{"id":1114,"date":"2025-03-23T05:17:44","date_gmt":"2025-03-22T21:17:44","guid":{"rendered":"https:\/\/www.yixiangtian.com\/?p=1114"},"modified":"2025-03-23T05:17:44","modified_gmt":"2025-03-22T21:17:44","slug":"%e6%8e%a5%e8%bf%9e%e6%96%b0%e9%ab%98%ef%bc%8c%e5%a6%82%e4%bd%95%e7%90%86%e8%a7%a3ena%e5%92%8chype%e7%9a%84%e6%8b%89%e7%9b%98%e9%80%bb%e8%be%91%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.yunsiwang.com\/?p=1114","title":{"rendered":"\u63a5\u8fde\u65b0\u9ad8\uff0c\u5982\u4f55\u7406\u89e3ENA\u548cHYPE\u7684\u62c9\u76d8\u903b\u8f91\uff1f"},"content":{"rendered":"<div>\n<div>\n<div>\n<div>\n<blockquote><p>\n     \u539f\u6587\u6807\u9898\uff1aTale of Two Tokens: What Ethena and HyperLiquid Teach Us<br \/>\n    <br \/>\u539f\u6587\u4f5c\u8005\uff1aDiogenesCasares\uff0c\u52a0\u5bc6 Kol<br \/>\n    <br \/>\u539f\u6587\u7f16\u8bd1\uff1azhouzhou\uff0cBlockBeats\n   <\/p><\/blockquote>\n<p><\/p>\n<p><strong>\u7f16\u8005\u6309\uff1a<\/strong>HyperLiquid \u548c Ethena \u867d\u7136\u91c7\u7528\u4e86\u4e0d\u540c\u7684\u878d\u8d44\u548c\u4ee3\u5e01\u7b56\u7565\uff0c\u4f46\u90fd\u6210\u529f\u6267\u884c\u4e86\u5404\u81ea\u7684\u4ea7\u54c1\u613f\u666f\u3002HyperLiquid \u4e13\u6ce8\u4e8e\u53bb\u4e2d\u5fc3\u5316\u884d\u751f\u54c1\uff0c\u800c Ethena \u5219\u5feb\u901f\u6210\u957f\u4e3a\u9886\u5148\u7684\u7a33\u5b9a\u5e01\u534f\u8bae\u3002\u4e24\u8005\u90fd\u901a\u8fc7\u7406\u89e3\u7528\u6237\u9700\u6c42\u548c\u52a8\u6001\u8c03\u6574\u7b56\u7565\uff0c\u505a\u51fa\u4e86\u7b26\u5408\u4ea7\u54c1\u53d1\u5c55\u7684\u51b3\u7b56\u3002\u6210\u529f\u7684\u5173\u952e\u5728\u4e8e\u57fa\u4e8e\u6e05\u6670\u7684\u613f\u666f\u548c\u4fe1\u5ff5\u6765\u6307\u5bfc\u51b3\u7b56\uff0c\u800c\u975e\u300c\u7edf\u4e00\u9002\u7528\u300d\u7684\u65b9\u6cd5\u3002<\/p>\n<p><\/p>\n<p><strong>\u4ee5\u4e0b\u4e3a\u539f\u6587\u5185\u5bb9\uff08\u4e3a\u4fbf\u4e8e\u9605\u8bfb\u7406\u89e3\uff0c\u539f\u5185\u5bb9\u6709\u6240\u6574\u7f16\uff09\uff1a<\/strong><\/p>\n<p><\/p>\n<p>HyperLiquid \u5728\u5176\u521d\u59cb\u53d1\u5e03\u540e\u7684\u51e0\u5468\u5185\uff0c\u4fbf\u6210\u4e3a\u4e86\u524d 20 \u540d\u4ee3\u5e01\uff08\u5982\u679c\u8ba1\u7b97 FDV \u7684\u8bdd\uff09\uff0c\u8fd9\u4e00\u6210\u5c31\u7684\u53d6\u5f97\u6ca1\u6709\u4f9d\u8d56\u4efb\u4f55\u4e3b\u8981\u7684\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u4e0a\u5e02\u3002\u5b83\u7684\u652f\u6301\u8005\u4e3b\u8981\u662f\u4ea4\u6613\u8005\u548c\u7528\u6237\uff0c\u4ed6\u4eec\u5bf9\u4ea7\u54c1\u7684\u4fe1\u4efb\u66f4\u50cf\u662f BeReal\/Instagram \u7684\u7c89\u4e1d\uff0c\u800c\u975e\u50cf Link Marines \u8fd9\u6837\u7684\u300c\u4f20\u7edf\u300d\u52a0\u5bc6\u91d1\u878d\u56e2\u4f53\u3002<\/p>\n<p><\/p>\n<p>HYPE \u7a7a\u6295\u6ca1\u6709\uff08\u592a\u591a\uff09\u9644\u52a0\u6761\u4ef6\uff0c\u786e\u5b9e\u8ba9\u8bb8\u591a\u4eba\u5bcc\u4e86\u8d77\u6765\uff0c\u4f46\u4e5f\u6709\u5f88\u591a\u4eba\u9009\u62e9\u4e0d\u5356\uff0c\u4ed6\u4eec\u76f8\u4fe1\u8fd9\u4e2a\u9879\u76ee\uff0c\u6211\u8ba4\u4e3a\u8fd9\u6b63\u662f HyperLiquid \u4e0e\u5f53\u524d\u8bb8\u591a\u5176\u4ed6\u9879\u76ee\u7684\u6838\u5fc3\u533a\u522b\u4e4b\u4e00\uff1a\u4eba\u4eec\u76f8\u4fe1 