2x HYPE ETF：21Shares 旨在加倍投资超流动性

21Shares 申请的 2 倍 HYPE ETF 引起了轰动，其日回报率是 Hyperliquid 指数的两倍。这个利基 ETF 是否准备好大幅增长？

Hold onto your hats, DeFi enthusiasts! 21Shares is upping the ante with its proposed 2x HYPE ETF, promising to amplify investor exposure to Hyperliquid by a whopping 200%. Buckle up; it's going to be a wild ride!

各位 DeFi 爱好者，请戴好帽子！ 21Shares 正在加大赌注，推出 2x HYPE ETF，承诺将投资者对 Hyperliquid 的敞口扩大 200%。系好安全带；这将是一次疯狂的旅程！

21Shares Doubles Down on Hyperliquid

21Shares 加倍押注 Hyperliquid

21Shares has officially filed with the SEC for a 2x HYPE ETF. This leveraged fund aims to deliver double the daily returns of the Hyperliquid Index, building on previous filings from other asset managers. This move signals a bold step in integrating DeFi protocols into traditional investment vehicles.

21Shares 已向 SEC 正式提交 2 倍 HYPE ETF 申请。该杠杆基金的目标是在其他资产管理公司之前提交的文件的基础上，实现超流动性指数每日回报的两倍。此举标志着将 DeFi 协议整合到传统投资工具中迈出了大胆的一步。

Analyst Buzz: Niche Play with Big Potential?

分析师热议：利基市场潜力巨大？

Bloomberg ETF analyst Eric Balchunas described the 21Shares filing as "so niche it might just win." Comparing it to past booms in thematic ETFs, he suggests that this seemingly niche product could potentially amass billions in assets over the next few years. If approved, this would be the first U.S.-listed leveraged ETF tracking a live DeFi protocol’s fee and perpetual market performance.

彭博 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 将 21Shares 的申请描述为“如此利基，它可能会获胜”。与过去主题 ETF 的繁荣相比，他认为这种看似利基的产品可能在未来几年积累数十亿美元的资产。如果获得批准，这将是第一个在美国上市的杠杆 ETF，跟踪实时 DeFi 协议的费用和永久市场表现。

What's the Deal with Hyperliquid?

超液体是怎么回事？

For those not in the know, Hyperliquid is making serious waves in the DeFi space. 21Shares has already listed the HYPE ETP in Europe, providing institutional investors access to the protocol’s token without the hassle of wallets or on-chain custody. Hyperliquid recently posted its strongest revenue month to date. The 2x HYPE ETF aims to integrate Hyperliquid’s perpetual futures system into a traditional framework.

对于那些不知情的人来说，Hyperliquid 正在 DeFi 领域掀起巨大的波澜。 21Shares 已在欧洲上市 HYPE ETP，为机构投资者提供访问该协议代币的机会，而无需钱包或链上托管的麻烦。 Hyperliquid 最近公布了迄今为止最强劲的月收入。 2x HYPE ETF 旨在将 Hyperliquid 的永续期货系统整合到传统框架中。

Potential and Risks

潜力和风险

Analysts point out that this ETF structure introduces new layers of funding and counterparty exposure. Initial capacity could range from $500 million to $1.5 billion, depending on the liquidity conditions in the HYPE markets. It's a high-risk, high-reward play, folks!

分析师指出，这种 ETF 结构引入了新的融资层次和交易对手风险。初始容量可能在 5 亿美元到 15 亿美元之间，具体取决于 HYPE 市场的流动性状况。伙计们，这是一个高风险、高回报的游戏！

The Competition is Heating Up

竞争正在白热化

21Shares isn't alone in recognizing Hyperliquid's potential. Bitwise filed for an HYPE ETF last month, aiming to hold the native token directly. VanEck has also applied for a spot staking Hyperliquid ETF in the U.S., with plans to integrate staking yields and potential HYPE buybacks tied to fund performance. It's a full-blown land rush for Hyperliquid exposure!

21Shares 并不是唯一一家认识到 Hyperliquid 潜力的公司。 Bitwise 上个月申请了 HYPE ETF，旨在直接持有原生代币。 VanEck 还在美国申请了现货质押 Hyperliquid ETF，计划将质押收益率和与基金业绩挂钩的潜在 HYPE 回购结合起来。这是一场全面的超液体陆地热潮！

Hyperliquid's HIP-3 Upgrade: A Game Changer?

Hyperliquid 的 HIP-3 升级：游戏规则改变者？

Adding fuel to the fire, Hyperliquid’s HIP-3 upgrade recently went live, introducing permissionless perpetual market creation. This means qualified builders can introduce derivatives straight onto the chain without centralized approval. Experts believe this upgrade could dramatically expand HYPE’s utility and liquidity, making it even more attractive for ETF issuers.

火上浇油的是，Hyperliquid 的 HIP-3 升级最近上线，引入了无需许可的永久市场创建。这意味着合格的构建者可以将衍生品直接引入链上，而无需集中审批。专家认为，此次升级可能会大幅扩大 HYPE 的效用和流动性，使其对 ETF 发行人更具吸引力。

Final Thoughts

最后的想法

The 2x HYPE ETF is a bold move by 21Shares, pushing the boundaries of DeFi integration into traditional finance. Whether it becomes a multi-billion dollar success story or remains a niche product remains to be seen. One thing's for sure: the race for Hyperliquid exposure is officially on, and it's going to be an interesting ride. Keep your eyes peeled, folks – the future of finance is unfolding before us!

2x HYPE ETF 是 21Shares 的大胆举措，突破了 DeFi 与传统金融融合的界限。它是否会成为一个价值数十亿美元的成功故事，还是仍然是一个利基产品，还有待观察。有一点是肯定的：超液体暴露竞赛正式开始，这将是一次有趣的旅程。伙计们，请擦亮眼睛——金融的未来正在我们面前展开！