Jeff Yan，Hyperliquid 和 DeFi 革命：纽约视角

探索 Jeff Yan 的 Hyperliquid、其对 DeFi 的影响，以及交易所在竞争激烈的去中心化衍生品市场中的创新风险管理方法。

Jeff Yan, Hyperliquid, and the DeFi Revolution: A New York Perspective

Jeff Yan，Hyperliquid 和 DeFi 革命：纽约视角

Hyperliquid, spearheaded by Jeff Yan, is making waves in the DeFi space. Let's dive into what's making this decentralized exchange a hot topic, from its risk management strategies to its growing influence in the crypto world.

由 Jeff Yan 领导的 Hyperliquid 正在 DeFi 领域掀起波澜。让我们深入探讨一下是什么让这个去中心化交易所成为热门话题，从它的风险管理策略到它在加密世界中日益增长的影响力。

Hyperliquid's Stance on Risk Management

Hyperliquid 的风险管理立场

Jeff Yan recently addressed concerns about Hyperliquid prioritizing profit over user safety. Yan emphasized that Hyperliquid's core philosophy revolves around risk management, user protection, and maintaining market integrity. This isn't just talk; it's baked into their system. Recent automatic deleveraging (ADL) events prove their commitment, with users netting “hundreds of millions” in gains. Yan points out that a backstop liquidation mechanism could have generated more revenue for Hyperliquid, but it would have amplified risk – something they're not willing to do.

Jeff Yan 最近解决了人们对 Hyperliquid 将利润置于用户安全之上的担忧。严强调，Hyperliquid的核心理念围绕风险管理、用户保护和维护市场诚信。这不仅仅是说说而已；它已融入他们的系统中。最近的自动去杠杆（ADL）事件证明了他们的承诺，用户获得了“数亿”的收益。 Yan 指出，后备清算机制本可以为 Hyperliquid 带来更多收入，但会放大风险 — — 这是他们不愿意做的。

Simplicity is Key

简单是关键

In the complex world of DeFi, Hyperliquid is betting on simplicity. Yan is wary of adding layers of complexity to the ADL algorithm, arguing that it could make the system more fragile. He draws lessons from traditional finance and early DeFi experiments, noting that transparency and simplicity are crucial for stability, especially in volatile markets. Traders seem to agree, as Hyperliquid is gaining a reputation for reliability during high-stress trading events.

在复杂的 DeFi 世界中，Hyperliquid 押注于简单性。 Yan 对于在 ADL 算法中增加复杂性持谨慎态度，认为这可能会使系统更加脆弱。他从传统金融和早期 DeFi 实验中吸取了教训，指出透明度和简单性对于稳定性至关重要，尤其是在波动的市场中。交易员们似乎也同意这一点，因为 Hyperliquid 在高压力交易事件中因其可靠性而赢得了声誉。

Hyperliquid's Growing Influence

超液体的影响力与日俱增

Hyperliquid's rise hasn't gone unnoticed, even catching the eye of ARK Invest CEO Cathie Wood. She likened Hyperliquid's potential to the early days of Solana, calling it "the new kid on the block." While Wood didn't disclose any investment, her comments highlight Hyperliquid's growing significance in the decentralized derivatives arena. Market analysts see Hyperliquid as part of "DeFi 2.0 infrastructure," combining institutional-grade design with community-driven governance.

Hyperliquid 的崛起并没有被忽视，甚至引起了 ARK Invest 首席执行官 Cathie Wood 的注意。她将 Hyperliquid 的潜力比作 Solana 的早期，称其为“街区的新生事物”。虽然伍德没有透露任何投资，但她的评论凸显了 Hyperliquid 在去中心化衍生品领域日益重要的重要性。市场分析师将 Hyperliquid 视为“DeFi 2.0 基础设施”的一部分，将机构级设计与社区驱动的治理相结合。

The Competition is Heating Up

竞争正在白热化

Hyperliquid's success in perpetual futures trading has attracted a wave of competitors. Aster, a new perpetual DEX, briefly surpassed Hyperliquid in trading volume and open interest, signaling an increasingly competitive landscape. StandX, founded by former Binance derivatives engineers, has also made headlines, quickly reaching $200 million in total value locked (TVL). This competition underscores the growing investor interest in decentralized trading alternatives.

Hyperliquid在永续期货交易方面的成功吸引了一波竞争对手。 Aster 是一种新的永久性 DEX，在交易量和持仓量方面短暂超过了 Hyperliquid，这表明竞争格局日益激烈。由前币安衍生品工程师创立的 StandX 也成为头条新闻，锁定总价值 (TVL) 迅速达到 2 亿美元。这场竞争凸显了投资者对去中心化交易替代方案日益增长的兴趣。

Expanding the Ecosystem with USDH

通过 USDH 扩展生态系统

Hyperliquid is expanding its ecosystem with USDH, a native stablecoin backed by cash reserves and U.S. government securities. Launched in late September, USDH aims to be the backbone of Hyperliquid's on-chain financial infrastructure. Managed via Stripe’s Bridge platform, USDH aims for regulatory-grade compliance and custodial security.

Hyperliquid 正在利用 USDH 扩展其生态系统，USDH 是一种由现金储备和美国政府证券支持的原生稳定币。 USDH 于 9 月底推出，旨在成为 Hyperliquid 链上金融基础设施的支柱。 USDH 通过 Stripe 的 Bridge 平台进行管理，旨在实现监管级合规性和托管安全。

A New Power Center

新的电力中心

Despite being smaller than centralized giants like Binance and Coinbase, Hyperliquid has exceeded expectations. In some metrics, it has even outperformed Coinbase, demonstrating the potential of decentralized infrastructure. With monthly trading volume in the perpetuals sector exceeding $6 trillion, Hyperliquid's growth suggests that the decentralized model is becoming a viable option for professional traders. As Tarun Chitra of Gauntlet puts it, "the biggest opportunities in finance are often born in the youngest markets."

尽管规模小于币安和 Coinbase 等中心化巨头，但 Hyperliquid 的表现超出了预期。在某些指标上，它的表现甚至超过了 Coinbase，展示了去中心化基础设施的潜力。随着永续合约领域的月交易量超过 6 万亿美元，Hyperliquid 的增长表明去中心化模式正在成为专业交易者的可行选择。正如 Gauntlet 的塔伦·奇特拉 (Tarun Chitra) 所说，“金融领域最大的机会往往诞生于最年轻的市场。”

The Road Ahead

未来之路

Hyperliquid's challenge will be balancing growth with resilience, navigating regulatory scrutiny, and maintaining responsible governance. By prioritizing simplicity and reliability, Hyperliquid is positioning itself as a leader in the decentralized trading world.

Hyperliquid 面临的挑战将是平衡增长与弹性、应对监管审查以及维持负责任的治理。通过优先考虑简单性和可靠性，Hyperliquid 将自己定位为去中心化交易世界的领导者。

So, there you have it. Jeff Yan and Hyperliquid are shaking things up in DeFi, one simple, yet sophisticated, step at a time. Keep an eye on this space – it's gonna be a wild ride!

所以，你就知道了。 Jeff Yan 和 Hyperliquid 正在改变 DeFi 领域，一步一步简单而复杂。密切关注这个空间——这将是一次疯狂的旅程！