Bybit，Crypto和Perp Dex Revolution：Aster vs.

拜比特（Bybit）的最新報告深入介紹了Perp Dex景觀，強調了Aster對超流動型的挑戰以及分散交流的不斷發展的優先級。

Bybit, Crypto, and the Perp DEX Revolution: Aster vs. Hyperliquid

Bybit，Crypto和Perp Dex Revolution：Aster vs.

The decentralized perpetual exchange (perp DEX) landscape is heating up! Bybit's latest Crypto Insights report sheds light on the evolving dynamics, particularly the rise of Aster as a competitor to the established Hyperliquid. It seems decentralization is taking a backseat to speed and user experience.

分散的永久交換（PERP DEX）景觀正在加熱！拜比特（Bybit）的最新加密見解報告闡明了不斷發展的動態，尤其是阿斯特（Aster）作為既定超流動液的競爭對手的興起。似乎權力下放是對速度和用戶體驗的後座。

Bybit Enters the DEX Arena

Bybit進入DEX競技場

Bybit isn't just observing; they're in the game. Their Solana-based DEX, Byreal, is in beta and plans for mainnet launch in early October. With hybrid liquidity models, Byreal aims to reduce slippage and curb MEV. Early numbers are promising, with over $335 million in cumulative trading volume since launch.

bybit不只是觀察。他們在遊戲中。他們的總部位於Solana的Dex Byreal正在Beta，並於10月初發布了Mainnet發布的計劃。借助混合流動性模型，Byreal旨在減少滑倒和遏制MEV。早期數字有希望，自推出以來，累計交易量超過3.35億美元。

Aster's Meteoric Rise

阿斯特的隕石崛起

Aster, formed from the merger of Astherus and ApolloX, launched with a bang. Its token surged over 300% in hours, reaching a $1.33 billion market cap within two days. Features like MEV-free execution and dual trading interfaces cater to both retail and pro users. Plus, plans for a zero-knowledge chain and Binance ecosystem integration are smart moves.

由Astherus和Apollox的合併形成的Aster爆炸。它的代幣在數小時內飆升了300％以上，在兩天內達到了13.3億美元的市值。諸如無MEV執行和雙交易界面之類的功能都符合零售和專業用戶。另外，零知識鍊和二元生態系統集成的計劃是智能動作。

Aster vs. Hyperliquid: A Clash of Titans?

Aster與Hyperliquid：巨人衝突？

Hyperliquid still dominates, boasting around $200 billion in September trading volume compared to Aster's $20 billion. Hyperliquid's market cap is estimated at $13.2 billion, while Aster's is around $2.5 billion. But, the strategies differ.

高流動性仍然占主導地位，9月份的交易量約為2000億美元，而Aster的200億美元。 Hyperliquid的市值估計為132億美元，而Aster的市值約為25億美元。但是，策略有所不同。

• Hyperliquid: Built its own Layer 1 infrastructure for centralized exchange-like execution, entirely on-chain.
• Aster: Launched on BNB Chain with a modular design, emphasizing ecosystem integration, branding, and token-driven growth.

Decentralization Taking a Backseat?

權力下放倒退？

Traditional DEXs like dYdX and GMX prioritize decentralization. However, Hyperliquid and Aster are focused on speed, liquidity, and user experience, even if it means sacrificing some decentralization. Bybit's report points out that trustlessness and community governance are becoming secondary to execution and user experience. Hyperliquid proved execution matters, but Aster is showing that narrative, exchange backing, and incentives also drive market dynamics.

傳統的DEX（例如DyDX和GMX）優先考慮權力下放。但是，超級流動和翠菊專注於速度，流動性和用戶體驗，即使這意味著犧牲某些權力下放。 Bybit的報告指出，無信任性和社區治理已成為執行和用戶經驗的次要次數。過時的證明是執行問題，但是Aster表明敘事，交換支持和激勵措施也推動了市場動態。

The Road Ahead for Perp DEXs

前進的perp dexs的道路

The report suggests that decentralized perp DEXs are evolving. Decentralization is becoming a feature, not the foundation. With centralized exchanges potentially launching their own versions, the competition will get fiercer. Hyperliquid, once seemingly unbeatable, faces a real challenge. While its infrastructure is solid, the market is increasingly rewarding good storytelling, ecosystem incentives, and cultural relevance alongside technical performance.

該報告表明，分散的PERP DEX正在發展。權力下放已成為一項功能，而不是基礎。隨著集中式交流潛在地推出自己的版本，競爭將變得更加激烈。曾經看似無與倫比的超流動面臨著一個真正的挑戰。儘管它的基礎設施紮實，但市場越來越有益於良好的講故事，生態系統激勵措施和文化相關性以及技術績效。

My Two Satoshis

我的兩個satoshis

It's exciting to see innovation in the DEX space. While decentralization remains important, the focus on user experience is key for broader adoption. Aster's rapid growth shows the power of a good narrative and strategic partnerships. It will be interesting to see how Hyperliquid adapts to this changing landscape. Bybit's move into the DEX arena with Byreal is also one to watch.

在DEX空間中看到創新令人興奮。儘管權力下放仍然很重要，但對用戶體驗的關注是更廣泛採用的關鍵。 Aster的快速增長顯示了良好的敘事和戰略夥伴關係的力量。有趣的是，如何適應這種不斷變化的景觀。拜比特（Bybit）與byreal一起進入DEX競技場也是值得關注的。

So, keep your eyes peeled, folks! The world of perp DEXs is about to get a whole lot more interesting. And who knows, maybe Little Pepe will be using one of these DEXs soon enough!

因此，睜大眼睛，伙計們！ Perp Dex的世界將變得更加有趣。誰知道，也許Little Pepe會盡快使用這些DEX之一！