Hyperliquid 与 Binance：代币列表、费用和加密货币交易所的未来

深入探讨 Hyperliquid 和币安之间在代币上市做法、费用和加密货币交易所不断发展的格局方面的冲突，以及 Hyperliquid 的新 INDODAX 上市。

The crypto world's been buzzing about the contrasting approaches of Hyperliquid and Binance when it comes to listing new tokens. It's a showdown between centralized power and decentralized ideals, and everyone's got an opinion. Let's break down what's happening and why it matters.

加密世界一直在讨论 Hyperliquid 和币安在上市新代币方面的对比做法。这是集权权力与分散理想之间的对决，每个人都有自己的看法。让我们来分析一下正在发生的事情以及为什么它很重要。

The Listing Debate: Binance vs. Hyperliquid

上市之争：Binance vs. Hyperliquid

The drama started when Binance's CZ (Changpeng Zhao) defended Binance's listing policies. CZ emphasized that strong projects shouldn't have to shell out cash to get listed. His argument? If your project is legit, exchanges will be lining up to list you. But if you're begging for a listing, maybe it's time to re-evaluate your project.

戏剧性事件始于币安的 CZ（赵长鹏）为币安的上市政策辩护。 CZ强调，有实力的项目不应该为了上市而砸钱。他的论点？如果您的项目是合法的，交易所将会排队将您列入名单。但如果您正在寻求上市，也许是时候重新评估您的项目了。

This came after whispers about Binance allegedly asking for 8% to 10% of a token's supply for a listing. Crypto analyst Ibrahim even pointed to the $WAL token as an example of Binance's listing approach negatively impacting market performance.

此前有传言称，币安要求提供代币供应量的 8% 至 10% 来上市。加密货币分析师 Ibrahim 甚至指出 $WAL 代币是币安上市方式对市场表现产生负面影响的一个例子。

Hyperliquid, on the other hand, came out swinging, touting its open system. No listing fees, no gatekeepers, nada. Anyone can launch a spot asset by paying a small gas fee in HYPE, making the process transparent and fair. Plus, deployers can earn up to 50% of trading fees from their spot pairs. It's a stark contrast to Binance's more centralized, and potentially costly, approach.

另一方面，超液体则大肆宣扬其开放系统。没有上市费，没有看门人，什么也没有。任何人都可以通过在 HYPE 中支付少量的 Gas 费来启动现货资产，从而使整个过程透明且公平。此外，部署者还可以从现货对中赚取高达 50% 的交易费用。这与币安更中心化且成本可能更高的方法形成鲜明对比。

CZ Responds: No Ties to Hyperliquid

CZ回应：与Hyperliquid无关

CZ also addressed rumors about Binance being linked to Hyperliquid. He clarified that there are no current investment ties, though Hyperliquid's founder, Jeff Yan, did participate in Binance Labs' incubation program back in 2018. However, that project didn't take off.

CZ 还回应了有关币安与 Hyperliquid 相关的谣言。他澄清说，尽管 Hyperliquid 的创始人 Jeff Yan 确实在 2018 年参与了币安实验室的孵化计划，但目前没有投资关系。然而，该项目并没有启动。

CZ even took a jab at Hyperliquid's transparent on-chain order book, arguing that it exposes trading strategies. According to CZ, Wall Street traders wouldn't want their orders visible in real-time.

CZ 甚至批评了 Hyperliquid 透明的链上订单簿，认为它暴露了交易策略。 CZ 表示，华尔街交易员不希望他们的订单实时可见。

Hyperliquid's Latest Move: Permissionless Perpetual Futures

Hyperliquid 的最新举措：无需许可的永续期货

Hyperliquid isn't just talking the talk; they're walking the walk with their latest upgrade, HIP-3. This upgrade is a major step towards decentralizing the perpetual futures listing process, allowing users and developers to launch their own perpetual futures exchanges on the platform. Think of it as building your own mini-Binance, but on Hyperliquid.

