{"id":4349,"date":"2026-10-04T17:57:36","date_gmt":"2026-10-04T09:57:36","guid":{"rendered":"https:\/\/www.sjzylove.com\/?p=4349"},"modified":"2026-10-04T17:57:36","modified_gmt":"2026-10-04T09:57:36","slug":"%e4%b8%ad%e4%bd%8d%e6%95%b0%e7%9a%84%e9%99%b7%e9%98%b1%ef%bc%9ajelly%e5%a6%82%e4%bd%95%e6%93%8d%e7%ba%b5%e6%a0%87%e8%ae%b0%e4%bb%b7%e6%a0%bc%e5%bc%95%e7%88%86hyperliquid%e7%9a%84%e6%b8%85%e7%ae%97","status":"publish","type":"post","link":"https:\/\/www.zsmjt.com\/?p=4349","title":{"rendered":"\u4e2d\u4f4d\u6570\u7684\u9677\u9631\uff1aJELLY\u5982\u4f55\u64cd\u7eb5\u6807\u8bb0\u4ef7\u683c\u5f15\u7206Hyperliquid\u7684\u6e05\u7b97\u9aa8\u724c\uff1f"},"content":{"rendered":"<div>\n<p>\u5f53\u5fe0\u8bda\u7684\u4fe1\u4f7f\u88ab\u6b66\u5668\u5316\u540e\u2014\u2014\u6807\u8bb0\u4ef7\u683c\uff0c\u8fd9\u4e2a\u516c\u6b63\u7684\u5224\u5b98\uff0c\u6210\u4e3a\u4e86\u5f15\u7206Hyperliquid\u8fde\u73af\u6e05\u7b97\u98ce\u66b4\u7684\u5bfc\u706b\u7d22\u3002<\/p>\n<p>2025\u5e743\u6708\uff0c\u4e00\u4e2a\u65e5\u4ea4\u6613\u989d\u4e0d\u8db3200\u4e07\u7f8e\u5143\u7684\u51b7\u95e8\u4ee3\u5e01\u2014\u2014JELLY\uff0c\u5728Hyperliquid\u4e0a\u5f15\u53d1\u4e86\u4e00\u573a\u5343\u4e07\u7f8e\u5143\u7ea7\u522b\u7684\u6e05\u7b97\u98ce\u66b4\u3002\u4ee4\u4eba\u9707\u60ca\u7684\u662f\uff0c\u653b\u51fb\u8005\u65e2\u672a\u7be1\u6539\u667a\u80fd\u5408\u7ea6\uff0c\u4e5f\u672a\u5229\u7528\u4f20\u7edf\u7684\u4ee3\u7801\u6f0f\u6d1e\uff0c\u800c\u662f\u5c06\u5e73\u53f0\u6700\u6838\u5fc3\u7684\u5b89\u5168\u673a\u5236\u2014\u2014\u6807\u8bb0\u4ef7\u683c\u2014\u2014\u53d8\u6210\u4e86\u4e00\u4ef6\u6b66\u5668\u3002<\/p>\n<p>\u8fd9\u5e76\u975e\u4e00\u6b21\u9ed1\u5ba2\u653b\u51fb\uff0c\u800c\u662f\u4e00\u573a\u5bf9\u7cfb\u7edf\u89c4\u5219\u7684\u201c\u5408\u89c4\u6027\u653b\u51fb\u201d\u3002\u653b\u51fb\u8005\u5229\u7528\u5e73\u53f0\u516c\u5f00\u7684\u8ba1\u7b97\u903b\u8f91\u3001\u7b97\u6cd5\u6d41\u7a0b\u4e0e\u98ce\u9669\u63a7\u5236\u673a\u5236\uff0c\u5236\u9020\u4e86\u4e00\u573a\u5bf9\u5e02\u573a\u548c\u4ea4\u6613\u8005\u90fd\u6781\u5177\u6740\u4f24\u529b\u7684\u201c\u65e0\u4ee3\u7801\u653b\u51fb\u201d\u3002\u672c\u5e94\u4f5c\u4e3a\u5e02\u573a\u201c\u4e2d\u7acb\u4e0e\u5b89\u5168\u201d\u4e4b\u951a\u7684\u6807\u8bb0\u4ef7\u683c\uff0c\u5728\u8fd9\u4e00\u4e8b\u4ef6\u4e2d\uff0c\u4ece\u62a4\u76fe\u53d8\u6210\u4e86\u5229\u5203\u3002<\/p>\n<p>\u672c\u6587\u5c06\u4ece\u7406\u8bba\u4e0e\u5b9e\u6218\u4e24\u4e2a\u5c42\u9762\uff0c\u6df1\u5165\u5206\u6790\u5c71\u5be8\u5e01\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u4e2d\u6807\u8bb0\u4ef7\u683c\u673a\u5236\u7684\u7cfb\u7edf\u6027\u98ce\u9669\uff0c\u5e76\u5bf9Jelly-My-Jelly\u653b\u51fb\u4e8b\u4ef6\u8fdb\u884c\u8be6\u5c3d\u590d\u76d8\u3002\u8be5\u4e8b\u4ef6\u4e0d\u4ec5\u63ed\u793a\u4e86\u9884\u8a00\u673a\u8bbe\u8ba1\u7684\u7ed3\u6784\u6027\u8106\u5f31\u3001\u521b\u65b0\u578b\u6d41\u52a8\u6027\u6c60\uff08HLP Vault\uff09\u7684\u53cc\u5203\u5251\u5c5e\u6027\uff0c\u66f4\u66b4\u9732\u4e86\u5f53\u524d\u4e3b\u6d41\u6e05\u7b97\u903b\u8f91\u5728\u6781\u7aef\u884c\u60c5\u4e0b\uff0c\u5bf9\u7528\u6237\u8d44\u91d1\u4fdd\u62a4\u7684\u5185\u5728\u4e0d\u5bf9\u79f0\u6027\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u7b2c\u4e00\u90e8\u5206\uff1a\u6c38\u7eed\u5408\u7ea6\u7684\u6838\u5fc3\u6096\u8bba\u2014\u2014\u865a\u5047\u5b89\u5168\u611f\u5e26\u6765\u7684\u6e05\u7b97\u673a\u5236\u503e\u659c<\/strong><\/h3>\n<h4><strong>1.1 \u6807\u8bb0\u4ef7\u683c\uff1a\u4e00\u573a\u8bef\u4ee5\u4e3a\u5b89\u5168\u7684\u5171\u8bc6\u6e38\u620f\u5e26\u6765\u7684\u6e05\u7b97\u503e\u5411\u6027<\/strong><\/h4>\n<p>\u8981\u7406\u89e3\u6807\u8bb0\u4ef7\u683c\u5982\u4f55\u6210\u4e3a\u653b\u51fb\u5165\u53e3\uff0c\u9996\u5148\u5fc5\u987b\u62c6\u89e3\u5b83\u7684\u6784\u6210\u903b\u8f91\u3002\u5c3d\u7ba1\u5404\u4ea4\u6613\u6240\u7684\u8ba1\u7b97\u65b9\u5f0f\u7565\u6709\u5dee\u5f02\uff0c\u4f46\u5176\u6838\u5fc3\u539f\u5219\u9ad8\u5ea6\u4e00\u81f4\u2014\u2014\u56f4\u7ed5\u201c\u6307\u6570\u4ef7\u683c\u201d\u6784\u5efa\u7684\u4e09\u503c\u4e2d\u4f4d\u673a\u5236\u3002<\/p>\n<ul>\n<li>\u6307\u6570\u4ef7\u683c\uff08Index Price\uff09&nbsp;\u662f\u6807\u8bb0\u4ef7\u683c\u7684\u57fa\u77f3\u3002\u5b83\u5e76\u975e\u6765\u81ea\u884d\u751f\u54c1\u4ea4\u6613\u6240\u672c\u8eab\uff0c\u800c\u662f\u901a\u8fc7\u52a0\u6743\u5e73\u5747\u591a\u4e2a\u4e3b\u6d41\u73b0\u8d27\u5e73\u53f0\uff08\u5982 