Hyperliquid:链上永续合约市场的颠覆者
在 DeFi 永续合约领域,Hyperliquid 已经成为无可争议的王者:市占率 80%+、日成交额突破 300 亿美元,与其他对手拉开量级断层。它用“接近中心化交易所的速度与深度”将交易彻底搬到链上,对传统 CEX 发起前所未有的挑战。 它的成功核心在于三点: 链上订单簿(CLOB):真撮合、低滑点; 自研 Layer-1 区块链:解决延迟和吞吐,支持高频改撤单; HLP 金库机制:把做市变成公共设施,提升整体流动性。一、项目背景与发展Hyperliquid 由前哈佛校友 Jeff Yan 与匿名开发者 iliensinc 在 2020 年发起,2023 年正式上线。团队成员多来自 Caltech、MIT,以及 Citadel、Hudson River Trading 等顶尖高频交易机构。 他们在加密市场做市的经历让他们意识到当时 DeFi 平台普遍存在“市场设计差、不稳定、用户体验差”的问题,因此自筹资金(未接受 VC 投资)开发了 Hyperliquid。愿景是:让链上订单簿具备 CEX 的速度与深度,同时保持 DeFi 的透明与自托管体验。 项目总部位于新加坡。 早期部...
Tether 剑指Circle - 稳定币的前世今生
9 月 13 日,Tether 发布全新稳定币 USAT,直接剑指合规市场,意在扩大在美国的占有率。 那今天聊聊稳定币的整体情况,我会从稳定币分类,稳定币经济模型,当前核心数据情况,各地监管,当前核心参与玩家,以及支付领域巨头stripe如何打通稳定币通路的细节情况来讲述。1) 类别法币储备型(Fiat-backed / EMT):以现金、短期美债、回购、货基等高流动性资产1:1 锚定;主流支付/清算及监管关注的“支付型稳定币”都在此类(如 USDT、USDC、PYUSD、银行/支付公司发行的合规币如FDUSD)。加密资产抵押型(Crypto-collateralized):就是拿 ETH、BTC 这些主流币当“抵押品”,而且一般要多抵押一大截(超额抵押)。最典型的就是 DAI(现在叫 Sky 的新体系)。它的稳定性主要靠清算机制和一些参数来保证:比如你抵押的币跌太多,系统会强制平仓来维持稳定。——简单理解:就是“拿硬币做房贷”,房价跌了就要被银行收走算法型(Algorithmic):依赖算法/铸销规则维持锚定(历史风险大,比如 Terra UST 就是经典例子)。一旦市场恐慌,...
on chain analyst| trends hunter| focus on defi and depay| welcome dm
Hyperliquid:链上永续合约市场的颠覆者
在 DeFi 永续合约领域,Hyperliquid 已经成为无可争议的王者:市占率 80%+、日成交额突破 300 亿美元,与其他对手拉开量级断层。它用“接近中心化交易所的速度与深度”将交易彻底搬到链上,对传统 CEX 发起前所未有的挑战。 它的成功核心在于三点: 链上订单簿(CLOB):真撮合、低滑点; 自研 Layer-1 区块链:解决延迟和吞吐,支持高频改撤单; HLP 金库机制:把做市变成公共设施,提升整体流动性。一、项目背景与发展Hyperliquid 由前哈佛校友 Jeff Yan 与匿名开发者 iliensinc 在 2020 年发起,2023 年正式上线。团队成员多来自 Caltech、MIT,以及 Citadel、Hudson River Trading 等顶尖高频交易机构。 他们在加密市场做市的经历让他们意识到当时 DeFi 平台普遍存在“市场设计差、不稳定、用户体验差”的问题,因此自筹资金(未接受 VC 投资)开发了 Hyperliquid。愿景是:让链上订单簿具备 CEX 的速度与深度,同时保持 DeFi 的透明与自托管体验。 项目总部位于新加坡。 早期部...
Tether 剑指Circle - 稳定币的前世今生
9 月 13 日,Tether 发布全新稳定币 USAT,直接剑指合规市场,意在扩大在美国的占有率。 那今天聊聊稳定币的整体情况,我会从稳定币分类,稳定币经济模型,当前核心数据情况,各地监管,当前核心参与玩家,以及支付领域巨头stripe如何打通稳定币通路的细节情况来讲述。1) 类别法币储备型(Fiat-backed / EMT):以现金、短期美债、回购、货基等高流动性资产1:1 锚定;主流支付/清算及监管关注的“支付型稳定币”都在此类(如 USDT、USDC、PYUSD、银行/支付公司发行的合规币如FDUSD)。加密资产抵押型(Crypto-collateralized):就是拿 ETH、BTC 这些主流币当“抵押品”,而且一般要多抵押一大截(超额抵押)。最典型的就是 DAI(现在叫 Sky 的新体系)。它的稳定性主要靠清算机制和一些参数来保证:比如你抵押的币跌太多,系统会强制平仓来维持稳定。——简单理解:就是“拿硬币做房贷”,房价跌了就要被银行收走算法型(Algorithmic):依赖算法/铸销规则维持锚定(历史风险大,比如 Terra UST 就是经典例子)。一旦市场恐慌,...
on chain analyst| trends hunter| focus on defi and depay| welcome dm

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In the world of DeFi perpetual contracts, Hyperliquid has become the undisputed leader. With over 80% market share and daily trading volumes above $30B, it has left competitors far behind. By delivering CEX-level speed and depth entirely on-chain, Hyperliquid poses a serious challenge to traditional centralized exchanges.
Its success boils down to three core pillars:
On-chain order book (CLOB): true matching, ultra-low slippage.
Custom Layer-1 blockchain: solves latency and throughput, supports high-frequency cancel/replace orders.
