耕種的最終指南超流液生態系統

本文介紹了HypereVM生態系統中的幾個DEFI協議，涵蓋了Felix，Mizu Labs，Drip.Trade，Trade，Hyperswap等方案。

Original Title: The Ultimate Guide to Farm the Hyperliquid Ecosystem

原始標題：耕種的終極指南超流利生態系統

Original Author: Castle Labs

原始作者：城堡實驗室

Original Compiler: zhouzhou, BlockBeats

原始編譯器：khouzhou，blockbeats

Editor's Note: This article introduces several DeFi protocols within the HyperEVM ecosystem, covering protocols such as Felix, Mizu Labs, Drip.Trade, HyperSwap, etc., which provide opportunities for staking, liquidity mining, and airdrop rewards. By participating in these protocols, users can earn multiple rewards and ecosystem points, and potentially receive future token allocations. The HyperEVM ecosystem shows great potential, with the value of early activities being underestimated, providing a second chance for users who missed the first wave of airdrops.

編者註：本文介紹了HypereVM生態系統中的幾種Defi協議，涵蓋了Felix，Mizu Labs，Drip.Trade，Trade，Trade，Hyperswap等方案，這些方案為靜止，流動性挖掘和空調提供了機會。通過參與這些協議，用戶可以賺取多個獎勵和生態系統積分，並有可能獲得未來的令牌分配。 HypereVM生態系統表現出巨大的潛力，而早期活動的價值被低估了，這為錯過第一波AirDrops的用戶提供了第二次機會。

Unless you have completely detached from the crypto space, you must have noticed: Hyperliquid is everywhere. It is one of the few projects executing TGE strategies precisely, not only creating substantial wealth but also maintaining growth momentum across the ecosystem.

除非您完全與加密貨幣空間脫離，否則您必須注意到：超流動物無處不在。它是精確執行TGE策略的少數項目之一，不僅創造了大量財富，而且還保持了整個生態系統的增長勢頭。

While most traders focus on perpetual contract layers, which have indeed found product-market fit and built one of the most active "cult communities" in the crypto space, the expanding application layer around HyperEVM is often overlooked. The real opportunity lies here.

儘管大多數交易者都專注於永久合同層，這些合同層確實發現了產品市場合適並建立了加密貨幣空間中最活躍的“邪教社區”之一，但通常會忽略HypereVM周圍擴展的應用程序層。真正的機會在這裡。

Castle has covered the core content of Hyperliquid in this analysis:

在此分析中，城堡涵蓋了混血的核心內容：

This guide will delve into the mining strategies forming around HyperEVM, including their evolution, who is most likely to receive rewards, and how to position oneself in the early stages.

本指南將深入研究圍繞HypereVM的採礦策略，包括其進化，最有可能獲得獎勵以及如何在早期階段定位自己的採礦策略。

What has happened, and what comes next?

發生了什麼，接下來會發生什麼？

@hyperliquidx's first airdrop in November 2024 became a historic event, distributing 31% of its total token supply to over 90,000 users. The token issuance price was $3.20, peaking at $34. This airdrop was valued at over $10.5 billion at its peak, making it one of the largest wealth transfers in crypto history.

@Hyperliquidx在2024年11月的第一台Airdrop成為歷史性活動，將其代幣供應總額的31％分配給了90,000多名用戶。令牌發行價格為3.20美元，達到34美元的高峰。該空投的高峰期價值超過105億美元，使其成為加密歷史上最大的財富轉移之一。

The current opportunity is immense and still in its early stages. HyperEVM is live, core protocols are operational, and various point systems are incentivizing user behavior.

當前的機會是巨大的，仍處於早期階段。 HypereVM是實時的，核心協議是運行的，各種點系統正在激勵用戶行為。

The liquidity across the entire ecosystem remains thin, which is often the best time to capture maximum returns. So far, Hyperliquid has allocated 31% of its total supply, with another 39% yet to be distributed. At current valuations, this means nearly $4 billion worth of $HYPE could be distributed to future participants.

整個生態系統中的流動性仍然很薄，這通常是捕獲最大回報的最佳時間。到目前為止，超流動性已分配了其總供應量的31％，另有39％的人尚待分配。在目前的估值中，這意味著可以將近40億美元的$炒作分發給未來的參與者。

And this is not just about $HYPE itself. Native protocols like @KittenswapHype, @HyperLendx, and @HypurrFi are also conducting their own point activities, which can yield rewards now and potentially stack with future ecosystem incentives.

