CZ，Aster和Hyproliquid：出現了新的挑戰者？

CZ對Aster的支持對超流動性在分散衍生品的主導地位構成了挑戰，引發了加密社區中的辯論和陰謀。

CZ, Aster, and Hyperliquid: A New Challenger Emerges?

CZ，Aster和Hyproliquid：出現了新的挑戰者？

The decentralized derivatives market is heating up, and all eyes are on CZ, Aster, and Hyperliquid. With CZ's apparent support for Aster, is Hyperliquid's reign about to be challenged?

分散的衍生品市場正在升溫，所有眼睛都圍繞CZ，Aster和Empliquid。有了CZ對Aster的明顯支持，Hyplliquid的統治即將受到挑戰？

Aster Positions Itself as Hyperliquid’s Rival

Aster將自己定位為超級流動的競爭對手

Aster, backed by CZ-linked YZi Labs, entered the market on September 17th, 2025, immediately positioning itself as a direct competitor to Hyperliquid. The launch drew significant attention due to its ties to CZ, with many seeing it as a way to channel liquidity towards Binance's ecosystem through BNB Chain.

由CZ連接的Yzi Labs支持的Aster於2025年9月17日進入市場，立即將自己定位為直接競爭者的直接競爭者。由於與CZ的聯繫，該發布引起了極大的關注，許多人將其視為通過BNB鏈向Binance生態系統引導流動性的一種方式。

ASTER's initial trading was impressive, opening near $0.08 and quickly surging past $0.20. Reports indicated a total value locked on the platform exceeding $1.85 billion, suggesting genuine participation beyond mere speculation. CZ's “well done” tweet further fueled the narrative that Aster is a serious contender.

Aster的最初交易令人印象深刻，開價接近0.08美元，並迅速飆升以上0.20美元。報告表明，該平台上的總價值超過18.5億美元，這表明真正的參與超出了猜測。 CZ的“做得好”的推文進一步推動了艾斯特是一個嚴肅的競爭者的敘述。

Hyperliquid Cements Its Position

超流動水泥的位置

Hyperliquid has established itself as the dominant player in the decentralized perpetual futures market. Built as a custom Layer-1 exchange, it accounts for a significant portion of the DeFi perps market. Daily trading volumes often exceed $10 billion, rivaling even some centralized exchanges.

Hyperliquid已確立自己是分散的永久期貨市場中的主要參與者。它是自定義層交換的，它佔DEFI PERPS市場的很大一部分。每日交易量通常超過100億美元，即使是一些集中的交易所也可以抗衡。

Hyperliquid's success is attributed to its performance, with fast transaction settlement times and high throughput capacity. Its non-custodial model and lack of identity verification have also attracted high-volume traders seeking security and unrestricted access. The HYPE token's incentives, including buybacks and airdrops, have further reinforced its growth.

Hyperliquid的成功歸因於其性能，並具有快速交易結算時間和高吞吐量的能力。它的非習慣模型和缺乏身份驗證也吸引了尋求安全和不受限制訪問的大批量交易者。炒作令牌的激勵措施，包括回購和氣流，進一步增強了其增長。

Questions Grow as Aster Mirrors CZ’s Playbook

隨著Aster Mirrors CZ的劇本，問題越來越長

CZ's influence extends beyond mere endorsement. After criticisms arose regarding Hyperliquid's transparency and potential for front-running, Aster quickly adopted a

CZ的影響不僅僅是僅僅認可。在批評過度流動的透明度和前進潛力之後，阿斯特迅速採用了