超液体、液晶和先进材料：2025 年深入研究

探索 2025 年 Hyperliquid 的爆炸性增长、其对去中心化衍生品的影响，以及液晶与先进材料的集成。

Hyperliquid, Liquid Crystals, and Advanced Materials: A 2025 Deep Dive

超液体、液晶和先进材料：2025 年深入研究

Hyperliquid's rise in 2025 reshaped decentralized derivatives, fueled by on-chain liquidity and retail activity. This blog post explores its journey, the challenges faced, and the broader context of advanced materials.

在链上流动性和零售活动的推动下，Hyperliquid 在 2025 年的崛起重塑了去中心化衍生品。这篇博文探讨了它的历程、面临的挑战以及先进材料的更广泛背景。

Hyperliquid's Explosive Growth in 2025

超液体在 2025 年将出现爆炸式增长

2025 was a banner year for Hyperliquid. The platform's Total Value Locked (TVL) surged from $3.5 billion to over $5 billion by Q3. Notably, Hyperliquid captured a staggering 73% of all decentralized perpetual trading volume, surpassing even centralized exchanges like ByBit and OKX. This dominance underscores the platform's innovative approach to decentralized finance (DeFi).

2025 年对于 Hyperliquid 来说是辉煌的一年。到第三季度，该平台的总锁定价值 (TVL) 从 35 亿美元飙升至超过 50 亿美元。值得注意的是，Hyperliquid 占据了所有去中心化永续交易量的 73％，甚至超过了 ByBit 和 OKX 等中心化交易所。这种主导地位凸显了该平台在去中心化金融（DeFi）方面的创新方法。

On-Chain Liquidity: The Engine of Expansion

链上流动性：扩张的引擎

Hyperliquid's impressive liquidity profile solidified its position for sustained growth. Open interest (OI) skyrocketed to $15 billion by Q3, dwarfing the combined OI of all other decentralized perpetual exchanges. HyperEVM, reaching $2 billion in organic TVL by mid-2025, played a significant role in this liquidity boom.

Hyperliquid 令人印象深刻的流动性状况巩固了其持续增长的地位。到第三季度，未平仓合约 (OI) 飙升至 150 亿美元，使所有其他去中心化永续交易所的 OI 总和相形见绌。 HyperEVM 的有机 TVL 到 2025 年中期达到 20 亿美元，在这场流动性繁荣中发挥了重要作用。

Retail Trading Patterns: High Leverage, High Activity, High Risk

零售交易模式：高杠杆、高活跃度、高风险

Retail investors have been instrumental in Hyperliquid's rapid ascent. Data from Q3 reveals aggressive trading strategies, with some traders employing high leverage. This high-risk, high-reward approach has contributed significantly to the platform's overall volume, but also highlights the inherent dangers of leveraged trading in a volatile market.

散户投资者在 Hyperliquid 的快速崛起中发挥了重要作用。第三季度的数据显示出激进的交易策略，一些交易者采用了高杠杆。这种高风险、高回报的方式为平台的整体交易量做出了巨大贡献，但也凸显了波动市场中杠杆交易的固有危险。

Institutional Interest and Ecosystem Development

机构利益和生态系统发展

Hyperliquid's success hasn't gone unnoticed by institutional players. The filing of a U.S. SEC application for a Hyperliquid ETF signals growing mainstream acceptance. The introduction of HyperEVM in early 2025 was a pivotal moment, adding EVM compatibility and fostering a growing ecosystem of decentralized applications (dApps).

Hyperliquid 的成功并没有被机构参与者忽视。美国证券交易委员会 (SEC) 提交的 Hyperliquid ETF 申请标志着主流接受度的不断提高。 2025 年初 HyperEVM 的推出是一个关键时刻，它增加了 EVM 兼容性并培育了不断发展的去中心化应用程序 (dApp) 生态系统。

Challenges and Considerations

挑战和考虑因素

Despite its success, Hyperliquid faces challenges. The resignation of Hyperion DeFi’s CEO in November 2025 introduced uncertainty about the company's stability. Furthermore, like all DeFi platforms, Hyperliquid carries inherent risks, including smart contract vulnerabilities, network instability, and potential oracle manipulation. Users should proceed with caution, understanding the risks involved.

尽管取得了成功，Hyperliquid 也面临着挑战。 Hyperion DeFi 首席执行官于 2025 年 11 月辞职，给公司的稳定性带来了不确定性。此外，与所有 DeFi 平台一样，Hyperliquid 也存在固有风险，包括智能合约漏洞、网络不稳定和潜在的预言机操纵。用户应谨慎行事，了解所涉及的风险。

What is Hyperliquid?

什么是超液体？

Hyperliquid is a decentralized exchange focusing on perpetual futures built on its own high-performance Layer-1 blockchain. Launched in 2023, the platform was created by Jeff Yan and a team of former traders from Chameleon Trading. The platform’s primary goal is to offer a trading experience with the speed of a CEX while retaining the critical benefits of decentralization, most notably self-custody.

Hyperliquid 是一家去中心化交易所，专注于基于其自己的高性能 Layer-1 区块链构建的永续期货。该平台于 2023 年推出，由 Jeff Yan 和 Chameleon Trading 的前交易员团队创建。该平台的主要目标是提供中心化交易所速度的交易体验，同时保留去中心化的关键优势，尤其是自我托管。

Conclusion: A Glimpse into the Future of Decentralized Finance

结论：去中心化金融的未来一瞥

Hyperliquid's remarkable 2025 performance underscores the transformative potential of robust on-chain liquidity and strong retail demand in the decentralized finance space. While innovations have set new standards for decentralized trading, the inherent risks of high leverage and token price swings remain significant. The future of Hyperliquid depends on balancing innovation with responsible risk management. So, buckle up, crypto enthusiasts! The ride's just getting started.

Hyperliquid 在 2025 年的出色表现凸显了去中心化金融领域强劲的链上流动性和强劲的零售需求的变革潜力。尽管创新为去中心化交易设定了新标准，但高杠杆和代币价格波动的固有风险仍然很大。 Hyperliquid 的未来取决于创新与负责任的风险管理之间的平衡。所以，系好安全带，加密货币爱好者！旅程才刚刚开始。