探索超級流動性的傑夫·揚（Jeff Yan）的“有毒流程，取消戰爭，Onchain Perps”的動態，發現了不斷發展的Defi景觀中的關鍵趨勢和見解。

Toxic Flow, Cancel Wars, and Onchain Perps: Hyperliquid's Rise and DeFi's Future

有毒流程，取消戰爭和OnChain Perps：超流動性的崛起和Defi的未來

Hyperliquid is shaking things up in DeFi, controlling 75% of onchain perp volume with no VC funding. But what's behind their success and the drama surrounding it? Let's dive into toxic flow, cancel wars, and the future of onchain perps.

超級流動性在Defi中搖晃，控制了OnChain Perp量的75％，而沒有VC資金。但是，他們的成功和周圍的戲劇背後是什麼？讓我們潛入有毒的流動，取消戰爭以及Onchain Perps的未來。

Hyperliquid's Dominance in Onchain Perps

超流動性在OnChain Perps中的主導地位

Hyperliquid's rise to prominence in the onchain perpetuals (perps) market is nothing short of remarkable. With a staggering 75% of the onchain perp volume, they've achieved dominance without traditional VC funding, relying instead on a massive $1B airdrop to bootstrap growth. This unconventional approach challenges the established norms of crypto protocol development and raises questions about the future of decentralized finance.

在OnChain永久（PERPS）市場中，超流動性的興起無關。憑藉驚人的75％的OnChain Perp量，他們在沒有傳統風險投資的情況下取得了優勢，而是依靠大量$ 1B的Airdrop來實現增長。這種非常規的方法挑戰了加密協議開發的既定規範，並提出了有關分散財務的未來的疑問。

The Cancel Wars and Toxic Flow

取消戰爭和有毒流程

One of the more controversial aspects of Hyperliquid's approach is their handling of order cancellations and "toxic flow." Jeff Yan, Hyperliquid's founder, has prioritized cancel orders over taker orders, a decision that has ruffled feathers, particularly among high-frequency traders (HFTs). The logic behind this decision is to protect the platform and its users from malicious or manipulative trading practices. This raises a fundamental question: who should DeFi platforms cater to – sophisticated trading firms or everyday users?

超流動性方法的更具爭議性的方面之一是它們處理取消秩序和“有毒流程”。 Hyperliquid的創始人Jeff Yan已將取消訂單優先於Taker訂單，這一決定使羽毛皺褶，尤其是在高頻交易員（HFTS）中。該決定背後的邏輯是保護平台及其用戶免受惡意或操縱性交易慣例。這就提出了一個基本問題：誰應該挑選平台來滿足 - 複雜的貿易公司或日常用戶？

CZ vs. Jeff: A Protocol War?

CZ與Jeff：協議戰爭？

The "cancel wars" aren't the only source of drama surrounding Hyperliquid. A subtle protocol war seems to be brewing with Binance, sparked by the JellyJelly controversy. These incidents highlight the challenges of transparency and competition in the decentralized space. It also demonstrates the importance of community sentiment and reputation in the cutthroat world of crypto.

“取消戰爭”並不是圍繞超流動的戲劇的唯一來源。一場微妙的協議戰爭似乎是由果凍爭議引發的binance釀造的。這些事件突出了分散空間中透明度和競爭的挑戰。它還證明了社區情緒和聲譽在加密貨幣世界中的重要性。

HIP-3: The Future of Permissionless Perps

HIP-3：無許可PERPS的未來

Looking ahead, Hyperliquid is betting big on HIP-3, a proposal that could unlock the potential for perps on anything. This would significantly expand the possibilities for decentralized trading and further solidify Hyperliquid's position as a leader in the onchain perp market. If HIP-3 succeeds, it could revolutionize how we think about and interact with decentralized exchanges.

展望未來，Hyproliquid在HIP-3上押注，該提案可以釋放任何東西的潛力。這將大大擴大分散交易的可能性，並進一步鞏固超流動性作為Onchain Perp市場領導者的地位。如果HIP-3成功，它可能會徹底改變我們的思考和與分散交流的互動。

Real Users vs. Predators: Who Matters Onchain?

真正的用戶與掠食者：誰重要？

Jeff Yan's philosophy on building Hyperliquid is centered around prioritizing real users over predatory actors. He believes that some flow simply shouldn't be welcome on the platform. This perspective challenges the prevailing notion that all trading volume is good volume and raises important questions about the ethics of decentralized finance.

傑夫·揚（Jeff Yan）關於建立超流動式的理念的重點是優先考慮真正的用戶超過掠奪性演員。他認為，在平台上不應該受到一些流程。這種觀點挑戰了普遍的觀念，即所有交易量都是良好的數量，並提出了有關分散財務倫理的重要問題。

So, Are Perps the New Casino?

那麼，PERPS是新賭場嗎？

With zero-DTE options gaining popularity, the question arises: are perps the new casino? The crew debates whether perps can replicate the thrill of a lottery. Maybe. Maybe not. But one thing's for sure: the evolution of DeFi is anything but boring.

隨著零-DTE選項的流行，問題出現了：PERPS是新賭場嗎？工作人員辯論PERP是否可以復制彩票的刺激。或許。也許不是。但是可以肯定的是：Defi的演變絕非無聊。

In conclusion, Hyperliquid's story is a fascinating case study in the ever-evolving world of DeFi. From their unconventional funding strategy to their controversial handling of toxic flow, they're challenging the status quo and forcing us to rethink the fundamentals of decentralized finance. And who knows, maybe they'll airdrop me some tokens someday. A guy can dream, right?

總之，在不斷發展的Defi世界中，Hyplliquid的故事是一個令人著迷的案例研究。從他們的非常規資金策略到對有毒流量的有爭議處理，他們挑戰了現狀，並迫使我們重新考慮分散融資的基本面。誰知道，也許他們有一天會為我發射一些令牌。一個人可以做夢，對嗎？