Binance\u3001Coinbase\u3001Kraken \u7b49\uff09\u4e0a\u8be5\u8d44\u4ea7\u7684\u4ef7\u683c\u8ba1\u7b97\u5f97\u51fa\uff0c\u610f\u5728\u63d0\u4f9b\u4e00\u4e2a\u8de8\u5e73\u53f0\u3001\u8de8\u5730\u57df\u7684\u516c\u5141\u53c2\u8003\u4ef7\u3002<\/li>\n<\/ul>\n<p>\u4e00\u4e2a\u5178\u578b\u7684\u6807\u8bb0\u4ef7\u683c\u8ba1\u7b97\u65b9\u5f0f\u5982\u4e0b\uff1a<\/p>\n<p>Mark Price = Median (Price1, Price2, Last Traded Price)<\/p>\n<ul>\n<li>Price1&nbsp;= \u6307\u6570\u4ef7\u683c \u00d7 (1 + \u8d44\u91d1\u8d39\u7387\u57fa\u5dee)\uff1a\u5c06\u5408\u7ea6\u4ef7\u683c\u951a\u5b9a\u4e8e\u6307\u6570\u4ef7\u683c\u5e76\u8003\u8651\u5e02\u573a\u9884\u671f\u3002<\/li>\n<li>Price2&nbsp;= \u6307\u6570\u4ef7\u683c + \u79fb\u52a8\u5e73\u5747\u57fa\u5dee\uff1a\u7528\u4e8e\u5e73\u6ed1\u77ed\u671f\u4ef7\u683c\u5f02\u5e38\u3002<\/li>\n<li>Last Traded Price&nbsp;= \u884d\u751f\u54c1\u5e73\u53f0\u4e0a\u7684\u6700\u65b0\u6210\u4ea4\u4ef7\u3002<\/li>\n<\/ul>\n<p>\u4e2d\u4f4d\u6570\u7684\u5f15\u5165\uff0c\u5176\u521d\u8877\u662f\u4e3a\u4e86\u5254\u9664\u5f02\u5e38\u503c\u3001\u63d0\u5347\u4ef7\u683c\u7a33\u5b9a\u6027\u3002\u4f46\u8fd9\u4e00\u8bbe\u8ba1\u7684\u5b89\u5168\u6027\uff0c\u5b8c\u5168\u5efa\u7acb\u5728\u4e00\u4e2a\u5173\u952e\u5047\u8bbe\u4e4b\u4e0a\uff1a\u8f93\u5165\u7684\u6570\u636e\u6e90\u6570\u91cf\u5145\u8db3\u3001\u5206\u5e03\u5408\u7406\u3001\u6d41\u52a8\u6027\u5f3a\u4e14\u96be\u4ee5\u88ab\u534f\u540c\u64cd\u7eb5\u3002<\/p>\n<p>\u7136\u800c\uff0c\u5728\u73b0\u5b9e\u4e2d\uff0c\u7edd\u5927\u591a\u6570\u5c71\u5be8\u5e01\u7684\u73b0\u8d27\u5e02\u573a\u6781\u5176\u8584\u5f31\u3002\u4e00\u65e6\u653b\u51fb\u8005\u80fd\u591f\u63a7\u5236\u51e0\u4e2a\u4f4e\u6d41\u52a8\u6027\u5e73\u53f0\u7684\u4ef7\u683c\uff0c\u5373\u53ef\u201c\u6c61\u67d3\u201d\u6307\u6570\u4ef7\u683c\uff0c\u4ece\u800c\u5c06\u6076\u610f\u6570\u636e\u901a\u8fc7\u516c\u5f0f\u5408\u6cd5\u5730\u6ce8\u5165\u6807\u8bb0\u4ef7\u683c\u3002\u8fd9\u79cd\u653b\u51fb\u80fd\u4ee5\u6700\u5c0f\u7684\u6210\u672c\u64ac\u52a8\u5927\u89c4\u6a21\u7684\u6760\u6746\u6e05\u7b97\uff0c\u5f15\u53d1\u8fde\u9501\u53cd\u5e94\u3002<\/p>\n<p>\u6362\u8a00\u4e4b\uff0c\u805a\u5408\u673a\u5236\u672c\u610f\u662f\u5206\u6563\u98ce\u9669\uff0c\u4f46\u5728\u6d41\u52a8\u6027\u7a00\u758f\u7684\u5e02\u573a\u4e2d\uff0c\u53cd\u800c\u5f62\u6210\u4e86\u653b\u51fb\u8005\u53ef\u63a7\u7684\u201c\u4e2d\u5fc3\u5316\u5f31\u70b9\u201d\u3002\u884d\u751f\u54c1\u5e73\u53f0\u8d8a\u662f\u5f3a\u8c03\u5176\u89c4\u5219\u7684\u900f\u660e\u4e0e\u53ef\u9884\u6d4b\u6027\uff0c\u653b\u51fb\u8005\u5c31\u8d8a\u80fd\u201c\u7f16\u7a0b\u5f0f\u5730\u5229\u7528\u89c4\u5219\u201d\uff0c\u6784\u9020\u51fa\u4e00\u6761\u5408\u89c4\u7684\u7834\u574f\u8def\u5f84\u3002<\/p>\n<h4><strong>1.2 \u6e05\u7b97\u5f15\u64ce\uff1a\u5e73\u53f0\u7684\u76fe\uff0c\u4e5f\u662f\u5203<\/strong><\/h4>\n<p>\u5f53\u5e02\u573a\u4ef7\u683c\u671d\u4e0d\u5229\u65b9\u5411\u5feb\u901f\u53d8\u52a8\u65f6\uff0c\u4ea4\u6613\u8005\u7684\u4fdd\u8bc1\u91d1\u5c06\u88ab\u6d6e\u4e8f\u4fb5\u8680\u3002\u4e00\u65e6\u5269\u4f59\u4fdd\u8bc1\u91d1\u8dcc\u7834\u201c\u7ef4\u6301\u4fdd\u8bc1\u91d1\u7387\u201d\uff08Maintenance Margin\uff09\uff0c\u6e05\u7b97\u5f15\u64ce\u5c06\u542f\u52a8\u3002<\/p>\n<p>\u5728\u8fd9\u4e9b\u6d41\u7a0b\u4e2d\uff0c\u6700\u6838\u5fc3\u7684\u89e6\u53d1\u6807\u51c6\u662f\u6807\u8bb0\u4ef7\u683c&nbsp;(Mark price)\uff0c\u800c\u975e\u5e73\u53f0\u81ea\u8eab\u7684\u6700\u65b0\u6210\u4ea4\u4ef7\u3002\u8fd9\u610f\u5473\u7740\uff0c\u54ea\u6015\u5f53\u524d\u5e02\u573a\u6210\u4ea4\u4ef7\u5c1a\u672a\u89e6\u53ca\u60a8\u7684\u6e05\u7b97\u7ebf\uff0c\u53ea\u8981\u90a3\u4e2a\u201c\u770b\u4e0d\u89c1\u201d\u7684\u6807\u8bb0\u4ef7\u683c\u8fbe\u5230\u4e86\uff0c\u6e05\u7b97\u5c31\u4f1a\u7acb\u523b\u89e6\u53d1\u3002<\/p>\n<p>\u66f4\u503c\u5f97\u8b66\u60d5\u7684\u662f\u201c\u5f3a\u5236\u5e73\u4ed3\u201c\uff08\u6216\u8005\u8bf4\u63d0\u524d\u6e05\u7b97\uff09\u673a\u5236\u3002<\/p>\n<p>\u5728\u8bb8\u591a\u4ea4\u6613\u6240\u4e2d\uff0c\u4e3a\u4e86\u907f\u514d\u7a7f\u4ed3\u98ce\u9669\uff0c\u98ce\u63a7\u7cfb\u7edf\u5f80\u5f80\u91c7\u7528\u504f\u4fdd\u5b88\u7684\u6e05\u7b97\u53c2\u6570\u3002\u5f53