超流动性（炒作）价格飙升300％，因为山寨币停滞不前，$ 1B的交易和无效的模型推动了叙事？

在大部分时间的大部分时间里，主要的山寨币在很大程度上侧面交易的市场中，Hyproliquid（Hype）悄悄地建立了自己的看涨势头。

In a market that has largely seen major altcoins stall out through most of May, Hyperliquid (HYPE) managed to build some bullish momentum.

在一个在很大程度上看到主要的Altcoins在整个5月的大部分时间里停滞不前的市场中，Hypliquid（Hype）设法建立了一些看涨的势头。

The token reached an all-time high of $39.93 on May 26, notching up more than a 326% rally from the April 7 low of $9.36. The climb unfolded gradually, with the price crossing $28 by May 21 and pushing past $30 during the final stretch of the month.

该令牌在5月26日达到39.93美元的历史最高点，比4月7日低点9.36的低点升至326％。攀登逐渐发展，到5月21日，价格超过28美元，并在本月的最后一段时间内推出了30美元。

As of May 27, HYPE is trading around $38.5. While that reflects a 4.5% dip from the recent peak, it still marks a 47% gain over the past seven days.

截至5月27日，HYPE的交易约为38.5美元。尽管这反映了最近的峰值4.5％的下降，但在过去的七天中，它仍然标志着47％的增长。

Trading activity has remained strong, with 24-hour volume hovering around $345 million. Hyperliquid’s market cap now stands at approximately $12.5 billion, placing it as the 11th largest crypto asset by market value.

贸易活动仍然很强劲，24小时的交易量徘徊在3.45亿美元左右。 Hyperliquid的市值现在约为125亿美元，按市场价值将其视为第11大加密资产。

This rally was fueled by noticeable improvements in key on-chain metrics. Open interest hit a record high of $10.1 billion, and daily trading fees reached $5.6 million on May 26, highlighting increased usage and engagement.

这次集会是由于关键的链上指标的明显改善所推动的。 Open Isport达到了创纪录的101亿美元，每日交易费用在5月26日达到560万美元，强调了使用和参与度的增加。

Hyperliquid reached new all-time highs again:

溢流再次达到了新的历史高峰：

+ Open interest: $10.1B

+开放兴趣：$ 10.1B

+ 24h fees: $5.6M

+ 24H费用：560万美元

+ USDC TVL: $3.5B

+ USDC TVL：$ 3.5B

Welcome to all new members of the ecosystem.https://t.co/94ZcG89x30

欢迎来到生态系统的所有新成员.https：//t.co/94zcg89x30

The recent integration of USD Coin (USDC) as the main settlement asset has also added more depth to the ecosystem. With $3.5 billion now locked on the platform, confidence appears to be growing among both institutional participants and retail users.

USD硬币（USDC）作为主要和解资产的最新集成也为生态系统增加了深度。现在，该平台上锁定了35亿美元，机构参与者和零售用户的信心似乎都在增长。

Let’s look at what Hyperliquid does, why it’s gaining traction among users, and what current price predictions suggest about its potential path forward.

让我们看一下超流动性的作用，为什么它在用户之间获得吸引力以及当前价格预测对其潜在的前进方向提出了什么建议。

What drives the Hyperliquid price?

是什么推动了超流利价格？

Hyperliquid, launched in November 2024, runs on a custom layer 1 blockchain architecture designed to support fully on-chain trading of perpetual futures.

Hyperliquid于2024年11月推出，在自定义的第1层区块链体系结构上运行，旨在支持永久期货的完全链交易。

Unlike many decentralized exchanges that rely on off-chain order matching and on-chain settlement, Hyperliquid processes all transactions, orders, and trades directly on-chain. The system is anchored by two main components: HyperBFT and HyperEVM.

与许多依赖链订单匹配和链上解决方案的分散交易所不同，超流动过程所有交易，订单和交易直接在链上。该系统由两个主要组成部分锚定：HyperBFT和HypereVM。

HyperBFT, a consensus protocol influenced by Meta’s LibraBFT, is built to handle throughput of up to 2 million transactions per second. It finalizes blocks in under a second and can process as many as 100,000 orders per second.

