Hello, 你好，
Coming into your inbox with a story about how liquidity is a moat while missiles fly over the Emirates, sums up life in 2025. Work can occasionally be an escape, much like escaping reality can be work, sometimes.
在 2025 年，当导弹飞越阿联酋上空时，一封关于流动性如何成为护城河的故事，概括了我们的生活。工作偶尔可以是一种逃避，就像逃避现实有时也是一种工作一样。
At the beginning of the year, I had hinted that we would be building liquid positions from our balance sheet. Over the course of the last few weeks, we have been steadily building a position in Hyperliquid.
年初，我曾暗示我们将从资产负债表中建立流动性头寸。在过去几周的时间里，我们一直在稳步建立 Hyperliquid 的头寸。
This is in sync with our on-going exploration of velocity, margins, revenue & business models. Today’s story by Saurabh lays the case for why we are building a position on Hyperliquid.
这与我们正在进行的关于速度、利润率、收入和商业模式的探索保持一致。今天 Saurabh 的文章阐述了我们为何要建立 Hyperliquid 的立场。
In the interest of disclosures, we were not in touch with anyone at Hyperliquid over the course of writing this story. No marketing managers were harmed in the writing of the article. We continue to invest, build alongside & research the future of markets that are developing on-chain. Our thesis is that Hyperliquid will be a primary avenue to build apps in the coming months given its ability to attract risk-on capital.
出于披露的目的，在撰写这篇文章的过程中，我们没有与 Hyperliquid 的任何人联系。没有营销经理在这篇文章的撰写过程中受到伤害。我们继续投资、共同建设和研究链上发展市场的未来。我们的观点是，鉴于 Hyperliquid 吸引风险资本的能力，它将在未来几个月成为构建应用程序的主要途径。
If you are a founder building in that ecosystem, drop us a note at venture@decentralised.co.
如果你是在该生态系统中创业的创始人，请将信息发送至 venture@decentralised.co。
On to the story now,
现在进入故事部分，
Joel. Joel。
Long before anyone uttered the word “blockchain”, merchants used a shared infrastructure called the Silk Road. Even though the route had existed for centuries, it was considered dangerous and inefficient. Local warlords extracted tolls, bandits attacked caravans, and merchants had to navigate dozens of different legal systems and currencies. Each trading post operated independently, hoarding information and charging whatever the market would bear.
早在有人说出“区块链”这个词之前，商人就使用了一个名为丝绸之路的共享基础设施。尽管这条路线已经存在了几个世纪，但它被认为既危险又低效。地方军阀征收过路费，强盗袭击商队，而商人必须应对数十种不同的法律体系和货币。每个贸易站都独立运营，囤积信息，并收取市场所能承受的任何费用。
Under Pax Mongolica or the period of stability, Genghis Khan improved the ease of doing business by unifying the fragmented Silk route. A merchant in Eastern Europe could now travel to China without worrying about his life. And he could do so under a single legal framework, using standardised weights and measures, protected by the same security forces. Mongols built a system called the Yam, a relay network of way-stations, fresh horses, and sealed passports (paiza). This allowed merchants to cover more distance and improved the movement of goods.
在蒙古和平时期，成吉思汗通过统一分裂的丝绸之路，简化了商业活动。现在，一个欧洲东部的商人可以前往中国而不必担心自己的生命安全。他可以在一个统一的法律框架下，使用标准化的重量和度量，并由同样的安全部队保护。蒙古人建立了一个名为“驿站”的系统，这是一个由驿站、新鲜马匹和密封护照（paiza）组成的接力网络。这使商人能够走更远的距离，并改善了货物的流通。
Yams were like nodes that could be easily replicated. It created network effects that made the whole system stronger with each new participant. The more merchants used the routes, the better the security, the more reliable the services, and the lower the costs for everyone. The Mongol trade network lasted centuries and enabled one of the greatest transfers of knowledge, technology, and culture the medieval world had ever seen.
山药就像可以轻易复制的节点。它创造了网络效应，使得整个系统随着每个新参与者的加入而变得更强大。商家使用这些路线越多，安全性就越好，服务就越可靠，每个人的成本就越低。蒙古贸易网络持续了数个世纪，促成了中世纪世界有史以来最大规模的知识、技术和文化转移。
This is how humans have always solved commerce at scale: by building shared infrastructure that gets stronger with each new participant. Major inventions later were like derivations of the Silk Route that helped us do business a little more efficiently. With steamships, telegraphs, and container vessels, we have been nudging the cost of moving goods a few basis points closer to zero. Today, even in digital finance, moving value depends on networks where the fundamentals remain the same.
人类一直以来都是这样解决大规模商业问题的：通过建立随着每个新参与者加入而变得更强大的共享基础设施。后来的重大发明就像丝绸之路的衍生品，帮助我们更高效地做生意。有了蒸汽船、电报和集装箱船，我们一直在将商品运输成本一点点推向零。如今，即使在数字金融领域，转移价值也依赖于那些基本原理保持不变的网络。
A simple truth about financial markets is that money needs to move, and it needs to move efficiently. Joel already explored this in Money Moves. The blockchain world has spent years building technology stacks while largely ignoring this fundamental principle. Most DeFi protocols launch with great fanfare, attract some initial liquidity during their incentive periods, then watch users and volume migrate to the next shiny thing offering better rewards. It's been a predictable pattern in DeFi.
