加密的炒作供应：削减代币以获得更明亮的未来？

Hyperliquid的炒作令牌面临潜在的供应量。削减答案以提高投资者的信心还是冒险的举动？

The crypto world never sleeps, and neither do its tokenomics. Right now, all eyes are on Hyperliquid's HYPE token, with a hot debate brewing around a proposal to slash its total supply. Let's dive into what's going on.

加密世界永远不会睡觉，也不会有它的令牌学。目前，所有人的目光都集中在超级流动的炒作令牌上，围绕着一项削减其总供应的提议进行了热烈的辩论。让我们深入了解正在发生的事情。

The HYPE About HYPE: A Potential Supply Cut

关于炒作的炒作：潜在的供应减少

DBA Asset Management, a crypto asset management firm with a significant HYPE stake, has proposed cutting the token's total supply by a whopping 45%. The goal? To make HYPE's tokenomics more appealing to investors. The proposal suggests revoking authorization for unminted HYPE tokens, burning tokens in Hyperliquid's Assistance Fund, and removing the 1 billion supply cap.

DBA资产管理公司是一家具有大量炒作股份的加密资产管理公司，已提议将令牌的总供应量减少45％。目标？使Hype的标记学对投资者更具吸引力。该提案建议撤销无明显炒作令牌的授权，在超流动援助基金中燃烧令牌以及删除10亿个供应上限。

Why Slash the Supply? The Argument for Token Burning

为什么要削减供应？令牌燃烧的论点

Jon Charbonneau from DBA argues that the market is undervaluing HYPE due to the fully diluted valuation, which includes unissued tokens. He believes this excess supply penalizes the protocol's valuation and could bias future capital allocation decisions. Slashing the supply, he contends, would make HYPE more attractive to both investors and stakers.

来自DBA的乔恩·夏邦诺（Jon Charbonneau）认为，由于完全稀释的估值，该市场正在低估炒作，其中包括未发行的令牌。他认为，这种过剩的供应会惩罚该协议的估值，并可能偏向未来的资本分配决策。他认为，削减供应将使炒作对投资者和斯塔克人都更具吸引力。

Not Everyone's on Board: The Pushback

并非每个人都在船上：回击

Of course, not everyone agrees. Crypto pundit Mister Todd calls the proposal "absolutely foolish," arguing that future emissions are a crucial growth tool. Others suggest keeping tokens in reserve for potential fines or sanctions. Charbonneau counters that the proposal simply changes the accounting, not necessarily reducing the HYPE available in such scenarios.

当然，并不是每个人都同意。加密专家托德先生称该提案为“绝对愚蠢”，认为未来的排放是一种至关重要的增长工具。其他人建议将令牌保留在潜在的罚款或制裁中。 Charbonneau反驳说，该提案只是改变了会计，不一定会减少这种情况下的炒作。

HYPE's Price Swings: A Wild Ride

炒作的价格波动：狂野的旅程

HYPE recently hit an all-time high of $59.30 before cooling off, dropping over 22% to $46.08. This volatility came as Arthur Hayes' Maelstrom Fund reportedly offloaded its entire HYPE holdings, anticipating selling pressure from upcoming token unlocks.

Hype最近在冷却之前达到了59.30美元的历史最高点，下降到22％以上，至46.08美元。据报道，亚瑟·海斯（Arthur Hayes）的漩涡基金（Maelstrom Fund）将其全部炒作持有，预计即将到来的代币解锁会给销售压力带来压力，这种波动率就出现了。

My Two Satoshis: Is Slashing the Right Move?

我的两个satoshis：削减正确的举动吗？

While slashing the supply could address concerns about overvaluation, it's a double-edged sword. Reducing the available tokens could indeed create scarcity and drive up the price, attracting new investors. However, it also limits the protocol's ability to incentivize growth and adapt to future challenges. Transparency and community consensus are key here. If the Hyperliquid community believes in the long-term benefits of a reduced supply, it could be a worthwhile gamble.

在削减供应可能会解决对高估的担忧，这是一把双刃剑。减少可用的代币确实可以造成稀缺性并提高价格，从而吸引新的投资者。但是，这也限制了该协议激励增长和适应未来挑战的能力。透明度和社区共识是这里的关键。如果超流动社区相信供应减少的长期收益，那可能是值得的赌博。

The Bottom Line

底线

The debate around HYPE's supply highlights the ongoing evolution of crypto tokenomics. Whether slashing is the right approach remains to be seen, but it's a conversation worth having. One thing's for sure: the crypto market is never boring. So, grab your popcorn and get ready for the next act! This situation is a reminder that the crypto space is still in its early days, and we're all just trying to figure it out as we go along. Let's keep learning, keep questioning, and keep HYPE-ing each other up (responsibly, of course!).

关于HYPE的供应的辩论突出了加密代币学的持续发展。削减是否是正确的方法还有待观察，但这是值得的对话。可以肯定的是：加密市场永远不会无聊。因此，抓住您的爆米花并为下一个演出做准备！这种情况提醒人们，加密货币空间仍在其早期，我们都只是在努力弄清楚它。让我们继续学习，继续询问，并继续互相炒作（当然是负责任的！）。