\u89e6\u53d1\u5f3a\u5e73\u540e\uff0c\u5373\u4fbf\u5e73\u4ed3\u4ef7\u683c\u4f18\u4e8e\u5b9e\u9645\u4e8f\u635f\u5f52\u96f6\u7684\u4ef7\u683c\uff0c\u5e73\u53f0\u4e5f\u901a\u5e38\u4e0d\u4f1a\u8fd4\u8fd8\u8fd9\u90e8\u5206\u201c\u5f3a\u5e73\u76c8\u4f59\u201d\uff0c\u800c\u662f\u4f1a\u5c06\u5176\u76f4\u63a5\u6ce8\u5165\u5e73\u53f0\u7684\u4fdd\u9669\u57fa\u91d1\u3002\u8fd9\u5bfc\u81f4\u4ea4\u6613\u8005\u4ea7\u751f\u4e00\u79cd\u201c\u660e\u660e\u8fd8\u6709\u4fdd\u8bc1\u91d1\uff0c\u5374\u88ab\u63d0\u524d\u6e05\u7b97\u201d\u7684\u9519\u89c9\uff0c\u8d26\u6237\u76f4\u63a5\u5f52\u96f6\u3002<\/p>\n<p>\u8fd9\u79cd\u673a\u5236\u5728\u6d41\u52a8\u6027\u4f4e\u7684\u8d44\u4ea7\u4e2d\u5c24\u4e3a\u5e38\u89c1\u3002\u5e73\u53f0\u4e3a\u4e86\u81ea\u8eab\u7684\u98ce\u9669\u5bf9\u51b2\uff0c\u4f1a\u5c06\u6e05\u7b97\u7ebf\u8c03\u5f97\u66f4\u4fdd\u5b88\uff0c\u4e5f\u5c31\u66f4\u5bb9\u6613\u8ba9\u4ed3\u4f4d\u5728\u4ef7\u683c\u6ce2\u52a8\u4e2d\u88ab\u201c\u63d0\u524d\u5e73\u6389\u201d\u3002\u5176\u903b\u8f91\u662f\u5408\u7406\u7684\uff0c\u4f46\u7ed3\u679c\u5374\u4f7f\u5f97\u5e73\u53f0\u548c\u4ea4\u6613\u8005\u5728\u6781\u7aef\u884c\u60c5\u4e0b\u7684\u5229\u76ca\u7acb\u573a\u4ea7\u751f\u5fae\u5999\u9519\u4f4d\u3002<\/p>\n<p>\u6e05\u7b97\u5f15\u64ce\u672c\u5e94\u662f\u4e2d\u6027\u7684\u98ce\u9669\u63a7\u5236\u5de5\u5177\uff0c\u4f46\u5728\u6536\u76ca\u5f52\u5c5e\u3001\u53c2\u6570\u9009\u62e9\u3001\u89e6\u53d1\u903b\u8f91\u4e0a\uff0c\u5374\u5177\u5907\u4e86\u5e73\u53f0\u5229\u6da6\u5316\u7684\u503e\u5411\u3002<\/p>\n<h4><strong>1.3 \u6807\u8bb0\u4ef7\u683c\u7684\u5931\u6548\u5bfc\u81f4\u6e05\u7b97\u5f15\u64ce\u7684\u5931\u771f<\/strong><\/h4>\n<p>\u5728\u8fd9\u4e2a\u5e73\u53f0\u538c\u6076\u635f\u5931\u7684\u503e\u5411\u6027\u4e0b\uff0c\u6307\u6570\u4ef7\u683c\u3001\u6807\u8bb0\u4ef7\u683c\u5267\u70c8\u7684\u6ce2\u52a8\u8fdb\u4e00\u6b65\u52a0\u5267\u4e86\u8fd9\u79cd\u5f3a\u5236\u5e73\u4ed3\u94b1\u7684\u524d\uff08\u540e\uff09\u79fb\u3002<\/p>\n<p>\u6807\u8bb0\u4ef7\u683c\u7684\u7406\u8bba\u901a\u8fc7\u805a\u5408\u591a\u6e90\u6570\u636e\u548c\u4e2d\u4f4d\u6570\u7b97\u6cd5\u6765\u63d0\u4f9b\u4e00\u4e2a\u516c\u5e73\u3001\u6297\u64cd\u7eb5\u7684\u4ef7\u683c\u57fa\u51c6\u3002\u7136\u800c\uff0c\u8fd9\u4e00\u7406\u8bba\u5728\u5e94\u7528\u4e8e\u6d41\u52a8\u6027\u5145\u88d5\u7684\u4e3b\u6d41\u8d44\u4ea7\u65f6\u6216\u8bb8\u6210\u7acb\uff0c\u4f46\u5728\u9762\u5bf9\u6d41\u52a8\u6027\u7a00\u8584\u3001\u4ea4\u6613\u573a\u6240\u96c6\u4e2d\u7684\u5c71\u5be8\u5e01\u65f6\uff0c\u5176\u6709\u6548\u6027\u5c06\u9762\u4e34\u4e25\u5cfb\u6311\u6218\u3002<\/p>\n<p>\u4e2d\u4f4d\u6570\u7684\u5931\u6548\uff1a\u6570\u636e\u6e90\u96c6\u4e2d\u7684\u7edf\u8ba1\u5b66\u56f0\u5883<\/p>\n<ul>\n<li>\u5927\u6570\u636e\u96c6\u4e2d\u7684\u6709\u6548\u6027\uff1a\u5047\u8bbe\u4e00\u4e2a\u4ef7\u683c\u6307\u6570\u5305\u542b10\u4e2a\u72ec\u7acb\u7684\u3001\u9ad8\u6d41\u52a8\u6027\u7684\u6570\u636e\u6e90\u3002\u5982\u679c\u5176\u4e2d\u4e00\u4e2a\u6570\u636e\u6e90\u56e0\u6545\u51fa\u73b0\u6781\u7aef\u62a5\u4ef7\uff0c\u4e2d\u4f4d\u6570\u7b97\u6cd5\u80fd\u8f7b\u6613\u5730\u5c06\u5176\u8bc6\u522b\u4e3a\u79bb\u7fa4\u503c\u5e76\u5ffd\u7565\uff0c\u53d6\u4e2d\u95f4\u503c\u4f5c\u4e3a\u6700\u7ec8\u4ef7\u683c\uff0c\u4ece\u800c\u4fdd\u6301\u6307\u6570\u7684\u7a33\u5b9a\u3002<\/li>\n<li>\u5c0f\u6570\u636e\u96c6\u4e2d\u7684\u8106\u5f31\u6027\uff1a\u73b0\u5728\uff0c\u6211\u4eec\u8003\u8651\u4e00\u4e2a\u5178\u578b\u7684\u5c71\u5be8\u5e01\u573a\u666f\u3002<\/li>\n<li>\u4e09\u6570\u636e\u6e90\u60c5\u666f\uff1a\u5982\u679c\u4e00\u4e2a\u5c71\u5be8\u5e01\u7684\u6807\u8bb0\u4ef7\u683c\u6307\u6570\u4ec5\u5305\u542b\u4e09\u4e2a\u4ea4\u6613\u6240\uff08A, B, C\uff09\u7684\u73b0\u8d27\u4ef7\u683c\u3002\u6b64\u65f6\uff0c\u4e2d\u4f4d\u6570\u5c31\u662f\u4e09\u4e2a\u4ef7\u683c\u4e2d\u6392\u5728\u4e2d\u95f4\u7684\u90a3\u4e2a\u3002\u5982\u679c\u6076\u610f\u884c\u4e3a\u8005\u540c\u65f6\u64cd\u7eb5\u4e86\u5176\u4e2d\u4e24\u4e2a\u4ea4\u6613\u6240\uff08\u4f8b\u5982A\u548cB\uff09\u7684\u4ef7\u683c\uff0c\u90a3\u4e48\u65e0\u8bbaC\u7684\u4ef7\u683c\u591a\u4e48\u771f\u5b9e\uff0c\u4e2d\u4f4d\u6570\u90fd\u5c06\u88abA\u548cB\u7684\u64cd\u7eb5\u4ef7\u683c\u6240\u51b3\u5b9a\u3002\u6b64\u65f6\uff0c\u4e2d\u4f4d\u6570\u7b97\u6cd5\u7684\u4fdd\u62a4\u4f5c\