关于金融市场的一个简单事实是，资金需要流动，并且需要高效流动。乔尔在《资金流动》中已经探讨了这一点。区块链世界花费了数年时间构建技术栈，却很大程度上忽视了这一基本原理。大多数 DeFi 协议在盛大的发布后，在激励期内吸引了一些初始流动性，然后眼看着用户和交易量迁移到下一个提供更好奖励的闪亮事物。这已经成为 DeFi 中可预测的模式。
Traditional finance has not been universally accessible. But those with access could gain leverage that multiplied their profits. Behind the access-controlled glass doors of banks and prime brokerages, dollars are rehypothecated across different trades. The same collateral gets used for different positions. The result is an engine that hums close to 100 % utilisation. But only a small club of institutions is allowed to touch the controls.
传统金融并非人人可及。但那些能够接触到的人可以通过杠杆放大他们的利润。在银行和主要经纪公司的受控玻璃门后，美元在不同的交易中被再抵押。同样的抵押品被用于不同的头寸。结果是几乎达到 100%利用率的引擎。但只有少数机构被允许触碰控制装置。
DeFi flung those doors wide open: anyone with a browser could borrow, swap, or hedge. But openness came at the cost of stranded collateral. Isolated margin accounts, over-collateralised loans, and liquidity pools that can’t talk to one another. On the “permissionless markets vs. capital efficient markets” chart below, traditional markets squat bottom-right, DeFi hovers top-left, and the top-right remains conspicuously empty. Hyperliquid’s wager is to plant a flag in that white space. This matters because if financial institutions are to use blockchain infrastructure, they won’t use it because it gives permissionless access. They would want a system that is at the same level of efficiency as the one they already have. And without institutional-level adoption, crypto will not be able to unlock the next level of growth.
去中心化金融（DeFi）打开了大门：任何有浏览器的人都可以借贷、交易或对冲。但开放性是以抵押品被搁置为代价的。孤立保证金账户、超额抵押贷款以及无法相互沟通的流动性池。在下方的“无许可市场与资本高效市场”图表中，传统市场蹲在右下角，DeFi 悬浮在左上角，右上角则明显空着。Hyperliquid 的赌注是在这片空白处插上旗帜。这很重要，因为如果金融机构要使用区块链基础设施，他们不会因为其提供无许可访问而使用它。他们想要一个与现有系统同等效率的系统。如果没有机构级别的采用，加密货币将无法解锁下一级别的增长。
Our previous post on Hyperliquid focused on the exchange. This one is about the Hyperliquid ecosystem and how it is trying to change DeFi’s capital efficiency and liquidity.
我们之前的文章聚焦于 Hyperliquid 的交易所。这篇文章则是关于 Hyperliquid 生态系统，以及它如何试图改变 DeFi 的资本效率和流动性。
Hyperliquid’s bet is that if you give money fewer reasons to leave, fewer oracles to consult, fewer gas-guzzling detours, it will stay, compound, and, crucially, bring its friends. The chain is not trying to be a universal computer or a metaverse theme park. It is trying to be Manhattan’s financial district, squeezed into a single matching engine.
Hyperliquid 的赌注是，如果你减少资金离开的理由、减少需要咨询的预言机、减少消耗大量 gas 的迂回路径，资金就会留下、复利增长，并且至关重要的是，会带来它的朋友。这条链不是试图成为一个通用计算机或元宇宙主题公园。它试图成为曼哈顿的金融区，被压缩进一个单一的匹配引擎。
The question is, can Hyperliquid turn that exchange into a gravity sink so dense that capital cannot escape? The answer lies in two intertwined ideas: how fast value circulates and how hard it is for that value to depart.
问题是，Hyperliquid 能否将那个交易所变成一个如此密集的引力陷阱，以至于资本无法逃脱？答案在于两个相互交织的理念：价值循环的速度以及价值离开的难度。
Money Movers 资金流动者
Before anything else, blockchains are about money. This sounds obvious, but it's worth examining what "moving money" actually means in practice. The Silk Road worked because it made trade easier, faster, and safer than the alternatives. But it wasn't unique. History is full of fortunes built by controlling integrated infrastructure networks.
在任何事之前，区块链都是关于资金的。这听起来很明显，但值得考察“移动资金”在实践中实际意味着什么。丝绸之路之所以成功，是因为它让贸易比替代方案更容易、更快、更安全。但它并不独特。历史充满了通过控制综合基础设施网络而建立起来的财富。
Rothschild is a famous name in financial services. But they built their business on the back of a strong information network in 19th-century Europe. While other financiers waited days for news to travel by horse and ship, the Rothschilds used carrier pigeons, private couriers, and strategic telegraph investments to move market intelligence in hours. The family went on to finance railways across Europe, not for the transportation revenue, but because railroads were the arteries of 19th-century commerce. Control the rails, control the economy.
罗斯柴尔德是金融服务领域的一个著名名字。但他们的事业建立在 19 世纪欧洲强大的信息网络之上。当其他金融家等待数天通过马匹和船只传递消息时，罗斯柴尔德家族利用信鸽、私人信使和战略性的电报投资，在数小时内传递市场情报。该家族随后资助了欧洲各地的铁路建设，并非为了运输收入，而是因为铁路是 19 世纪商业的血管。控制铁路，就控制了经济。
JP Morgan in America followed a similar playbook. He financed railroads and organised industries around them. He consolidated competing rail lines into integrated networks, standardised track gauges so trains could actually connect, and eliminated redundant routes. When Andrew Carnegie needed to ship steel from Pittsburgh, he shipped on Morgan's rails. When John D. Rockefeller needed to move oil from Pennsylvania to refineries, he cut deals with Morgan's railroad empire.