HyperLiquid \u7684\u613f\u666f\uff0c\u5e76\u4e14\u76f8\u4fe1\u4ed6\u4eec\u4f1a\u8d5a\u94b1\u3002<\/p>\n<p><\/p>\n<p>\u8fd9\u79cd\u613f\u666f\u4e0e\u6267\u884c\u3001\u57fa\u672c\u9762\u4e4b\u95f4\u7684\u795e\u5723\u5171\u751f\u5173\u7cfb\uff0c\u53ef\u80fd\u662f HyperLiquid \u72ec\u6709\u7684\uff0c\u4f46\u5728\u4eca\u5e74\u5176\u4ed6\u4e00\u4e9b\u6700\u8d5a\u94b1\u4e14\u5e7f\u6cdb\u5173\u6ce8\u7684 DeFi \u9879\u76ee\u4e2d\uff0c\u4e5f\u53ef\u4ee5\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u770b\u5230\uff0c\u6bd4\u5982 ethena labs\u3002<\/p>\n<p><\/p>\n<p>\u672c\u6587\u5c06\u63a2\u8ba8 Ethena \u4e0e Hyperliquid \u7684\u76f8\u4f3c\u4e4b\u5904\uff0c\u5b83\u4eec\u90fd\u5728\u6784\u5efa\u5e7f\u6cdb\u88ab\u672c\u5730\u7528\u6237\u4f7f\u7528\u7684\u6838\u5fc3\u4ea7\u54c1\uff0c\u4e5f\u4f1a\u5206\u6790\u5b83\u4eec\u7684\u4e0d\u540c\u4e4b\u5904\uff0c\u4ee5\u5e2e\u52a9\u8bfb\u8005\u7406\u89e3\u54ea\u4e9b\u56e0\u7d20\u8ba9\u7cfb\u7edf\u80fd\u591f\u6210\u529f\u3002<\/p>\n<p><\/p>\n<h2 class=\"_content_replace_h1\">\u5960\u5b9a\u57fa\u7840\uff1a\u4ea7\u54c1<\/h2>\n<p><\/p>\n<p style=\"text-align:center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/e673e1ada9b3e1b7ab5b68573c4fa6611733394609511.jpeg\" alt=\"\u63a5\u8fde\u65b0\u9ad8\uff0c\u5982\u4f55\u7406\u89e3ENA\u548cHYPE\u7684\u62c9\u76d8\u903b\u8f91\uff1f image 0\"><\/p>\n<p><\/p>\n<p>\u4e00\u4e2a\u597d\u7684\u4ea7\u54c1\u603b\u662f\u96be\u4ee5\u6253\u9020\uff0c\u4f46\u5728\u52a0\u5bc6\u9886\u57df\uff0c\u6709\u4e00\u79cd\u5947\u602a\u7684\u5fc3\u6001\u8ba4\u4e3a\uff0c\u597d\u7684\u4ea7\u54c1\u662f\u300c\u65e0\u6cd5\u5b9e\u73b0\u7684\u300d\uff0c\u6216\u8005\u8bf4\u6ca1\u6709\u4ea7\u54c1\u5e02\u573a\u5951\u5408\uff08PMF\uff09\uff0c\u6216\u8005\u5b83\u300c\u8fd8\u4e0d\u591f\u5927\u300d\uff0c\u6216\u8005\u300c\u5df2\u7ecf\u6709\u4eba\u505a\u8fc7\u4e86\u300d\uff0c\u8fd9\u4e9b\u90fd\u662f\u8c2c\u8bba\u3002<\/p>\n<p><\/p>\n<p>\u5bf9 Ethena \u6700\u5927\u7684\u6279\u8bc4\u4e4b\u4e00\u662f\uff0c\u5b83\u6240\u505a\u7684\u4e8b\u60c5\u66fe\u7ecf\u88ab\u50cf UXD \u8fd9\u6837\u7684\u53bb\u4e2d\u5fc3\u5316\u534f\u8bae\u5c1d\u8bd5\u8fc7\u3002\u7136\u800c\uff0cEthena \u901a\u8fc7\u5229\u7528\u6258\u7ba1\u65b9\u63a5\u5165\u4e2d\u5fc3\u5316\u6d41\u52a8\u6027\uff0c\u89e3\u51b3\u4e86\u6d41\u52a8\u6027\u95ee\u9898\uff0c\u5e76\u80fd\u591f\u83b7\u5f97\u57fa\u7840\u7684 stETH\/\u518d\u8d28\u62bc\u8d44\u4ea7\u7684\u6536\u76ca\uff0c\u4ece\u800c\u5b9e\u73b0\u4e86\u5dee\u5f02\u5316\u3002\u8fd9\u662f\u4e00\u4e2a\u76f8\u5bf9\u5c0f\u7684\u8c03\u6574\uff0c\u4f46\u5374\u4f7f\u5f97 Ethena \u7684\u4ea7\u54c1\u5177\u6709\u4e86\u53ef\u6269\u5c55\u6027\u548c\u7a33\u5b9a\u6027\u3002\u6b64\u5916\uff0c\u901a\u8fc7\u4f7f\u7528 USDe \u548c sUSDe\uff0c\u51e0\u4e4e\u76f8\u5f53\u4e8e ETH \u548c stETH \u7684\u5173\u7cfb\uff0cEthena \u7684\u6536\u76ca\u7387\u81ea\u7136\u4f1a\u6bd4\u81ea\u5df1\u72ec\u7acb\u6267\u884c\u8be5\u7b56\u7565\u65f6\u8981\u9ad8\u3002<\/p>\n<p><\/p>\n<p>HyperLiquid \u5e76\u4e0d\u662f\u7b2c\u4e00\u4e2a\u53bb\u4e2d\u5fc3\u5316\u884d\u751f\u54c1\u5e73\u53f0\uff0c\u8fdc\u975e\u5982\u6b64\u3002\u7136\u800c\uff0cHyperLiquid \u5728\u901f\u5ea6\uff08\u5b58\u6b3e\u5904\u7406\u6781\u5feb\uff09\u3001\u6d41\u52a8\u6027\uff08HLP\uff09\u548c\u5206\u53d1\uff08vaults\uff09\u65b9\u9762\u8fdb\u884c\u4e86\u521b\u65b0\u3002HyperLiquid \u7684\u4ea4\u6613\u5e73\u53f0\u975e\u5e38\u53ef\u9760\uff0c\u51e0\u4e4e\u4e0d\u66fe\u53d1\u751f\u5d29\u6e83\uff0c\u800c\u7ade\u4e89\u5bf9\u624b\u7684\u7cfb\u7edf\u5219\u51fa\u73b0\u4e86\u6570\u5c0f\u65f6\u751a\u81f3\u6570\u5929\u7684\u5b95\u673a\uff0c\u6709\u4e00\u4e2a\u5e73\u53f0\u751a\u81f3\u906d\u9047\u4e86\u533a\u5757\u91cd\u7ec4\uff08reorg\uff09\uff0c\u8feb\u4f7f\u5b83\u901a\u8fc7\u8c37\u6b4c\u8868\u5355\u8be2\u95ee\u7528\u6237\u635f\u5931\u4e86\u591a\u5c11\u3002<\/p>\n<p><\/p>\n<p>\u8fd9\u79cd\u7cdf\u7cd5\u7684\u7528\u6237\u4f53\u9a8c\uff0c\u4e5f\u8ba9\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u548c\u4ea4\u6613\u8005\u611f\u5230\u56f0\u6270\uff0c\u4ed6\u4eec\u4ece\u6765\u4e0d\u77e5\u9053\u81ea\u5df1\u662f\u5426\u80fd\u987a\u5229\u5b58\u6b3e\u6216\u63d0\u73b0\u3002HyperLiquid \u6d88\u9664\u4e86\u8fd9\u4e00\u95ee\u9898\uff0c\u4ece\u800c\u8d62\u5f97\u4e86\u7528\u6237\u7684\u4fe1\u4efb\u4e0e\u652f\u6301\u3002<\/p>\n<p><\/p>\n<h2 class=\"_content_replace_h1\">\u6784\u5efa\u8fc7\u7a0b\uff1a\u5206\u53d1\u4e0e\u6267\u884c<\/h2>\n<p><\/p>\n<p style=\"text-align:center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/1c55c052d573cd504ed6e18c0fd19c4e1733394609677.jpeg\" alt=\"\u63a5\u8fde\u65b0\u9ad8\uff0c\u5982\u4f55\u7406\u89e3ENA\u548cHYPE\u7684\u62c9\u76d8\u903b\u8f91\uff1f image 1\"><\/p>\n<p><\/p>\n<p>\u597d\u7684\uff0cEthena \u548c HyperLiquid \u90fd\u6709\u5f88\u597d\u7684\u4ea7\u54c1\uff0c\u4f46\u8fd9\u5e76\u4e0d\u610f\u5473\u7740\u4eba\u4eec\u4f1a\u81ea\u52a8\u627e\u5230\u5b83\u4eec\u3002\u90a3\u4e48\uff0c\u5982\u4f55\u8ba9\u4eba\u4eec\u6d4b\u8bd5\u4ea7\u54c1\u5e76\u52a0\u4ee5\u6539\u8fdb\u5462\uff1f\u5728 Ethena \u548c HyperLiquid \u7684\u6848\u4f8b\u4e2d\uff0c\u7b54\u6848\u662f\uff1a\u5c3d\u53ef\u80fd\u591a\u5730\u4e0e\u4eba\u4ea4\u6d41\u3002<\/p>\n<p><\/p>\n<p>\u5728\u6211\u533f\u540d\u8d26\u6237\u4e0a\uff0cEthena \u56e2\u961f\u5b9e\u9645\u4e0a\u5728\u4ed6\u4eec\u7684 TVL \u8fd8\u6ca1\u6709\u8fbe\u5230 2000 \u4e07\u7f8e\u5143\u65f6\u5c31\u8054\u7cfb\u4e86\u6211\u3002\u5f53\u65f6\uff0c\u6211\u9700\u8981\u901a\u8fc7\u7b7e\u7f72\u5408\u540c\u5e76\u5c06\u8d44\u91d1\u9501\u5b9a\u5728\u4e00\u5b9a\u671f\u9650\u5185\u6765\u5b58\u6b3e\uff0c\u4f5c\u4e3a\u4ea4\u6362\uff0c\u6536\u5230\u4e00\u4e2a\u56fa\u5b9a\u7684\u6700\u4f4e\u6536\u76ca\u7387\uff0c\u6700\u7ec8\u6211\u6ca1\u6709\u53bb\u505a\uff08\u5f53\u7136\uff0c\u8fd9\u662f\u4e00\u4e2a\u5927\u9519\uff09\u3002\u7136\u800c\u6211\u975e\u5e38\u4f69\u670d Ethena \u56e2\u961f\u7684\u4e00\u70b9\u662f\uff0c\u4ed6\u4eec\u80fd\u591f\u5229\u7528\u300c\u4ed6\u4eba\u7684\u7f51\u7edc\u300d\uff08OPNs\uff09\u3002<\/p>\n<p><\/p>\n<p>Seraphim\uff08MacroMate8\uff09\u5c31\u662f\u8fd9\u65b9\u9762\u7684\u9ad8\u624b\uff0c\u6211\u88ab dcfgod \u8054\u7cfb\u5230\uff0c\u4ed6\u662f\u8fd9\u4e2a\u9886\u57df\u6700\u597d\u7684\u5929\u4f7f\u6295\u8d44\u4eba\u4e4b\u4e00\uff0c\u4ed6\u8054\u7cfb\u4e86\u6211\uff0c\u4e5f\u8054\u7cfb\u4e86 