Jeff Yan，Hyperliquid 和 DeFi 革命：紐約視角

探索 Jeff Yan 的 Hyperliquid、其對 DeFi 的影響，以及交易所在競爭激烈的去中心化衍生品市場中的創新風險管理方法。

Jeff Yan, Hyperliquid, and the DeFi Revolution: A New York Perspective

Jeff Yan，Hyperliquid 和 DeFi 革命：紐約視角

Hyperliquid, spearheaded by Jeff Yan, is making waves in the DeFi space. Let's dive into what's making this decentralized exchange a hot topic, from its risk management strategies to its growing influence in the crypto world.

由 Jeff Yan 領導的 Hyperliquid 正在 DeFi 領域掀起波瀾。讓我們深入探討一下是什麼讓這個去中心化交易所成為熱門話題，從它的風險管理策略到它在加密世界中日益增長的影響力。

Hyperliquid's Stance on Risk Management

Hyperliquid 的風險管理立場

Jeff Yan recently addressed concerns about Hyperliquid prioritizing profit over user safety. Yan emphasized that Hyperliquid's core philosophy revolves around risk management, user protection, and maintaining market integrity. This isn't just talk; it's baked into their system. Recent automatic deleveraging (ADL) events prove their commitment, with users netting “hundreds of millions” in gains. Yan points out that a backstop liquidation mechanism could have generated more revenue for Hyperliquid, but it would have amplified risk – something they're not willing to do.

Jeff Yan 最近解決了人們對 Hyperliquid 將利潤置於用戶安全之上的擔憂。嚴強調，Hyperliquid的核心理念圍繞風險管理、用戶保護和維護市場誠信。這不僅僅是說說而已；它已融入他們的系統中。最近的自動去槓桿（ADL）事件證明了他們的承諾，用戶獲得了“數億”的收益。 Yan 指出，後備清算機製本可以為 Hyperliquid 帶來更多收入，但會放大風險 — — 這是他們不願意做的。

Simplicity is Key

簡單是關鍵

In the complex world of DeFi, Hyperliquid is betting on simplicity. Yan is wary of adding layers of complexity to the ADL algorithm, arguing that it could make the system more fragile. He draws lessons from traditional finance and early DeFi experiments, noting that transparency and simplicity are crucial for stability, especially in volatile markets. Traders seem to agree, as Hyperliquid is gaining a reputation for reliability during high-stress trading events.

在復雜的 DeFi 世界中，Hyperliquid 押注於簡單性。 Yan 對於在 ADL 算法中增加複雜性持謹慎態度，認為這可能會使系統更加脆弱。他從傳統金融和早期 DeFi 實驗中吸取了教訓，指出透明度和簡單性對於穩定性至關重要，尤其是在波動的市場中。交易員們似乎也同意這一點，因為 Hyperliquid 在高壓力交易事件中因其可靠性而贏得了聲譽。

Hyperliquid's Growing Influence

超液體的影響力與日俱增

Hyperliquid's rise hasn't gone unnoticed, even catching the eye of ARK Invest CEO Cathie Wood. She likened Hyperliquid's potential to the early days of Solana, calling it "the new kid on the block." While Wood didn't disclose any investment, her comments highlight Hyperliquid's growing significance in the decentralized derivatives arena. Market analysts see Hyperliquid as part of "DeFi 2.0 infrastructure," combining institutional-grade design with community-driven governance.

Hyperliquid 的崛起並沒有被忽視，甚至引起了 ARK Invest 首席執行官 Cathie Wood 的注意。她將 Hyperliquid 的潛力比作 Solana 的早期，稱其為“街區的新生事物”。雖然伍德沒有透露任何投資，但她的評論凸顯了 Hyperliquid 在去中心化衍生品領域日益重要的重要性。市場分析師將 Hyperliquid 視為“DeFi 2.0 基礎設施”的一部分，將機構級設計與社區驅動的治理相結合。

The Competition is Heating Up

競爭正在白熱化

Hyperliquid's success in perpetual futures trading has attracted a wave of competitors. Aster, a new perpetual DEX, briefly surpassed Hyperliquid in trading volume and open interest, signaling an increasingly competitive landscape. StandX, founded by former Binance derivatives engineers, has also made headlines, quickly reaching $200 million in total value locked (TVL). This competition underscores the growing investor interest in decentralized trading alternatives.

Hyperliquid在永續期貨交易方面的成功吸引了一波競爭對手。 Aster 是一種新的永久性 DEX，在交易量和持倉量方面短暫超過了 Hyperliquid，這表明競爭格局日益激烈。由前幣安衍生品工程師創立的 StandX 也成為頭條新聞，鎖定總價值 (TVL) 迅速達到 2 億美元。這場競爭凸顯了投資者對去中心化交易替代方案日益增長的興趣。

Expanding the Ecosystem with USDH

通過 USDH 擴展生態系統

Hyperliquid is expanding its ecosystem with USDH, a native stablecoin backed by cash reserves and U.S. government securities. Launched in late September, USDH aims to be the backbone of Hyperliquid's on-chain financial infrastructure. Managed via Stripe’s Bridge platform, USDH aims for regulatory-grade compliance and custodial security.

Hyperliquid 正在利用 USDH 擴展其生態系統，USDH 是一種由現金儲備和美國政府證券支持的原生穩定幣。 USDH 於 9 月底推出，旨在成為 Hyperliquid 鏈上金融基礎設施的支柱。 USDH 通過 Stripe 的 Bridge 平台進行管理，旨在實現監管級合規性和託管安全。

A New Power Center

新的電力中心

Despite being smaller than centralized giants like Binance and Coinbase, Hyperliquid has exceeded expectations. In some metrics, it has even outperformed Coinbase, demonstrating the potential of decentralized infrastructure. With monthly trading volume in the perpetuals sector exceeding $6 trillion, Hyperliquid's growth suggests that the decentralized model is becoming a viable option for professional traders. As Tarun Chitra of Gauntlet puts it, "the biggest opportunities in finance are often born in the youngest markets."

儘管規模小於幣安和 Coinbase 等中心化巨頭，但 Hyperliquid 的表現超出了預期。在某些指標上，它的表現甚至超過了 Coinbase，展示了去中心化基礎設施的潛力。隨著永續合約領域的月交易量超過 6 萬億美元，Hyperliquid 的增長表明去中心化模式正在成為專業交易者的可行選擇。正如 Gauntlet 的塔倫·奇特拉 (Tarun Chitra) 所說，“金融領域最大的機會往往誕生於最年輕的市場。”

The Road Ahead

未來之路

Hyperliquid's challenge will be balancing growth with resilience, navigating regulatory scrutiny, and maintaining responsible governance. By prioritizing simplicity and reliability, Hyperliquid is positioning itself as a leader in the decentralized trading world.

Hyperliquid 面臨的挑戰將是平衡增長與彈性、應對監管審查以及維持負責任的治理。通過優先考慮簡單性和可靠性，Hyperliquid 將自己定位為去中心化交易世界的領導者。

So, there you have it. Jeff Yan and Hyperliquid are shaking things up in DeFi, one simple, yet sophisticated, step at a time. Keep an eye on this space – it's gonna be a wild ride!

所以，你就知道了。 Jeff Yan 和 Hyperliquid 正在改變 DeFi 領域，一步一步簡單而復雜。密切關注這個空間——這將是一次瘋狂的旅程！