HLP Vault mechanism: transforms market-making into a public utility, boosting overall liquidity.
Hyperliquid was founded in 2020 by former Harvard student Jeff Yan and the anonymous developer iliensinc, and officially launched in 2023. The team includes talent from Caltech, MIT, and top HFT firms like Citadel and Hudson River Trading.
Their market-making experience revealed major flaws in DeFi platforms at the time: poor design, instability, and weak UX. So they self-funded (without VC money) to build Hyperliquid with the vision of bringing CEX-like speed and depth to on-chain order books while preserving DeFi transparency and self-custody.
HQ: Singapore
Early deployment: Arbitrum
2023: launched proprietary Hyperliquid L1
2024: issued governance token HYPE, airdropping 31% to early users
Hyperliquid’s custom consensus, HyperBFT, enables 0.2–0.9s confirmations and slippage below 0.01%—good enough for HFT and large-scale order activity.
Dual execution layers: HyperCore + HyperEVM
HyperCore: core matching engine for perps/spot, handling up to 200k orders per second.
HyperEVM: Ethereum-compatible smart contracts, using a dual-block design (fast small blocks + larger slower blocks) to balance speed with complex logic.
This layered approach lets Hyperliquid combine CEX performance with EVM openness.
Full on-chain CLOB: orders, matching, and settlement happen transparently on-chain.
HLP Vault: unlike AMMs with automated price curves, HLP is a pooled liquidity + order book model.
How it works:
Users deposit funds to share in market-making profits.
In liquidations, HLP backstops risk and prevents bad debt.
This shifts market-making from being a privilege of a few institutions to a community-owned public good.
HYPE Token
Max supply: 1B
Airdropped: 31% to early users (Nov 2024)
Future incentives: 39% reserved
Community fund: 23.8%, unlocking over 3 years starting Nov 2025
As of August 2025:
Circulating supply: ~334M
Market cap: $15.3B
Token distribution is transparent and community-oriented, supporting long-term growth.
Perp market share: >80%
Daily volume: $27–30B, far ahead of other DeFi platforms
Protocol revenue: $5.57M in the last 30 days—ranked #3 across all chains, surpassing Tron, Solana, and even staking giant Lido.
Slippage: just 15% of Uniswap’s level (much lower).
TVL & market cap: quintupled in only 5 months.
Open interest: has surged since the first airdrop and continues climbing.
Since April 2025, with the HYPE token live and liquidity mechanisms maturing, Hyperliquid has seen exponential growth in both trading volume and users. Its scale is now large enough to absorb most of the global DeFi perp demand.
At this point, Hyperliquid’s true competition is no longer other DEXs—it’s the CEX giants.
In the world of DeFi perpetual contracts, Hyperliquid has become the undisputed leader. With over 80% market share and daily trading volumes above $30B, it has left competitors far behind. By delivering CEX-level speed and depth entirely on-chain, Hyperliquid poses a serious challenge to traditional centralized exchanges.
Its success boils down to three core pillars:
On-chain order book (CLOB): true matching, ultra-low slippage.
Custom Layer-1 blockchain: solves latency and throughput, supports high-frequency cancel/replace orders.
HLP Vault mechanism: transforms market-making into a public utility, boosting overall liquidity.
Hyperliquid was founded in 2020 by former Harvard student Jeff Yan and the anonymous developer iliensinc, and officially launched in 2023. The team includes talent from Caltech, MIT, and top HFT firms like Citadel and Hudson River Trading.
Their market-making experience revealed major flaws in DeFi platforms at the time: poor design, instability, and weak UX. So they self-funded (without VC money) to build Hyperliquid with the vision of bringing CEX-like speed and depth to on-chain order books while preserving DeFi transparency and self-custody.
HQ: Singapore
Early deployment: Arbitrum
2023: launched proprietary Hyperliquid L1
2024: issued governance token HYPE, airdropping 31% to early users
Hyperliquid’s custom consensus, HyperBFT, enables 0.2–0.9s confirmations and slippage below 0.01%—good enough for HFT and large-scale order activity.
Dual execution layers: HyperCore + HyperEVM
HyperCore: core matching engine for perps/spot, handling up to 200k orders per second.
HyperEVM: Ethereum-compatible smart contracts, using a dual-block design (fast small blocks + larger slower blocks) to balance speed with complex logic.
This layered approach lets Hyperliquid combine CEX performance with EVM openness.
Full on-chain CLOB: orders, matching, and settlement happen transparently on-chain.
HLP Vault: unlike AMMs with automated price curves, HLP is a pooled liquidity + order book model.
How it works:
Users deposit funds to share in market-making profits.
In liquidations, HLP backstops risk and prevents bad debt.
This shifts market-making from being a privilege of a few institutions to a community-owned public good.
HYPE Token
Max supply: 1B
Airdropped: 31% to early users (Nov 2024)
Future incentives: 39% reserved
Community fund: 23.8%, unlocking over 3 years starting Nov 2025
As of August 2025:
Circulating supply: ~334M
Market cap: $15.3B
Token distribution is transparent and community-oriented, supporting long-term growth.
Perp market share: >80%
Daily volume: $27–30B, far ahead of other DeFi platforms
Protocol revenue: $5.57M in the last 30 days—ranked #3 across all chains, surpassing Tron, Solana, and even staking giant Lido.
Slippage: just 15% of Uniswap’s level (much lower).
TVL & market cap: quintupled in only 5 months.
Open interest: has surged since the first airdrop and continues climbing.
Since April 2025, with the HYPE token live and liquidity mechanisms maturing, Hyperliquid has seen exponential growth in both trading volume and users. Its scale is now large enough to absorb most of the global DeFi perp demand.
At this point, Hyperliquid’s true competition is no longer other DEXs—it’s the CEX giants.
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