超級流動性最近超過了永久交換DYDX的貿易量，達到1.5萬億美元

儘管是一個更新的平台，但Hyperliquid的代幣回購和缺乏現金激勵措施提供了長期穩定。

Hyperliquid, a high-performance L1 trading blockchain, has been enjoying many successes recently. Earlier this month, it captured more than 60% of the perpetuals trading market, and its HYPE token hit a 3-month high shortly afterward.

高性能的L1交易區塊鏈超級流動性最近取得了許多成功。本月初，它捕獲了超過60％的永久交易市場，此後不久，它的炒作令牌高達3個月。

Yesterday, analysts noticed that Hyperliquid’s all-time trading volume surpassed dYdX, and it reached $1.5 trillion today.

昨天，分析師注意到，Hyperliquid的歷史交易量超過了DYDX，今天達到了1.5萬億美元。

Hyperliquid's all-time volume is nearing $1.5t and surpassing what dYdX achieved in four years

Hyperliquid的歷史銷量接近1.5噸，超過了DYDX四年來的成就

Hyperliquid

超流動

dYdX is a decentralized perpetuals exchange that has been active for five years, whereas Hyperliquid’s platform only launched in 2023.

DYDX是一種分散的永久交換，已經活躍了五年，而Hyperliquid的平台僅在2023年推出。

Nonetheless, the younger protocol has overtaken it. After launching its native token in 2021, dYdX began employing it to reimburse users’ trading fees, boosting its volumes. It then built community hype around an informal “trading contest” with competitors.

儘管如此，年輕的協議已經取代了它。 DyDX於2021年推出其本地令牌後，開始使用它來償還用戶的交易費用，從而增加了其量。然後，它圍繞與競爭對手進行非正式的“交易競賽”建立了社區炒作。

Hyperliquid, on the other hand, did not rely on dYdX’s incentive strategy. After its own TGE last year, it managed to accumulate huge volumes through functionality, word-of-mouth, and product quality.

另一方面，超流動不依賴DyDX的激勵策略。在去年自己的TGE之後，它通過功能，口碑和產品質量來積累了巨大的量。

2024 was a peak year for crypto perpetuals trading, and the HYPE TGE took advantage of the moment. This has apparently proved to be a more durable approach.

2024年是加密永久交易的高峰年，炒作利用了當下。這顯然被證明是一種更耐用的方法。

Additionally, Hyperliquid directs the vast majority of its trading fees to token buybacks, which dYdX only instituted months later, and to a lesser degree.

此外，Hyplliquid將其絕大多數交易費用指向代幣回購，該回購僅在幾個月後才建立，並且在較低的程度上。

This helped the firm repurchase 17% of the total circulating HYPE tokens, providing several key advantages. Over the last month, HYPE’s market cap has been steadily rising towards $10 billion:

這有助於該公司回購總循環炒作令牌的17％，從而提供了幾個關鍵優勢。在上個月，HYPE的市值一直穩步上升到100億美元：

Despite its strong rise, Hyperliquid has also seen several major controversies. For example, it denied claims of a Lazarus Group security breach despite clear on-chain evidence last year.

儘管有強勁的增長，但雜種也有幾個重大爭議。例如，儘管去年有明確的鏈證據，但它否認了拉撒路集團安全違規的主張。

In March, it unleashed a major scandal when it delisted JELLYJELLY in response to a short squeeze. This led to accusations of market manipulation and substantial losses.

3月，當它響應短暫的擠壓時，它釋放了一個重大醜聞。這導致了市場操縱和巨大損失的指控。

dYdX hasn't suffered a public debacle like that in many months, but Hyperliquid did act quickly to rebuild its reputation. So far, this seems to have worked.

DyDX在許多月內都沒有遭受這樣的公共崩潰，但是Hyproliquid確實迅速採取行動重建其聲譽。到目前為止，這似乎有效。

Earlier today, Hyperliquid also reached a new all-time high in open interest, surpassing $8 billion. If it can maintain this momentum, the exchange can build a commanding lead over DeFi's perpetuals market.

今天早些時候，Hyproliquid還達到了新的開放興趣，超過了80億美元。如果可以維持這一勢頭，那麼交換可以在Defi的永久市場上建立指揮的領先優勢。