美国摩根大通遵循了类似的策略。他投资铁路并围绕铁路组织产业。他将竞争的铁路线路整合成综合网络，统一轨距以便火车能够实际连接，并消除了冗余路线。当安德鲁·卡内基需要从匹兹堡运输钢铁时，他选择了摩根的铁路。当约翰·D·洛克菲勒需要将宾夕法尼亚的石油运往炼油厂时，他与摩根的铁路帝国达成了交易。
Morgan's real innovation was the vertical integration of infrastructure itself. He controlled the steel companies that built the rails, the banks that financed expansion, and the railroads that carried goods. It was about becoming the circulatory system of American capitalism. By the time he was done, you couldn't move money, materials, or information across America without paying Morgan somewhere along the chain.
摩根真正的创新是将基础设施本身垂直整合。他控制了建造铁路的钢铁公司、为扩张提供资金的银行以及运输货物的铁路系统。这关乎成为美国资本主义的循环系统。到他完成这一切时，在美国境内转移资金、物资或信息，都无法不经过摩根链条中的某个环节支付费用。
Any chain that enables the movement of capital without any hiccups across its different parts has an inherent advantage.
任何能够在其不同部分之间顺畅流动资本的行业都具有内在优势。
Stablecoins have emerged as crypto’s killer app. As of June 22, Ethereum, Solana and Tron have moved $12.2 trillion worth of stablecoins in 2025. Chains have found their niche in terms of how stablecoins move there. Tron has become the dominant network for emerging market payments, while Ethereum handles larger institutional transfers, and Solana excels at high-frequency, smaller-value transactions.
稳定币已成为加密货币的杀手级应用。截至 6 月 22 日，以太坊、索拉纳和波场在 2025 年已转移价值 12.2 万亿美元的稳定币。各链在稳定币如何流动方面找到了自己的定位。波场已成为新兴市场支付的主导网络，以太坊处理大型机构转账，而索拉纳擅长高频、小价值交易。
Solana became the preferred venue for trading memecoins in 2024. It is captured in stablecoin velocity on Solana. With the stablecoin supply of just $1.8 billion, Solana settled $11.5 trillion worth of stablecoins. In other words, each stablecoin exchanged hands more than 6300 times. Activity on Base took off with the rise of AI agents. Stablecoin velocity in 2024 is too high because of the lower supply. But Base is the only chain that has settled more stablecoins in the selection. In 2025, stablecoins exchanged hands more than 1700 times on Base.
索拉纳在 2024 年成为交易模因币的首选场所。这体现在索拉纳的稳定币流速上。仅凭 18 亿美元的稳定币供应量，索拉纳就结算了价值 11.5 万亿美元的稳定币。换句话说，每枚稳定币的交易次数超过 6300 次。随着 AI 代理的兴起，Base 链上的活动开始活跃。由于供应量较低，2024 年的稳定币流速过高。但 Base 是唯一在选定链中结算更多稳定币的链。2025 年，Base 上的稳定币交易次数超过 1700 次。
These numbers show that money behaves differently when fees approach zero. On Ethereum, when a trade costs $10, it’s unlikely that a small trader would punt $50 or $100 regularly. But we see this regularly on Solana with sub-penny fees. Exchanges, liquidity providers, and MEV extractors make money on fees and slippages. Validators make money via bribes from MEV extractors. Instead of making high margins on fewer transactions, you make tiny margins on massive volume. When friction disappears, velocity becomes everything.
这些数字表明，当费用接近零时，资金的行为会发生变化。在以太坊上，当交易成本为 10 美元时，一个小型交易者不太可能定期押注 50 美元或 100 美元。但在 Solana 上，我们经常看到几分钱以下的费用。交易所、流动性提供者和 MEV 提取者通过费用和滑点赚钱。验证者通过 MEV 提取者提供的贿赂赚钱。与其在较少的交易上赚取高利润，不如在巨大的交易量上赚取微薄的利润。当摩擦消失时，速度变得至关重要。
The on-chian activity can be broken down into two components — high value (like on Ethereum due to its high liquidity) and low value with higher frequency, like Base and Solana. Is it possible to have both in a single chain? Hyperliquid's approach becomes interesting. Rather than optimising for one type of money movement, the ecosystem provides the infrastructure for all of them.
链上活动可以分为两个组成部分——高价值（如在 Ethereum 上由于其高流动性）和低价值但高频，例如 Base 和 Solana。是否可以在单个链上实现这两种活动？Hyperliquid 的方法变得有趣。它不是针对某一种资金流动进行优化，而是为所有这些活动提供基础设施。
The Hyperliquid ecosystem has two parts.
Hyperliquid 生态系统有两个部分。
The Hyperliquid DEX, powered by HyperCore, which is the native L1 order book system and
由 HyperCore 驱动的 Hyperliquid DEX，它是原生 L1 订单簿系统，以及HyperEVM, a high-performing EVM-based blockchain built by the Hyperliquid team.
由 Hyperliquid 团队构建的高性能基于 EVM 的区块链 HyperEVM。
While these two are the building blocks, pre-compiles and builder codes are the distribution mechanisms.
虽然这两个是基础构建模块，预编译和构建器代码是分发机制。
Pre-compiles are specialised smart contracts that bridge HyperEVM with HyperCore, enabling smooth cross-environment data access and execution. These contracts provide developers with direct access to trading data such as perpetual positions, spot balances, vault equity, oracle prices, and staking delegations.