u7528\u51e0\u4e4e\u4e3a\u96f6\u3002<\/li>\n<li>\u53cc\u6570\u636e\u6e90\u60c5\u666f\uff1a\u5982\u679c\u6307\u6570\u53ea\u5305\u542b\u4e24\u4e2a\u6570\u636e\u6e90\uff0c\u4e2d\u4f4d\u6570\u5728\u6570\u5b66\u4e0a\u7b49\u540c\u4e8e\u4e24\u4e2a\u4ef7\u683c\u7684\u5e73\u5747\u503c\u3002\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u7b97\u6cd5\u5b8c\u5168\u4e27\u5931\u4e86\u5254\u9664\u5f02\u5e38\u503c\u7684\u80fd\u529b\u3002\u4efb\u4f55\u4e00\u4e2a\u6570\u636e\u6e90\u7684\u5267\u70c8\u6ce2\u52a8\u90fd\u4f1a\u76f4\u63a5\u3001\u65e0\u8870\u51cf\u5730\u4f20\u5bfc\u81f3\u6807\u8bb0\u4ef7\u683c\u3002<\/li>\n<\/ul>\n<p>\u5bf9\u4e8e\u7edd\u5927\u591a\u6570\u5c71\u5be8\u5e01\u800c\u8a00\uff0c\u5176\u4ea4\u6613\u6df1\u5ea6\u548c\u4e0a\u5e02\u4ea4\u6613\u6240\u6570\u91cf\u90fd\u975e\u5e38\u6709\u9650\uff0c\u8fd9\u4f7f\u5f97\u5b83\u4eec\u7684\u4ef7\u683c\u6307\u6570\u6781\u6613\u843d\u5165\u4e0a\u8ff0\u201c\u5c0f\u6570\u636e\u96c6\u201d\u7684\u9677\u9631\u3002\u56e0\u6b64\uff0c\u4ea4\u6613\u6240\u58f0\u79f0\u7684\u201c\u591a\u6e90\u6307\u6570\u201d\u6240\u5e26\u6765\u7684\u5b89\u5168\u611f\uff0c\u5728\u5c71\u5be8\u5e01\u7684\u4e16\u754c\u91cc\u5f80\u5f80\u53ea\u662f\u4e00\u79cd\u5e7b\u89c9\u3002\u5f88\u591a\u65f6\u5019\uff0c\u6700\u65b0\u6210\u4ea4\u4ef7\u5f80\u5f80\u4e0e\u6807\u8bb0\u4ef7\u683c\u5212\u4e0a\u7b49\u53f7\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u7b2c\u4e8c\u90e8\u5206\uff1a\u9884\u8a00\u673a\u56f0\u5883\uff1a\u5f53\u73b0\u8d27\u6d41\u52a8\u6027\u67af\u7aed\u6210\u4e3a\u6b66\u5668<\/strong><\/h3>\n<p>\u6807\u8bb0\u4ef7\u683c\u7684\u6839\u57fa\u662f\u6307\u6570\u4ef7\u683c\uff0c\u800c\u6307\u6570\u4ef7\u683c\u7684\u6e90\u5934\u5219\u662f\u9884\u8a00\u673a\u3002\u4e0d\u8bba\u662fCEX\u8fd8\u662fDEXi\uff0c\u9884\u8a00\u673a\u627f\u62c5\u7740\u94fe\u4e0a\u4e0e\u94fe\u4e0b\u4e4b\u95f4\u4fe1\u606f\u4f20\u8f93\u7684\u6865\u6881\u89d2\u8272\u3002\u7136\u800c\uff0c\u8fd9\u5ea7\u6865\u6881\u867d\u7136\u5173\u952e\uff0c\u4f46\u5728\u6d41\u52a8\u6027\u532e\u4e4f\u7684\u65f6\u5019\u5374\u5f02\u5e38\u8106\u5f31\u3002<\/p>\n<h4><strong>2.1 \u9884\u8a00\u673a\uff1a\u8fde\u63a5\u94fe\u4e0a\u4e0e\u94fe\u4e0b\u7684\u8106\u5f31\u6865\u6881<\/strong><\/h4>\n<p>\u533a\u5757\u94fe\u7cfb\u7edf\u672c\u8d28\u4e0a\u662f\u5c01\u95ed\u4e14\u786e\u5b9a\u6027\u7684\uff0c\u667a\u80fd\u5408\u7ea6\u65e0\u6cd5\u4e3b\u52a8\u8bbf\u95ee\u94fe\u5916\u6570\u636e\uff0c\u4f8b\u5982\u8d44\u4ea7\u7684\u5e02\u573a\u4ef7\u683c\u3002\u4ef7\u683c\u9884\u8a00\u673a\uff08Oracle\uff09\u5e94\u8fd0\u800c\u751f\uff0c\u5b83\u662f\u4e00\u4e2a\u4e2d\u95f4\u4ef6\u7cfb\u7edf\uff0c\u8d1f\u8d23\u5c06\u94fe\u4e0b\u6570\u636e\u5b89\u5168\u3001\u53ef\u4fe1\u5730\u4f20\u8f93\u81f3\u94fe\u4e0a\uff0c\u4e3a\u667a\u80fd\u5408\u7ea6\u7684\u8fd0\u4f5c\u63d0\u4f9b\u201c\u73b0\u5b9e\u4e16\u754c\u201d\u7684\u4fe1\u606f\u8f93\u5165\u3002<\/p>\n<p>\u5728\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u5e73\u53f0\u6216\u501f\u8d37\u534f\u8bae\u7b49\u6838\u5fc3DeFi\u57fa\u7840\u8bbe\u65bd\u4e2d\uff0c\u9884\u8a00\u673a\u6240\u63d0\u4f9b\u7684\u4ef7\u683c\u6570\u636e\u51e0\u4e4e\u6784\u6210\u4e86\u5176\u98ce\u9669\u7ba1\u7406\u903b\u8f91\u7684\u57fa\u77f3\u3002\u7136\u800c\uff0c\u4e00\u4e2a\u5e38\u88ab\u5ffd\u7565\u7684\u4e8b\u5b9e\u662f\uff1a\u4e00\u4e2a\u201c\u8bda\u5b9e\u201d\u7684\u9884\u8a00\u673a\uff0c\u5e76\u4e0d\u610f\u5473\u7740\u5b83\u62a5\u544a\u7684\u662f\u201c\u5408\u7406\u201d\u7684\u4ef7\u683c\u3002\u9884\u8a00\u673a\u7684\u804c\u8d23\u4ec5\u662f\u5982\u5b9e\u8bb0\u5f55\u5176\u6240\u80fd\u89c2\u5bdf\u5230\u7684\u5916\u90e8\u4e16\u754c\u72b6\u6001\uff0c\u5b83\u4e0d\u5224\u65ad\u4ef7\u683c\u662f\u5426\u504f\u79bb\u57fa\u672c\u9762\u3002\u8fd9\u4e00\u7279\u6027\u63ed\u793a\u4e86\u4e24\u7c7b\u622a\u7136\u4e0d\u540c\u7684\u653b\u51fb\u8def\u5f84\uff1a<\/p>\n<ul>\n<li>\u9884\u8a00\u673a\u653b\u51fb\uff08Oracle Exploit\uff09\uff1a\u653b\u51fb\u8005\u901a\u8fc7\u6280\u672f\u624b\u6bb5\u7be1\u6539\u9884\u8a00\u673a\u6570\u636e\u6e90\u6216\u534f\u8bae\uff0c\u4f7f\u5176\u62a5\u544a\u9519\u8bef\u4ef7\u683c\u3002<\/li>\n<li>\u5e02\u573a\u64cd\u7eb5\uff08Market