超流動性超過10億美元的TVL

超流動性開始了自己的生活，是一條集中的，特定於應用程序的鏈，但逐漸變成了更複雜和有趣的東西 - 一個動態的生態系統

This week, a decentralized trading upstart, Hyperliquid, crossed a very significant milestone: it now has more than $1 billion in Total Value Locked.

本週，一個分散的交易新貴，超級流動性跨越了一個非常重要的里程碑：現在，它的總價值鎖定超過10億美元。

Hyperliquid began its life as a focused, app-specific chain but has gradually transformed into something much more complex and interesting—a dynamic ecosystem that now attracts large crypto investors (or “whales”), active traders, and growing interest from institutional players.

Hyperliquid始於其專注的，特定於應用程序的連鎖店，但逐漸轉變為更複雜和有趣的東西 - 一個動態的生態系統，現在吸引了大型加密投資者（或“鯨魚”），活躍的交易者，以及從機構參與者中越來越興趣。

Hyperliquid Surpasses $1 Billion in TVL@HyperliquidX continues to strengthen its presence in the crypto market, recently surpassing the significant milestone of $1 billion in Total Value Locked. What began as an app-specific chain is now steadily evolving into a more robust and… pic.twitter.com/xw3h4FHGZ8

Hyperliquid在TVL@Hyperliquidx中超過10億美元，繼續加強其在加密貨幣市場中的存在，最近超過了總價值鎖定的10億美元的重要里程碑。最初的特定鏈條現在正在穩步發展為更強大的……pic.twitter.com/xw3h4fhgz8

— CryptoRank.io (@CryptoRank_io) May 8, 2025

- cryptorank.io（@cryptorank_io）2025年5月8日

This accomplishment signifies a key turning point for Hyperliquid as it establishes itself as a high-performance decentralized exchange meant especially for trading perpetual futures. The $1 billion TVL threshold not only reflects user confidence in Hyperliquid but also highlights its emergence as a serious player in the Layer 2 and DeFi derivatives spaces.

這項成就標誌著超流動性的關鍵轉折點，因為它將自己確立為高性能的分散交易所，尤其是對於交易的永久未來。耗資10億美元的TVL閾值不僅反映了用戶對超級流動的信心，而且還強調了其在第2層和Defi衍生產品空間中作為認真的球員的出現。

High Stakes: Whale Doubles Down on HYPE Short Position Amid Mounting Losses

高賭注：在越來越多的損失中，鯨魚在炒作中加倍

While celebrating Hyperliquid’s swift expansion, a high-stakes drama unfolds on the platform’s trading floors. A leading whale trader has positioned a colossal leveraged short against HYPE—Hyperliquid’s native ecosystem token—even as the market has shifted against him.

在慶祝超級流動性的迅速擴張時，一部高風險戲劇在平台的交易樓層上展開。一位領先的鯨魚交易員將巨大的槓桿作用（Hyperliquid的本地生態系統代幣）定位為巨大的，即使是因為市場已經反對他。

A whale just deposited another $1.8M $USDC into #Hyperliquid, doubling down on a losing $HYPE short.

一條鯨魚剛剛將180萬美元的$ USDC存入#Hyperliquid中，使$ hype hype縮短了一倍。

In the past week, this whale has funneled $10.36M into a 5x leveraged position—now worth $29.1M—with a $1.24M unrealized loss and liquidation looming at $25.01.

在過去的一周中，這鯨已將10036萬美元匯入了5倍的槓杆位置（現在價值2910萬美元），其損失和清算的損失和清算為25.01美元。

Will the whale… https://t.co/5lZ7qV8R6w

鯨魚會... https://t.co/5lz7qv8r6w

— Spot On Chain (@spotonchain) May 7, 2025

- 鏈上（@spotonchain）2025年5月7日

As per on-chain information, this whale has put in another $1.8 million of USDC into Hyperliquid in the last 24 hours, intensifying what looks like a seriously bearish stance on HYPE. This new capital is being used to bolster a very significant short position that is currently being opened with 5x leverage.

