燃烧的炒作：修复超流动性的象征学的一项激进建议

一项燃烧45％炒作供应的提议正在震撼超流动性，旨在减少FDV并吸引机构投资者。是改变游戏规则还是赌博？

Burning HYPE: A Radical Proposal to Fix Hyperliquid's Tokenomics

燃烧的炒作：修复超流动性的象征学的一项激进建议

Hyperliquid's native token, HYPE, is at the center of a heated debate. A radical proposal to burn a massive chunk of its supply is turning heads and sparking strong opinions. The goal? To make HYPE more attractive to big-money investors. Is this the right move, or is it a betrayal of the platform's roots?

Hyperliquid的本地令牌炒作是激烈争论的中心。一项激进的提议燃烧大量供应量正在转向头部，并引发强烈的意见。目标？使炒作对大型投资者更具吸引力。这是正确的举动，还是平台根源的背叛？

The HYPE Supply Problem

炒作供应问题

The core of the issue lies in HYPE's tokenomics. While the circulating supply is around 339 million, the total supply sits near 1 billion, creating a significant gap between market cap and fully diluted valuation (FDV). This discrepancy, largely due to tokens allocated for future emissions and community rewards (FECR) and an Assistance Fund (AF), makes HYPE look overvalued to potential investors.

该问题的核心在于炒作的标记学。虽然循环供应约为3.39亿，但总供应量近10亿，在市值和完全稀释的估值（FDV）之间造成了显着差距。这种差异很大程度上是由于为未来的排放和社区奖励（FECR）和援助基金（AF）分配的代币，这使炒作看上去对潜在的投资者高估了。

A Radical Solution: Burn, Baby, Burn!

激进的解决方案：燃烧，宝贝，燃烧！

Enter Jon Charbonneau and Hasu with a bold proposal: burn 45% of the total HYPE supply. This includes revoking authorization for 421 million FECR tokens, destroying the 31.26 million HYPE held by the AF, and removing the 1 billion supply cap. The rationale? A lower FDV makes HYPE appear less expensive and more appealing to institutional investors who often focus on FDV metrics.

以大胆的建议输入乔恩·夏邦诺（Jon Charbonneau）和哈苏（Hasu）：烧伤总炒作供应量的45％。这包括吊销4.21亿FECR令牌的授权，摧毁了AF持有的3126万次炒作，并取消了10亿个供应上限。理由？较低的FDV使炒作显得更便宜，对通常专注于FDV指标的机构投资者更具吸引力。

Why the Radical Approach?

为什么是激进的方法？

Charbonneau and Hasu argue that HYPE's current supply design is an accounting problem, not an economic one. Major data platforms calculate FDV differently, often leading to an inflated valuation for HYPE, regardless of repurchases or burns.

Charbonneau和Hasu认为，炒作目前的供应设计是一个会计问题，而不是经济问题。主要数据平台以不同的方式计算FDV，通常导致炒作的估值膨胀，而不管是回购或燃烧。

The Community Weighs In

社区权衡

The proposal has ignited a firestorm of debate. Supporters, like Dragonfly Capital's Haseeb Qureshi, argue that it challenges the crypto industry's outdated practice of reserving massive token allocations for the

该提议引发了辩论的大火。支持者，就像蜻蜓资本的Haseeb Qureshi一样，它挑战了加密货币行业过时的实践，即保留大量代币分配给