探索超级流动性的杰夫·扬（Jeff Yan）的“有毒流程，取消战争，Onchain Perps”的动态，发现了不断发展的Defi景观中的关键趋势和见解。

Toxic Flow, Cancel Wars, and Onchain Perps: Hyperliquid's Rise and DeFi's Future

有毒流程，取消战争和OnChain Perps：超流动性的崛起和Defi的未来

Hyperliquid is shaking things up in DeFi, controlling 75% of onchain perp volume with no VC funding. But what's behind their success and the drama surrounding it? Let's dive into toxic flow, cancel wars, and the future of onchain perps.

超级流动性在Defi中摇晃，控制了OnChain Perp量的75％，而没有VC资金。但是，他们的成功和周围的戏剧背后是什么？让我们潜入有毒的流动，取消战争以及Onchain Perps的未来。

Hyperliquid's Dominance in Onchain Perps

超流动性在OnChain Perps中的主导地位

Hyperliquid's rise to prominence in the onchain perpetuals (perps) market is nothing short of remarkable. With a staggering 75% of the onchain perp volume, they've achieved dominance without traditional VC funding, relying instead on a massive $1B airdrop to bootstrap growth. This unconventional approach challenges the established norms of crypto protocol development and raises questions about the future of decentralized finance.

在OnChain永久（PERPS）市场中，超流动性的兴起无关。凭借惊人的75％的OnChain Perp量，他们在没有传统风险投资的情况下取得了优势，而是依靠大量$ 1B的Airdrop来实现增长。这种非常规的方法挑战了加密协议开发的既定规范，并提出了有关分散财务的未来的疑问。

The Cancel Wars and Toxic Flow

取消战争和有毒流程

One of the more controversial aspects of Hyperliquid's approach is their handling of order cancellations and "toxic flow." Jeff Yan, Hyperliquid's founder, has prioritized cancel orders over taker orders, a decision that has ruffled feathers, particularly among high-frequency traders (HFTs). The logic behind this decision is to protect the platform and its users from malicious or manipulative trading practices. This raises a fundamental question: who should DeFi platforms cater to – sophisticated trading firms or everyday users?

超流动性方法的更具争议性的方面之一是它们处理取消秩序和“有毒流程”。 Hyperliquid的创始人Jeff Yan已将取消订单优先于Taker订单，这一决定使羽毛皱褶，尤其是在高频交易员（HFTS）中。该决定背后的逻辑是保护平台及其用户免受恶意或操纵性交易惯例。这就提出了一个基本问题：谁应该挑选平台来满足 - 复杂的贸易公司或日常用户？

CZ vs. Jeff: A Protocol War?

CZ与Jeff：协议战争？

The "cancel wars" aren't the only source of drama surrounding Hyperliquid. A subtle protocol war seems to be brewing with Binance, sparked by the JellyJelly controversy. These incidents highlight the challenges of transparency and competition in the decentralized space. It also demonstrates the importance of community sentiment and reputation in the cutthroat world of crypto.

“取消战争”并不是围绕超流动的戏剧的唯一来源。一场微妙的协议战争似乎是由果冻争议引发的binance酿造的。这些事件突出了分散空间中透明度和竞争的挑战。它还证明了社区情绪和声誉在加密货币世界中的重要性。

HIP-3: The Future of Permissionless Perps

HIP-3：无许可PERPS的未来

Looking ahead, Hyperliquid is betting big on HIP-3, a proposal that could unlock the potential for perps on anything. This would significantly expand the possibilities for decentralized trading and further solidify Hyperliquid's position as a leader in the onchain perp market. If HIP-3 succeeds, it could revolutionize how we think about and interact with decentralized exchanges.

展望未来，Hyproliquid在HIP-3上押注，该提案可以释放任何东西的潜力。这将大大扩大分散交易的可能性，并进一步巩固超流动性作为Onchain Perp市场领导者的地位。如果HIP-3成功，它可能会彻底改变我们的思考和与分散交流的互动。

Real Users vs. Predators: Who Matters Onchain?

真正的用户与掠食者：谁重要？

Jeff Yan's philosophy on building Hyperliquid is centered around prioritizing real users over predatory actors. He believes that some flow simply shouldn't be welcome on the platform. This perspective challenges the prevailing notion that all trading volume is good volume and raises important questions about the ethics of decentralized finance.

杰夫·扬（Jeff Yan）关于建立超流动式的理念的重点是优先考虑真正的用户超过掠夺性演员。他认为，在平台上不应该受到一些流程。这种观点挑战了普遍的观念，即所有交易量都是良好的数量，并提出了有关分散财务伦理的重要问题。

So, Are Perps the New Casino?

那么，PERPS是新赌场吗？

With zero-DTE options gaining popularity, the question arises: are perps the new casino? The crew debates whether perps can replicate the thrill of a lottery. Maybe. Maybe not. But one thing's for sure: the evolution of DeFi is anything but boring.

随着零-DTE选项的流行，问题出现了：PERPS是新赌场吗？工作人员辩论PERP是否可以复制彩票的刺激。或许。也许不是。但是可以肯定的是：Defi的演变绝非无聊。

In conclusion, Hyperliquid's story is a fascinating case study in the ever-evolving world of DeFi. From their unconventional funding strategy to their controversial handling of toxic flow, they're challenging the status quo and forcing us to rethink the fundamentals of decentralized finance. And who knows, maybe they'll airdrop me some tokens someday. A guy can dream, right?

总之，在不断发展的Defi世界中，Hyplliquid的故事是一个令人着迷的案例研究。从他们的非常规资金策略到对有毒流量的有争议处理，他们挑战了现状，并迫使我们重新考虑分散融资的基本面。谁知道，也许他们有一天会为我发射一些令牌。一个人可以做梦，对吗？