预编译是专门化的智能合约，它们连接 HyperEVM 与 HyperCore，实现流畅的跨环境数据访问和执行。这些合约为开发者提供直接访问交易数据的权限，如永续合约头寸、现货余额、保险库权益、预言机价格和质押委托。
Builder codes on Hyperliquid are referral-like identifiers that developers can use when building applications or tools on the platform. When users interact with Hyperliquid through a developer's app (like a trading bot or interface), the developer's builder code gets credited. This allows them to earn a share of the trading fees generated by their users. It creates a direct monetisation pathway for developers who build valuable tools and applications in the Hyperliquid ecosystem.
Hyperliquid 上的构建者代码类似于推荐标识符，开发者可以在构建平台上的应用程序或工具时使用。当用户通过开发者的应用程序（如交易机器人或界面）与 Hyperliquid 互动时，开发者的构建者代码将获得信用。这使他们能够赚取其用户产生的交易费的一部分。它为在 Hyperliquid 生态系统中构建有价值工具和应用程序的开发者创造了直接的货币化途径。
Improved Capital Efficiency
提高资本效率
Traditional DeFi lending protocols face significant inefficiencies when managing collateralised positions. On Ethereum-based platforms like Compound or Aave, liquidating a $100,000 USDC loan backed by $150,000 worth of ETH requires multiple expensive operations:
传统 DeFi 借贷协议在管理抵押头寸时面临显著低效。在 Compound 或 Aave 等基于以太坊的平台上，清算一笔由价值 15 万美元的 ETH 抵押的 10 万美元 USDC 贷款，需要执行多个昂贵的操作：
Oracle price calls consuming 80,000 gas ($10-30),
消耗 80,000 gas（$10-30）的预言机价格调用，external DEX swaps costing 150,000 gas ($15-50), and
花费 150,000 gas（$15-50）的外部 DEX 交易，slippage losses of 0.5-2% due to AMM mechanics ($500-$2000)
以及由于 AMM 机制导致的 0.5-2%滑点损失（$500-$2000）MEV extraction by front-running liquidators adds another ~1% value loss, often resulting in total inefficiencies of $500-3,000 per liquidation.
前端运行清算者的 MEV 提取又增加了约 1%的价值损失，通常导致每次清算的总效率损失为$500-3,000。
Hyperliquid's pre-compiles eliminate these inefficiencies through direct order book integration. Lending smart contracts can read prices directly from HyperCore order books using read precompiles, and send liquidation orders directly through write system contracts, HyperEVM. The same $100,000 liquidation scenario requires only 2,100 gas for price data and 47,000 gas for execution. This is a dramatic reduction compared to traditional Ethereum-based protocols while eliminating slippage through access to $2B+ order book liquidity.
Hyperliquid 的预编译通过直接订单簿集成消除了这些低效问题。借贷智能合约可以使用读取预编译直接从 HyperCore 订单簿读取价格，并通过写入系统合约 HyperEVM 直接发送清算订单。同样的 10 万美元清算场景只需要 2,100 gas 用于价格数据，以及 47,000 gas 用于执行。这比传统的基于以太坊的协议有大幅减少，同时通过访问 20 亿美元以上的订单簿流动性消除了滑点。
The result is that a $100k liquidation via a lending application requires ~$27 plus value leakage via MEV (~$1.5k) on Ethereum and less than $5 on Hyperliquid.
结果是，通过借贷应用程序进行的 10 万美元清算需要约 27 美元加上 MEV 造成的价值泄露（约 1.5 千美元）在以太坊上，而在 Hyperliquid 上不到 5 美元。
Protocolised Liquidations
协议化清算
Pre-compiles enable protocolised liquidations where lending protocols implement automated liquidation mechanisms similar to perpetual contract systems on HyperCore.
预编译支持协议化清算，其中借贷协议实现了类似于 HyperCore 上的永续合约系统的自动化清算机制。
In traditional finance, when you can't pay your margin call, your broker just sells your stocks instantly at market price. It’s easy and without any value leakage because they have direct access to deep markets.
在传统金融中，当你无法支付保证金时，你的经纪商会立即以市场价格卖出你的股票。这很简单，而且没有任何价值流失，因为他们可以直接接触深度市场。
In most DeFi protocols, it's messier. When your loan goes bad, the protocol has to find someone willing to liquidate you, then hope they can sell your collateral across multiple different exchanges without losing too much to slippage. It's like having to sell your house through a chain of middlemen instead of directly to the market.
在大多数 DeFi 协议中，情况更为混乱。当你的贷款出现问题时，协议必须找到愿意对你进行清算的人，然后希望他们能在多个不同的交易所出售你的抵押品，而不会因滑点损失过多。这就像必须通过一系列中间商而不是直接面向市场出售你的房子。
Hyperliquid works more like traditional finance. When your collateral drops too low, the smart contract just sells it directly into the same deep order book that handles billions in daily trading. Your position gets closed at fair market prices, without looking for anybody to take on your loan and leak value.
Hyperliquid 的运作方式更接近传统金融。当你的抵押品价值过低时，智能合约会直接将其出售到同一个处理每日数十亿美元交易的深度订单簿中。你的头寸将以公允的市场价格被关闭，无需寻找任何人来承担你的贷款并泄露价值。
This architecture increases capital efficiency at the protocol level. Traditional DeFi protocols maintain separate liquidity reserves and typically offer 75% loan-to-value ratios due to execution risks. Hyperliquid-based lending protocols can eliminate the buffer and offer 90%+ LTV ratios because liquidations execute against guaranteed deep liquidity. This allows users to deploy capital 20-25% more efficiently while maintaining equivalent risk profiles. The result is a unified liquidity layer where every DeFi protocol gains institutional-grade execution capabilities with full transparency and composability.
