頭部 MEME 幣市值上億美元，主打衍生性商品交易的 L1 公鏈 Hyperliquid 會是新的 MEME 金塊嗎？

作者：Frank，PANews

近期，Layer1 公鏈Hyperliquid上的MEME幣引起了玩家們的注意。其市值第一的專案PURR市值超過1.1億美元，這項數據不僅超過了大多數公鏈上的MEME幣，甚至在Solana鏈的MEME排行中也能擠入前十名的行列。除了PURR之外，Hyperliquid鏈上還有兩個MEME幣的市值也超過了2,000萬美元。

這些潛力項目的出現讓人不禁浮想這個新生代L1是否正成為新的MEME藍海市場。但從Hyperliquid來說，MEME似乎遠非他們的真正目標。

半路出家的L1放言要打造全網最快公鏈

第一時間搞清楚Hyperliquid的定位並不容易，其官網的主頁上介紹：Hyperliquid 是一個去中心化的永續交易所，而在其官網的主頁上介紹：Hyperliquid 是一個去中心化的永續交易所，而在其文件中則寫到：Hyperliquid 是一個從頭開始最佳化的高效能L1。但這不是疏忽導致，而是關於Hyperliquid的兩個角色。

Hyperliquid創辦人Jeff Yan 曾創辦交易量排名前十的加密貨幣高頻交易公司Chameleon Trading，Hyperliquid的團隊成員大多也都來自Chameleon Trading。對於有著充足高頻合約交易經驗的團隊來說，Hyperliquid的開局並不是打造一條公鏈，而是「建立一個去中心化的幣安」。

因此，Hyperliquid最開始的產品是一個去中心化永續交易所Hyperliquid，隨著業務量的增加，Hyperliquid認為到「建立一個可擴展的perps DEX 的唯一方法是從頭開始建立一個L1 」。

圍繞著鏈上高頻交易的需求，Hyperliquid轉向L1建設，並將DEX歸為這個L1的旗艦產品。目前，Hyperliquid L1主網可支援10萬筆每秒的訂單，根據官方介紹，後期這項數據可望提升至每秒數百萬筆。即便是從目前的速率來看，10萬TPS仍然是所有公鏈當中最快的。

「大多數L1 建立基礎設施，希望其他人來建立殺手級應用。Hyperliquid 則採取了相反的方法：先打磨本地應用程序，然後再發展成通用基礎設施。」Jeff Yan在社交媒體解釋關Hyperliquid的路線思考。

已產生3500萬美元收入，積分市值超2億美元

Hyperliquid沒有接受任何外部資金，團隊表示：「這使得團隊可以在沒有外部壓力的情況下，專注於打造他們堅信的產品。」

But no financing does not mean that Hyperliquid has no airdrops to win. Since November 2023, the points program launched by Hyperliquid has attracted a large number of users to participate. The platform will issue a certain amount of points every week, and the points will be awarded in proportion to the user’s transaction volume. Distribution, users who obtain points can be rewarded with platform income.

Data as of July 25, 2024 show that Hyperliquid’s Hyperliquidity Provider generated a total of $34.94 million in revenue, mainly from providing liquidity, performing liquidation, and collecting platform fees. Users can deposit funds into this liquidity pool to earn income.

This model is similar to the trading mining that was popular in various exchanges a few years ago. However, from CEX to DEX, the trading mining idea is still very popular in the community.

In addition to official liquidity income, Hyperliquid also allows the creation of personal vaults. Any user can create a personal vault (similar to an on-chain private equity fund), and other users can choose whether to deposit funds based on past trading performance. The creator gets 10% of the profits. Of course, this kind of investment is also full of risks. 4 of the 10 vaults with the highest TVL volume are showing losses. However, this model of directly handing money to smarter people still attracted a lot of funds. A fund pool with an annualized return of 727% attracted more than 1 million funds.

As of now, Hyperliquid has not issued an official governance token. Points have become a potential asset for platform revenue. Currently, the price of Hyperliquid points on whales.market remains at around US$4.4. According to statistics from community members, a total of 51.06 million points will be issued. Based on this number, the market value of the points has reached US$224 million.

The MEME coin effect has not yet appeared

PURR is the first local token on Hyperliquid to implement the HIP-1 standard, a MEME coin with the image of a cat. The token did not undergo an initial sale, but 50% of the tokens were airdropped to users according to the points holding ratio, and the remaining 50% was added to the PURR/USDC fund pool. (Subsequently at the community’s suggestion, 40% of the tokens were destroyed). As of July 25, PURR had a market capitalization of approximately $110 million, making it Hyperliquid’s highest-valued token, with prices rising approximately 10-fold since its release. The second-largest token in terms of market value is BIGBEN, with a market value of approximately US$28.5 million. It is a MEME coin with the theme of Big Ben. It has increased by about 2 times since its opening.

HFUN is Hyperliquid’s highest-rising token, with a market value of approximately US$25 million and a maximum increase of more than 100 times. In addition, the market value of other native tokens on the Hyperliquid chain does not exceed US$10 million.

As of July 25, 2024, the number of native tokens on the Hyperliquid chain is not large, with only 44 trading pairs. And most of them are MEME tokens. Hyperliquid's MEME currency is still not a mature platform, and its 24-hour transaction volume on the chain is about 10 million US dollars.

収益をすべてコミュニティに還元するという行動に頼って、Hyperliquid はプラットフォーム取引に参加するユーザーをますます増やしています。DeFiLlama のデータによると、7 月 25 日の時点で、Hyperliquid の TVL は 4 億 3,000 万米ドルでした。デリバティブ製品では、GMX、Jupiter、DYDX に次ぎ、このカテゴリーで 4 位にランクされています。公式データによると、Hyperliquid のユーザー数は 183,000 人、24 時間の取引高は 15 億米ドルです。

しかし、これはHyperliquidの目標ではないようです。Protecc LabsによるHyperliquidに関するレポートによると、Hyperliquidは、本当の競合相手は他のデリバティブ取引所ではなく、BinanceとSolana Chainであると考えています。 Hyperliquid の創設者は、「Solana と Binance はそれぞれの分野で巨人になり、それぞれのターゲット層に非常に魅力的な環境を提供しています。Hyperliquid は、オンチェーンのオーダーブックと断片化されたフローという大きな問題を解決します。」トランザクションの燃料としての SOL は、同時に、分散化 (厳格な KYC/AML なしで最高の製品へのアクセス) という Binance の大きな問題も解決します。」

この目標に関して、Hyperliquid は壮大な目標を掲げています。説明は十分ですが、この目標を達成できるかどうかは、Hyperliquid がさらに多くの切り札を考え出す必要があります。

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