templedao \u56e2\u961f\u3001\u5176\u4ed6 RFV \u4ea4\u6613\u5458\u3001\u5927\u578b\u4ea4\u6613\u5458\uff0c\u57fa\u672c\u4e0a\u662f\u4ed6\u7684\u6574\u4e2a\u7f51\u7edc\u3002<\/p>\n<p><\/p>\n<p>\u5bf9 DCF God \u6765\u8bf4\uff0c\u8fd9\u975e\u5e38\u68d2\uff0c\u56e0\u4e3a\u4ed6\u76f8\u4fe1\u8fd9\u4e2a\u4ea7\u54c1\u548c\u56e2\u961f\uff0c\u6240\u4ee5\u8fd9\u4e9b\u5f15\u8350\u5bf9\u4ed6\u7f51\u7edc\u4e2d\u7684\u4eba\u90fd\u5f88\u6709\u5e2e\u52a9\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u8fd9\u5bf9 Ethena \u4e5f\u6781\u4e3a\u6709\u7528\uff0c\u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\u4ed6\u4eec\u5141\u8bb8\u4ed6\u4f5c\u4e3a\u5929\u4f7f\u6295\u8d44\u4eba\u53c2\u4e0e\u6295\u8d44\u7684\u539f\u56e0\u3002\u8fd9\u4e00\u70b9\u4e5f\u53cd\u6620\u5728 CryptoHayes \u7684\u53c2\u4e0e\u4e0a\uff0c\u4ed6\u53ef\u80fd\u662f\u6700\u597d\u7684\u6545\u4e8b\u8bb2\u8ff0\u8005\u4e4b\u4e00\uff0c\u4e5f\u662f\u6700\u80fd\u4e0e\u7528\u6237\u4ea4\u6d41\u7684\u5e73\u53f0\u4e4b\u4e00\uff0c\u800c\u4e14\u4ed6\u6070\u597d\u4e5f\u4f1a\u6295\u8d44\u3002<\/p>\n<p><\/p>\n<p>\u5728 HyperLiquid \u7684\u6848\u4f8b\u4e2d\uff0cJeff \u548c\u56e2\u961f\u7684\u5176\u4ed6\u6210\u5458\u6492\u7f51\u975e\u5e38\u5e7f\u6cdb\u3002\u4ed6\u4eec\u4ece HsakaTrades \u5230\u6211\u7684 RFV \u4ea4\u6613\u670b\u53cb burstingbagel \u90fd\u8054\u7cfb\u4e86\u3002\u4ed6\u4eec\u5c3d\u53ef\u80fd\u5730\u8ba9\u66f4\u591a\u4eba\u52a0\u5165\u5e73\u53f0\uff0c\u5e76\u5f00\u59cb\u6253\u9020\u793e\u533a\u9700\u8981\u7684\u4ea7\u54c1\uff0c\u5305\u62ec\u6700\u7ec8\u5e2e\u52a9\u521b\u9020 HLP \u7684 vaults\uff0c\u8fd9\u4f7f\u5f97 HyperLiquid \u80fd\u591f\u5728\u6ca1\u6709\u505a\u5e02\u5546\u7684\u60c5\u51b5\u4e0b\u62e5\u6709\u6df1\u5ea6\u6d41\u52a8\u6027\uff0c\u907f\u514d\u4e86 DEX \u4e0a\u901a\u5e38\u9700\u8981\u652f\u4ed8\u9ad8\u6602\u8d39\u7528\u7684\u505a\u5e02\u5546\u6d41\u52a8\u6027\u4ea4\u6613\u3002\u8fd9\u79cd\u4ea7\u54c1\u7684\u7528\u6237\u548c HyperLiquid \u56e2\u961f\u4e4b\u95f4\u7684\u76f4\u63a5\u5173\u7cfb\uff0c\u8ba9\u7528\u6237\u611f\u5230\u88ab\u503e\u542c\u3001\u91cd\u8981\uff0c\u5e76\u8ba9\u4ed6\u4eec\u611f\u5230\u81ea\u5df1\u662f\u9879\u76ee\u7684\u4e00\u90e8\u5206\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u5916\u90e8\u7684\u65c1\u89c2\u8005\u3002<\/p>\n<p><\/p>\n<h2 class=\"_content_replace_h1\">\u4fdd\u6301\u63a7\u5236\uff1a\u62a4\u57ce\u6cb3\u4e0e\u7f51\u7edc\u6548\u5e94<\/h2>\n<p><\/p>\n<p style=\"text-align:center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/67ab20a3bfb6ac19a5692b239dcb57871733394609834.jpeg\" alt=\"\u63a5\u8fde\u65b0\u9ad8\uff0c\u5982\u4f55\u7406\u89e3ENA\u548cHYPE\u7684\u62c9\u76d8\u903b\u8f91\uff1f image 2\"><\/p>\n<p><\/p>\n<p>\u6240\u6709\u4f18\u79c0\u7684\u9879\u76ee\u90fd\u4f1a\u50ac\u751f\u6a21\u4eff\u8005\u6216\u7ade\u4e89\u5bf9\u624b\uff0c\u4f8b\u5982 Ondo \u6709 OpenEden\uff0cEigenlayer \u6709 Symbiotic\uff0c\u8fd8\u6709 Morpho \u548c Euler\u3001Aptos \u548c Sui \u7b49\uff0c\u7c7b\u4f3c\u7684\u4f8b\u5b50\u6bd4\u6bd4\u7686\u662f\u3002\u7136\u800c\uff0c\u771f\u6b63\u4f18\u79c0\u7684\u9879\u76ee\u80fd\u591f\u8bc6\u522b\u5e76\u5de9\u56fa\u81ea\u8eab\u7684\u300c\u62a4\u57ce\u6cb3\u300d\uff0c\u4ece\u800c\u5f3a\u5316\u4ea7\u54c1\u4f18\u52bf\uff0c\u63d0\u5347\u7ade\u4e89\u529b\u3002<\/p>\n<p><\/p>\n<p>\u4ee5 stETH\/Lido \u4e3a\u4f8b\uff0c\u5b83\u663e\u7136\u662f\u5e02\u573a\u9886\u5bfc\u8005\uff0c\u5c3d\u7ba1\u4ece\u7406\u8bba\u4e0a\u8bb2\uff0c\u5b83\u7684\u57fa\u7840\u4ea7\u54c1\u662f\u53ef\u4ee5\u590d\u5236\u7684\u3002\u8fd0\u884c\u9a8c\u8bc1\u8282\u70b9\u3001\u4e3a\u7528\u6237\u8d5a\u53d6\u6536\u76ca\u5e76\u521b\u5efa\u4e00\u4e2a\u5305\u88c5\u4ee3\u5e01\uff0c\u8fd9\u4e9b\u5e76\u4e0d\u96be\u3002\u7136\u800c\uff0c\u96be\u4ee5\u590d\u5236\u6216\u7ade\u4e89\u7684\u662f stETH \u6240\u62e5\u6709\u7684\u5927\u91cf\u6d41\u52a8\u6027\u4ee5\u53ca\u5b83\u4e0e\u501f\u8d37\u534f\u8bae\u548c\u66f4\u5e7f\u6cdb\u7684 DeFi \u751f\u6001\u7684\u6df1\u5ea6\u6574\u5408\u3002<\/p>\n<p><\/p>\n<p>\u8fd9\u4e9b\u62a4\u57ce\u6cb3\u4f7f\u5f97\u7528\u6237\u5f80\u5f80\u66f4\u503e\u5411\u4e8e\u4f7f\u7528 stETH\uff0c\u5373\u4f7f\u4ece\u7406\u8bba\u4e0a\u8bb2\uff0c\u4e0e\u7ade\u4e89\u5bf9\u624b\u76f8\u6bd4\u6536\u76ca\u53ef\u80fd\u7565\u4f4e\uff0c\u56e0\u4e3a\u4ed6\u4eec\u53ef\u4ee5\u5c06 stETH \u7528\u4e8e DeFi\u3002Ethena \u6b63\u662f\u590d\u5236\u4e86\u8fd9\u4e00\u6a21\u5f0f\uff0c\u56f4\u7ed5\u8d44\u91d1\u8d39\u7387\u5957\u5229\u5c55\u5f00\u5e03\u5c40\u3002\u5b83\u5df2\u7ecf\u4e0e ETH DeFi \u4e2d\u51e0\u4e4e\u6240\u6709\u4e3b\u8981\u534f\u8bae\uff0c\u4ee5\u53ca\u8d8a\u6765\u8d8a\u591a\u7684\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u8fdb\u884c\u4e86\u96c6\u6210\u3002Ethena \u5728\u6d41\u52a8\u6027\u3001\u53ef\u63a5\u53d7\u6027\/\u53ef\u7ec4\u5408\u6027\u548c\u5927\u89c4\u6a21\u9ad8\u6536\u76ca\u7b49\u65b9\u9762\u5efa\u7acb\u7684\u62a4\u57ce\u6cb3\uff0c\u4e3a\u7528\u6237\u63d0\u4f9b\u4e86\u4e00\u7cfb\u5217\u529f\u80fd\uff0c\u6781\u5927\u5730\u589e\u5f3a\u4e86\u7528\u6237\u5fe0\u8bda\u5ea6\u3002<\/p>\n<p><\/p>\n<p>\u5bf9\u4e8e HyperLiquid \u6765\u8bf4\uff0c\u6d41\u52a8\u6027\u672c\u8eab\u5c31\u662f\u5b83\u7684\u6838\u5fc3\u62a4\u57ce\u6cb3\u3002HyperLiquid \u7684 HLP \u4e13\u4e3a\u7528\u6237\u63d0\u4f9b\u4f18\u8d28\u6d41\u52a8\u6027\u800c\u8bbe\u8ba1\uff0c\u4f7f\u5f97\u65b0\u5e02\u573a\u5f97\u4ee5\u589e\u957f\uff0c\u540c\u65f6\u786e\u4fdd\u7528\u6237\u59cb\u7ec8\u6709\u6700\u540e\u4e70\u5bb6\/\u5356\u5bb6\u7684\u4fdd\u969c\u3002\u7528\u6237\u8d8a\u591a\uff0c\u5b9a\u4ef7\u8d8a\u597d\uff0c\u4ece\u800c\u5438\u5f15\u66f4\u591a\u7528\u6237\uff0c\u8fd9\u79cd\u6b63\u5411\u5faa\u73af\u8fdb\u4e00\u6b65\u5f3a\u5316\u4e86\u5e73\u53f0\u7684\u5730\u4f4d\u3002<\/p>\n<p><\/p>\n<p>\u4e3a\u4e86\u5de9\u56fa\u5176\u4e3b\u5bfc\u5730\u4f4d\uff0cHyperLiquid \u6b63\u5728\u901a\u8fc7\u4e00\u4e2a\u72ec\u7acb\u7684\u3001\u4e0e EVM \u517c\u5bb9\u7684\u94fe\u6765\u5141\u8bb8\u9879\u76ee\u5728\u5176\u57fa\u7840\u4e0a\u8fdb\u884c\u6784\u5efa\uff0c\u8fd9\u4e2a\u94fe\u53ef\u4ee5\u4e0e HyperLiquid \u7684\u73b0\u8d27\/\u884d\u751f\u54c1\u4ed3\u4f4d\u4ea4\u4e92\u3002\u8fd9\u5c06\u4e3a\u4ea4\u6613\u8005\u63d0\u4f9b\u66f4\u52a0\u65e0\u7f1d\u4e14\u8d44\u672c\u6548\u7387\u66f4\u9ad8\u7684\u505a\u5e02\u548c\u4e2d\u6027\u5bf9\u51b2\u7b56\u7565\uff0c\u540c\u65f6\u589e\u52a0\u7528\u6237\u7684\u529f\u80fd\uff0c\u8fdb\u4e00\u6b65\u5f3a\u5316\u5176\u5e02\u573a\u5730\u4f4d\u3002<\/p>\n<p><\/p>\n<p>\u4ece\u7406\u8bba\u4e0a\u8bb2\uff0cHyperLiquid \u5728\u5f00\u6e90\u540e\u53ef\u80fd\u4f1a\u88ab\u5206\u53c9\uff0c\u4f46\u5206\u53c9\u7248\u672c\u5c06\u65e0\u6cd5\u62e5\u6709 HLP\u3001\u6240\u6709\u7528\u6237\u4ee5\u53ca\u6d41\u52a8\u6027\u3002\u672c\u8eab\u5373\u4fbf\u662f\u4e00\u4e2a\u51fa\u8272\u7684\u4ea7\u54c1\uff0c\u8981\u957f\u671f\u5b58\u7eed\u4e0b\u53bb\uff0c\u5173\u952e\u5728\u4e8e\u5efa\u7acb\u548c\u5de9\u56fa\u62a4\u57ce\u6cb3\u3002\u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\u5373\u4fbf Ethena \u548c HyperLiquid \u5df2\u7ecf\u5728\u5404\u81ea\u5e02\u573a\u4e2d\u5360\u636e\u8fd1\u4e4e\u5b8c\u5168\u7684\u4e3b\u5bfc\u5730\u4f4d\uff0c\u5b83\u4eec\u4f9d\u7136\u5728\u4e0d\u65ad\u5f3a\u5316\u62a4\u57ce\u6cb3\u3002<\/p>\n<p><\/p>\n<h2 class=\"_content_replace_h1\">\u5206\u6b67\u70b9\uff1a\u8d44\u91d1\u8def\u5f84\u4e0e\u7a7a\u6295<\/h2>\n<p><\/p>\n<p style=\"text-align:center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/b2d6f3589e2cdbc2764e88388ecde7e11733394610010.jpeg\" alt=\"\u63a5\u8fde\u65b0\u9ad8\uff0c\u5982\u4f55\u7406\u89e3ENA\u548cHYPE\u7684\u62c9\u76d8\u903b\u8f91\uff1f image 3\"><\/p>\n<p><\/p>\n<p>\u8fd9\u4e00\u90e8\u5206\u662f Ethena \u548c HyperLiquid \u4e4b\u95f4\u5f00\u59cb\u51fa\u73b0\u91cd\u5927\u5dee\u5f02\u7684\u5730\u65b9\uff0c\u8fd9\u4e9b\u5dee\u5f02\u4e0d\u4ec5\u4ec5\u662f\u98ce\u683c\u4e0a\u7684\uff0c\u66f4\u5728\u5b9e\u8d28\u4e0a\u6709\u7740\u975e\u5e38\u5927\u7684\u4e0d\u540c\u3002Ethena \u7684\u4ea7\u54c1\u63d0\u4f9b\u7684\u662f\u5bf9\u51b2\u4e2d\u6027\u6536\u76ca\u7684\u6d41\u52a8\u6027\u63a5\u5165\uff0c\u800c HyperLiquid \u7684\u4ea7\u54c1\u5219\u662f\u4e00\u4e2a\u53bb\u4e2d\u5fc3\u5316\u884d\u751f\u54c1\u534f\u8bae\u3002<\/p>\n<p><\/p>\n<p>\u7531\u4e8e\u5176\u6a21\u578b\u7684\u539f\u56e0\uff0cEthena \u5fc5\u987b\u4f9d\u8d56\u73b0\u6709\u5e73\u53f0\u6765\u5b9e\u73b0\u89c4\u6a21\u5316\uff0c\u786e\u4fdd\u8fd9\u4e00\u70b9\u7684\u597d\u65b9\u6cd5\u662f\u901a\u8fc7\u83b7\u5f97\u4ea4\u6613\u6240\u7684\u6295\u8d44\u4ee5\u6fc0\u52b1\u5b83\u4eec\u3002\u4e0e\u6b64\u76f8\u53cd\uff0cHyperLiquid \u7684\u76ee\u6807\u662f\u53d6\u4ee3\u8fd9\u4e9b\u4ea4\u6613\u6240\uff0c\u5b83\u5e76\u4e0d\u6253\u7b97\u4e0e\u5b83\u4eec\u5408\u4f5c\uff0c\u56e0\u6b64\u4e0d\u9700\u8981\u4f9d\u8d56\u5b83\u4eec\u3002<\/p>\n<p><\/p>\n<p>HyperLiquid \u7684\u56e2\u961f\u4ee5\u5176\u9ad8\u9891\u4ea4\u6613\uff08HFT\uff09\u80fd\u529b\u800c\u95fb\u540d\uff0c\u5e76\u4e14\u4e0d\u9700\u8981\u7b79\u96c6\u8d44\u672c\u3002\u867d\u7136 Ethena \u56e2\u961f\u672c\u8eab\u4e5f\u975e\u5e38\u6210\u529f\uff0c\u4f46\u4ed6\u4eec\u5e76\u6ca1\u6709\u8d5a\u5230\u53ef\u80fd\u9700\u8981\u7684\u6570\u5343\u4e07\u7f8e\u5143\u6765\u6253\u9020 Ethena\uff0c\u786e\u4fdd\u5176\u957f\u671f\u751f\u5b58\u5e76\u80fd\u591f\u5b8c\u5168\u4e13\u6ce8\u4e8e\u4ea7\u54c1\uff0c\u800c\u4e0d\u5fc5\u8003\u8651\u76c8\u5229\u95ee\u9898\u3002<\/p>\n<p><\/p>\n<p>\u7406\u8bba\u4e0a\uff0cEthena \u672c\u53ef\u4ee5\u9009\u62e9\u4e0d\u7b79\u96c6\u8d44\u91d1\uff0c\u4f46\u901a\u8fc7\u878d\u8d44\uff0c\u4ed6\u4eec\u80fd\u591f\u63d0\u9ad8\u6210\u529f\u7684\u53ef\u80fd\u6027\u3002\u4ece\u535a\u5f08\u8bba\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u5c24\u5176\u662f\u4ece\u8d22\u52a1\u89d2\u5ea6\u6765\u770b\uff0c\u4eba\u4eec\u66f4\u503e\u5411\u4e8e\u4fe1\u4efb\u90a3\u4e9b 1\uff09\u5728\u7279\u5b9a\u9886\u57df\u6709\u4e30\u5bcc\u7ecf\u9a8c\u7684\u56e2\u961f\uff08\u5982 HyperLiquid\uff09\u6216 2\uff09\u5f97\u5230\u4e86\u6743\u5a01\u4eba\u7269\u5f3a\u70c8\u63a8\u8350\/\u652f\u6301\u7684\u56e2\u961f\u3002<\/p>\n<p><\/p>\n<p>\u867d\u7136 Ethena \u56e2\u961f\u5f88\u4f18\u79c0\uff0c\u4f46\u5728\u5bf9\u51b2\u4e2d\u6027\u4ea4\u6613\u7ba1\u7406\u65b9\u9762\uff0c\u5e76\u4e0d\u80fd\u50cf HyperLiquid \u56e2\u961f\u90a3\u6837\u5728\u7406\u89e3\u4ea4\u6613\u6240\u57fa\u7840\u8bbe\u65bd\uff08\u9ad8\u9891\u4ea4\u6613\u7684\u6838\u5fc3\u7ec4\u6210\u90e8\u5206\uff09\u4e0a\u62e5\u6709\u76f8\u540c\u7684\u53e3\u7891\u3002Ethena \u83b7\u5f97\u8fd9\u4e9b\u5927\u73a9\u5bb6\u7684\u6295\u8d44\uff0c\u4e0d\u4ec5\u662f\u4e3a\u4e86\u83b7\u5f97\u793e\u4ea4\u652f\u6301\uff0c\u63a8\u52a8\u4ed6\u4eec\u66f4\u5feb\u6210\u957f\uff0c\u8fd8\u80fd\u4e3a\u6700\u7ec8\u7684\u534f\u8bae\u6574\u5408\u94fa\u8def\uff0c\u53ef\u80fd\u662f\u5bf9\u5176\u7279\u5b9a\u4ea7\u54c1\u6765\u8bf4\u6700\u597d\u7684\u51b3\u7b56\u3002<\/p>\n<p><\/p>\n<p>HyperLiquid \u51b3\u5b9a\u4e0d\u878d\u8d44\uff0c\u627f\u62c5\u652f\u4ed8 HyperLiquid \u8fd0\u8425\u8d39\u7528\u7684\u98ce\u9669\uff0c\u76ee\u7684\u662f\u4e3a\u4e86\u8fdb\u884c\u66f4\u5927\u89c4\u6a21\u7684\u7a7a\u6295\uff0c\u5e76\u907f\u514d\u7cfb\u7edf\u6027\u5356\u76d8\uff08\u5982 VC\uff09\u3002\u8fd9\u4e00\u51b3\u7b56\u5f88\u53ef\u80fd\u662f\u4ed6\u4eec\u6839\u636e\u4ea7\u54c1\u7279\u70b9\u505a\u51fa\u7684\u6700\u4f73\u9009\u62e9\uff0c\u6bd5\u7adf\u4ed6\u4eec\u7684\u76ee\u6807\u662f\u4e0e\u5927\u591a\u6570\u73b0\u6709\u4ea4\u6613\u6240\u7ade\u4e89\uff0c\u751a\u81f3\u5e0c\u671b\u53d6\u800c\u4ee3\u4e4b\u3002<\/p>\n<p><\/p>\n<p>Ethena \u7684 ENA \u7a7a\u6295\u4e5f\u975e\u5e38\u6210\u529f\uff0c\u8f83\u5927\u7684\u6301\u6709\u8005\u88ab\u8feb\u6301\u6709\u8f83\u957f\u65f6\u95f4\uff0c\u800c\u96f6\u552e\u7528\u6237\u5219\u6ca1\u6709\u8fd9\u4e48\u4e25\u683c\u7684\u9650\u5236\uff0c\u4e14\u5de7\u5999\u5730\u4f7f\u7528\u4e86 remilios \u6765\u8ba9\u793e\u533a\u652f\u6301 Ethena\u3002<\/p>\n<p><\/p>\n<p>\u5c3d\u7ba1\u5982\u6b64\uff0c\u5b83\u7684\u53cd\u54cd\u8fdc\u4e0d\u5982 HYPE \u7a7a\u6295\uff0c\u540e\u8005\u51e0\u4e4e\u6ca1\u6709\u9644\u52a0\u6761\u4ef6\uff0c\u5e76\u4e14\u6ca1\u6709\u4e3a\u8f83\u5927\u8d26\u6237\u8bbe\u7f6e\u5f52\u5c5e\u671f\uff0cHyperLiquid \u5b9e\u9645\u4e0a\u9650\u5236\u4e86\u7a7a\u6295\u7684\u5bf9\u8c61\uff0c\u4f18\u5148\u5411\u53ef\u80fd\u901a\u8fc7\u300c\u5237\u7a7a\u6295\u300d\u83b7\u76ca\u7684\u8f83\u5927\u8d26\u6237\u53d1\u653e\uff0c\u867d\u7136\u7ed9\u4e86\u5b83\u4eec\u521d\u59cb\u4ef7\u503c\u7684\u4e00\u5c0f\u90e8\u5206\uff0c\u4f46\u5728\u7a7a\u6295\u540e\u8fd9\u4e9b\u4ee3\u5e01\u5c31\u4f1a\u5b8c\u5168\u89e3\u9501\u3002<\/p>\n<p><\/p>\n<p>Ethena \u7684\u79ef\u5206\u7cfb\u7edf\u4e5f\u5f88\u660e\u786e\uff0c\u65e8\u5728\u5f15\u5bfc\u7528\u6237\u884c\u4e3a\uff0c\u800c HyperLiquid \u7684\u7cfb\u7edf\u770b\u4f3c\u968f\u610f\uff0c\u867d\u7136\u5b83\u786e\u5b9e\u4e0d\u6210\u6bd4\u4f8b\u5730\u5956\u52b1\u4e86\u4ea4\u6613\u91cf\u5927\/\u505a\u5e02\u8005\u4ee5\u53ca\u88ab\u6e05\u7b97\u7684\u7528\u6237\uff0c\u4f46\u5e76\u6ca1\u6709\u660e\u786e\u7684\u516c\u5f0f\u3002<\/p>\n<p><\/p>\n<h2 class=\"_content_replace_h1\">\u7ed3\u8bba\uff1a\u8def\u5f84\u4f9d\u8d56<\/h2>\n<p><\/p>\n<p style=\"text-align:center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/bc7fcdb0d34e478a187ebe11d49084d01733394610197.jpeg\" alt=\"\u63a5\u8fde\u65b0\u9ad8\uff0c\u5982\u4f55\u7406\u89e3ENA\u548cHYPE\u7684\u62c9\u76d8\u903b\u8f91\uff1f image 4\"><\/p>\n<p><\/p>\n<p>\u6211\u7684\u7ed3\u8bba\u662f\uff0c\u6211\u8ba4\u4e3a\u8fd9\u662f\u4e00\u4e2a\u975e\u5e38\u91cd\u8981\u7684\u89c2\u70b9\uff0c\u5c3d\u7ba1\u6211\u8fd8\u6ca1\u5728\u4efb\u4f55\u5173\u4e8e HyperLiquid \u6210\u529f\u7684\u6587\u7ae0\u4e2d\u770b\u5230\u8fc7\u3002HyperLiquid \u5728\u5176\u613f\u666f\u548c\u4ea7\u54c1\u8def\u5f84\u7684\u6267\u884c\u4e0a\u505a\u5f97\u975e\u5e38\u51fa\u8272\u3002<\/p>\n<p><\/p>\n<p>Ethena \u4e5f\u540c\u6837\u5728\u5176\u4ea7\u54c1\u613f\u666f\u4e0a\u6267\u884c\u5f97\u65e0\u53ef\u6311\u5254\uff0c\u6210\u4e3a\u4e86\u589e\u957f\u6700\u5feb\u7684\u7a33\u5b9a\u5e01\u534f\u8bae\u3002\u4ed6\u4eec\u5728\u4ee3\u5e01\u548c\u8d44\u672c\u7b79\u96c6\u65b9\u9762\u91c7\u7528\u4e86\u5b8c\u5168\u4e0d\u540c\u7684\u65b9\u6cd5\uff0c\u4f46\u4ed6\u4eec\u7684\u51b3\u7b56\u90fd\u662f\u57fa\u4e8e\u5bf9\u81ea\u5df1\u53d1\u5c55\u8def\u5f84\u7684\u4fe1\u5ff5\uff0c\u4ee5\u53ca\u5bf9\u6700\u7ec8\u4ea7\u54c1\u7684\u660e\u786e\u6784\u60f3\u3002<\/p>\n<p><\/p>\n<p>\u6ca1\u6709\u4e00\u79cd\u300c\u653e\u4e4b\u56db\u6d77\u800c\u7686\u51c6\u300d\u7684\u65b9\u5f0f\u6765\u7ba1\u7406\u7a7a\u6295\u548c\u4ee3\u5e01\u7ecf\u6d4e\u5b66\uff0c\u5b83\u4eec\u662f\u52a8\u6001\u7684\u65b9\u7a0b\u5f0f\uff0c\u5fc5\u987b\u5728\u7406\u89e3\u4f60\u4ea7\u54c1\u7684\u80cc\u666f\u548c\u7528\u6237\u7684\u9700\u6c42\u4e0b\u8fdb\u884c\u8c03\u6574\u3002\u5982\u679c\u4f60\u80fd\u591f\u505a\u5230\u8fd9\u4e00\u70b9\uff0c\u5e76\u4e14\u4f60\u7684\u51b3\u7b56\u80fd\u53cd\u6620\u51fa\u6700\u9002\u5408\u4f60\u4ea7\u54c1\u7684\u7406\u60f3\u8def\u5f84\uff0c\u90a3\u4e48\u4f60\u5c31\u80fd\u591f\u83b7\u5f97\u6210\u529f\u3002<\/p>\n<p><\/p>\n<p>\u300c\u539f\u6587\u94fe\u63a5\u300d<\/p>\n<p><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u539f\u6587\u6807\u9898\uff1aTale of Two Tokens: What Ethena and HyperLiquid Te [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1114","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts\/1114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1114"}],"version-history":[{"count":1,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts\/1114\/revisions"}],"predecessor-version":[{"id":2828,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts\/1114\/revisions\/2828"}],"wp:attachment":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}