OKX，超流動和OnChain PERP：導航監管迷宮和爆炸性增長

深入了解OnChain Perpetuals景觀，其中包括超級流動性的崛起，Okx的謹慎方法以及塑造Defi未來的監管障礙。

The world of onchain perpetuals is heating up, with platforms like Hyperliquid leading the charge. But it's not all smooth sailing. Regulatory scrutiny and market volatility are creating a complex landscape for players like OKX and rising stars like Aster. Let's dive in.

OnChain永久性的世界正在加熱，諸如Hyperliquid之類的平台引導了電荷。但這並不是所有的航行順利。監管審查和市場波動為OKX和Aster等新星等球員提供了複雜的景觀。讓我們潛水。

Hyperliquid's Success and OKX's Regulatory Concerns

Hyperliquid的成功和OKX的監管問題

OKX CEO Star Xu has openly admired Hyperliquid's success in the onchain perps arena, highlighting how a lean team can achieve massive impact. The HYPE token's surge to a new all-time high of $59.30 in September is a testament to this. However, Xu also revealed that OKX Web3 has been testing a similar product since 2023 but held back from a mainnet launch due to regulatory anxieties. The CFTC's 2023 enforcement action against Deridex serves as a stark reminder of the risks involved.

OKX首席執行官XU在OnChain Perps競技場上公開欣賞Hyproliquid的成功，強調了精益團隊如何實現巨大的影響。 9月份的炒作令牌的新歷史最高點為59.30美元，這證明了這一點。但是，徐還透露，OKX Web3自2023年以來一直在測試類似產品，但由於監管焦慮而阻止了主網發射。 CFTC針對Deridex的2023年執法行動迅速提醒您所涉及的風險。

It's a classic case of innovation versus regulation. While Hyperliquid pushes boundaries, OKX is taking a more cautious approach, prioritizing compliance and navigating the murky waters of DeFi regulations.

這是創新與監管的經典案例。當超級流動性推動邊界時，OKX採取了更加謹慎的方法，優先考慮合規性並瀏覽了法規的模糊水域。

Aster's Explosive Growth and Market Volatility

Aster的爆炸性增長和市場波動

While Hyperliquid grabs headlines, other players like Aster are making waves. Aster's token experienced a meteoric 45.5% increase in a single day, fueled by a combination of short squeezes, limited supply, and new derivatives listings. However, this rapid growth comes with inherent volatility. The launch of ASTER-perpetual contracts on Hyperliquid, offering up to 25x leverage, led to significant liquidations, causing some traders to pull back.

儘管超流動成為頭條新聞，但諸如Aster之類的其他球員正在浪潮。阿特（Aster）的代幣一天在一天中的迅速增長了45.5％，這是由於短擠壓，有限的供應和新的衍生品列表的組合所推動的。但是，這種快速增長帶來了固有的波動性。在超流動式上簽訂了Aster-Pertpetual合同，提供高達25倍的槓桿作用，導致了大量清算，導致一些商人退縮。

Arthur Hayes' Bold Prediction and the Future of HYPE

亞瑟·海斯（Arthur Hayes）的大膽預測和炒作的未來

BitMEX co-founder Arthur Hayes is known for his audacious crypto predictions, and his take on HYPE is no exception. He foresees HYPE potentially reaching $5,000 by 2028. Hayes argues that Hyperliquid's nimble team can outpace larger competitors. However, he also notes potential risks, such as the November token unlock. Regardless, Hayes’ bullish outlook reflects a broader sentiment that Hyperliquid is a force to be reckoned with.

Bitmex聯合創始人Arthur Hayes以他大膽的加密預測而聞名，他對炒作的看法也不例外。他預計到2028年，炒作可能會達到5,000美元。海耶斯認為，超級流動的敏捷球隊可以超過更大的競爭對手。但是，他還指出了潛在的風險，例如11月的令牌解鎖。無論如何，海斯的看漲觀點反映出一種更廣泛的情緒，即超流動是不可忽視的力量。

The Regulatory Tightrope

監管繩索

The core issue is regulatory clarity. OKX's Star Xu emphasizes that projects like Hyperliquid and Aster operate in a precarious position until clearer regulations emerge. The CFTC's crackdown on platforms like Deridex highlights the need for KYC and AML compliance, even in the decentralized world. Without well-defined rules, the onchain perps market risks being stifled by legal ambiguity.

核心問題是法規清晰度。 OKX的明星XU強調，諸如Hyproliquid和Aster之類的項目處於不穩定的位置，直到出現更清晰的法規為止。 CFTC在像Deridex這樣的平台上的鎮壓突出了對KYC和AML遵守的需求，即使在分散世界中也是如此。沒有明確的規則，OnChain Perps市場的風險被法律歧義所扼殺。

Hyperliquid: A Deep Dive

肥大：深度潛水

Hyperliquid isn't just another DEX; it's built on its own Layer 1 blockchain, HyperEVM, designed for high-speed, low-cost transactions. Key features include a fully on-chain order book for transparency and the HyperBFT consensus mechanism for sub-second transaction finality. The HYPE token serves as the ecosystem's native currency, offering governance rights, staking rewards, and trading fee discounts.

雜種不僅是另一個葡萄料。它建立在其自己的1層區塊鏈HypereVM上，該區塊鍊為高速，低成本的交易而設計。關鍵功能包括一本完全的鏈訂單，以透明透明度和超秒交易終止的超重共識機制。炒作令牌是生態系統的原始貨幣，提供治理權利，積分獎勵和交易費用折扣。

The Road Ahead

前面的道路

The future of onchain perps hinges on two critical factors: market demand and regulatory frameworks. Traders are closely monitoring whether Aster can maintain its support levels post-October unlock and whether HYPE can defend its key Fibonacci support. Ultimately, the fate of this market rests on how regulators choose to define the rules of the game.

OnChain Perps的未來取決於兩個關鍵因素：市場需求和監管框架。交易者正在密切監視Aster是否可以在10月後解鎖以及HYPE是否可以捍衛其主要的斐波那契支持。最終，該市場的命運取決於監管機構如何選擇定義遊戲規則的方式。

Final Thoughts

最後的想法

The onchain perps space is a wild ride, full of potential and pitfalls. Hyperliquid's innovation, OKX's caution, and Aster's explosive growth paint a fascinating picture of a market grappling with rapid change and regulatory uncertainty. So, buckle up, folks! It's gonna be an interesting journey.

OnChain Perps空間是一個狂野的旅程，充滿了潛力和陷阱。 Hyperliquid的創新，OKX的謹慎和ASTER的爆炸性增長描繪了一個令人著迷的圖片，即市場陷入快速變化和監管不確定性的情況下。所以，搭扣，伙計們！這將是一個有趣的旅程。