根據鏈上的信息，這鯨在過去24小時內將另外180萬美元的USDC投入了超流動，增強了看起來像是嚴重看跌的炒作的立場。這項新資本被用來加強一個非常重要的短職位，目前正以5倍的槓桿作用打開。

Overall, the trader has now channeled $10.36 million into this one position over the last week. That leveraged bet has since swelled to $29.1 million, even as the trade heads into the red. At present, the whale is looking at an unrealized loss of approximately $1.24 million and a liquidation price that is gushing blood at $25.01.

總體而言，該交易員現在已在上週將1,036萬美元納入這一職位。此後，即使貿易陷入紅色，這種槓桿押注已膨脹至2910萬美元。目前，鯨魚正在尋找大約124萬美元的未實現損失，而清算價格則為25.01美元。

This action has attracted much focus from the Hyperliquid community and wider crypto trading spheres. Although high-leverage positions are standard fare in the perpetual futures market, the scale and timing of this specific trade—executed at a time when the platform was enjoying growth and positive momentum—has prompted a number of onlookers to scrutinize what the whale is really up to.

該動作吸引了超流動社區和更廣泛的加密貨幣交易領域的重點。儘管高槓桿職位是永久期貨市場中的標準票價，但該特定貿易的規模和時機（在平台享有增長和積極勢頭的時候，都受到了促使許多圍觀者的範圍來仔細檢查鯨魚的真正範圍。

Should the price of HYPE keep climbing and get close to the liquidation limit, it might set off a chain reaction of liquidations, and we’re not just saying that because it sounds good. We mean it. Why? Because it’s a huge position we’re talking about. Conversely, if sentiment shifts and the token’s price falls, the whale stands to make a ridiculous amount of money. If that happens, it could turn out that this THAAD (that’s right, we said it) in HYPE is a contrarian profit play.

如果炒作的價格繼續攀升並接近清算限制，它可能會引發清算的鏈反應，而我們不僅僅是說這聽起來不錯。我們的意思是。為什麼？因為這是我們正在談論的巨大職位。相反，如果情緒轉移和代幣的價格下跌，則鯨魚將賺到荒謬的錢。如果發生這種情況，可能會發現，炒作中的這種thaad（是的）是逆勢利潤。

Hyperliquid’s Growing Role in the DeFi Landscape

超流動性在Defi景觀中的作用不斷增長

The drama’s broader backdrop is Hyperliquid’s rapid ascension in the DeFi rankings. It has managed to build a nimble and efficient on-chain environment for advanced derivatives traders. Very few newer trading platforms can make this claim. In fact, most seem to trip into the same pitfalls of user bottlenecks, unstable UX, and liquidity fragmentation that have victimized DeFi trading platform projects since mid-2020.

這部戲劇的更廣泛的背景是超級流動性在Defi排名中的迅速提升。它設法為高級衍生品交易員建立了一個敏捷有效的鏈環境。很少有新的交易平台能提出這一主張。實際上，大多數人似乎都陷入了相同的用戶瓶頸，不穩定的UX和流動性碎片化的陷阱，這些損害自2020年中期以來一直受害。

Achieving $1 billion in TVL does not happen by accident. It requires a reliable platform that users can trust, and that is exactly what Hyperliquid has become. The platform is now attracting very sophisticated users, like hedge funds, who are interested in Hyperliquid's speed, interface, and other configurable features. To hedge fund types, $1 billion matters because it signifies a whole lot more than just another round number in the DeFi space.

實現10億美元的TVL並沒有偶然發生。它需要一個可靠的平台用戶可以信任的平台，這正是超級流動性的變化。該平台現在吸引了非常複雜的用戶，例如對沖基金，他們對超流油的速度，界面和其他可配置功能感興趣。對於對沖基金類型的類型，10億美元很重要，因為它不僅僅是在Defi空間中的另一輪數字。

Hyperliquid’s application-specific chain allows Hyperliquid to optimize for performance in ways that general-purpose blockchains can’t. We started out with a pretty narrow focus on perpetual futures, and while we still do that—and do it really well—we’ve begun to expand into an

Hyperliquid的特定於應用程序鏈允許超流動性以通用區塊鏈不能的方式優化性能。我們從非常狹窄的關注永久未來開始，儘管我們仍然這樣做，而且確實做得很好 - 我們已經開始擴展到一個