超流动性：挑战不透明 CEX 列表的荷兰式拍卖机制

近日，Hyperliquid公开宣布的上币机制引发热议。然而此事之所以引起市场关注

Hyperliquid's recent rise in the crypto space can be largely attributed to the journey of its HYPE token. Following its TGE, HYPE managed to enter the top 50 in terms of market capitalization within just two weeks, briefly surpassing both new and established projects like Fantom and Bittensor, and even outpacing Arbitrum itself.

Hyperliquid 最近在加密货币领域的崛起很大程度上归功于其 HYPE 代币的发展。在 TGE 之后，HYPE 在短短两周内就进入了市值前 50 名，短暂超越了 Fantom 和 Bittensor 等新项目和成熟项目，甚至超过了 Arbitrum 本身。

While the narrative of Perp DEX is no longer a novel concept, Hyperliquid has successfully refocused the market's attention on DEXs.

虽然 Perp DEX 的叙述不再是一个新概念，但 Hyperliquid 成功地将市场的注意力重新聚焦在 DEX 上。

The Indispensable Listing Mechanism

不可或缺的上市机制

Today, HYPE breached the 20 dollar mark, setting a new all-time high. Behind this new peak lies Hyperliquid's precise "market aesthetics,"敏锐地捕捉到本周期“VC to meme” 的脉络。Hyperliquid, which seems to embody the quality of a "VC gathering," did not follow the old path of first securing VC funding and then inflating trading volume before listing. Its founder, Jeff, has expressed dissatisfaction with this form and market logic multiple times in public.

今天，HYPE突破20美元大关，创下历史新高。这个新高峰的背后，隐藏着Hyperliquid精准的“市场美学”，敏锐地捕捉到本周期“VC to meme”的脉络。似乎体现了“VC聚集”品质的Hyperliquid并没有走先稳先稳的老路。风险投资融资，然后在上市前扩大交易量。其创始人杰夫多次在公开场合表达了对这种形式和市场逻辑的不满。

On the other hand, Hyperliquid's team operations and project development are also top-notch. Hyperliquid's ambitions extend beyond Perp DEX; it is actively building a "trading" public chain characterized by low latency, high throughput, high-frequency trading, and order books. When the underlying logic shifts from Perp DEX to a public chain, it also opens up its valuation ceiling.

另一方面，Hyperliquid的团队运作和项目开发也是一流的。 Hyperliquid 的野心不仅限于 Perp DEX；正在积极打造一条以低延迟、高吞吐量、高频交易、订单簿为特点的“交易”公链。当底层逻辑从Perp DEX转向公链时，也打开了其估值上限。

In addition to the reasons mentioned above, Hyperliquid's success can also be credited to its open and transparent listing mechanism. So how does Hyperliquid conduct its listings?

除了上述原因外，Hyperliquid的成功还可以归功于其公开透明的上市机制。那么Hyperliquid是如何进行上市的呢？

Dutch Auction

荷兰式拍卖

Hyperliquid employs a Dutch auction to auction the token ticker, and its listing process is relatively open and transparent, with detailed introductions in the official documentation.

Hyperliquid采用荷兰式拍卖方式拍卖代币，其上币流程相对公开透明，官方文档中有详细介绍。

First, if a project party wants to launch a spot token, they need to apply for the deployment rights of the HIP-1 native token (HIP-1 is the token standard established by Hyperliquid). Subsequently, a Dutch auction mechanism will be used to determine which party will ultimately acquire the token ticker. A Dutch auction, also known as a descending price auction, starts at a price higher than market expectations and continuously decreases until the first party accepts the price, at which point the transaction is completed. From a game theory perspective, a Dutch auction reflects the true psychological expectations of bidders and can achieve a fair price for the auction.

首先，如果项目方想要推出现货代币，需要申请HIP-1原生代币的部署权（HIP-1是Hyperliquid制定的代币标准）。随后，将使用荷兰式拍卖机制来确定哪一方最终将获得代币。荷兰式拍卖，也称为降价拍卖，以高于市场预期的价格开始，并不断下降，直到甲方接受该价格，此时交易完成。从博弈论的角度来看，荷兰式拍卖反映了竞拍者的真实心理预期，能够取得公平的拍卖价格。

Hyperliquid's spot deployment process

Hyperliquid 的现场部署流程

When a project party deploys a token on Hyperliquid, they need to pay a gas fee, but this gas auction fee will later be returned to the HLP Vault.

