引入HypereVM生态系统：Felix协议，Mizu Labs，Drip.Trade等的采矿机会

本文在HypereVM生态系统中介绍了多个DEFI协议，包括Felix，Mizu Labs，Drip.Trade，Trade，Hyperswap等。

Author: @castle_labs

作者：@castle_labs

Compiled by: zhouzhou, BlockBeats

编译者：khouzhou，blockbeats

Editor's Note: This article introduces multiple DeFi protocols in the HyperEVM ecosystem, including Felix, Mizu Labs, Drip.Trade, HyperSwap, etc., which provide opportunities such as staking, liquidity mining, and airdrop rewards. By participating in these protocols, users can obtain multiple benefits and ecological points, and may receive future token allocations. The HyperEVM ecosystem shows great potential, and the value of early activities is underestimated, giving users who missed the first wave of airdrops a second chance.

编者注：本文在HypereVM生态系统中介绍了多个DEFI协议，包括Felix，Mizu Labs，Drip.Trade，Trade，Hyperswap等，这些方案提供了诸如Staking，流动性挖掘和气流奖励之类的机会。通过参与这些协议，用户可以获得多个好处和生态观点，并可能获得未来的令牌分配。 HypereVM生态系统表现出巨大的潜力，而早期活动的价值被低估了，这使您错过了第一波AirDrops的用户是第二次机会。

The following is the original content (for easier reading and understanding, the original content has been reorganized):

以下是原始内容（为了更容易阅读和理解，原始内容已重新组织）：

Dump the brightness all the way up on your screen. We’re going deep into the Hyperliquid ecosystem.

将亮度一直倒在屏幕上。我们将深入到达超流动生态系统。

Unless you’ve completely left the crypto scene, you’ve probably noticed it: Hyperliquid is everywhere. It’s one of the few projects that has executed a TGE strategy with pinpoint accuracy, creating a lot of wealth while keeping the entire ecosystem growing.

除非您完全离开了加密货币场景，否则您可能会注意到它：超级流动无处不在。这是以精确的精确性执行TGE策略的少数项目之一，在保持整个生态系统的增长的同时创造了很多财富。

While most traders focus on the perpetual contract layer, which has indeed found product-market fit and built one of the most active "believers" in the crypto world, the application layer that is expanding around HyperEVM is often overlooked. And the real opportunity lies here.

尽管大多数交易者都专注于永久合同层，但确实发现了产品市场合同并建立了加密货币世界中最活跃的“信徒”之一，但围绕HypereVM扩展的应用层经常被忽略。真正的机会就在这里。

Castle has covered the core of Hyperliquid in this analysis:

在此分析中，城堡涵盖了混血的核心：

Today, we’ll be breaking down the emerging mining landscape around HyperEVM, including how it’s evolving, who’s most likely to receive rewards, and how to get in on the action now at an early stage.

今天，我们将分解HypereVM周围新兴的采矿景观，包括它的发展方式，最有可能获得奖励的人以及如何在早期阶段进行行动。

What happened and what happens next?

发生了什么，接下来会发生什么？

@hyperliquidx's first airdrop in November 2024 was a historic event, distributing 31% of its total token supply to over 90,000 users. The token was issued at $3.2 and rose to a high of $34. The airdrop was worth over $10.5 billion at its peak, making it one of the largest wealth transfers in crypto history.

@Hyperliquidx在2024年11月的第一台Airdrop是一项历史性活动，将其代币供应量的31％分配给了90,000多名用户。代币的发行价格为3.2美元，上升至34美元。该空调在其高峰期价值超过105亿美元，使其成为加密历史上最大的财富转移之一。

The opportunity is huge and still in its early stages. HyperEVM is live, the core protocol is running, and various points systems are incentivizing user behavior.

机会很大，仍处于早期阶段。 HypereVM正在实时，核心协议正在运行，并且各种点系统正在激励用户行为。

Liquidity across the ecosystem remains thin, and this is often the best time to get the most bang for your buck. Hyperliquid has distributed 31% of the total supply so far, with another 39% still undistributed. At current valuations, this means there is nearly $4 billion in $HYPE that could potentially be distributed to future participants.

