超流動式泵令牌躁狂症：單位令牌化是中心舞台

Hyperliquid用其單位令牌層主導著泵令牌交易，挑戰了CEXS並提高了其TVL。但是涉及泵的效用。

The crypto world's buzzing about PUMP token, and Hyperliquid's right in the thick of it, thanks to its innovative Unit tokenization. Let's dive into what's happening!

由於其創新的單位令牌化，加密世界對泵令牌的嗡嗡聲和超級流動性的嗡嗡聲。讓我們深入了解正在發生的事情！

Hyperliquid's PUMP Domination

超流動的泵統治

Following the PUMP token launch, Hyperliquid has emerged as a major player. It's giving centralized exchanges a run for their money, boasting the second-largest spot volumes for PUMP trading. In the past 24 hours, Hyperliquid processed a whopping $184 million in spot PUMP volume, trailing only Gate. Even those CEXs that hosted the PUMP ICO, like Bybit and MEXC, are lagging behind. And let's not forget the decentralized exchange side – other Solana-native DEXs are nowhere close.

在泵令牌發布之後，Hyproliquid已成為主要參與者。它使集中式交易所賺錢，擁有泵交易的第二大現貨量。在過去的24小時中，超流動器處理了高達1.84億美元的現貨泵量，僅落後門。即使是那些託管泵ICO的CEX，例如BYBIT和MEXC，也落後了。而且，我們不要忘記分散的交換方面 - 其他索拉納本地的DEX遙不可及。

Hyperliquid, known for its perpetuals futures trading, is also crushing it in the PUMP perpetuals market. The platform's volume is significantly higher than its competitors. Why is this happening? Well, on-chain natives seem to be benefiting most from the launch, with the majority of the raise going through the pumpfun website. Plus, major exchanges like Binance and Coinbase haven't listed the token yet, pushing activity on-chain.

以永久期貨交易而聞名的Hyproliquid也在泵的永久市場中粉碎它。該平台的音量大大高於其競爭對手。為什麼會發生這種情況？好吧，鍊鍊本地人似乎從發射中受益最大，大部分加薪通過了Pumpfun網站。另外，諸如Binance和Coinbase之類的主要交易所尚未列出令牌，從而推動了鏈上的活動。

Unit Tokenization: The Secret Sauce

單位令牌化：秘密調味料

So, what's Hyperliquid's secret? It's all about Unit tokenization. This platform layer enables spot trading by launching U-assets (uBTC, uETH, uPUMP) that can be traded on Hyperliquid’s DEX interface, known as HyperCore, or bridged to Hyperliquid's Layer 1, HyperEVM.

那麼，超級流動的秘密是什麼？這全都與單位令牌化有關。該平台層通過啟動可以在Hyperliquid的DEX接口（稱為HyperCore）或橋接到Hyperliquid的第1層HypereVM上的U-Assets（UBTC，UETH，UPUMP）來實現現貨交易。

Thanks to the PUMP launch, Unit metrics are exploding, hitting all-time highs. The total-value locked (TVL) is nearing $600 million, with a significant chunk represented by PUMP holdings. Unit now holds the most PUMP outside of the pumpfun team's wallets.

得益於泵的發布，單位指標正在爆炸，達到歷史最高點。總價值鎖定（TVL）接近6億美元，其中泵控股代表了很大的一部分。現在，Unit擁有Pumpfun團隊錢包外部最多的泵。

Concerns and Criticisms Around PUMP Token

圍繞泵令牌的關注和批評

Pump.fun, a Solana-based meme coin launchpad, made it super easy for anyone to create and trade tokens. But the PUMP token itself? Well, it's facing some heat due to its lack of fundamental utility. Despite a high valuation after its presale, concerns are growing about its long-term viability.

Pump.Fun是一款位於索拉納的Meme Coin Launchpad，使任何人都非常容易創建和交易代幣。但是泵令牌本身？好吧，由於缺乏基本效用，它面臨著一些熱量。儘管有預售後的估值很高，但人們對其長期生存能力的擔憂越來越大。

Critics point out that the PUMP token doesn't offer governance rights, staking benefits, or revenue-sharing – yikes! This raises fears that it might just be a short-term hype thing rather than a solid ecosystem. The token's value seems driven more by brand buzz than actual economic reasons to hold it.

評論家指出，泵令牌沒有提供治理權利，積分福利或分享收入 - yikes！這使人們擔心這可能只是短期的炒作，而不是一個紮實的生態系統。代幣的價值似乎是由品牌嗡嗡聲而不是實際經濟原因所驅動的。

Another red flag? A massive chunk of tokens were unlocked at launch, creating selling pressure. Plus, a big chunk of the token supply was reserved for the Pump.fun team, raising eyebrows among analysts. Without lock-up periods, there's a risk of team sell-offs, which could mess with the market.

另一個危險信號？發射時解鎖了大量令牌，造成了銷售壓力。另外，為泵組保留了很大一部分令牌供應，並在分析師之間引起了人們的注意。沒有鎖定期，團隊拋售的風險可能會擾亂市場。

Binance Enters the Game

Binance進入遊戲

As PUMP faces these challenges, Binance is stepping into the bonding curve model game. They've introduced their own token launch model, requiring projects to pass checks, adding a layer of quality control. Participants need to hold Binance Alpha Points and BNB to join, and the system rewards early birds while preventing quick exits.

當泵面臨這些挑戰時，Binance正在進入粘結曲線模型遊戲。他們介紹了自己的令牌啟動模型，要求項目通過支票，增加質量控制層。參與者需要持有Binance Alpha積分和BNB加入，並且該系統在防止快速出口的同時獎勵早期的鳥類。

What Does This Mean for PUMP?

這對泵意味著什麼？

Despite the criticisms, Pump.fun still has strong brand recognition and exchange support. However, without improvements to its token's utility, it might struggle to keep its early momentum. Traders looking for long-term gains will need more than hype to stick around. Pump.fun needs to step up its game to stay relevant.

儘管受到了批評，但Pump.Fun仍然擁有強大的品牌認可和交流支持。但是，如果沒有改進其代幣的效用，它可能難以保持其早期勢頭。尋求長期收益的交易者需要炒作不僅僅是炒作。 pump.fun需要加強遊戲以保持相關性。

James Wynn's Bold Moves

詹姆斯·永利的大膽舉動

Hyperliquid crypto trader James Wynn is making waves with his bold investment moves. He's been depositing large amounts of USDC into Hyperliquid and opening leveraged longs on coins like BTC and PEPE. Wynn likes Hyperliquid because it has no extra fees and allows for high leverage. Crypto enthusiasts are keeping a close eye on him because he's known for taking big risks.

超級加密交易員詹姆斯·永利（James Wynn）以他大膽的投資動作引起了轟動。他一直將大量USDC沉積到超流動液中，並在BTC和PEPE等硬幣上揮舞著槓桿。 Wynn喜歡超級流動，因為它沒有額外的費用，並且允許高槓桿作用。加密愛好者密切關注他，因為他以冒險的風險而聞名。

Final Thoughts

最後的想法

So, there you have it. PUMP token is shaking things up, with Hyperliquid's Unit tokenization leading the charge. But with questions surrounding PUMP's utility, it's a wild ride! Will PUMP become a lasting success, or will it fade away? Only time will tell. In the meantime, buckle up and enjoy the show!

所以，你有。泵令牌正在搖動一切，超級流利的單位令牌化導致了電荷。但是，由於圍繞泵的實用程序的問題，這是一個瘋狂的旅程！泵將成為持久的成功，還是會消失？只有時間會證明。同時，搭扣並享受演出！