这种架构在协议层面提高了资本效率。传统 DeFi 协议维护独立的流动性储备，并通常由于执行风险提供 75%的贷款价值比。基于 Hyperliquid 的借贷协议可以消除缓冲，并提供 90%以上的贷款价值比，因为清算操作针对的是保证的深度流动性。这使用户能够更有效地部署资本 20-25%，同时保持相同的风险特征。其结果是形成一个统一的流动性层，每个 DeFi 协议都能获得机构级的执行能力，同时具备完全透明度和可组合性。
Liquidity as a Moat 流动性作为护城河
Liquidity is the soul of financial applications. If you have a fantastic product with no liquidity, you don’t have a product. And in conventional DeFi apps, liquidity is mostly zero-sum. DeFi is composable to a decent extent, but we haven’t really been able to unify liquidity. When one platform has liquidity, it is absent from every other platform.
流动性是金融应用的核心。如果你有一个没有流动性的出色产品，那你就没有产品。在传统的 DeFi 应用中，流动性大多是零和的。DeFi 在一定程度上是可组合的，但我们并没有真正实现流动性的统一。当一个平台拥有流动性时，其他平台就缺乏流动性。
The problem with chains like Ethereum is that when Aave has to liquidate a large position, it will have to break it into multiple chunks (less efficient in terms of gas) to source liquidity from different venues or take a slippage hit. As mentioned in the example earlier, for a $100k liquidation, Ethereum may often end up paying $1k to different intermediaries. This is why projects are forced to integrate with multiple external DEXs, adding complexity, gas costs, and execution risks while still not guaranteeing optimal pricing.
以太坊等链的问题是，当 Aave 需要清算一个大头寸时，它必须将其拆分成多个部分（从不同渠道获取流动性在 gas 方面效率较低），或者接受滑点损失。正如前面提到的例子，对于 10 万美元的清算，以太坊可能最终需要向不同的中介支付 1 万美元。这就是为什么项目被迫与多个外部 DEX 集成，增加了复杂性、gas 成本和执行风险，但仍然无法保证最优价格。
On the surface, this is just a liquidity issue. But it spills over and takes up scarce resources of the team. At the end of the day, poor execution is not good for the protocol. So, founders end up spending their scarce time on activities that are not necessarily core to their business. If you are a lending protocol, one of your core objectives is to grow the loan book. Of course, how you liquidate bad debt matters. But if there’s a better way to plug into a large liquidity pool, that means you don’t have to worry about finding the most optimal way to liquidate a risky position; you would spend your time on growing, not maintaining.
表面上，这只是一个流动性问题。但它会蔓延开来，占用团队稀缺的资源。归根结底，执行不力对协议没有好处。因此，创始人最终会花费他们稀缺的时间在并非其核心业务的活动上。如果你是一个借贷协议，你的核心目标之一就是扩大贷款组合。当然，如何清算不良债务很重要。但如果有一种更好的方式接入大型流动性池，那就意味着你不必担心找到清算风险头寸的最优方式；你会把时间花在增长上，而不是维护上。
New protocols typically launch with minimal liquidity, creating a chicken-and-egg problem where traders avoid the platform due to poor execution, which in turn prevents liquidity providers from earning meaningful fees.
新协议通常以极少的流动性启动，造成了一个鸡生蛋、蛋生鸡的困境：交易者由于执行不佳而避免使用该平台，这反过来又阻止了流动性提供者获得有意义的费用。
It often makes sense to look at how our traditional financial system solved these problems. Stock exchanges like London, New York, and Bombay ended up winning because everyone was trading there. There were no L2s that divided users and the liquidity they brought. Network effects in finance are particularly powerful because they compound: more participants mean better prices, which attract more participants, which create even better prices.
我们常常可以借鉴传统金融体系是如何解决这些问题的。伦敦、纽约和孟买的证券交易所最终胜出，是因为所有人都选择在那里交易。当时没有二级市场将用户和带来的流动性分割开来。金融领域的网络效应特别强大，因为它们会不断叠加：更多参与者意味着更好的价格，而更好的价格会吸引更多参与者，从而创造更优的价格。
Hyperliquid is solving this problem by being more collaborative about liquidity. Think your app can bring liquidity, and you want to benefit from it?
Hyperliquid 通过更协作的方式来解决流动性问题。如果你认为你的应用可以带来流动性，并想从中获益？
Hyperliquid’s builder codes are permissionless fee-sharing mechanisms that enable DeFi developers to earn revenue from trades executed through their applications. They try to solve this problem by enabling all applications to tap into the same unified $2B+ liquidity pool without fragmentation. Hyperliquid is one of the most liquid exchanges in crypto, not just in DeFi. All the projects building on HyperEVM get to tap into this liquidity without breaking a sweat.
Hyperliquid 的构建者代码是无许可的费分摊机制，使 DeFi 开发者能够从通过其应用程序执行的交易中获利。它们试图通过使所有应用程序都能接入同一统一的 2 亿美元以上的流动性池来解决这个问题，从而避免碎片化。Hyperliquid 是加密货币中最具流动性的交易所之一，不仅限于 DeFi。所有在 HyperEVM 上构建的项目都能轻松接入这种流动性。
Rather than competing for liquidity, applications built with builder codes contribute to and benefit from a shared liquidity layer. When a user trades through any builder code application, they're accessing the same deep order books that power Hyperliquid's core exchange. Doesn’t matter whether it's a mobile wallet, a trading bot, or a sophisticated DeFi protocol.