Hyperbft是受Meta librabft影响的共识协议，旨在处理每秒多达200万笔交易的吞吐量。它在不到一秒钟的时间内最终确定了块，并且每秒可以处理多达100,000个订单。

HyperEVM ensures compatibility with the Ethereum Virtual Machine, giving developers the ability to deploy Ethereum-based smart contracts while benefiting from faster execution and lower transaction on a light-chain.

HypereVM确保与以太坊虚拟机的兼容性，使开发人员能够部署基于以太坊的智能合约，同时受益于更快的执行和降低轻链的交易。

The platform offers perpetual futures trading across several major crypto assets, including Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Solana (SOL), and Sui (SUI). Traders can use up to 50x leverage and are not required to hold the underlying asset to open a position.

该平台提供了几个主要加密资产的永久期货交易，包括比特币（BTC），以太坊（ETH），雪崩（Avax），Solana（Solana（Sol）（Sol）和Sui（SUI）。交易者最多可以使用50倍的杠杆作用，并且不需要持有基础资产以开设职位。

New users onboard through wallet-based login, and the exchange does not conduct any know-your-customer checks. This model stands in contrast to most centralized platforms and may raise regulatory questions in certain jurisdictions.

新用户通过基于钱包的登录名来进行，交易所不会进行任何了解您的客户检查。该模型与大多数集中式平台形成鲜明对比，并可能在某些司法管辖区提出监管问题。

In addition to derivatives, Hyperliquid enables spot trading through its HIP-1 token standard, which is structurally similar to Ethereum’s ERC-20. Token listings come with relatively high costs, a measure aimed at reducing spam and filtering out low-quality projects.

除衍生物外，超流动性还可以通过其HIP-1代币标准进行现场交易，该标准在结构上与以太坊的ERC-20相似。代币清单的成本相对较高，旨在减少垃圾邮件和过滤低质量项目的措施。

The protocol also includes a Vaults feature that allows users to allocate capital to traders or algorithmic strategies in a non-custodial way. All vault performance data is public, and fund movements occur entirely on-chain.

该协议还包括一个金库功能，该功能允许用户以非监测方式将资本分配给交易者或算法策略。所有保险库绩效数据都是公开的，基金的移动完全发生在链上。

Hyperliquid has stated that it has not taken any venture capital funding. Postitioning the absence of VC involvement as a strategic choice, the team says it is focused on building long-term infrastructure rather than chasing short-term token performance.

Hyperliquid表示，它没有占用任何风险投资。该团队将缺乏风险投资作为一种战略选择，并表示，该团队专注于建立长期基础设施，而不是追逐短期令牌绩效。

James Wynn’s $1.25B position boosts trust in Hyperliquid wallet

詹姆斯·怀恩（James Wynn

Hyperliquid’s growing presence in the DeFi space is backed by a series of tangible developments that have unfolded over the past few months.

Hyperliquid在Defi空间中的日益增长得到了一系列切实的发展，这些发展在过去几个月中一直存在。

On May 23, Hyperliquid Labs submitted two public comment letters to the U.S. Commodity Futures Trading Commission in response to the agency’s request for feedback on the future of perpetual futures and 24/7 crypto markets.

5月23日，超流动实验室向美国商品期货交易委员会提交了两封公开评论信，以响应该机构对永久期货和24/7加密市场的未来反馈的要求。

The letters called for regulatory approaches that support decentralized infrastructure while maintaining financial safeguards, marking the first time Hyperliquid participated in policy discussions at this level.

这些信件要求采用监管方法，在维持财务保障的同时，支持分散基础设施，这是超流动性首次参加此级别的政策讨论。

This engagement had an immediate impact, as HYPE rose 15% that day, according to CoinMarketCap data, signaling investor confidence in the platform’s long-term regulatory position.

根据CoinMarketCap数据，这一参与产生了直接的影响，因为当天炒作上涨了15％，这表明投资者对该平台的长期监管地位的信心。