Manipulation\uff09\uff1a\u653b\u51fb\u8005\u901a\u8fc7\u5b9e\u9645\u64cd\u4f5c\u5916\u90e8\u5e02\u573a\uff0c\u523b\u610f\u62c9\u52a8\u6216\u538b\u4f4e\u4ef7\u683c\uff0c\u800c\u6b63\u5e38\u5de5\u4f5c\u7684\u9884\u8a00\u673a\u5219\u5982\u5b9e\u8bb0\u5f55\u5e76\u4e0a\u62a5\u8fd9\u4e2a\u201c\u88ab\u64cd\u63a7\u201d\u7684\u5e02\u573a\u4ef7\u683c\u3002\u94fe\u4e0a\u534f\u8bae\u5e76\u672a\u88ab\u5165\u4fb5\uff0c\u5374\u56e0\u201c\u4fe1\u606f\u4e2d\u6bd2\u201d\u800c\u4ea7\u751f\u975e\u9884\u671f\u53cd\u5e94\u3002<\/li>\n<\/ul>\n<p>\u540e\u8005\uff0c\u6b63\u662fMango Markets \u548c Jelly-My-Jelly \u4e8b\u4ef6\u7684\u5b9e\u8d28\uff1a\u4e0d\u662f\u9884\u8a00\u673a\u88ab\u653b\u7834\uff0c\u800c\u662f\u5176\u201c\u89c2\u6d4b\u7a97\u53e3\u201d\u88ab\u6c61\u67d3\u3002<\/p>\n<h4><strong>2.2 \u653b\u51fb\u7684\u652f\u70b9\uff1a\u5f53\u6d41\u52a8\u6027\u7f3a\u9677\u6210\u4e3a\u6b66\u5668<\/strong><\/h4>\n<p>\u8fd9\u7c7b\u653b\u51fb\u7684\u6838\u5fc3\uff0c\u5728\u4e8e\u5229\u7528\u76ee\u6807\u8d44\u4ea7\u5728\u73b0\u8d27\u5e02\u573a\u4e0a\u7684\u6d41\u52a8\u6027\u52a3\u52bf\u3002\u5bf9\u4e8e\u4ea4\u6613\u7a00\u8584\u7684\u8d44\u4ea7\uff0c\u5373\u4fbf\u662f\u5c0f\u989d\u8ba2\u5355\u4e5f\u53ef\u80fd\u5f15\u8d77\u4ef7\u683c\u5267\u70c8\u6ce2\u52a8\uff0c\u4ece\u800c\u4e3a\u64cd\u7eb5\u8005\u63d0\u4f9b\u53ef\u4e58\u4e4b\u673a\u3002<\/p>\n<p>2022\u5e7410\u6708\u5bf9 Mango Markets \u7684\u653b\u51fb\u582a\u79f0\u201c\u5178\u8303\u201d\u3002\u653b\u51fb\u8005 Avraham Eisenberg \u5229\u7528\u5176\u6cbb\u7406\u4ee3\u5e01 MNGO \u7684\u6781\u5ea6\u6d41\u52a8\u6027\u67af\u7aed\uff08\u5f53\u65f6\u65e5\u4ea4\u6613\u989d\u4e0d\u8db310\u4e07\u7f8e\u5143\uff09\uff0c\u901a\u8fc7\u5728\u591a\u4e2a\u4ea4\u6613\u6240\u96c6\u4e2d\u6295\u5165\u7ea6400\u4e07\u7f8e\u5143\u4e70\u5165\uff0c\u6210\u529f\u5c06MNGO\u4ef7\u683c\u5728\u6781\u77ed\u65f6\u95f4\u5185\u62c9\u5347\u8d85\u8fc7 2300%\u3002\u8fd9\u4e00\u201c\u5f02\u5e38\u4ef7\u683c\u201d\u88ab\u9884\u8a00\u673a\u5b8c\u6574\u8bb0\u5f55\u5e76\u5582\u9001\u7ed9\u94fe\u4e0a\u534f\u8bae\uff0c\u81f4\u4f7f\u5176\u501f\u6b3e\u989d\u5ea6\u66b4\u6da8\uff0c\u6700\u7ec8\u201c\u5408\u6cd5\u5730\u201d\u5c06\u5e73\u53f0\u5168\u90e8\u8d44\u4ea7\uff08\u7ea61.16\u4ebf\u7f8e\u5143\uff09\u638f\u7a7a\u3002<\/p>\n<p><strong>\u653b\u51fb\u8def\u5f84\u8be6\u89e3\uff1a\u4e94\u6b65\u51fb\u7a7f\u534f\u8bae\u9632\u7ebf<\/strong><\/p>\n<ol>\n<li>\u76ee\u6807\u9009\u62e9\uff08Target Selection\uff09\uff1a\u653b\u51fb\u8005\u9996\u5148\u7b5b\u9009\u76ee\u6807\u4ee3\u5e01\uff0c\u901a\u5e38\u5177\u5907\u4ee5\u4e0b\u6761\u4ef6\uff1a\u5728\u67d0\u4e3b\u6d41\u884d\u751f\u54c1\u5e73\u53f0\u4e0a\u7ebf\u4e86\u6c38\u7eed\u5408\u7ea6\uff1b\u9884\u8a00\u673a\u4ef7\u683c\u6765\u81ea\u51e0\u4e2a\u5df2\u77e5\u7684\u3001\u6d41\u52a8\u6027\u8584\u5f31\u7684\u73b0\u8d27\u4ea4\u6613\u6240\uff1b\u65e5\u4ea4\u6613\u91cf\u4f4e\uff0c\u8ba2\u5355\u7c3f\u7a00\u758f\uff0c\u6781\u6613\u64cd\u7eb5\u3002<\/li>\n<li>\u8d44\u672c\u7b79\u96c6\uff08Capital Acquisition\uff09\uff1a\u591a\u6570\u653b\u51fb\u8005\u901a\u8fc7\u201c\u95ea\u7535\u8d37\uff08Flash Loans\uff09\u201d\u83b7\u53d6\u4e34\u65f6\u5de8\u989d\u8d44\u91d1\u3002\u8fd9\u79cd\u673a\u5236\u5141\u8bb8\u5728\u5355\u4e00\u4ea4\u6613\u4e2d\u501f\u5165\u5e76\u5f52\u8fd8\u8d44\u4ea7\uff0c\u65e0\u9700\u4efb\u4f55\u62b5\u62bc\uff0c\u5927\u5e45\u964d\u4f4e\u4e86\u64cd\u7eb5\u6210\u672c\u3002<\/li>\n<li>\u73b0\u8d27\u5e02\u573a\u95ea\u51fb\uff08Spot Market Blitz\uff09\uff1a\u653b\u51fb\u8005\u5728\u6781\u77ed\u65f6\u95f4\u5185\uff0c\u5728\u6240\u6709\u88ab\u9884\u8a00\u673a\u76d1\u63a7\u7684\u4ea4\u6613\u6240\u540c\u6b65\u4e0b\u8fbe\u5927\u91cf\u4e70\u5355\u3002\u8fd9\u4e9b\u8ba2\u5355\u8fc5\u901f\u626b\u6e05\u5356\u65b9\u6302\u5355\uff0c\u5c06\u4ef7\u683c\u63a8\u5411\u9ad8\u4f4d\u2014\u2014\u8fdc\u8fdc\u504f\u79bb\u5176\u771f\u5b9e\u4ef7\u503c\u3002<\/li>\n<li>\u9884\u8a00\u673a\u6c61\u67d3\uff08Oracle Contamination\uff09\uff1a\u9884\u8a00\u673a\u5fe0\u5b9e\u5730\u4ece\u4e0a\u8ff0\u88ab\u64cd\u7eb5\u7684\u4ea4\u6613\u6240\u4e2d\u8bfb\u53d6\u4ef7\u683c\uff0c\u5373\u4fbf\u91c7\u7528\u4e2d\u4f4d\u6570\u3001\u52a0\u6743\u5e73\u5747\u7b49\u6297\u6ce2\u52a8\u673a\u5236\uff0c\u4e5f\u96be\u4ee5\u62b5\u5fa1\u540c\u65f6\u591a\u6e90\u64cd\u7eb5\u3002\u6700\u7ec8\u5f97\u51fa\u7684\u6307\u6570\u4ef7\u683c\u88ab\u4e25\u91cd\u6c61\u67d3\u3002<\/li>\n<li>\u6807\u8bb0\u4ef7\u683c\u611f\u67d3\uff08Mark