超液体不仅仅是说说而已；他们正在使用最新的升级产品 HIP-3。此次升级是永续合约上市流程去中心化的重要一步，允许用户和开发者在平台上推出自己的永续合约交易所。可以将其视为在 Hyperliquid 上构建您自己的迷你币安。

HIP-3 brings builder-deployed perpetuals, sharing characteristics with HyperCore. Gas fees in HYPE are determined through a Dutch auction every 31 hours. The staking requirement is set at 500,000 HYPE for the mainnet, but it's expected to decrease as the infrastructure matures. Any deployer meeting the staking criterion can establish one perpetual DEX, with independent margin, order books, and deployer settings.

HIP-3 带来了构建者部署的永久组件，与 HyperCore 具有相同的特性。 HYPE 中的 Gas 费用是通过每 31 小时进行一次荷兰式拍卖确定的。主网的质押要求设定为 500,000 HYPE，但随着基础设施的成熟，​​预计会降低。任何符合质押标准的部署者都可以建立一个永久的DEX，具有独立的保证金、订单簿和部署者设置。

Hyperliquid Lands on INDODAX

Hyperliquid 登陆 INDODAX

In other news, Hyperliquid's native token, HYPE, has been listed on INDODAX, the largest crypto exchange in Indonesia. This listing, which occurred on October 16, 2025, gives Indonesian traders direct access to HYPE through the HYPE/IDR pair. Alongside HYPE, INDODAX also listed Palapa (PLPA), Avantis (AVNT), Aster (ASTER), and RED (RED2), expanding its offerings in the Indonesian market.

其他消息方面，Hyperliquid 的原生代币 HYPE 已在印度尼西亚最大的加密货币交易所 INDODAX 上市。此次上市于 2025 年 10 月 16 日进行，印度尼西亚交易者可以通过 HYPE/IDR 对直接接触 HYPE。除了 HYPE 之外，INDODAX 还上市了 Palapa (PLPA)、Avantis (AVNT)、Aster (ASTER) 和 RED (RED2)，扩大了其在印度尼西亚市场的产品范围。

My Take: A Shifting Landscape

我的看法：不断变化的景观

The clash between Binance and Hyperliquid highlights a growing trend: the push for decentralization in the crypto space. While Binance offers liquidity and exposure, the listing requirements can be a barrier for smaller projects. Hyperliquid's open system levels the playing field, allowing anyone to participate. This matters because the future of crypto depends on empowering innovation, not gatekeeping it.

币安和 Hyperliquid 之间的冲突凸显了一个日益增长的趋势：推动加密货币领域的去中心化。虽然币安提供流动性和风险敞口，但上市要求可能成为小型项目的障碍。 Hyperliquid 的开放系统提供了公平的竞争环境，允许任何人参与。这很重要，因为加密货币的未来取决于赋能创新，而不是把关它。

Binance's model isn't necessarily evil, however. Let's be real, the need for security deposits to protect users from scam projects has some validity. However, the 8-10% token ask for a listing seems a bit steep, especially for projects just starting out. I think both exchanges have their merits, and the best solution will likely be somewhere in the middle: a system that balances accessibility with security and fairness.

然而，币安的模式并不一定是邪恶的。说实话，需要保证金来保护用户免受诈骗项目的侵害是有一定道理的。然而，8-10% 的代币上市要求似乎有点过高，尤其是对于刚刚起步的项目。我认为这两个交易所都有各自的优点，最好的解决方案可能是中间的某个地方：一个平衡可访问性与安全性和公平性的系统。

Final Thoughts

最后的想法

So, what does all this mean? The crypto world is evolving, and the debate over listing practices is just one piece of the puzzle. Whether you're team Binance or team Hyperliquid, it's clear that the future of crypto exchanges will be shaped by the ongoing tension between centralization and decentralization. Buckle up, it's going to be a wild ride!

那么，这一切意味着什么呢？加密世界正在不断发展，关于上市做法的争论只是难题的一小部分。无论您是币安团队还是 Hyperliquid 团队，很明显，加密货币交易所的未来将由中心化和去中心化之间持续的紧张关系决定。系好安全带，这将是一次疯狂的旅程！