穩定幣、加密貨幣元敘事和 Hypeliquid：解讀炒作

探索穩定幣在加密貨幣未來中的核心作用、Hyperliquid 等“超級應用程序”的興起，以及不斷發展的敘事格局。

Stablecoins, Crypto Meta-Narrative, and Hypeliquid: Decoding the Hype

穩定幣、加密貨幣元敘事和 Hypeliquid：解讀炒作

The crypto world never sleeps, and lately, the buzz is all about stablecoins, emerging meta-narratives, and innovative platforms like Hypeliquid. Let's break down what's driving the excitement.

加密世界永不停息，最近的熱門話題都是關於穩定幣、新興元敘事和 Hypeliquid 等創新平台。讓我們來分析一下是什麼推動了這種興奮。

Stablecoins: The Core of Crypto's Future?

穩定幣：加密貨幣未來的核心？

The primary narrative for the next few years is likely to center around 'adoption,' and stablecoins are positioned to lead the charge. While applications like Hyperliquid and Pump.fun have found traction within the crypto ecosystem, stablecoins are key to broader mainstream integration.

未來幾年的主要敘述可能會圍繞“採用”展開，而穩定幣將引領這一趨勢。雖然 Hyperliquid 和 Pump.fun 等應用程序已在加密生態系統中找到了吸引力，但穩定幣是更廣泛的主流集成的關鍵。

Saving and Speculation: Two Sides of the Stablecoin Coin

儲蓄和投機：穩定幣的兩個方面

The stablecoin hype boils down to two key areas: saving and price speculation on tokens associated with stablecoin infrastructure.

穩定幣炒作歸結為兩個關鍵領域：與穩定幣基礎設施相關的代幣的儲蓄和價格投機。

• Saving: Projects offering high APYs for saving activities, like Spark, Plasma, and Zerobase before their TGE, have gained popularity. This strategy is driven by the need to boost TVL before TGE and increase stablecoin circulation through economic incentives.
• Price Speculation: Participating in token speculation carries risks. Currently, endorsements from institutions and exchanges are driving the hype, making depositing funds the optimal strategy. Token speculation should be considered only when genuine demand or, let's be honest, Ponzi-like schemes emerge.

The Rise of 'Super Applications' and Buybacks

“超級應用”和回購的興起

Super applications like Hyperliquid and Pump.fun are gaining traction, with 'buybacks' playing a crucial role. These applications have achieved product-market fit, generating continuous fee cash flow.

像 Hyperliquid 和 Pump.fun 這樣的超級應用程序正在獲得關注，其中“回購”發揮著至關重要的作用。這些應用程序已經實現了產品與市場的契合，產生了持續的費用現金流。

Using product fees for buybacks creates a flywheel effect, driving up token prices, attracting more users, and increasing token holder stickiness. Pump.fun is even expanding its narrative from Launchpad/DEX to live streaming, hinting at further growth. While it might take time for HYPE to gain traction, long-term prospects remain favorable.

使用產品費用進行回購會產生飛輪效應，推高代幣價格，吸引更多用戶，並增加代幣持有者的粘性。 Pump.fun 甚至將其敘述從 Launchpad/DEX 擴展到直播，這暗示著進一步的增長。雖然 HYPE 可能需要一段時間才能獲得關注，但長期前景仍然樂觀。

ICOs vs. ICMs: It's All About the Narrative

ICO 與 ICM：一切都與敘事有關

ICOs and ICMs are essentially fundraising methods, but ICMs (Internet Capital Markets) offer a grander narrative to attract more participants. Solana's efforts to craft a larger narrative align with the launch of a potential $SOL ETF, aiming to provide TradFi with a reason to invest. While Launchcoin might face challenges, projects like @MetaDAOProject, with strong backing and interaction with Solana, are better positioned for success.

ICO 和 ICM 本質上都是籌款方式，但 ICM（互聯網資本市場）提供了更宏大的敘事來吸引更多參與者。 Solana 努力打造更大的敘事，與潛在的 $SOL ETF 的推出相一致，旨在為 TradFi 提供投資理由。雖然 Launchcoin 可能面臨挑戰，但像 @MetaDAOProject 這樣的項目，在 Solana 的大力支持和互動下，更有可能取得成功。

Artificial Narratives and the Perp DEX Landscape

人工敘事和 Perp DEX 景觀

Artificial narratives, like BSC meme speculations, offer high rewards but also immense risk. The rise of Perp DEXs, spurred by Hyperliquid's emergence, is another example. The market may ultimately resemble a scenario where 'all schools of thought were dismissed except Confucianism,' with Hyperliquid potentially emerging as a winner. The development of artificial narratives hinges on people's capabilities; success depends on early action and engagement in PvP dynamics.

人工敘事，如 BSC 模因推測，提供高回報，但也存在巨大風險。另一個例子是在 Hyperliquid 的出現推動下 Perp DEX 的興起。市場最終可能會出現這樣一種情況：“除了儒家思想之外，所有思想流派都被駁回”，而超液體可能會成為贏家。人工敘事的發展取決於人的能力；成功取決於早期行動和參與 PvP 動態。

The Broader Market: Fed Watch and Ethereum's Potential

更廣泛的市場：美聯儲觀察和以太坊的潛力

Recent news highlights the high probability of the Fed cutting rates, potentially impacting the crypto market. Market indicators suggest Ethereum might continue its rebound, potentially reaching $4,500. Additionally, a mysterious whale has increased its long positions in BTC and ETH, signaling confidence in the market.

最近的消息凸顯了美聯儲降息的可能性很高，這可能會影響加密貨幣市場。市場指標表明以太坊可能會繼續反彈，有可能達到 4,500 美元。此外，一頭神秘鯨魚增加了 BTC 和 ETH 的多頭頭寸，表明對市場的信心。

Final Thoughts

最後的想法

The crypto landscape is constantly evolving, with stablecoins, innovative applications, and compelling narratives driving the market. Staying informed and adaptable is crucial for navigating this exciting space. Now, go forth and conquer the crypto world... but maybe grab a slice of New York pizza first, just to keep things grounded.

加密貨幣格局在不斷發展，穩定幣、創新應用和引人注目的故事推動著市場。保持信息靈通和適應能力對於駕馭這個令人興奮的領域至關重要。現在，繼續征服加密貨幣世界……但也許先吃一塊紐約披薩，以保持腳踏實地。