這不僅是$ $炒作本身。 @kittenswaphype，@hyperlendx和@hypurrfi之類的本機協議也在進行自己的積分活動，這些活動現在可以產生獎勵，並可能與未來的生態系統激勵措施一起堆積。

The market has not yet reacted fully. Overall participation remains low, attention is scattered, and few can position themselves accurately. If this cycle unfolds according to the logic of the previous cycle, the earliest and most active participants will reap the largest rewards.

市場尚未做出反應。總體參與仍然很低，注意力散佈，很少有能夠準確地定位自己。如果這個週期根據上一個週期的邏輯展開，則最早，最活躍的參與者將獲得最大的回報。

So, who is most likely to benefit next?

那麼，誰最有可能受益？

Considering these, here are the 10 mining opportunities currently worth focusing on in the Hyperliquid ecosystem.

考慮到這些，這是當前值得關注超流動生態系統中的10個採礦機會。

1. KittenSwap -- ve(3,3) Model DEX for HyperEVM - @kittenswaphype

1。 kittenswap -ve（3,3）HypereVM的型號 - @kittenswaphype

KittenSwap is the main DeX on HyperEVM, adopting a ve(3,3) model similar to Velodrome and Solidly. It supports trading pairs of stablecoins and volatile tokens, rewarding long-term users through fee dividends, point programs, and governance mechanisms.

KittensWap是HypereVM上的主要DEX，採用了類似於賽車體和牢固的VE（3,3）模型。它支持交易對的穩定幣和揮發性令牌，通過收費股息，點計劃和治理機制來獎勵長期用戶。

As the DEX with the highest trading volume and TVL in the ecosystem, KittenSwap is the core hub of HyperEVM liquidity. Many new protocols choose to launch tokens or create stablecoin trading pairs here.

作為生態系統中交易量最高和TVL的DEX，KittensWap是HypereVM流動性的核心樞紐。許多新協議選擇在此處啟動令牌或創建Stablecoin交易對。

KittenSwap recently launched concentrated liquidity pools, allowing for custom price ranges, and temporarily increased point multiplier. Some trading pairs currently offer up to 20 times point rewards (such as LHYPE/HYPE and USDXL/HYPE), while standard pools have seen a decrease in multipliers. This indicates that the protocol will be more inclined to support concentrated liquidity in the future.

KittensWap最近推出了集中的流動性池，允許定制價格範圍，並暫時增加了點乘數。目前，某些交易對提供了20倍的獎勵（例如LHYPE/HYPE和USDXL/HYPE），而標準池的乘數減少了。這表明該協議將來將更傾向於支持集中流動性。

Mining Strategy

採礦策略

Add liquidity to high-yield pools ------ Focus on pools with high multipliers, such as PURR/HYPE, LHYPE/HYPE, and USDXL. Avoid pools with excessively high total locked amounts, where rewards may be diluted.

將流動性添加到高收益池中-------關注具有高乘數的池，例如Purr/hype，lhype/hype和usdxl。避免將總鎖定量過高的池，在此可能會稀釋獎勵。

Stake LP tokens to earn points ------ After adding liquidity, stake LP tokens on KittenSwap to earn points. Points are updated weekly and determine your allocation share in future token distributions.

Stake LP代幣以賺取積分-------在增加流動性後，在KittensWap上股權LP令牌以賺取積分。積分每週更新，並確定您在未來的令牌分佈中的分配分享。

Use MechaCats NFTs to boost yields ------ Holding MechaCats NFTs provides a points bonus:

使用Mechacats NFT提高產量------持有Mechacats NFTS提供點獎勵：

MechaCats holders will also ensure a 3% share of the veKITTEN supply when the token launches.

當令牌推出時，Mechacats持有人還將確保3％的Vekitten供應份額。

2. HypurrFi -- Leverage Lending and Stablecoin Yields - @hypurrfi

2。 HEADURRFI-利用貸款和穩定的產量 - @hypurrfi

@HypurrFi is a leverage lending platform on HyperEVM and the issuer of the native over-collateralized stablecoin USDXL. Users can borrow USDXL by collateralizing $HYPE or stHYPE while

@hypurrfi是HypereVM上的槓桿貸款平台，也是本機過度合成的STABLECOIN USDXL的發行人。用戶可以通過將$ hype或sthype借入$ usdxl而藉用