使用构建者代码构建的应用程序并非争夺流动性，而是为共享流动性层做出贡献并从中受益。当用户通过任何构建者代码应用程序进行交易时，他们正在接入为 Hyperliquid 核心交易所提供动力的深度订单簿。无论是移动钱包、交易机器人还是复杂的 DeFi 协议，都一样。
This architecture means that a newly launched lending protocol doesn't need to bootstrap its own liquidity or integrate with multiple external DEXs. Lending smart contracts can read prices directly from HyperCore order books using precompiles and send liquidation orders directly through write system contracts, instantly accessing institutional-grade liquidity depth. The protocol benefits from the same liquidity that serves billions in daily trading volume, ensuring efficient liquidations regardless of the protocol's age or size.
这种架构意味着新推出的借贷协议无需自行启动流动性或与多个外部 DEX 集成。借贷智能合约可以直接通过预编译从 HyperCore 订单簿读取价格，并通过写入系统合约直接发送清算订单，即时获取机构级别的流动性深度。该协议受益于为数十亿日交易量服务的相同流动性，确保无论协议的年龄或规模如何，都能实现高效的清算。
Builder code network effects
构建者代码网络效应
In most DeFi ecosystems, new apps are like new restaurants opening on the same street. They all fight for the same customer base and split the existing pie. On Ethereum or Solana, when a new DEX launches, it has to convince users and liquidity providers to leave Uniswap or Raydium. It's zero-sum: one app's gain is another's loss.
在大多数 DeFi 生态系统中，新应用就像在同一条街上开的新餐馆。它们都在争夺相同的客户群，分割现有的蛋糕。在 Ethereum 或 Solana 上，当一个新的 DEX 启动时，它必须说服用户和流动性提供者离开 Uniswap 或 Raydium。这是零和博弈：一个应用的收益是另一个应用的损失。
Builder codes flip this completely. Every new app on Hyperliquid actually makes the whole ecosystem stronger, like adding another store to a shopping mall. When a new trading bot launches and brings 1,000 active users, those users add volume to the same liquidity pool of HyperCore that every other app uses. More volume means better prices for everyone. The lending protocols get better execution, the derivatives platforms get tighter spreads, and even competing trading bots benefit from the deeper liquidity.
构建者代码完全颠覆了这一点。Hyperliquid 上的每个新应用实际上都使整个生态系统变得更强大，就像购物中心里增加了一家新店。当一个新的交易机器人启动并带来 1,000 名活跃用户时，这些用户为 HyperCore 的流动性池增加了交易量，而每个应用都在使用这个流动性池。交易量越大，对每个人的价格就越好。借贷协议获得更好的执行，衍生品平台获得更小的价差，甚至竞争的交易机器人也能从更深层次的流动性中受益。
It's positive-sum because everyone wins when the shared infrastructure gets stronger. Instead of fighting over pieces of a fixed pie, every new participant makes the pie bigger for everyone else.
这是正和博弈，因为当共享的基础设施变得更强大时，每个人都受益。与其争夺固定蛋糕的碎片，每个新参与者都会让其他人拥有的蛋糕变得更大。
Since liquidity is now available with just a few lines of code, it becomes more about how good the application is.
由于现在只需几行代码即可获得流动性，因此关键在于应用本身的质量。
This dynamic reverses the traditional DeFi liquidity fragmentation. Instead of protocols launching with empty order books or minimal AMM liquidity, they immediately inherit the execution quality of the entire Hyperliquid ecosystem. A derivatives trading application launching today can offer the same tight spreads and deep liquidity as established protocols, removing the typical barriers to entry that favour incumbent platforms.
这种动态模式逆转了传统 DeFi 流动性碎片化的问题。协议不再需要从空订单簿或极少的 AMM 流动性开始启动，而是立即继承了整个 Hyperliquid 生态系统的执行质量。今天推出的一个衍生品交易应用可以提供与成熟协议相同的紧密价差和深度流动性，从而消除了通常有利于现有平台的市场进入壁垒。
The unified liquidity model also enables sophisticated cross-protocol interactions that were previously impossible. A decentralised hedge fund can execute complex multi-asset strategies across different builder code applications while maintaining consistent execution quality, since all trades ultimately settle against the same order books.
统一的流动性模型还实现了先前不可能的复杂跨协议交互。一个去中心化的对冲基金可以在不同的构建器代码应用程序中执行复杂的跨资产策略，同时保持一致的执行质量，因为所有交易最终都结算在同一个订单簿上。
This reminds me of how every factory was once a half power plant. Electricity had to be generated on premises since transporting it was not possible. Factories had to install steam engines, stoke boilers around the clock, and run a maze of leather belts up to a massive overhead driveshaft. A good chunk of the workforce spent its day feeding coal, tightening pulleys, and greasing bearings. This was work that kept the lights on but never improved the product rolling off the line.
这让我想起每个工厂曾经都是半个发电厂。由于无法运输电力，必须在现场发电。工厂不得不安装蒸汽机，全天候烧锅炉，并运行一条通往巨大顶部驱动轴的迷宫般的皮带系统。相当一部分工人整天都在喂煤、紧固皮带和给轴承上油。这项工作维持了灯火通明，但从未改进生产线上的产品。
Then came the public AC grid and small electric motors. A factory could now buy kilowatts the same way it bought water. Maintenance crews shrank; floor layouts became flexible; management’s attention shifted from “keep the boiler pressure up” to “how do we double output?”.
