超流动式泵令牌躁狂症：单位令牌化是中心舞台

Hyperliquid用其单位令牌层主导着泵令牌交易，挑战了CEXS并提高了其TVL。但是涉及泵的效用。

The crypto world's buzzing about PUMP token, and Hyperliquid's right in the thick of it, thanks to its innovative Unit tokenization. Let's dive into what's happening!

由于其创新的单位令牌化，加密世界对泵令牌的嗡嗡声和超级流动性的嗡嗡声。让我们深入了解正在发生的事情！

Hyperliquid's PUMP Domination

超流动的泵统治

Following the PUMP token launch, Hyperliquid has emerged as a major player. It's giving centralized exchanges a run for their money, boasting the second-largest spot volumes for PUMP trading. In the past 24 hours, Hyperliquid processed a whopping $184 million in spot PUMP volume, trailing only Gate. Even those CEXs that hosted the PUMP ICO, like Bybit and MEXC, are lagging behind. And let's not forget the decentralized exchange side – other Solana-native DEXs are nowhere close.

在泵令牌发布之后，Hyproliquid已成为主要参与者。它使集中式交易所赚钱，拥有泵交易的第二大现货量。在过去的24小时中，超流动器处理了高达1.84亿美元的现货泵量，仅落后门。即使是那些托管泵ICO的CEX，例如BYBIT和MEXC，也落后了。而且，我们不要忘记分散的交换方面 - 其他索拉纳本地的DEX遥不可及。

Hyperliquid, known for its perpetuals futures trading, is also crushing it in the PUMP perpetuals market. The platform's volume is significantly higher than its competitors. Why is this happening? Well, on-chain natives seem to be benefiting most from the launch, with the majority of the raise going through the pumpfun website. Plus, major exchanges like Binance and Coinbase haven't listed the token yet, pushing activity on-chain.

以永久期货交易而闻名的Hyproliquid也在泵的永久市场中粉碎它。该平台的音量大大高于其竞争对手。为什么会发生这种情况？好吧，链链本地人似乎从发射中受益最大，大部分加薪通过了Pumpfun网站。另外，诸如Binance和Coinbase之类的主要交易所尚未列出令牌，从而推动了链上的活动。

Unit Tokenization: The Secret Sauce

单位令牌化：秘密调味料

So, what's Hyperliquid's secret? It's all about Unit tokenization. This platform layer enables spot trading by launching U-assets (uBTC, uETH, uPUMP) that can be traded on Hyperliquid’s DEX interface, known as HyperCore, or bridged to Hyperliquid's Layer 1, HyperEVM.

那么，超级流动的秘密是什么？这全都与单位令牌化有关。该平台层通过启动可以在Hyperliquid的DEX接口（称为HyperCore）或桥接到Hyperliquid的第1层HypereVM上的U-Assets（UBTC，UETH，UPUMP）来实现现货交易。

Thanks to the PUMP launch, Unit metrics are exploding, hitting all-time highs. The total-value locked (TVL) is nearing $600 million, with a significant chunk represented by PUMP holdings. Unit now holds the most PUMP outside of the pumpfun team's wallets.

得益于泵的发布，单位指标正在爆炸，达到历史最高点。总价值锁定（TVL）接近6亿美元，其中泵控股代表了很大的一部分。现在，Unit拥有Pumpfun团队钱包外部最多的泵。

Concerns and Criticisms Around PUMP Token

围绕泵令牌的关注和批评

Pump.fun, a Solana-based meme coin launchpad, made it super easy for anyone to create and trade tokens. But the PUMP token itself? Well, it's facing some heat due to its lack of fundamental utility. Despite a high valuation after its presale, concerns are growing about its long-term viability.

Pump.Fun是一款位于索拉纳的Meme Coin Launchpad，使任何人都非常容易创建和交易代币。但是泵令牌本身？好吧，由于缺乏基本效用，它面临着一些热量。尽管有预售后的估值很高，但人们对其长期生存能力的担忧越来越大。

Critics point out that the PUMP token doesn't offer governance rights, staking benefits, or revenue-sharing – yikes! This raises fears that it might just be a short-term hype thing rather than a solid ecosystem. The token's value seems driven more by brand buzz than actual economic reasons to hold it.

评论家指出，泵令牌没有提供治理权利，积分福利或分享收入 - yikes！这使人们担心这可能只是短期的炒作，而不是一个扎实的生态系统。代币的价值似乎是由品牌嗡嗡声而不是实际经济原因所驱动的。

Another red flag? A massive chunk of tokens were unlocked at launch, creating selling pressure. Plus, a big chunk of the token supply was reserved for the Pump.fun team, raising eyebrows among analysts. Without lock-up periods, there's a risk of team sell-offs, which could mess with the market.

另一个危险信号？发射时解锁了大量令牌，造成了销售压力。另外，为泵组保留了很大一部分令牌供应，并在分析师之间引起了人们的注意。没有锁定期，团队抛售的风险可能会扰乱市场。

Binance Enters the Game

Binance进入游戏

As PUMP faces these challenges, Binance is stepping into the bonding curve model game. They've introduced their own token launch model, requiring projects to pass checks, adding a layer of quality control. Participants need to hold Binance Alpha Points and BNB to join, and the system rewards early birds while preventing quick exits.

当泵面临这些挑战时，Binance正在进入粘结曲线模型游戏。他们介绍了自己的令牌启动模型，要求项目通过支票，增加质量控制层。参与者需要持有Binance Alpha积分和BNB加入，并且该系统在防止快速出口的同时奖励早期的鸟类。

What Does This Mean for PUMP?

这对泵意味着什么？

Despite the criticisms, Pump.fun still has strong brand recognition and exchange support. However, without improvements to its token's utility, it might struggle to keep its early momentum. Traders looking for long-term gains will need more than hype to stick around. Pump.fun needs to step up its game to stay relevant.

尽管受到了批评，但Pump.Fun仍然拥有强大的品牌认可和交流支持。但是，如果没有改进其代币的效用，它可能难以保持其早期势头。寻求长期收益的交易者需要炒作不仅仅是炒作。 pump.fun需要加强游戏以保持相关性。

James Wynn's Bold Moves

詹姆斯·永利的大胆举动

Hyperliquid crypto trader James Wynn is making waves with his bold investment moves. He's been depositing large amounts of USDC into Hyperliquid and opening leveraged longs on coins like BTC and PEPE. Wynn likes Hyperliquid because it has no extra fees and allows for high leverage. Crypto enthusiasts are keeping a close eye on him because he's known for taking big risks.

超级加密交易员詹姆斯·永利（James Wynn）以他大胆的投资动作引起了轰动。他一直将大量USDC沉积到超流动液中，并在BTC和PEPE等硬币上挥舞着杠杆。 Wynn喜欢超级流动，因为它没有额外的费用，并且允许高杠杆作用。加密爱好者密切关注他，因为他以冒险的风险而闻名。

Final Thoughts

最后的想法

So, there you have it. PUMP token is shaking things up, with Hyperliquid's Unit tokenization leading the charge. But with questions surrounding PUMP's utility, it's a wild ride! Will PUMP become a lasting success, or will it fade away? Only time will tell. In the meantime, buckle up and enjoy the show!

所以，你有。泵令牌正在摇动一切，超级流利的单位令牌化导致了电荷。但是，由于围绕泵的实用程序的问题，这是一个疯狂的旅程！泵将成为持久的成功，还是会消失？只有时间会证明。同时，搭扣并享受演出！