稳定币、加密货币元叙事和 Hypeliquid：解读炒作

探索稳定币在加密货币未来中的核心作用、Hyperliquid 等“超级应用程序”的兴起，以及不断发展的叙事格局。

Stablecoins, Crypto Meta-Narrative, and Hypeliquid: Decoding the Hype

稳定币、加密货币元叙事和 Hypeliquid：解读炒作

The crypto world never sleeps, and lately, the buzz is all about stablecoins, emerging meta-narratives, and innovative platforms like Hypeliquid. Let's break down what's driving the excitement.

加密世界永不停息，最近的热门话题都是关于稳定币、新兴元叙事和 Hypeliquid 等创新平台。让我们来分析一下是什么推动了这种兴奋。

Stablecoins: The Core of Crypto's Future?

稳定币：加密货币未来的核心？

The primary narrative for the next few years is likely to center around 'adoption,' and stablecoins are positioned to lead the charge. While applications like Hyperliquid and Pump.fun have found traction within the crypto ecosystem, stablecoins are key to broader mainstream integration.

未来几年的主要叙述可能会围绕“采用”展开，而稳定币将引领这一趋势。虽然 Hyperliquid 和 Pump.fun 等应用程序已在加密生态系统中找到了吸引力，但稳定币是更广泛的主流集成的关键。

Saving and Speculation: Two Sides of the Stablecoin Coin

储蓄和投机：稳定币的两个方面

The stablecoin hype boils down to two key areas: saving and price speculation on tokens associated with stablecoin infrastructure.

稳定币炒作归结为两个关键领域：与稳定币基础设施相关的代币的储蓄和价格投机。

• Saving: Projects offering high APYs for saving activities, like Spark, Plasma, and Zerobase before their TGE, have gained popularity. This strategy is driven by the need to boost TVL before TGE and increase stablecoin circulation through economic incentives.
• Price Speculation: Participating in token speculation carries risks. Currently, endorsements from institutions and exchanges are driving the hype, making depositing funds the optimal strategy. Token speculation should be considered only when genuine demand or, let's be honest, Ponzi-like schemes emerge.

The Rise of 'Super Applications' and Buybacks

“超级应用”和回购的兴起

Super applications like Hyperliquid and Pump.fun are gaining traction, with 'buybacks' playing a crucial role. These applications have achieved product-market fit, generating continuous fee cash flow.

像 Hyperliquid 和 Pump.fun 这样的超级应用程序正在获得关注，其中“回购”发挥着至关重要的作用。这些应用程序已经实现了产品与市场的契合，产生了持续的费用现金流。

Using product fees for buybacks creates a flywheel effect, driving up token prices, attracting more users, and increasing token holder stickiness. Pump.fun is even expanding its narrative from Launchpad/DEX to live streaming, hinting at further growth. While it might take time for HYPE to gain traction, long-term prospects remain favorable.

使用产品费用进行回购会产生飞轮效应，推高代币价格，吸引更多用户，并增加代币持有者的粘性。 Pump.fun 甚至将其叙述从 Launchpad/DEX 扩展到直播，这暗示着进一步的增长。虽然 HYPE 可能需要一段时间才能获得关注，但长期前景仍然乐观。

ICOs vs. ICMs: It's All About the Narrative

ICO 与 ICM：一切都与叙事有关

ICOs and ICMs are essentially fundraising methods, but ICMs (Internet Capital Markets) offer a grander narrative to attract more participants. Solana's efforts to craft a larger narrative align with the launch of a potential $SOL ETF, aiming to provide TradFi with a reason to invest. While Launchcoin might face challenges, projects like @MetaDAOProject, with strong backing and interaction with Solana, are better positioned for success.

ICO 和 ICM 本质上都是筹款方式，但 ICM（互联网资本市场）提供了更宏大的叙事来吸引更多参与者。 Solana 努力打造更大的叙事，与潜在的 $SOL ETF 的推出相一致，旨在为 TradFi 提供投资理由。虽然 Launchcoin 可能面临挑战，但像 @MetaDAOProject 这样的项目，在 Solana 的大力支持和互动下，更有可能取得成功。

Artificial Narratives and the Perp DEX Landscape

人工叙事和 Perp DEX 景观

Artificial narratives, like BSC meme speculations, offer high rewards but also immense risk. The rise of Perp DEXs, spurred by Hyperliquid's emergence, is another example. The market may ultimately resemble a scenario where 'all schools of thought were dismissed except Confucianism,' with Hyperliquid potentially emerging as a winner. The development of artificial narratives hinges on people's capabilities; success depends on early action and engagement in PvP dynamics.

人工叙事，如 BSC 模因推测，提供高回报，但也存在巨大风险。另一个例子是在 Hyperliquid 的出现推动下 Perp DEX 的兴起。市场最终可能会出现这样一种情况：“除了儒家思想之外，所有思想流派都被驳回”，而超液体可能会成为赢家。人工叙事的发展取决于人的能力；成功取决于早期行动和参与 PvP 动态。

The Broader Market: Fed Watch and Ethereum's Potential

更广泛的市场：美联储观察和以太坊的潜力

Recent news highlights the high probability of the Fed cutting rates, potentially impacting the crypto market. Market indicators suggest Ethereum might continue its rebound, potentially reaching $4,500. Additionally, a mysterious whale has increased its long positions in BTC and ETH, signaling confidence in the market.

最近的消息凸显了美联储降息的可能性很高，这可能会影响加密货币市场。市场指标表明以太坊可能会继续反弹，有可能达到 4,500 美元。此外，一头神秘鲸鱼增加了 BTC 和 ETH 的多头头寸，表明对市场的信心。

Final Thoughts

最后的想法

The crypto landscape is constantly evolving, with stablecoins, innovative applications, and compelling narratives driving the market. Staying informed and adaptable is crucial for navigating this exciting space. Now, go forth and conquer the crypto world... but maybe grab a slice of New York pizza first, just to keep things grounded.

加密货币格局在不断发展，稳定币、创新应用和引人注目的故事推动着市场。保持信息灵通和适应能力对于驾驭这个令人兴奋的领域至关重要。现在，继续征服加密货币世界……但也许先吃一块纽约披萨，以保持脚踏实地。