DEX競爭加熱：在壓力下超流動的激勵措施

隨著新平台利用激勵措施吸引用戶，Hyplliquid面臨著DEX競技場的激烈競爭。超流動會保持領先地位嗎？

DEX Competition Heats Up: Hyperliquid's Incentives Under Pressure

DEX競爭加熱：在壓力下超流動的激勵措施

The decentralized exchange (DEX) landscape is buzzing with activity, and Hyperliquid, once the undisputed leader, is now facing a surge of competition. New platforms are employing aggressive incentive strategies, forcing Hyperliquid to re-evaluate its position in this dynamic market.

分散的交流（DEX）景觀正在嗡嗡作響，曾經是無可爭議的領導者的超流動，現在正面臨著競爭激增。新平台正在採用積極的獎勵策略，迫使超流動重新評估其在這個動態市場中的地位。

Hyperliquid's Dominance and the Impending Token Unlock

超流動的主導地位和即將來臨的令牌解鎖

Hyperliquid's success has been attributed to its efficient trading experience, low costs, and early focus on attracting users through price performance. This strategy allowed them to dominate the Perps DEX market. However, the upcoming unlock of a significant amount of HYPE tokens has triggered concerns. The unlock, starting November 29th, will see 238 million HYPE tokens from core contributors released linearly over 24 months, potentially creating substantial selling pressure. This is a pivotal moment that will test Hyperliquid's resilience.

Hyperliquid的成功歸因於其有效的交易經驗，低成本以及早期專注於通過價格績效吸引用戶的重點。這種策略使他們能夠主導PERPS DEX市場。但是，即將進行大量炒作令牌的解鎖引發了人們的關注。從11月29日開始的解鎖，將在24個月內線性釋放的核心貢獻者的2.38億個炒作令牌，有可能造成巨大的銷售壓力。這是一個關鍵時刻，將測試超流動的彈性。

The Rise of New Competitors and Incentive-Driven Growth

新競爭對手的興起和激勵驅動的增長

While Hyperliquid navigates its token unlock challenges, competitors like Aster, Lighter, and edgeX are aggressively using incentives to attract users. Airdrops and the promise of future token launches are proving to be effective tools for these platforms. For example, Aster's trading volume surged due to airdrop incentives. Lighter and edgeX are seeing user activity increase as users accumulate points in anticipation of a Q4 token launch. The market has entered a phase of accelerated differentiation, with incentives fueling short-term growth.

儘管Hyperliquid會導致其令牌解鎖挑戰，但諸如Aster，Pirker和Edgex之類的競爭對手正在積極使用激勵措施來吸引用戶。事實證明，空調和未來令牌發布的承諾是這些平台的有效工具。例如，由於氣流激勵措施，Aster的交易量飆升。隨著用戶在Q4代幣啟動期間，用戶活動積累點積聚，用戶活動正在增加。市場進入了加速分化的階段，激勵措施助長了短期增長。

Analyzing Market Share and User Activity

分析市場份額和用戶活動

Dune data as of September 23rd showed Hyperliquid still held the largest market share (38.1%) among perpetual swap markets, followed by Lighter (16.8%), Aster (14.9%), and edgeX (12.3%). However, Hyperliquid's market share has declined from 49.3% over the previous 90 days, indicating a slight short-term dip. Emerging platforms have experienced substantial growth. But trading volume alone doesn't tell the whole story. The ratio of open interest to trading volume (OI/Volume) offers insights into user activity and market health. Hyperliquid has a ratio of 287%, indicating healthy activity, while Aster's low ratio of 12% suggests more incentive-driven trading.

截至9月23日，《沙丘數據》顯示，在永久交換市場中，超流動性仍然處於最大的市場份額（38.1％），其次是較輕（16.8％），Aster（14.9％）和Edgex（12.3％）。但是，超流動性的市場份額在過去90天內從49.3％下降，表明短期下降。新興平台已經實現了大幅增長。但是僅交易量並不能說明整個故事。開放興趣與交易量的比率（OI/量）為用戶活動和市場健康提供了見解。高流動性的比率為287％，表明健康活動，而Aster的低比率為12％，表明更多的激勵驅動交易。

Hyperliquid's Bold Tokenomics Proposal

超級流動的大膽的下列組學提案

In response to market concerns, a proposal has been put forward to drastically alter Hyperliquid's tokenomics. The plan, introduced by DBA investment manager Jon Charbonneau and pseudonymous researcher Hasu, suggests a 45% reduction in the total supply of HYPE. This would involve revoking and burning tokens earmarked for the Future Emissions and Community Rewards (FECR) fund and the Assistance Fund (AF). The proposal also suggests removing the hard cap of one billion HYPE tokens. The goal is to address valuation concerns and stabilize the market. If implemented, this could be a game-changer for Hyperliquid.

為了應對市場的關注，提出了一項建議，以極大地改變了高流動性的令牌學。該計劃由DBA投資經理Jon Charbonneau和化名研究員Hasu提出，該計劃表明，炒作的總供應量降低了45％。這將涉及為未來的排放和社區獎勵（FECR）基金和援助基金（AF）撤銷和燃燒的代幣。該提案還建議刪除十億個炒作令牌的硬上限。目的是解決估值問題並穩定市場。如果實施，這可能是超流動性的遊戲改變者。

The Future of DEX Competition

DEX競賽的未來

The DEX arena is currently a battle for attention and incentives. Airdrops and token issuance expectations drive short-term traffic. The real test is whether platforms can convert this traffic into real user retention and long-term engagement. For Hyperliquid, managing the token unlock and adapting to the evolving competitive landscape are crucial. It's going to be interesting to see how Hyperliquid navigates these challenges and whether it can maintain its position as a leader in the DEX space.

DEX競技場目前是引起關注和激勵措施的戰鬥。氣流和代幣發行期望會導致短期流量。真正的測試是平台是否可以將此流量轉換為真正的用戶保留和長期參與度。對於超流動性，管理令牌解鎖並適應不斷發展的競爭格局至關重要。看到超流動性如何導致這些挑戰以及它是否能夠保持其作為DEX空間領導者的地位將是很有趣的。

So, grab your popcorn and settle in, folks! The DEX wars are just getting started. Who will come out on top? Only time will tell, but one thing's for sure: it's going to be a wild ride!

因此，抓住您的爆米花並安頓下來，伙計們！ DEX戰爭才剛剛開始。誰將排在首位？只有時間會說明，但是可以肯定的是：這將是一個瘋狂的旅程！