高流动性通过在分散融资的基础设施和应用层上进行创新而引起波浪。它可以成为“数字资产金融基础架构”？

Hyperliquid: Building the Future of Finance, Layer by Layer

溢流：建立财务的未来，一层

Hyperliquid is not just another on-chain trading protocol; it's steadily evolving into a mainstream contender for "digital asset financial infrastructure." Let's dive into how Hyperliquid is innovating at both the infrastructure and application layers, and what it means for the future of finance.

超流动不仅是另一种链交易方案；它正在稳步发展成为“数字资产金融基础设施”的主流竞争者。让我们深入了解在基础架构和应用程序层次上都在创新过时，这对金融的未来意味着什么。

Builder Code: The Engine of Ecosystem Expansion

构建器代码：生态系统扩展的引擎

Hyperliquid's Builder Code allows developers to charge fees on filled orders, creating a revenue-generating engine for the open trading ecosystem. Think of it as a way for apps built on Hyperliquid to monetize transaction volume. Currently, the maximum fee is 0.1% for perpetual contracts and 1% for spot trading. While that spot fee might sound high, it could become the norm as more assets launch on Hyperliquid. We are already seeing Builder Code revenue approaching $10 million.

Hyperliquid的构建器代码允许开发人员对填充订单收取费用，从而为开放交易生态系统创建创收引擎。将其视为建立在超级液体上以获取交易量的应用程序的方式。目前，永久合同的最高费用为0.1％，现货交易的最高费用为1％。尽管该现货费用听起来很高，但随着越来越多的资产在超流动性上推出，它可能会成为常态。我们已经看到建筑商代码收入接近1000万美元。

Who's Leading the Charge?

谁领导了指控？

Currently, @pvp_dot_trade is leading the way with around $7.2 million in revenue generated through Builder Code. But more than 22 new developers are jumping in, including @okto_web3, which could see significant growth due to its broader reach.

目前，@PVP_DOT_TRADE正在以建造者代码产生的收入约为720万美元的收入。但是，包括 @okto_web3在内的22多个新开发人员正在跳入，由于其更广泛的覆盖范围可能会显着增长。

Hyperliquid: More Than Just a DEX

溢流：不仅仅是磁带

Hyperliquid is positioning itself as a trading infrastructure. Platforms can plug into Hyperliquid's Builder Code instead of building their own markets. This means permissionless listings through Hyperliquid's spot deployment and upcoming HIP-3 proposals, allowing platforms to focus on building the best user experience and capturing fees, similar to Axiom and PvP Trade.

Hyproliquid将自己定位为一种交易基础设施。平台可以插入超级流动性的构建器代码，而不是建立自己的市场。这意味着通过Hyperliquid的现货部署和即将进行的HIP-3提案，无许可的列表，使平台可以专注于建立最佳的用户体验和捕获费用，类似于Axiom和PvP Trade。

The Robinhood Possibility

抢劫可能性

Imagine if Robinhood integrated Hyperliquid's infrastructure. By investing a relatively small amount in HYPE, Robinhood could deploy its own marketplace on Hyperliquid and capture fees through the Builder Code. This move could save Robinhood months or even years of development time and millions of dollars in technology costs.

想象一下，Robinhood是否整合了超流动性的基础架构。通过投资相对较小的炒作，Robinhood可以将自己的市场部署在超级流动式上，并通过构建器代码捕获费用。这一举动可以节省几个月甚至数年的发展时间和数百万美元的技术成本。

HYPE Token Valuation: A Deep Dive

炒作令牌估值：深度潜水

The HYPE token is the core value carrier of the Hyperliquid ecosystem. By comparing Hyperliquid's fund-backed buybacks to those of traditional public companies, we can get a sense of its value. Using payment processing companies like Visa and Mastercard as a reference, one analysis suggests an implied valuation of $25.9 billion for HYPE.

炒作令牌是超流动生态系统的核心价值载体。通过将Hyproliquid的基金支持的回购与传统上市公司的回购进行比较，我们可以了解其价值。使用Visa和MasterCard等付款处理公司作为参考，一项分析表明，炒作的隐含估值为259亿美元。

Why This Valuation is Conservative

为什么这种估值是保守的

This valuation focuses on a single dimension (buybacks) and ignores the value of HYPE as a Layer-1 native token, its role in governance, and future staking rewards. It's also based on historical data and uses the average valuation multiple of the payment industry to avoid overvaluation.

该估值重点是单个维度（回购），而忽略了炒作作为1层本地令牌的价值，其在治理中的作用以及未来的积分奖励。它也基于历史数据，并利用支付行业的平均估值倍数来避免高估。

Hyperliquid: A Rising Star in Crypto

超流利：加密货币中的后起之秀

Hyperliquid is standing out in the growing perpetual space. It runs on its own custom blockchain, giving it full control over speed and efficiency. With daily trading volume often exceeding $500 million, Hyperliquid is proving its ability to handle big numbers and offer a user-friendly experience.

超流动在不断增长的永久空间中脱颖而出。它以自己的自定义区块链运行，使其完全控制速度和效率。由于每日交易量通常超过5亿美元，Hyproligid证明了其处理大数字并提供用户友好的体验的能力。

So, is Hyperliquid the next big thing in crypto? Only time will tell. But with its innovative approach to infrastructure and application layers, it's definitely one to watch. Who knows, maybe we'll all be trading on Hyperliquid-powered platforms sooner than we think. And hey, if you happen to stumble upon some HYPE along the way, don't say I didn't warn ya!

那么，超流液是加密货币中的下一个大事吗？只有时间会证明。但是，凭借其针对基础架构和应用程序层的创新方法，它绝对是一种值得关注的方法。谁知道，也许我们所有人都比我们想象的要早就在超流利的平台上进行交易。嘿，如果您碰巧偶然发现了一些炒作，请不要说我没有警告您！