超级流动性最近超过了永久交换DYDX的贸易量，达到1.5万亿美元

尽管是一个更新的平台，但Hyperliquid的代币回购和缺乏现金激励措施提供了长期稳定。

Hyperliquid, a high-performance L1 trading blockchain, has been enjoying many successes recently. Earlier this month, it captured more than 60% of the perpetuals trading market, and its HYPE token hit a 3-month high shortly afterward.

高性能的L1交易区块链超级流动性最近取得了许多成功。本月初，它捕获了超过60％的永久交易市场，此后不久，它的炒作令牌高达3个月。

Yesterday, analysts noticed that Hyperliquid’s all-time trading volume surpassed dYdX, and it reached $1.5 trillion today.

昨天，分析师注意到，Hyperliquid的历史交易量超过了DYDX，今天达到了1.5万亿美元。

Hyperliquid's all-time volume is nearing $1.5t and surpassing what dYdX achieved in four years

Hyperliquid的历史销量接近1.5吨，超过了DYDX四年来的成就

Hyperliquid

超流动

dYdX is a decentralized perpetuals exchange that has been active for five years, whereas Hyperliquid’s platform only launched in 2023.

DYDX是一种分散的永久交换，已经活跃了五年，而Hyperliquid的平台仅在2023年推出。

Nonetheless, the younger protocol has overtaken it. After launching its native token in 2021, dYdX began employing it to reimburse users’ trading fees, boosting its volumes. It then built community hype around an informal “trading contest” with competitors.

尽管如此，年轻的协议已经取代了它。 DyDX于2021年推出其本地令牌后，开始使用它来偿还用户的交易费用，从而增加了其量。然后，它围绕与竞争对手进行非正式的“交易竞赛”建立了社区炒作。

Hyperliquid, on the other hand, did not rely on dYdX’s incentive strategy. After its own TGE last year, it managed to accumulate huge volumes through functionality, word-of-mouth, and product quality.

另一方面，超流动不依赖DyDX的激励策略。在去年自己的TGE之后，它通过功能，口碑和产品质量来积累了巨大的量。

2024 was a peak year for crypto perpetuals trading, and the HYPE TGE took advantage of the moment. This has apparently proved to be a more durable approach.

2024年是加密永久交易的高峰年，炒作利用了当下。这显然被证明是一种更耐用的方法。

Additionally, Hyperliquid directs the vast majority of its trading fees to token buybacks, which dYdX only instituted months later, and to a lesser degree.

此外，Hyplliquid将其绝大多数交易费用指向代币回购，该回购仅在几个月后才建立，并且在较低的程度上。

This helped the firm repurchase 17% of the total circulating HYPE tokens, providing several key advantages. Over the last month, HYPE’s market cap has been steadily rising towards $10 billion:

这有助于该公司回购总循环炒作令牌的17％，从而提供了几个关键优势。在上个月，HYPE的市值一直稳步上升到100亿美元：

Despite its strong rise, Hyperliquid has also seen several major controversies. For example, it denied claims of a Lazarus Group security breach despite clear on-chain evidence last year.

尽管有强劲的增长，但杂种也有几个重大争议。例如，尽管去年有明确的链证据，但它否认了拉撒路集团安全违规的主张。

In March, it unleashed a major scandal when it delisted JELLYJELLY in response to a short squeeze. This led to accusations of market manipulation and substantial losses.

3月，当它响应短暂的挤压时，它释放了一个重大丑闻。这导致了市场操纵和巨大损失的指控。

dYdX hasn't suffered a public debacle like that in many months, but Hyperliquid did act quickly to rebuild its reputation. So far, this seems to have worked.

DyDX在许多月内都没有遭受这样的公共崩溃，但是Hyproliquid确实迅速采取行动重建其声誉。到目前为止，这似乎有效。

Earlier today, Hyperliquid also reached a new all-time high in open interest, surpassing $8 billion. If it can maintain this momentum, the exchange can build a commanding lead over DeFi's perpetuals market.

今天早些时候，Hyproliquid还达到了新的开放兴趣，超过了80亿美元。如果可以维持这一势头，那么交换可以在Defi的永久市场上建立指挥的领先优势。