Price Infection\uff09\uff1a\u53d7\u6c61\u67d3\u7684\u6307\u6570\u4ef7\u683c\u8fdb\u5165\u884d\u751f\u54c1\u5e73\u53f0\uff0c\u5f71\u54cd\u6807\u8bb0\u4ef7\u683c\u8ba1\u7b97\u3002\u6e05\u7b97\u5f15\u64ce\u8bef\u5224\u98ce\u9669\u533a\u95f4\uff0c\u89e6\u53d1\u5927\u89c4\u6a21\u201c\u6e05\u7b97\u201d\uff0c\u4ea4\u6613\u8005\u635f\u5931\u60e8\u91cd\uff0c\u653b\u51fb\u8005\u5219\u53ef\u901a\u8fc7\u53cd\u5411\u6301\u4ed3\u6216\u501f\u8d37\u64cd\u4f5c\u5b9e\u73b0\u5957\u5229\u3002<\/li>\n<\/ol>\n<p><strong>\u653b\u51fb\u8005\u7684\u201c\u4f5c\u6218\u624b\u518c\u201d\uff1a\u900f\u660e\u6027\u7684\u53cc\u5203\u5251<\/strong><\/p>\n<p>\u4e0d\u7ba1\u662fCEX\u8fd8\u662fDEX\u534f\u8bae\u5e38\u4ee5\u201c\u5f00\u6e90\u900f\u660e\u201d\u4e3a\u7f8e\u5fb7\uff0c\u516c\u5f00\u5176\u9884\u8a00\u673a\u673a\u5236\u3001\u6570\u636e\u6765\u6e90\u6743\u91cd\u3001\u4ef7\u683c\u5237\u65b0\u9891\u7387\u7b49\u7ec6\u8282\uff0c\u65e8\u5728\u5efa\u7acb\u7528\u6237\u4fe1\u4efb\u3002\u7136\u800c\uff0c\u5bf9\u653b\u51fb\u8005\u800c\u8a00\uff0c\u8fd9\u4e9b\u4fe1\u606f\u5374\u6210\u4e3a\u5236\u5b9a\u653b\u51fb\u8ba1\u5212\u7684\u201c\u8bf4\u660e\u4e66\u201d\u3002<\/p>\n<p>\u4ee5 Hyperliquid \u4e3a\u4f8b\uff0c\u5176\u9884\u8a00\u673a\u67b6\u6784\u516c\u5f00\u5217\u51fa\u6240\u6709\u6570\u636e\u6e90\u4ea4\u6613\u6240\u53ca\u5176\u6743\u91cd\u3002\u653b\u51fb\u8005\u636e\u6b64\u53ef\u4ee5\u7cbe\u51c6\u8ba1\u7b97\uff0c\u5728\u6bcf\u4e00\u4e2a\u6d41\u52a8\u6027\u6700\u5f31\u7684\u4ea4\u6613\u6240\u6295\u5165\u591a\u5c11\u8d44\u91d1\uff0c\u5373\u53ef\u6700\u5927\u7a0b\u5ea6\u626d\u66f2\u6700\u7ec8\u7684\u52a0\u6743\u6307\u6570\u3002\u8fd9\u79cd\u201c\u7b97\u6cd5\u5de5\u7a0b\u201d\u8ba9\u653b\u51fb\u53d8\u5f97\u53ef\u63a7\u3001\u53ef\u9884\u6d4b\u3001\u6210\u672c\u6700\u5c0f\u5316\u3002<\/p>\n<p>\u6570\u5b66\u5f88\u5355\u7eaf\uff0c\u4f46\u4eba\u5f88\u590d\u6742\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u7b2c\u4e09\u90e8\u5206\uff1a\u730e\u6740\u573a \u2014\u2014 Hyperliquid \u7684\u7ed3\u6784\u6027\u98ce\u9669\u5256\u6790<\/strong><\/h3>\n<p>\u5728\u4e86\u89e3\u4e86\u653b\u51fb\u539f\u7406\u4e4b\u540e\uff0c\u201c\u653b\u51fb\u8005\u201d\u63a5\u4e0b\u6765\u8981\u9009\u62e9\u9002\u5408\u5b9e\u65bd\u7684\u201c\u6218\u573a\u201d \u2014\u2014 Hyperliquid\u3002\u867d\u7136\u64cd\u7eb5\u9884\u8a00\u673a\u662f\u4e00\u79cd\u5e38\u89c1\u7684\u653b\u51fb\u624b\u6bb5\uff0c\u4f46\u201cJelly-My-Jelly\u201d\u4e8b\u4ef6\u4e4b\u6240\u4ee5\u80fd\u5728 Hyperliquid \u4e0a\u53d1\u751f\u5e76\u9020\u6210\u4e25\u91cd\u540e\u679c\uff0c\u6839\u672c\u539f\u56e0\u5728\u4e8e\u8be5\u5e73\u53f0\u7279\u6709\u7684\u6d41\u52a8\u6027\u67b6\u6784\u4e0e\u6e05\u7b97\u673a\u5236\u3002\u8fd9\u4e9b\u65e8\u5728\u63d0\u5347\u7528\u6237\u4f53\u9a8c\u4e0e\u8d44\u672c\u6548\u7387\u7684\u8bbe\u8ba1\uff0c\u867d\u5145\u6ee1\u521b\u65b0\uff0c\u5374\u4e5f\u610f\u5916\u4e3a\u653b\u51fb\u8005\u63d0\u4f9b\u4e86\u4e00\u4e2a\u7406\u60f3\u7684\u201c\u730e\u6740\u573a\u201d\u3002<\/p>\n<h4><strong>3.1 HLP \u91d1\u5e93\uff1a\u6c11\u4e3b\u5316\u7684\u505a\u5e02\u5546\u4e0e\u6e05\u7b97\u5bf9\u624b\u76d8<\/strong><\/h4>\n<p>Hyperliquid \u7684\u6838\u5fc3\u521b\u65b0\u4e4b\u4e00\u662f\u5176 HLP\u91d1\u5e93\u2014\u2014\u4e00\u4e2a\u7531\u534f\u8bae\u7edf\u4e00\u7ba1\u7406\u3001\u80a9\u8d1f\u53cc\u91cd\u804c\u80fd\u7684\u8d44\u91d1\u6c60\u3002\uff08\u8be6\u7ec6\u7684HLP\u4ecb\u7ecd\uff1ahttps:\/\/x.com\/agintender\/status\/1940261212954173716\uff09<\/p>\n<p>\u9996\u5148\uff0cHLP \u5145\u5f53\u5e73\u53f0\u7684\u4e3b\u52a8\u505a\u5e02\u5546\u3002\u5b83\u5141\u8bb8\u793e\u533a\u7528\u6237\u5c06 USDC \u5b58\u5165\u91d1\u5e93\uff0c\u53c2\u4e0e\u5e73\u53f0\u7684\u81ea\u52a8\u5316\u505a\u5e02\u7b56\u7565\uff0c\u5e76\u6309\u6bd4\u4f8b\u5206\u4eab\u6536\u76ca\uff08\u6216\u635f\u5931\uff09\u3002\u8fd9\u5957\u201c\u6c11\u4e3b\u5316\u201d\u505a\u5e02\u673a\u5236\uff0c\u4f7f HLP \u80fd\u591f\u4e3a\u4f17\u591a\u6d41\u52a8\u6027\u532e\u4e4f\u7684\u5c71\u5be8\u5e01\u6301\u7eed\u63d0\u4f9b\u4e70\u5356\u76d8\u53e3\u3002\u6b63\u56e0\u5982\u6b64\uff0c\u5373\u4f7f\u662f\u5982 JELLY \u8fd9\u79cd\u5e02\u503c\u8f83\u5c0f\u3001\u6d41\u52a8\u6027\u6781\u4f4e\u7684\u4ee3\u5e01\uff0c\u4e5f\u80fd\u5728 