaling early adoption. Monad's architecture aims to support high-frequency DEXs and real-time lending applications, while its engagement with the NFT space and acquisition of Portal Labs demonstrate its commitment to a full-stack payments solution.

Monad 的完整以太坊虛擬機 (EVM) 兼容性是一個主要吸引力，可能允許現有以太坊 dApp 輕鬆遷移。 PancakeSwap 已經在 Monad 測試網上擁有顯著的總價值鎖定（TVL），這標誌著早期採用。 Monad 的架構旨在支持高頻 DEX 和實時藉貸應用程序，而其對 NFT 領域的參與以及對 Portal Labs 的收購表明了其對全棧支付解決方案的承諾。

Looking Ahead: What's Next for Monad?

展望未來：Monad 的下一步是什麼？

Monad's success will significantly influence the narrative around scalable Layer 1 (L1) solutions. Key catalysts to watch include the Monad mainnet launch, the airdrop event, ecosystem growth, and major exchange listings. Investors should prioritize due diligence and risk management, while projects should focus on core technology, transparent tokenomics, and community building.

Monad 的成功將極大地影響有關可擴展第 1 層 (L1) 解決方案的敘述。值得關注的關鍵催化劑包括 Monad 主網啟動、空投活動、生態系統發展和主要交易所上市。投資者應優先考慮盡職調查和風險管理，項目應關注核心技術、透明的代幣經濟和社區建設。

My Take: Is Monad Worth the Hype?

我的看法：Monad 值得大肆宣傳嗎？

The $14 billion valuation is definitely eye-catching. While Monad's tech promises are impressive – 10,000 TPS, EVM compatibility, and parallel execution – it's crucial to remember that pre-market valuations are often based on speculation and hype. Whether Monad can live up to its potential remains to be seen, but its innovative approach and strong backing make it a project worth watching closely. For me, the airdrop progress at 98% loading is a good signal for this project.

140億美元的估值絕對引人注目。雖然 Monad 的技術承諾令人印象深刻——10,000 TPS、EVM 兼容性和並行執行——但重要的是要記住，上市前估值通常基於投機和炒作。 Monad 能否發揮其潛力還有待觀察，但其創新的方法和強大的支持使其成為一個值得密切關注的項目。對我來說，98%加載的空投進度對於這個項目來說是一個很好的信號。

The Bottom Line

底線

Hyperliquid's listing of Monad's MON token is a landmark event, underscoring the market's appetite for innovative L1 solutions. However, it's essential to approach this with caution, recognizing the inherent risks and volatility. Monad's journey will be shaped by its ability to deliver on its promises, attract developers and users, and navigate regulatory uncertainties.

Hyperliquid 上市 Monad 的 MON 代幣是一個里程碑事件，凸顯了市場對創新 L1 解決方案的興趣。然而，必須謹慎對待這一問題，認識到固有的風險和波動性。 Monad 的旅程將取決於其兌現承諾、吸引開發人員和用戶以及應對監管不確定性的能力。

So, is Monad the future of DeFi? Only time will tell. But for now, buckle up and enjoy the ride – it's gonna be a wild one!

那麼，Monad 是 DeFi 的未來嗎？只有時間才能證明一切。但現在，係好安全帶，享受這段旅程吧——這將是一場瘋狂的旅程！