炒作令牌削减提案：新时代还是冒险的赌博？

深入了解炒作令牌供应削减建议，分析其对超流动生态系统和更广泛的加密市场的潜在影响。

HYPE Token Supply Cut Proposal: A New Era or a Risky Gamble?

炒作令牌削减提案：新时代还是冒险的赌博？

The Hyperliquid ecosystem is buzzing with a hot topic: a proposal to slash the HYPE token's total supply by 45%. This proposal, spearheaded by DBA Asset Management, aims to revamp the token's economics and streamline its valuation. But is it a stroke of genius or a recipe for disaster? Let's dive in.

超流动生态系统引起了一个热门话题：将炒作令牌总供应量减少45％的提议。该提案由DBA资产管理领导，旨在改善令牌经济学并简化其估值。但这是天才还是灾难的秘诀？让我们潜水。

The Proposal: What's on the Table?

提案：桌上有什么？

Jon Charbonneau from DBA Asset Management is pitching three key changes:

DBA资产管理公司的Jon Charbonneau正在提出三个关键变化：

• Revoking authorization for unminted HYPE tokens earmarked for future emissions and community rewards.
• Burning all HYPE tokens currently sitting in the Hyperliquid Assistance Fund (AF).
• Removing the 1 billion HYPE supply cap, allowing for future flexibility in token issuance.

The goal? To correct what Charbonneau sees as a market misvaluation of HYPE, which he argues includes unissued tokens, skewing the perception of the protocol's actual worth.

目标？为了纠正Charbonneau认为炒作的市场错误估值，他认为这包括未发行的令牌，使人们对协议的实际价值的看法偏向。

Institutional Backing vs. Community Concerns

机构支持与社区关注

The proposal has garnered support from some big names. Haseeb Qureshi of Dragonfly Capital echoes the sentiment, calling the current community allocation of HYPE inefficient. He points out that nearly half the token supply is tied up for future governance decisions without a clear purpose. This aligns with the earlier report on September 22, 2025, highlighting concerns around significant HYPE withdrawals before the ATH, signaling potential profit-taking ahead of the November 29, 2025, unlock.

该提议从一些知名人士那里获得了支持。 Dragonfly Capital的Haseeb Qureshi呼应了这种情绪，称当前的社区分配炒作效率低下。他指出，近一半的代币供应没有明确的目的而束缚于未来的治理决策。这与2025年9月22日的较早报告相吻合，强调了对ATH面前大量炒作的关注，这表明在2025年11月29日，在解锁的情况下，潜在的获利。

However, not everyone's on board. Crypto commentator Mister Todd slams the proposal as a

但是，并不是每个人都在船上。加密评论员托德先生将提案猛烈抨击