Hyperliquid 的 HYPE 代币在代币解锁大幅减少后价格飙升

Hyperliquid 大幅削减了团队代币的解锁量，引发 HYPE 每周上涨 55%，并重新讨论其价格目标。

Hyperliquid Slashes Team Token Unlocks, HYPE Price Skyrockets

Hyperliquid 大幅削减团队代币解锁量，HYPE 价格飙升

In a move that has sent ripples through the crypto community, Hyperliquid has significantly curtailed its monthly team token unlocks, a decision that has coincided with a remarkable 55% weekly surge for its native HYPE token. This strategic adjustment has reignited conversations about the token's potential to reclaim its former glory, with some analysts even whispering about a return to the $50 price target.

Hyperliquid 大幅削减了每月团队代币的解锁量，这一举措在加密社区引起了轩然大波，这一决定恰逢其原生 HYPE 代币每周激增 55%。这一战略调整重新引发了有关该代币重拾昔日辉煌潜力的讨论，一些分析师甚至私下谈论该代币将重返 50 美元的目标价格。

A Strategic Shift to Bolster HYPE's Value

提升 HYPE 价值的战略转变

The core of this market excitement lies in Hyperliquid's decision to drastically reduce the amount of HYPE tokens released from team allocations. Specifically, the February 2026 group of unlocks has been slashed to approximately 140,000 HYPE tokens, a stark contrast to the roughly 1.2 million released in January. This represents a nearly 90% reduction in monthly team releases, a move the project asserts is aimed at mitigating dilution and easing supply pressure in the highly competitive perpetual futures market.

这一市场兴奋的核心在于 Hyperliquid 决定大幅减少团队分配中释放的 HYPE 代币数量。具体来说，2026 年 2 月的解锁数量已被削减至约 140,000 个 HYPE 代币，与 1 月份释放的约 120 万个形成鲜明对比。这意味着每月团队释放量减少了近 90%，该项目声称此举旨在减少稀释并缓解竞争激烈的永续期货市场的供应压力。

Core contributors were initially allocated around 23.8% of HYPE's 1 billion maximum supply, subject to a one-year cliff and a 24-month vesting period. These distributions are now confirmed to occur on the 6th of each month. By slowing the pace of these unlocks, Hyperliquid is effectively reducing near-term sell pressure, a factor closely monitored by market participants since HYPE's airdrop launch in November 2024. Currently, over 61% of the total supply remains locked, with the circulating supply at approximately 238 million tokens.

核心贡献者最初分配了 HYPE 10 亿最大供应量的 23.8% 左右，并受到一年的悬崖和 24 个月的归属期的限制。现在确认这些分发将在每月 6 日进行。通过放慢解锁速度，Hyperliquid 有效降低了近期抛售压力，这是自 2024 年 11 月 HYPE 空投推出以来市场参与者密切关注的一个因素。目前，超过 61% 的总供应量仍处于锁定状态，流通供应量约为 2.38 亿个代币。

Technical Indicators Point to Upward Momentum

技术指标显示上涨动力

The impact of this supply-side adjustment is already being felt. At the time of writing, HYPE was trading around $33.9, showing modest daily gains and a substantial weekly increase of over 55%. While still approximately 43% below its all-time high of $59.30, the token's market capitalization has climbed to over $8 billion. This rally has also seen HYPE reclaim its 50-day moving average on the three-day timeframe, breaking a prolonged downtrend and signaling a potential shift in price structure. Analysts are now eyeing the $28-$29 zone as a crucial support level. Should this hold, further upward movement towards the mid-$30s and low-$40s is considered possible, with a return to $50 requiring a sustained volume and favorable market conditions.

此次供给侧调整的影响已经显现。截至撰写本文时，HYPE 的交易价格约为 33.9 美元，每日涨幅不大，周涨幅则超过 55%。虽然仍比 59.30 美元的历史高点低约 43%，但该代币的市值已攀升至超过 80 亿美元。此次反弹还见证了 HYPE 在三天时间范围内收复 50 日移动均线，打破了长期下降趋势，并预示着价格结构可能发生转变。分析师现在将 28-29 美元区域视为关键支撑位。如果这种情况持续下去，则认为有可能进一步上涨至 30 美元左右和 40 美元以下，而回到 50 美元需要持续的交易量和有利的市场条件。

Beyond Tokenomics: Strong Protocol Performance

超越代币经济学：强大的协议性能

The positive sentiment isn't solely driven by tokenomics adjustments. Hyperliquid is also demonstrating robust performance in its core operations. The platform recently announced that its HIP-3 open interest (OI) reached a record $790 million, significantly up from $260 million just a month prior, largely fueled by a surge in commodities trading. Furthermore, the platform's founder, Jeff Yan, highlighted that Bitcoin futures liquidity on Hyperliquid has now surpassed Binance in certain order book comparisons, underscoring its growing prominence as a venue for price discovery.

积极情绪不仅仅由代币经济调整驱动。 Hyperliquid 还在其核心业务中展示了强劲的性能。该平台最近宣布，其 HIP-3 未平仓合约 (OI) 达到创纪录的 7.9 亿美元，远高于一个月前的 2.6 亿美元，这在很大程度上是由大宗商品交易激增推动的。此外，该平台的创始人 Jeff Yan 强调，Hyperliquid 上的比特币期货流动性现已在某些订单簿比较中超过了币安，凸显了其作为价格发现场所的日益突出的地位。

Since its launch, Hyperliquid has processed over $25 billion in cumulative trading volume, with a substantial portion coming from futures markets developed by third-party teams utilizing the HIP-3 framework. The total value locked (TVL) stands near $4.6 billion, and annualized protocol revenue is estimated at around $714 million, part of which is directed towards buybacks and burns, further reducing HYPE's circulating supply.

自推出以来，Hyperliquid 已处理超过 250 亿美元的累计交易量，其中很大一部分来自第三方团队利用 HIP-3 框架开发的期货市场。锁定的总价值（TVL）接近 46 亿美元，年化协议收入估计约为 7.14 亿美元，其中部分用于回购和销毁，进一步减少了 HYPE 的流通供应量。

Looking Ahead: The Path to New All-Time Highs

展望未来：通往历史新高的道路

While the recent token unlock reduction and strong protocol metrics paint a bullish picture, the long-term trajectory of HYPE will depend on sustained technological development, ecosystem growth, and favorable macroeconomic conditions. The potential for HYPE to reach new all-time highs is certainly present, but it hinges on the protocol's continued execution and its ability to capture value in the decentralized derivatives market. For now, the market is buzzing with optimism, and it looks like HYPE is ready to dance!

虽然最近代币解锁量的减少和强大的协议指标描绘了一幅看涨的图景，但 HYPE 的长期轨迹将取决于持续的技术发展、生态系统的增长和有利的宏观经济条件。 HYPE 达到历史新高的潜力肯定是存在的，但这取决于该协议的持续执行及其在去中心化衍生品市场获取价值的能力。目前，市场充满乐观情绪，看起来 HYPE 已经准备好跳舞了！