后来出现了公共交流电网和小型电动机。工厂现在可以像购买水一样购买千瓦时。维护团队规模缩小；楼层布局变得灵活；管理层注意力从“保持锅炉压力”转向“我们如何将产量翻倍？”。
Builder codes do the same. They allow developers to go beyond the table stakes of sourcing and managing liquidity. They can make UX a priority and focus on building applications with great experiences.
构建代码也是如此。它们允许开发者超越筹集和管理流动性的基本要求。他们可以将用户体验作为优先事项，专注于构建具有出色体验的应用程序。
HyperEVM Ecosystem HyperEVM 生态系统
The HyperEVM ecosystem has rapidly evolved into a comprehensive DeFi infrastructure with over $1.5 billion in total value locked across 100+ projects. The HyperEVM is secured by the same HyperBFT consensus as HyperCore, allowing direct interaction with spot and perpetual order books through pre-compiles and system contracts HyperEVM | Hyperliquid Docs. This unique architecture enables protocols to build sophisticated financial applications that leverage native order book liquidity while maintaining full EVM compatibility.
HyperEVM 生态系统已迅速发展成为包含 100 多个项目、总锁仓价值超过 15 亿美元的综合性 DeFi 基础设施。HyperEVM 采用与 HyperCore 相同的 HyperBFT 共识机制进行安全保障，通过预编译和系统合约可直接与现货和永续订单簿进行交互。HyperEVM | Hyperliquid Docs 这一独特架构使协议能够构建利用原生订单簿流动性的复杂金融应用，同时保持完整的 EVM 兼容性。
注意——这张市场地图并非旨在详尽无遗。
Projects range from lending markets to liquid staking to synthetic assets. But they all benefit from the same unified liquidity layer. Applications across different sectors are being built on Hyperliquid
项目涵盖借贷市场、流动性质押和合成资产等。但它们都受益于同一套统一的流动性层。Hyperliquid 正构建跨不同领域的应用
Lending & Money Markets: 借贷与货币市场：
HyperLend ($470M TVL) - Primary lending protocol that plugs directly into order book liquidity for instant, efficient liquidations.
HyperLend（$470M TVL）- 主要借贷协议，直接接入订单簿流动性，实现即时高效的清算。HypurrFi ($319M TVL) - Leveraged lending marketplace and home of USDXL stablecoin, backed by US Treasuries.
HypurrFi（$319M TVL）- 杠杆借贷市场，USDXL 稳定币的发行地，由美国国债支持。Unit Protocol - The bridge layer that brings BTC, ETH, and SOL onto Hyperliquid as uBTC, uETH, etc.
单元协议 - 连接 BTC、ETH 和 SOL 到 Hyperliquid 的桥梁层，作为 uBTC、uETH 等Felix Protocol - Multi-collateral stablecoin (feUSD) that reduces dependence on external stablecoins.
费利克斯协议 - 多抵押稳定币（feUSD），减少对外部稳定币的依赖。
Exchanges: 交易所：
HyperSwap & KittenSwap - AMM-based DEXs handling $75M daily volume, still need to bootstrap their own liquidity, unlike the main exchange.
HyperSwap & KittenSwap - 基于 AMM 的 DEX，处理每日 7500 万美元的交易量，仍需自行启动流动性，与主交易所不同。
Liquid Staking: 液态质押：
StakedHYPE - Simple liquid staking, stHYPE automatically compounds rewards
StakedHYPE - 简单的液态质押，stHYPE 自动复利奖励Kinetiq - Smart validator selection system that automatically delegates to the highest-performing validators
Kinetiq - 智能验证者选择系统，自动委托给表现最佳的验证者LoopedHYPE - Automated leverage loops on staking yields, potentially 10%+ APY through 3x-15x leverage.
LoopedHYPE - 自动化杠杆循环，通过 3x-15x 杠杆，可能实现 10%+ APY 的质押收益。
The ecosystem's rapid growth shows what happens when you remove liquidity bootstrapping friction. HyperEVM TVL has climbed steadily to $1.5 billion as protocols launch with instant access to deep liquidity.
生态系统的快速增长展示了当移除流动性引导摩擦时会发生什么。HyperEVM TVL 稳步增长至 15 亿美元，随着协议的启动，它们可以立即获得深度流动性。
What to make of all of this?
这一切意味着什么？
I think Hyperliquid has four distinct advantages.
我认为 Hyperliquid 有四个显著优势。
First, of course, is the instant access to deep liquidity with reduced execution risk. Launching on Hyperliquid means immediate access to a robust liquidity pool that serves billions in trading volume daily. This eliminates the typical cold-start liquidity challenges that plague new protocols. Moreover, direct access to unified liquidity significantly reduces execution risks such as slippage and MEV extraction, ensuring smoother and safer trades right from the start.
首先，当然是可以即时获取深度流动性并降低执行风险。在 Hyperliquid 上启动意味着可以立即接入一个强大的流动性池，该池每日服务于数十亿的交易量。这消除了困扰新协议的典型冷启动流动性挑战。此外，直接获取统一流动性显著降低了执行风险，如滑点（slippage）和 MEV 提取，确保从一开始就能进行更顺畅、更安全的交易。
Second is the permanent fee sharing. Builder codes provide a sustainable economic model by embedding permanent fee-sharing mechanisms into every transaction. This ensures protocols continuously earn revenue directly proportional to the real value they create, rather than relying on temporary incentives or unsustainable liquidity mining programs.
