打火機點燃以太坊：在 Perp DEX 競賽中超越 Hyperliquid

Lighter 成為以太坊領先的應用鏈，在 TVL 方面超越了 Hyperliquid。本博客探討了 Lighter 的崛起、其創新功能以及徹底改變去中心化永續交易的潛力。

Lighter Ignites Ethereum: Overtaking Hyperliquid in the Perp DEX Race

打火機點燃以太坊：在 Perp DEX 競賽中超越 Hyperliquid

Lighter is making waves! This up-and-coming platform has quickly risen to become Ethereum’s top app-chain and the sixth-largest layer-2 by total value locked (TVL). Could this be the PerpDEX Ethereum's been waiting for?

打火機正在掀起波瀾！這個嶄露頭角的平台已迅速崛起，成為以太坊的頂級應用鍊和總鎖定價值 (TVL) 第六大的 Layer-2。這會是以太坊一直在等待的 PerpDEX 嗎？

Lighter's Meteoric Rise

打火機的崛起

Lighter's impressive debut on L2Beat is turning heads. Bankless founder Ryan Adams calls it “Hyperliquid with Ethereum-grade property rights,” highlighting its no token issuance costs, Ethereum-grade security, and scalability. It's proving that high-performance derivatives can thrive on Ethereum.

Lighter 在 L2Beat 上的首次亮相令人印象深刻，引人注目。 Bankless 創始人 Ryan Adams 稱之為“具有以太坊級產權的超級流動性”，強調其無代幣發行成本、以太坊級安全性和可擴展性。這證明高性能衍生品可以在以太坊上蓬勃發展。

Capital Migration: A Shift in Allegiance

資本遷移：效忠的轉變

Data shows Lighter's LLP has surpassed Hyperliquid HLP. Traders are moving their USDC to Lighter for the higher yields. One analyst notes Lighter's yields are eight times higher than Hyperliquid's (56% vs. 7%). This capital migration signals a rare return to Ethereum after years of fragmentation across Layer-1s.

數據顯示Lighter的LLP已經超越Hyperliquid HLP。交易者正在將他們的 USDC 轉向更輕的貨幣以獲得更高的收益率。一位分析師指出，Lighter 的收益率是 Hyperliquid 的八倍（56% 對 7%）。這次資本遷移標誌著在經過多年的 Layer-1 碎片化之後，以太坊罕見地回歸。

The Tech Behind the Hype

炒作背後的技術

Lighter claims to have cracked the code with custom zk-circuits and a new data view format, enabling it to operate as a native zk L2 with direct Ethereum interoperability. L2Beat notes its zk proofs ensure validators can't approve invalid withdrawals, and users can force transactions through Ethereum L1 for censorship resistance.

Lighter 聲稱已經使用自定義 zk 電路和新的數據視圖格式破解了代碼，使其能夠作為具有直接以太坊互操作性的本機 zk L2 運行。 L2Beat 指出，其 zk 證明可確保驗證者無法批准無效提款，並且用戶可以強制通過以太坊 L1 進行交易以抵抗審查。

A Competitive Landscape

競爭格局

The perp DEX landscape is heating up! While Hyperliquid and Aster once dominated, Lighter has captured a significant share. Lighter's zero-fee trading model and user-friendly experience are attracting both retail and institutional traders.

犯罪分子 DEX 格局正在升溫！雖然 Hyperliquid 和 Aster 一度佔據主導地位，但 Lighter 已經佔據了相當大的份額。 Lighter 的零費用交易模式和用戶友好的體驗吸引了零售和機構交易者。

Security and Transparency

安全和透明

Lighter has implemented robust security measures, including Sybil attack protection and smart contract audits. However, L2Beat researcher Donnoh notes that the project's zk program isn't yet open source, and its Oracle authentication needs strengthening. The team has pledged to address these in upcoming updates.

Lighter 實施了強大的安全措施，包括女巫攻擊防護和智能合約審計。不過，L2Beat研究員Donnoh指出，該項目的zk程序尚未開源，其Oracle認證需要加強。該團隊已承諾在即將發布的更新中解決這些問題。

Ethereum's Gravitational Pull

以太坊的引力

Lighter's explosive entry mirrors a broader pattern where Ethereum captures most of the growth, like with Ripple's RLUSD. This momentum reflects Ethereum's dominance as DeFi's ultimate settlement layer.

Lighter 的爆炸性進入反映了更廣泛的模式，即以太坊佔據了大部分增長，就像 Ripple 的 RLUSD 一樣。這種勢頭反映了以太坊作為 DeFi 最終結算層的主導地位。

Looking Ahead

展望未來

Lighter aims to deepen its DeFi integration and introduce a fee distribution mechanism for its future native token holders. The platform's evolution will be exciting to watch as it continues to drive innovation in decentralized finance.

Lighter 旨在深化其 DeFi 整合，並為其未來的原生代幣持有者引入費用分配機制。隨著該平台繼續推動去中心化金融的創新，該平台的發展將令人興奮。

The Big Picture

大局觀

Lighter and Synthetix are leading the charge in offering high-performance trading platforms based on Ethereum's Layer 2 design. These solutions combine the speed of offchain transactions with the certainty of on-chain finality.

Lighter 和 Synthetix 在提供基於以太坊第 2 層設計的高性能交易平台方面處於領先地位。這些解決方案將鏈下交易的速度與鏈上確定性的確定性結合起來。

As Synthetix co-founder Kaiynne says, "There is no perp DEX on Ethereum. We need a perp DEX on Ethereum."

正如 Synthetix 聯合創始人 Kaiynne 所說，“以太坊上沒有永久性 DEX。我們需要以太坊上有永久性 DEX。”

Final Thoughts

最後的想法

Is Lighter just another flash in the pan, or is it the real deal? Only time will tell, but one thing is clear: the PerpDEX landscape is changing, and Ethereum is back in the game. It's an exciting time to be in DeFi! So, buckle up and enjoy the ride—it's gonna be lit!

打火機只是曇花一現，還是真正的交易？只有時間才能證明一切，但有一件事是明確的：PerpDEX 的格局正在發生變化，以太坊又回到了遊戲中。這是 DeFi 激動人心的時刻！所以，係好安全帶，享受旅程吧——它會被點亮！