Hyperliquid \u4e0a\u652f\u6491\u6570\u767e\u4e07\u7f8e\u5143\u7ea7\u522b\u7684\u6760\u6746\u5934\u5bf8\u2014\u2014\u8fd9\u662f\u4f20\u7edf\u4ea4\u6613\u6240\u96be\u4ee5\u5b9e\u73b0\u7684\u3002\uff08\u8bf4\u4eba\u8bdd\uff0c\u5c31\u662f\u80fd\u5efa\u4ed3\uff09<\/p>\n<p>\u7136\u800c\uff0c\u8fd9\u79cd\u8bbe\u8ba1\u4e0d\u4ec5\u5438\u5f15\u4e86\u6295\u673a\u8005\uff0c\u4e5f\u5438\u5f15\u4e86\u66f4\u5371\u9669\u7684\u5b58\u5728\uff1a\u84c4\u610f\u64cd\u7eb5\u5e02\u573a\u7684\u653b\u51fb\u8005\u3002<\/p>\n<p>\u66f4\u5173\u952e\u7684\u662f\uff0cHLP \u540c\u65f6\u8fd8\u627f\u62c5\u7740\u5e73\u53f0\u7684\u201c\u6e05\u7b97\u6b62\u635f\u540e\u76fe\u201d\uff0c\u5373\u6700\u540e\u7684\u6e05\u7b97\u5bf9\u624b\u65b9\u3002\u5f53\u6760\u6746\u4ed3\u4f4d\u88ab\u5f3a\u5236\u5e73\u4ed3\uff0c\u800c\u5e02\u573a\u4e2d\u6ca1\u6709\u8db3\u591f\u6e05\u7b97\u4eba\u613f\u610f\u63a5\u76d8\u65f6\uff0c\u534f\u8bae\u4f1a\u81ea\u52a8\u5c06\u8fd9\u4e9b\u9ad8\u98ce\u9669\u4ed3\u4f4d\u8f6c\u5ac1\u7ed9 HLP \u91d1\u5e93\uff0c\u800c\u4e14\u662f\u6309\u7167\u9884\u8a00\u673a\u7684\u4ef7\u683c\u7167\u5355\u5168\u6536\u3002<\/p>\n<p>\u8fd9\u79cd\u673a\u5236\u5e26\u6765\u7684\u540e\u679c\u662f\uff1aHLP \u53d8\u6210\u4e86\u4e00\u4e2a\u53ef\u4ee5\u88ab\u786e\u5b9a\u6027\u5229\u7528\u7684\u3001\u5b8c\u5168\u6ca1\u6709\u81ea\u4e3b\u5224\u65ad\u80fd\u529b\u7684\u63a5\u76d8\u5b9e\u4f53\u3002\u653b\u51fb\u8005\u5728\u90e8\u7f72\u7b56\u7565\u65f6\uff0c\u5b8c\u5168\u53ef\u4ee5\u9884\u6d4b\u5176\u201c\u6bd2\u6027\u4ed3\u4f4d\u201d\u4e00\u65e6\u89e6\u53d1\u6e05\u7b97\uff0c\u5c06\u7531\u8c01\u63a5\u76d8 \u2014\u2014 \u4e0d\u662f\u5e02\u573a\u4e0a\u968f\u673a\u800c\u4e0d\u53ef\u9884\u6d4b\u7684\u4ea4\u6613\u5bf9\u624b\uff0c\u800c\u662f\u4e00\u4e2a\u6267\u884c\u667a\u80fd\u5408\u7ea6\u903b\u8f91\u3001\u767e\u5206\u767e\u6309\u89c4\u5219\u884c\u4e8b\u7684\u81ea\u52a8\u5316\u7cfb\u7edf\uff1aHLP vault\u3002<\/p>\n<h4><strong>3.2 \u6e05\u7b97\u673a\u5236\u7684\u7ed3\u6784\u6027\u7f3a\u9677<\/strong><\/h4>\n<p>Jelly-My-Jelly \u4e8b\u4ef6\u66b4\u9732\u4e86 Hyperliquid \u5728\u6781\u7aef\u5e02\u573a\u6761\u4ef6\u4e0b\u7684\u4e00\u4e2a\u81f4\u547d\u6f0f\u6d1e\uff0c\u5176\u6839\u6e90\u662f HLP \u91d1\u5e93\u5185\u90e8\u7684\u8d44\u91d1\u67b6\u6784\u548c\u6e05\u7b97\u6a21\u5f0f\u3002<\/p>\n<p>\u5728\u653b\u51fb\u53d1\u751f\u65f6\uff0c\u4e13\u8d23\u5904\u7406\u88ab\u6e05\u7b97\u4ed3\u4f4d\u7684\u201c\u6e05\u7b97\u50a8\u5907\u6c60\u201d\u4e0e\u5176\u4ed6\u6267\u884c\u505a\u5e02\u7b49\u7b56\u7565\u7684\u8d44\u91d1\u6c60\u4e4b\u95f4\uff0c\u5e76\u65e0\u4e25\u683c\u7684\u9694\u79bb\u673a\u5236\u3002\u5b83\u4eec\u5171\u4eab\u540c\u4e00\u7b14\u62b5\u62bc\u54c1\u3002\u5f53\u653b\u51fb\u8005\u4ef7\u503c 400 \u4e07\u7f8e\u5143\u7684\u7a7a\u5934\u4ed3\u4f4d\u56e0\u6807\u8bb0\u4ef7\u683c\u98d9\u5347\u800c\u88ab\u6e05\u7b97\u65f6\uff0c\u8be5\u4ed3\u4f4d\u88ab\u5b8c\u6574\u8f6c\u79fb\u81f3\u6e05\u7b97\u50a8\u5907\u6c60\u3002\u968f\u7740 JELLY \u7684\u4ef7\u683c\u6301\u7eed\u4e0a\u6da8\uff0c\u8fd9\u4e2a\u4ed3\u4f4d\u7684\u4e8f\u635f\u4e5f\u6301\u7eed\u6269\u5927\u3002<\/p>\n<p>\u653b\u51fb\u8005\u53ea\u9700\u89e6\u53d1\u6e05\u7b97\uff08\u4e3b\u52a8\u964d\u4f4e\u4fdd\u8bc1\u91d1\uff09\uff0c\u5373\u53ef\u5c06\u5176\u4e8f\u635f\u4ed3\u4f4d\u201c\u65e0\u7f1d\u201d\u629b\u7ed9\u7cfb\u7edf\u5185\u7684\u63a5\u76d8\u8005 \u2014\u2014 HLP \u91d1\u5e93\u3002\u653b\u51fb\u8005\u6df1\u77e5\uff1a\u534f\u8bae\u89c4\u5219\u4f1a\u5f3a\u5236 HLP \u5728\u4ef7\u683c\u6700\u4e0d\u5229\u65f6\u523b\u6267\u884c\u63a5\u76d8\uff0c\u6210\u4e3a\u5176\u201c\u65e0\u6761\u4ef6\u4e70\u5bb6\u201d\u3002<\/p>\n<p>\u7167\u7406\u8bf4\uff0c\u5f53\u4ed3\u4f4d\u4e8f\u635f\u5de8\u5927\u5230\u5a01\u80c1\u5e73\u53f0\u7cfb\u7edf\u7a33\u5b9a\u6027\u65f6\uff0c\u5e94\u8be5\u81ea\u52a8\u89e6\u53d1 \u81ea\u52a8\u51cf\u4ed3ADL\u673a\u5236\uff0c\u5bf9\u76c8\u5229\u65b9\u5411\u76f8\u53cd\u7684\u7528\u6237\u5f3a\u5236\u51cf\u4ed3\uff0c\u4ee5\u5206\u644a\u98ce\u9669\u3002\u4f46\u8fd9\u4e00\u6b21\uff0cADL \u6ca1\u6709\u542f\u52a8\u3002<\/p>\n<p>\u539f\u56e0\u5728\u4e8e\uff1a\u867d\u7136\u6e05\u7b97\u50a8\u5907\u6c60\u81ea\u8eab\u5df2\u7ecf\u9677\u5165\u6df1\u5ea6\u4e8f\u635f\uff0c\u4f46\u7531\u4e8e\u5b83\u53ef\u4ee5\u8c03\u7528\u6574\u4e2a HLP \u91d1\u5e93\u4e2d\u5176\u4ed6\u7b56\u7565\u6c60\u7684\u62b5\u62bc\u8d44\u4ea7\uff0c\u7cfb\u7edf\u5224\u5b9a\u6574\u4e2a HLP \u91d1\u5e93\u201c\u6574\u4f53\u5065\u5eb7\u5ea6\u201d\u4f9d\u7136\u826f\u597d\uff0c\u56e0\u800c\u6ca1\u6709\u89e6\u53d1\u98ce\u63a7\u673a\u5236\u3002\u8fd9\u79cd\u5171\u4eab\u62b5\u62bc\u673a\u5236\u7684\u8bbe\u8ba1\uff0c\u610f\u5916\u7ed5\u8fc7\u4e86 ADL \u8fd9\u4e00\u7cfb\u7edf\u6027\u98ce\u9669\u9632\u7ebf\uff0c\u4f7f\u672c\u5e94\u7531\u5e02\u573a\u6574\u4f53\u627f\u62c5\u7684\u635f\u5931\uff0c\u6700\u7ec8\u96c6\u4e2d\u7206\u53d1\u4e8e HLP \u91d1\u5e93\u4e4b\u4e2d\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u7b2c\u56db\u90e8\u5206\uff1a\u6848\u4f8b\u5206\u6790 \u2014\u2014 Jelly-My-Jelly \u653b\u51fb\u7684\u5b8c\u6574\u590d\u76d8<\/strong><\/h3>\n<p>2025 \u5e74 3 \u6708 26 \u65e5\uff0c\u4e00\u573a\u7cbe\u5bc6\u7b56\u5212\u7684\u653b\u51fb\u5728 Hyperliquid \u4e0a\u4e0a\u6f14\uff0c\u76ee\u6807\u76f4\u6307 Jelly-My-Jelly\uff08JELLY\uff09\u3002\u8fd9\u6b21\u653b\u51fb\u5de7\u5999\u7ed3\u5408\u4e86\u5bf9\u6d41\u52a8\u6027\u7684\u64cd\u63a7\u3001\u5bf9\u9884\u8a00\u673a\u673a\u5236\u7684\u6df1\u5165\u7406\u89e3\uff0c\u4ee5\u53ca\u5bf9\u5e73\u53f0\u67b6\u6784\u6027\u5f31\u70b9\u7684\u5229\u7528\uff0c\u6210\u4e3a\u89e3\u6784\u73b0\u4ee3 DeFi \u653b\u51fb\u6a21\u5f0f\u7684\u7ecf\u5178\u6848\u4f8b\u3002<\/p>\n<h4><strong>4.1 \u9636\u6bb5\u4e00\uff1a\u5e03\u5c40 \u2014\u2014 \u4ef7\u503c 400 \u4e07\u7f8e\u5143\u7684\u7a7a\u5934\u9677\u9631<\/strong><\/h4>\n<p>\u8fd9\u573a\u653b\u51fb\u5e76\u975e\u4e00\u65f6\u51b2\u52a8\u3002\u94fe\u4e0a\u6570\u636e\u663e\u793a\uff0c\u653b\u51fb\u8005\u5728\u4e8b\u53d1\u524d\u957f\u8fbe\u5341\u5929\u5185\uff0c\u901a\u8fc7\u4e00\u7cfb\u5217\u5c0f\u89c4\u6a21\u4ea4\u6613\u6d4b\u8bd5\u7b56\u7565\uff0c\u663e\u7136\u662f\u5728\u4e3a\u6700\u7ec8\u884c\u52a8\u505a\u51c6\u5907\u3002<\/p>\n<p>3 \u6708 26 \u65e5\uff0cJELLY \u7684\u73b0\u8d27\u4ef7\u683c\u5728 0.0095 \u7f8e\u5143\u9644\u8fd1\u9707\u8361\u65f6\uff0c\u653b\u51fb\u8005\u5f00\u59cb\u5b9e\u65bd\u7b2c\u4e00\u9636\u6bb5\u3002\u591a\u4e2a\u94b1\u5305\u5730\u5740\u53c2\u4e0e\u5176\u4e2d\uff0c\u5176\u4e2d\u5730\u5740 0xde96 \u662f\u5173\u952e\u6267\u884c\u8005\u3002\u653b\u51fb\u8005\u901a\u8fc7\u81ea\u6211\u4ea4\u6613\uff08\u5373\u540c\u65f6\u4f5c\u4e3a\u4e70\u65b9\u548c\u5356\u65b9\uff09\u65b9\u5f0f\uff0c\u5728 JELLY \u7684\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u4e0a\u65e0\u58f0\u65e0\u606f\u5730\u6784\u5efa\u4e86\u4e00\u4e2a\u4ef7\u503c\u7ea6 400 \u4e07\u7f8e\u5143\u7684\u7a7a\u5934\u5934\u5bf8\uff0c\u5e76\u8f85\u4ee5\u603b\u8ba1 300 \u4e07\u7f8e\u5143\u7684\u591a\u5934\u5bf9\u6572\u4ed3\u4f4d\u3002\u8fd9\u79cd\u5bf9\u6572\u4ea4\u6613\u7684\u76ee\u7684\u662f\u6700\u5927\u9650\u5ea6\u5730\u589e\u52a0\u672a\u5e73\u4ed3\u5408\u7ea6OI\uff0c\u540c\u65f6\u907f\u514d\u5f15\u53d1\u5e02\u573a\u5f02\u5e38\u6ce2\u52a8\uff0c\u4ece\u800c\u4e3a\u540e\u7eed\u7684\u4ef7\u683c\u64cd\u7eb5\u548c\u6e05\u7b97\u8bf1\u5bfc\u5960\u5b9a\u57fa\u7840\u3002<\/p>\n<h4><strong>4.2 \u9636\u6bb5\u4e8c\uff1a\u7a81\u88ad \u2014\u2014 \u73b0\u8d27\u5e02\u573a\u7684\u95ea\u7535\u6218<\/strong><\/h4>\n<p>\u5e03\u5c40\u5b8c\u6210\u540e\uff0c\u653b\u51fb\u8fdb\u5165\u7b2c\u4e8c\u9636\u6bb5\uff1a\u8fc5\u901f\u62c9\u5347\u73b0\u8d27\u4ef7\u683c\u3002JELLY 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\u7f8e\u5143\u7684\u5cf0\u503c\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u4ea4\u6613\u91cf\u4e5f\u7206\u70b8\u6027\u589e\u957f\u3002\u4ec5 Bybit \u4e00\u5bb6\u4ea4\u6613\u6240\uff0cJELLY \u5f53\u65e5\u6210\u4ea4\u989d\u4fbf\u7a81\u7834 1.5 \u4ebf\u7f8e\u5143\uff0c\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\u3002<\/p>\n<h4><strong>4.3 \u9636\u6bb5\u4e09\uff1a\u5f15\u7206 \u2014\u2014 \u9884\u8a00\u673a\u6c61\u67d3\u4e0e\u6e05\u7b97\u7011\u5e03<\/strong><\/h4>\n<p>\u73b0\u8d27\u4ef7\u683c\u7684\u5267\u70c8\u62c9\u5347\u8fc5\u901f\u4f20\u5bfc\u81f3 Hyperliquid \u7684\u6807\u8bb0\u4ef7\u683c\u7cfb\u7edf\u3002Hyperliquid \u7684\u9884\u8a00\u673a\u673a\u5236\u91c7\u7528\u591a\u6e90\u52a0\u6743\u4e2d\u4f4d\u6570\u7b97\u6cd5\uff0c\u6574\u5408 Binance\u3001OKX\u3001Bybit 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