Arthur Hayes：下周将公布FLOP空投分配方式。

Hyperliquid的PumpFun要來了？

穿越抽象的技術表達，推演鏈上王者的場景佈局。

手續費收入大量外流，HYPE回購力度顯著。

做多HYPE的潜在“黑天鹅”是TradeXYZ出走。

更早、更廣的價格發現有價值，也有代價

錯過世界盃的 Hyperliquid，難以在預測市場扶持出下一個 Trade.xyz。

Ventuals 關停，明星科技股鏈上 Pre-IPO 不都是好生意。

CME, Binance, and NYSE/ICE are promoting 24/7 trading of traditional assets, and TradFi liquidity on Hyperliquid may be contested.

盤前合約戰況加劇：比起上幣速度，誰的產品規則更清晰才是關鍵。

Who are the Robinhood and Interactive Brokers on-chain?

“My basic analogy for Hyperliquid is Tether to Circle. The non-KYC or international market in crypto is very large and can absolutely support a huge network.”

Offending CME could be more dangerous than offending Binance

Hyperliquid活成了Solana最嚮往的樣子。

One of the most surprising stories in the crypto industry over the past two years originates from a small team based in Singapore that has long consisted of only about a dozen employees. This company, founded just three years ago with a market cap of tens of billions of dollars, never took a single dollar of VC funding. Last year, with just 11 employees, it generated over $900 million in profit, making it one of the companies with the highest profit per employee on the planet. Core Thesis: This article deeply analyzes the rise, core mechanisms, and controversies of the cryptocurrency project Hyperliquid. Its strategy of "no VC, high profit, community-oriented" has rapidly made it the dominant force in perpetual contract DEXs. However, centralization controversies and security incidents have also led to accusations of it being "FTX 2.0."Key Elements:Founder and Culture: Founder Jeff Yan, a Harvard computer science graduate and founder of the anonymous market maker Chameleon Trading, has shaped Hyperliquid's core narrative with his minimalist, anti-VC personal style and community culture.Core Mechanism HLP: The HLP treasury opens Chameleon's proven strategy to users at zero cost. For the first time, ordinary users can access high-frequency trading strategies with zero capital outlay. An integrated points system helps identify real users, effectively reducing the proportion of bots.Tokenomics Design: 31% of the HYPE token supply was airdropped to users, and 97% of transaction fees are used for on-chain buybacks, creating sustained buying pressure that propelled the token into the top ten by market cap. However, its value is highly correlated with the trading volume of a single exchange; a decline in revenue would directly impact this buyback flywheel.Technology and User Experience: The proprietary Layer 1 (HyperBFT protocol) supports 200,000 transactions per second with a 0.07-second block time, delivering a CEX-level user experience with DEX transparency. Its anti-front-running design optimizes the environment for market makers.Security Incidents and Centralization Controversy: Back-to-back incidents in March 2025, involving a large ETH order and the JELLY event, exposed its risk management vulnerabilities. Validators quickly delisted assets and intervened in settlements, drawing severe criticism of its "decentralization" claims and being perceived as centralized actions.Market Competition and Landscape: Despite facing challenges from competitors like Aster and Lighter with top-tier VC backing, Hyperliquid maintains a commanding lead, holding over 70% of the open interest share in perpetual DEXs, thanks to a healthier "open interest/turnover ratio" and deeper real capital stickiness.

HYPE代幣年內漲幅約150%，遠超比特幣同期表現。