当项目方在 Hyperliquid 上部署代币时，需要支付一定的 Gas 费，但这笔 Gas 拍卖费稍后会返回到 HLP Vault。

Additionally, Hyperliquid's auctions typically occur every 31 hours, with a maximum of 282 spots available for listing throughout the year. This passive "capping" method also indirectly improves the quality of the listed projects.

此外，Hyperliquid 的拍卖通常每 31 小时进行一次，全年最多有 282 个位置可供拍卖。这种被动的“封顶”方式也间接提高了上市项目的质量。

In summary, compared to the opaque operations of CEXs that leave the public confused, Hyperliquid's listing mechanism is open and transparent, and the gas auction price collected will later be returned to the community in the form of staking, creating a virtuous cycle.

综上所述，相比于CEX操作不透明、让公众摸不着头脑的情况，Hyperliquid的上币机制公开透明，收取的Gas拍卖价格后期会以质押的形式返还给社区，形成良性循环。

Derivatives of the Auction Mechanism

拍卖机制的衍生品

By adopting this public auction mechanism, more interesting routes will emerge in the future. For example, this auction mechanism may lead to "ticker" disputes. Earlier this year, when zkSync was listing on various major exchanges, the Polyhedra Network, which initially used the ZK token ticker, ceded the prestigious ZK ticker to zkSync, subsequently changing its token to ZKJ.

通过采用这种公开拍卖机制，未来将会出现更多有趣的路线。例如，这种拍卖机制可能会导致“股票”纠纷。今年早些时候，当 zkSync 在各大交易所上市时，最初使用 ZK 代币代码的 Polyhedra Network 将久负盛名的 ZK 代码让给了 zkSync，随后将其代币更改为 ZKJ。

It is foreseeable that more projects will exhibit similar "conflicts" after launching on Hyperliquid. Project parties will fiercely compete for a ticker that better suits their tokens, and stories similar to "Sina spent 8 million yuan to purchase weibo.com" and "Finance was acquired by Moniker for 3.6 million dollars in 2007" will soon play out on Hyperliquid.

可以预见，更多的项目在Hyperliquid上上线后将会出现类似的“冲突”。项目方将激烈争夺更适合自己代币的代币，类似“新浪斥资800万元收购微博”、“2007年Finance被Moniker以360万美元收购”的故事很快就会在Hyperliquid上上演。

The "Big Fool" Who Spent 180,000 Dollars

花了18万块钱的“大傻瓜”

After completing its "epic" airdrop at TGE, Hyperliquid's auction prices have continuously broken new highs. Back in June this year, its auction ceiling hovered around 35,000 dollars, failing to break the previous hard cap of 35,000 dollars. However, after TGE, Hyperliquid received unprecedented market attention, directly "pushing" the price to 128,000 dollars, breaking through previous constraints. On December 11, it achieved a historical high of 180,000 dollars in the FARM auction.

在TGE完成“史诗级”空投后，Hyperliquid的拍卖价格不断突破新高。早在今年6月，其拍卖上限就徘徊在35,000美元左右，未能突破此前35,000美元的硬上限。然而，在TGE之后，Hyperliquid受到了前所未有的市场关注，直接将价格“推”至128,000美元，突破了之前的限制。 12月11日，在FARM拍卖中创下18万美元的历史新高。

The previous record-breaking 128,000 dollar ticker dispute stemmed from "SOLV," and it is noteworthy that the Solv Protocol will have its TGE soon, so it is highly likely that this ticker was acquired by Solv Protocol. Previously, the token tickers auctioned by Hyperliquid were mostly meme-related, such as PIP, CATBALL, etc.

此前破纪录的128,000美元的代币争议源于“SOLV”，值得注意的是，Solv Protocol即将推出TGE，因此该代币很有可能被Solv Protocol收购。此前，Hyperliquid 拍卖的代币大多与 meme 相关，例如 PIP、CATBALL 等。