Aster、Hyperliquid 和 Perp DEX 競技場：誰將稱霸？

深入探討去中心化永續交易所（Perp DEX）的不斷演變的格局，重點關注 Aster、Hyperliquid 和日益激烈的競爭。

The Perp DEX scene is hotter than a New York summer. Aster, Hyperliquid, and a bunch of other players are duking it out for dominance. Let's break down what's happening.

Perp DEX 場景比紐約的夏天還要熱。 Aster、Hyperliquid 和其他一些玩家正在爭奪主導地位。讓我們來分析一下發生了什麼。

The Rise of Perp DEXs

Perp DEX 的興起

Decentralized perpetual exchanges (perp DEXs) are exploding. Daily trade volumes hit a cool $1 trillion in September 2025. That's a serious upgrade from just a few billion in early 2024. Hyperliquid was the big cheese, but now Aster and Lighter are shaking things up.

去中心化永續交易所（perp DEX）正在呈爆炸式增長。到 2025 年 9 月，日交易量將達到 1 萬億美元。與 2024 年初的幾十億美元相比，這是一個重大的提升。超液體是大奶酪，但現在 Aster 和 Lighter 正在改變現狀。

Aster vs. Hyperliquid: A Tale of Two Titans

Aster 與 Hyperliquid：兩個泰坦的故事

Hyperliquid is all about speed and efficiency, running on its own layer-one blockchain. Aster, on the other hand, is trying to be everything to everyone, with user-friendly interfaces and multi-chain support.

Hyperliquid 注重速度和效率，在自己的第一層區塊鏈上運行。另一方面，Aster 正試圖通過用戶友好的界面和多鏈支持，成為每個人的一切。

• Hyperliquid: A sophisticated, centralized limit order book exchange. Think Wall Street, but decentralized.
• Aster: Caters to newbies and pros alike, with multi-chain connectivity. They're even working on their own Layer 1 solution (Aster Chain).

Aster’s got that “dark pool” vibe going on. They're all about keeping your trades private, which is a big deal for some.

Aster 有種“暗池”的感覺。它們都是為了讓您的交易保密，這對某些人來說是一件大事。

The Competition Heats Up

競爭白熱化

October 2025 saw a major shift. Hyperliquid’s dominance took a hit as Aster took the lead, and Lighter, a new contender, entered the game.

2025 年 10 月發生了重大轉變。 Hyperliquid的統治地位受到打擊，Aster取得領先，而新的競爭者Lighter也加入了比賽。

Lighter is making waves as an Ethereum app-chain. Some analysts believe that Lighter's approach, combining zero token issuance costs, Ethereum-grade security, and scalability, positions it as a key player.

Lighter 作為以太坊應用鏈正在掀起波瀾。一些分析師認為，Lighter 的方法結合了零代幣發行成本、以太坊級安全性和可擴展性，使其成為關鍵參與者。

Ethereum Enters the Chat

以太坊進入聊天室

Synthetix is making a comeback on Ethereum Layer 1, aiming to blend the best of centralized and decentralized worlds. The goal? To create a Perp DEX on Ethereum that can actually compete.

Synthetix 正在以太坊 Layer 1 上捲土重來，旨在融合集中式和去中心化世界的精華。目標？在以太坊上創建一個可以真正競爭的 Perp DEX。

The Future of Perp DEXs

Perp DEX 的未來

Hyperliquid L1 is currently ahead, but Aster Chain is on the horizon. The key to winning this game will be joint ecological initiatives and building the best high-performance trading platform on blockchain.

Hyperliquid L1 目前處於領先地位，但 Aster Chain 也即將到來。贏得這場比賽的關鍵將是聯合生態倡議並打造區塊鏈上最好的高性能交易平台。

Aster: More Than Just Hype?

Aster：不僅僅是炒作？

Aster has seen increased interest, holding its position as a top crypto. Despite some volatility, its high liquidity and ongoing investor confidence suggest strong support for its position as a Layer 1 Ethereum alternative.

Aster 的興趣日益濃厚，保持著頂級加密貨幣的地位。儘管存在一些波動，但其高流動性和持續的投資者信心表明其作為第一層以太坊替代品的地位得到了強有力的支持。

Final Thoughts

最後的想法

The perp DEX landscape is a wild ride, with new players and innovations popping up left and right. Whether it's Hyperliquid's speed, Aster's all-in-one approach, or Lighter's Ethereum focus, one thing's for sure: the competition is fierce. So, grab your popcorn and watch the show. It's gonna be a good one!

Perp DEX 的格局是一場瘋狂的旅程，新的參與者和創新不斷湧現。無論是 Hyperliquid 的速度、Aster 的一體化方法，還是 Lighter 的以太坊焦點，有一點是肯定的：競爭非常激烈。所以，拿起你的爆米花並觀看演出吧。這將是一件好事！