第二是永久性费用分成。构建者代码通过将永久性费用分成机制嵌入到每一笔交易中，提供了一种可持续的商业模式。这确保协议能够持续获得与其创造的真实价值直接成比例的收入，而不是依赖临时激励或不可持续的流动性挖掘项目。
Third is focused development efforts. Developers are free to direct their energy and resources toward crafting superior products and refining user experiences. They no longer need to allocate significant time, funds, or attention to liquidity incentives, pool management, or negotiating partnerships to maintain liquidity.
第三是专注的开发工作。开发者可以自由地将他们的精力和资源投入到打造更优质的产品和优化用户体验上。他们不再需要花费大量时间、资金或注意力来处理流动性激励、池管理或谈判合作以维持流动性。
BasedApp illustrates this point. Instead of spending months building trading infrastructure from scratch, they focused on what users actually want: "Hold crypto, trade, and spend crypto in the real world." Their mobile app launches with full access to Hyperliquid's liquidity for perpetual trading, combined with their proven Visa card infrastructure for real-world spending. As the founder Edison Lim puts it, they could focus on creating "an operating system for on-chain finance" rather than solving liquidity bootstrapping problems.
BasedApp 阐释了这一点。他们没有花费数月时间从零开始构建交易基础设施，而是专注于用户真正需要的内容："持有加密货币、进行交易，并在现实生活中使用加密货币"。他们的移动应用全面接入 Hyperliquid 的流动性，支持永续交易，并结合其成熟的 Visa 卡基础设施实现现实生活中的消费。正如创始人爱迪生·李姆所说，他们可以专注于创建"链上金融的操作系统"，而不是解决流动性启动问题。
And lastly, cross-protocol synergies. Every new protocol enhances the shared liquidity ecosystem, contributing to a virtuous cycle where increased activity attracts even more participants and deepens the liquidity pool. This interconnected approach creates durable network effects, benefiting all participants and ensuring sustained growth for the entire ecosystem.
最后，跨协议协同效应。每个新协议都增强了共享流动性生态系统，形成良性循环：活动增加吸引更多参与者，进一步深化流动性池。这种相互关联的方法创造了持久的网络效应，使所有参与者受益，并确保整个生态系统的持续增长。
Most ecosystem building has followed a similar playbook: throw grants at developers and organise hackathons. These approaches have value, but they miss the fundamental problem. The real friction is the constant battle for liquidity, not the lack of funding or ideas. Every newborn protocol must bribe its own liquidity, then fight mercenary capital the moment the incentives drop. Builder codes turn that burden inside-out. Plug in, inherit a two-billion-dollar order book, and earn a slice of fees in proportion to the flow you create. Teams like Lootbase can pour their energy into the product without worrying about drip-feeding LP incentives.
大多数生态系统的构建都遵循类似的剧本：向开发者提供资助并组织黑客马拉松。这些方法有价值，但它们忽视了根本问题。真正的摩擦是持续争夺流动性，而不是资金或想法的缺乏。每个新生的协议都必须贿赂自己的流动性，然后在激励下降时与雇佣资本战斗。构建者代码将这种负担反过来。接入系统，继承一个价值 20 亿美元的订单簿，并根据你创造的流量赚取相应比例的费用。像 Lootbase 这样的团队可以将精力投入到产品中，而不用担心缓慢地提供流动性提供者（LP）激励。
For developers, this creates a fundamentally different value proposition. On other chains, you might get a $50,000 grant to build a DEX, but then spend six months convincing market makers for liquidity and burning your runway on incentives. On Hyperliquid, you get instant access to $2+ billion in order book liquidity from day one. Your success depends on building a great product, not on your ability to convince VCs to fund liquidity mining.
对于开发者而言，这创造了一种根本不同的价值主张。在其他区块链上，你可能会获得 5 万美元的资助来构建一个 DEX，但随后需要花费六个月的时间来说服做市商提供流动性，并在激励措施上消耗你的资金周转期。在 Hyperliquid 上，你从第一天起就能即时获得超过 20 亿美元的订单簿流动性。你的成功取决于构建出色的产品，而不是你说服 VC 为流动性挖矿提供资金的能力。
Hyperliquid doesn't offer the traditional spoon-feeding of grants and accelerator programs. You won't get hand-holding through the development process or guaranteed marketing support. What you get instead is the infrastructure to build applications that work from launch. If you can create genuine value for users, builder codes ensure you capture your fair share of the economic upside.
Hyperliquid 不提供传统的资助和加速器项目。你不会在开发过程中得到手把手的指导，也不会获得保证的市场营销支持。相反，你得到的是构建能够从发布之初就运行的应用的基础设施。如果你能为用户创造真正的价值，开发者协议将确保你获得公平的经济收益份额。
Hyperliquid will have competition from new chains like MegaETH and Monad that are coming to market with impressive technical specs. It will be watching whether these new chains can match Hyperliquid's approach to shared liquidity and capital efficiency. Technical performance is now table stakes; economic design is what creates lasting value.
Hyperliquid 将面临来自 MegaETH 和 Monad 等新链的竞争，这些链以令人印象深刻的技术规格进入市场。它将关注这些新链是否能够匹配 Hyperliquid 在共享流动性和资本效率方面的方法。技术性能现在已成为基本要求；经济设计才是创造持久价值的关键。
Signing off, 此致
Saurabh Deshpande
Disclaimer: No part of the article is either financial or legal advice.
免责声明：本文任何部分均不构成财务或法律建议。
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研究所有与 Web3 相关的事物。为构建者。由构建者。
