超流動和鏈界衍生物戰爭：一種新的挑戰者方法

超級流動的面臨著鏈界衍生物的競爭不斷上升，阿斯特（Aster）成為了強大的挑戰者。景觀隨著新的架構和策略而演變。

Hyperliquid and the On-Chain Derivatives War: A New Challenger Approaches

超流動和鏈界衍生物戰爭：一種新的挑戰者方法

The on-chain derivatives landscape is heating up, and Hyperliquid, once the undisputed king, is facing a fierce battle. New contenders are emerging, each with unique architectures and strategies, aiming to disrupt the decentralized trading world. Let's dive into the key developments and what they mean for the future of on-chain finance.

鏈上衍生品景觀正在升溫，曾經無可爭議的國王曾經面臨激烈的戰鬥。新的競爭者正在出現，每個競爭者都有獨特的建築和策略，旨在破壞分散的交易界。讓我們深入了解關鍵發展及其對鏈融資的未來意味著什麼。

The Throne Is Never Safe

寶座永遠不會安全

For months, Hyperliquid reigned supreme in the on-chain derivatives market, celebrated for its speed and efficiency. However, the rise of innovative platforms on Solana, Arbitrum, and those leveraging zero-knowledge proofs signals a shift in power. This isn't just about competition; it's an all-out war for the soul of decentralized trading.

幾個月來，超級流動性在鏈上衍生品市場中以其速度和效率而聞名。但是，在索拉納，仲裁方面的創新平台的興起以及利用零知識證明的人的興起標誌著權力的轉變。這不僅僅是競爭；對於分散交易的靈魂來說，這是一場全面的戰爭。

The Contenders: A Multi-Front Assault

競爭者：多邊攻擊

The challenge to Hyperliquid's dominance is multifaceted. On Solana, Drift Protocol leverages the chain's speed for a near-centralized trading experience. Aevo focuses on pre-launch futures, creating a unique utility. dYdX is betting on sovereignty with its own blockchain built on the Cosmos SDK. Then there's Aster, backed by YZi Labs, aiming to bridge the gap between crypto and traditional finance.

超流動性主導地位的挑戰是多方面的。在Solana上，漂移協議利用鏈的速度獲得了近乎居中的交易經驗。 Aevo專注於預發行期貨，創造了獨特的實用程序。 Dydx用自己的區塊鏈在Cosmos SDK上押注主權。然後是Yzi Labs的支持，旨在彌合加密貨幣與傳統金融之間的差距。

Aster: The Rising Star

Aster：後起之秀

Among the new challengers, Aster stands out. Incubated by YZi Labs, Aster's token price surged 1,650% on its debut, with trading volume exceeding $345 million. Backed by figures like former Binance CEO “CZ,” Aster is a top-tier contender. Its strategic focus on offering perpetual contracts on stocks like AAPL/USDT taps into a vast market seeking decentralized exposure to real-world assets. Operating on multiple chains and planning its own “Aster Chain,” it aims to build a comprehensive financial ecosystem.

在新的挑戰者中，阿斯特脫穎而出。阿斯特（Aster）的象徵價格在首次亮相的1,650％上飆升了1,650％，交易量超過3.45億美元。在前Binance首席執行官“ CZ”之類的人物的支持下，Aster是頂級競爭者。它的戰略重點是向諸如AAPL/USDT的股票簽訂永久合同，以尋求分散的現實資產敞口的廣闊市場。它靠多個連鎖店運行併計劃自己的“ Aster Chain”，旨在建立一個全面的金融生態系統。

Whales and Vesting Schedules: A Test of Resilience

鯨魚和歸屬計劃：彈性測試

Recent activity indicates large cryptocurrency investors, or whales, are cashing out of Hyperliquid’s native token (HYPE) due to concerns over an upcoming vesting schedule that could unleash a significant amount of supply. This situation is further complicated by Maelstrom's (Arthur Hayes' family office fund) analysis, which dubbed the vesting schedule a “Sword of Damocles” moment. This event will introduce approximately $500 million worth of monthly unlocks, potentially leading to supply overhang, according to Maelstrom researcher Lukas Ruppert.

最近的活動表明，由於對即將到來的歸屬時間表的擔憂，大量的加密貨幣投資者或鯨魚正在從超流利的本地令牌（HYPE）中兌現。 Maelstrom（Arthur Hayes的家庭辦公室基金）分析將這種情況更加複雜，該基金將歸屬時間表稱為“ Damocles之劍”時刻。 Maelstrom研究員Lukas Ruppert表示，該活動將引入約5億美元的每月解鎖，可能導致供應懸垂。

The Evolving Landscape: Beyond Hyperliquid

不斷發展的景觀：超越超級流動

While Hyperliquid faces challenges, the broader on-chain derivatives market is also evolving. Platforms like Moonlander, built on Cronos, are focusing on high-leverage trading and passive yield opportunities. These developments highlight the diverse approaches being taken to enhance capital efficiency, security, and user experience in decentralized finance.

儘管超流動面臨挑戰，但更廣泛的鏈衍生物市場也在不斷發展。基於Cronos的Moonlander等平台正在專注於高槓桿交易和被動收益機會。這些發展突出了為提高資本效率，安全性和用戶在分散融資方面所採取的多種方法。

Conclusion: Many Battlefronts, No Single Winner

結論：許多戰場，沒有單一的贏家

The decentralized derivatives market isn't a singular race but a series of parallel experiments. There won't be one winner, but a spectrum of platforms catering to different priorities. Whether it's raw speed, pre-launch speculation, sovereignty, or cryptographic purity, this architectural war will shape the foundations of on-chain finance for years to come. So, grab your popcorn and enjoy the show—it's gonna be a wild ride!

分散的衍生品市場不是一個奇異的種族，而是一系列平行實驗。不會有一個贏家，而是一系列迎合不同優先事項的平台。無論是原始的速度，發射前的猜測，主權還是加密純度，這場建築戰爭都將在未來幾年內塑造鏈融資的基礎。因此，抓住您的爆米花並享受演出 - 這將是一次瘋狂的旅程！