大肆宣传牛市案：稳定剂助长了Defi的未来？

炒作是否是解锁稳定驱动的Defi Revolution的关键？分析超流动性的Rise和Arthur Hayes的大胆预测。

HYPE Token Bull Case: Stablecoins Fueling DeFi's Future?

大肆宣传牛市案：稳定剂助长了Defi的未来？

The DeFi landscape is buzzing, and HYPE token is at the center of it all. Riding the stablecoin wave, can Hyperliquid deliver on the hype? Arthur Hayes thinks so, with a bold 126x price target. Let's dive in.

Defi景观嗡嗡作响，炒作令牌是所有的中心。骑稳定波，超流动可以在炒作上传递吗？亚瑟·海斯（Arthur Hayes）这样认为，其目标是126倍。让我们潜水。

Stablecoins: The New Oil of DeFi

Stablecoins：Defi的新油

Stablecoins have exploded, becoming the lifeblood of DeFi with over $272 billion in liquidity. Hyperliquid is positioning itself as a major player, capturing a big chunk of the decentralized perpetual futures market. They're processing serious volume – rivaling even centralized exchanges on key pairs.

斯塔布莱辛（Stablecoins）爆炸了，成为多达2720亿美元的流动性的Defi的命脉。 Hyperliquid将自己定位为主要参与者，捕捉了分散的永久期货市场的很大一部分。他们正在处理严重的数量 - 即使是在关键对上的集中交流也可以抗衡。

Hyperliquid's Secret Sauce: Zero-Gas Fees and Stablecoin Integration

Hyperliquid的秘密酱：零气费和Stablecoin整合

What's driving Hyperliquid's success? Their zero-gas fee model, subsidized by a clever deflationary tokenomics system. They burn a massive chunk of trading fees, creating scarcity and incentivizing growth. Plus, their integration with stablecoins, especially USDC, is a game-changer. Half of their trading activity is now stablecoin-driven!

是什么推动了超流动的成功？他们的零气体费用模型，通过巧妙的通缩令牌系统进行补贴。他们燃烧了大量的交易费用，造成了稀缺性和激励增长。另外，它们与Stablecoins（尤其是USDC）的集成是改变游戏规则的。他们的一半交易活动现在是由稳定的驱动的！

Tech That Matters: HyperCore and HyperEVM

重要的技术：HyperCore和HypereVM

Hyperliquid isn't just hype; they've got the tech to back it up. Their dual-layer blockchain, featuring HyperCore (super-fast order book) and HyperEVM (smart contract layer), unlocks new possibilities. Think tokenized perpetual positions and AI-driven trading strategies. The recent CoreWriter launch is blurring the lines between trading and DeFi even further.

超流动不仅仅是炒作；他们有技术来支持它。他们的双层区块链，具有HyperCore（超级快速订单）和HypereVM（智能合约层），可以解锁新的可能性。思考令牌的永久职位和AI驱动的交易策略。最近的Corewriter发射是模糊了交易和Defi之间的界限。

The 126x Bull Case: Hayes' Bold Prediction

126x公牛案：海耶斯的大胆预测

Arthur Hayes is betting big on HYPE, predicting it could hit $5,000 by 2028. His reasoning? If the stablecoin market hits $10 trillion (as he expects), and Hyperliquid captures just 1% of the trading fees, HYPE's market cap could skyrocket. Their recent $1.2 billion airdrop shows they can scale user adoption, and their revenue per employee is off the charts.

亚瑟·海斯（Arthur Hayes）押注炒作，预计到2028年可能会达到5,000美元。他的理由？如果Stablecoin市场上涨了100万亿美元（正如他所期望的那样），而超流利市场仅捕获了交易费的1％，那么HYPE的市值可能会激增。他们最近的12亿美元的Airdrop表明他们可以扩展用户的采用，并且他们的每个员工的收入不在图表上。

Risks and Realities

风险和现实

Of course, no investment is without risk. The JELLY Crisis highlighted vulnerabilities in their liquidation mechanisms. But Hyperliquid responded quickly, demonstrating a commitment to transparency and beefing up risk management. Regulatory scrutiny is another concern, but their EVM compatibility and focus on stablecoin-driven derivatives could help them navigate the landscape.

当然，没有任何投资没有风险。果冻危机突出了清算机制中的脆弱性。但是超流动迅速做出了反应，表明对透明度和加强风险管理的承诺。监管审查是另一个问题，但是他们的EVM兼容性和专注于Stablecoin驱动的衍生物可以帮助他们浏览景观。

My Take: A Compelling Bet on DeFi's Future

我的看法：令人信服的赌注对Defi的未来

I think HYPE is a compelling play. Their deflationary model, stablecoin integration, and innovative architecture create a strong moat. If you believe in the future of stablecoins and decentralized trading, HYPE is worth a serious look. The team's quick response to the JELLY Crisis shows they can respond to unexpected challenges and adapt quickly. Consider this, as of June 2025, Hyperliquid already held a 74% dominance in the decentralized perpetual futures market, per the second article I reviewed.

我认为炒作是一部令人信服的戏剧。他们的温和模型，Stablecoin集成和创新的体系结构创造了强烈的护城河。如果您相信Stablecoins和分散交易的未来，那么炒作值得一提。该团队对果冻危机的快速回应表明，他们可以应对意外的挑战并迅速适应。根据我审查的第二篇文章，请考虑到这一点，截至2025年6月，超级流动性已经在分散的永久期货市场中占据了74％的统治地位。

Actionable Advice

可行的建议

• Position for Growth: Consider allocating a portion of your DeFi portfolio to HYPE.
• Monitor Stablecoin Trends: Keep an eye on USDC and USDT adoption on DEXs.
• Diversify Exposure: Explore pairing HYPE with staking protocols.

Final Thoughts

最后的想法

Hyperliquid isn't just a token; it's a potential blueprint for the future of DeFi. As stablecoins become more integral to global finance, HYPE's role as a key infrastructure provider could explode. So, are you ready to ride the HYPE wave? It could be a wild, profitable ride!

超流动不仅仅是一个令牌；对于Defi的未来，这是一个潜在的蓝图。随着Stablecoins成为全球金融不可或缺的一部分，HYPE作为关键基础设施提供商的作用可能会爆炸。那么，您准备好骑炒作波吗？这可能是一次狂野，有利可图的旅程！