整个生态系统的流动性仍然很稀少，这通常是获得最大收益的最佳时机。迄今为止，Hyproliquid已分配了总供应量的31％，另有39％的人仍未分配。目前，这意味着可能有将近40亿美元的$炒作，可能会分发给未来的参与者。

And it’s not just about $HYPE itself. Native protocols like @Kittenswaphype, @HyperLendx, and @HypurrFi are also running their own points campaigns, which can earn rewards now and have the potential to be superimposed with future ecosystem incentives.

这不仅是$ $炒作本身。 @kittenswaphype，@hyperlendx和@hypurrfi等本机协议也正在运行自己的积分广告系列，这些活动现在可以赢得奖励，并有可能与未来的生态系统激励措施叠加。

The market has not yet fully reacted. The overall participation is still low, attention is scattered, and few people can make accurate arrangements. If this cycle unfolds according to the logic of the previous cycle, the earliest and most active participants will reap the greatest rewards.

市场尚未完全反应。总体参与仍然很低，注意力散布，很少有人可以进行准确的安排。如果这个周期根据上一个周期的逻辑展开，则最早，最活跃的参与者将获得最大的回报。

So, who is most likely to benefit next?

那么，谁最有可能受益？

From the history and current situation of Hyperliquid, there are several key groups worth paying attention to:

从高流动性的历史和当前状况来看，有几个关键群体值得关注：

1.KittenSwap – ve(3,3) model DEX for HyperEVM - @kittenswaphype

1.KittensWap - ve（3,3）HypereVM的型号 - @kittenswaphype

KittenSwap is the main DeX on HyperEVM, using a ve(3,3) model similar to Velodrome and Solidly. It supports stablecoin and volatile token trading pairs, and rewards long-term users through fee dividends, points programs, and governance mechanisms.

KittensWap是HypereVM上的主要DEX，使用类似于速度和稳固的VE（3,3）模型。它支持Stablecoin和挥发性令牌交易对，并通过收费，积分计划和治理机制来奖励长期用户。

As the DEX with the largest trading volume and TVL in the ecosystem, KittenSwap is the core hub of HyperEVM liquidity. Many new protocols will choose to launch tokens or create stablecoin trading pairs here.

作为生态系统中交易量和TVL最大的DEX，KittensWap是HypereVM流动性的核心枢纽。许多新协议将选择在此处启动令牌或创建Stablecoin交易对。

KittenSwap recently launched centralized liquidity pools, allowing custom price ranges and temporarily increasing the point multiplier rewards. Some trading pairs currently receive up to 20x point rewards (such as LHYPE/HYPE and USDXL/HYPE), while the multipliers for standard pools have been reduced. This indicates that the protocol will be more inclined to support centralized liquidity in the future.

KittensWap最近推出了集中的流动性池，允许定制价格范围并暂时增加点乘数奖励。目前，一些交易对获得20倍的奖励（例如LHYPE/HYPE和USDXL/HYPE），而标准池的乘数已减少。这表明该协议将来将更倾向于支持集中流动性。

Mining strategy

采矿策略

Add liquidity to high-yield pools - focus on pools with high multiples, such as PURR/HYPE, LHYPE/HYPE, and USDXL. Avoid pools with high total locked volume and diluted rewards.

将流动性添加到高收益池中 - 专注于具有高倍数的池，例如purr/hype，lhype/hype和usdxl。避免锁定量高的池和稀释奖励。

Stake LP tokens to earn points - After adding liquidity, stake LP tokens on KittenSwap to earn points. Points are updated weekly and determine your allocation share in future token issuance.

Stake LP代币以赚取积分 - 在增加了流动性后，在KittensWap上的Stake LP令牌赚取积分。积分每周更新，并确定您将来的代币发行中的分配份额。

Increase your earnings with MechaCats NFTs - Hold MechaCats NFTs to get bonus points:

增加您使用Mechacats NFTS的收入 - 持有Mechacats NFT以获取奖励积分：

1–9 NFTs = 1.25x

1–9 NFTS = 1.25x

100–199 = 1.4 times

100–199 = 1.4次

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