Aster、Hyperliquid 和 Perp DEX 竞技场：谁将称霸？

深入探讨去中心化永续交易所（Perp DEX）的不断演变的格局，重点关注 Aster、Hyperliquid 和日益激烈的竞争。

The Perp DEX scene is hotter than a New York summer. Aster, Hyperliquid, and a bunch of other players are duking it out for dominance. Let's break down what's happening.

Perp DEX 场景比纽约的夏天还要热。 Aster、Hyperliquid 和其他一些玩家正在争夺主导地位。让我们来分析一下发生了什么。

The Rise of Perp DEXs

Perp DEX 的兴起

Decentralized perpetual exchanges (perp DEXs) are exploding. Daily trade volumes hit a cool $1 trillion in September 2025. That's a serious upgrade from just a few billion in early 2024. Hyperliquid was the big cheese, but now Aster and Lighter are shaking things up.

去中心化永续交易所（perp DEX）正在呈爆炸式增长。到 2025 年 9 月，日交易量将达到 1 万亿美元。与 2024 年初的几十亿美元相比，这是一个重大的提升。超液体是大奶酪，但现在 Aster 和 Lighter 正在改变现状。

Aster vs. Hyperliquid: A Tale of Two Titans

Aster 与 Hyperliquid：两个泰坦的故事

Hyperliquid is all about speed and efficiency, running on its own layer-one blockchain. Aster, on the other hand, is trying to be everything to everyone, with user-friendly interfaces and multi-chain support.

Hyperliquid 注重速度和效率，在自己的第一层区块链上运行。另一方面，Aster 正试图通过用户友好的界面和多链支持，成为每个人的一切。

• Hyperliquid: A sophisticated, centralized limit order book exchange. Think Wall Street, but decentralized.
• Aster: Caters to newbies and pros alike, with multi-chain connectivity. They're even working on their own Layer 1 solution (Aster Chain).

Aster’s got that “dark pool” vibe going on. They're all about keeping your trades private, which is a big deal for some.

Aster 有种“暗池”的感觉。它们都是为了让您的交易保密，这对某些人来说是一件大事。

The Competition Heats Up

竞争白热化

October 2025 saw a major shift. Hyperliquid’s dominance took a hit as Aster took the lead, and Lighter, a new contender, entered the game.

2025 年 10 月发生了重大转变。 Hyperliquid的统治地位受到打击，Aster取得领先，而新的竞争者Lighter也加入了比赛。

Lighter is making waves as an Ethereum app-chain. Some analysts believe that Lighter's approach, combining zero token issuance costs, Ethereum-grade security, and scalability, positions it as a key player.

Lighter 作为以太坊应用链正在掀起波澜。一些分析师认为，Lighter 的方法结合了零代币发行成本、以太坊级安全性和可扩展性，使其成为关键参与者。

Ethereum Enters the Chat

以太坊进入聊天室

Synthetix is making a comeback on Ethereum Layer 1, aiming to blend the best of centralized and decentralized worlds. The goal? To create a Perp DEX on Ethereum that can actually compete.

Synthetix 正在以太坊 Layer 1 上卷土重来，旨在融合集中式和去中心化世界的精华。目标？在以太坊上创建一个可以真正竞争的 Perp DEX。

The Future of Perp DEXs

Perp DEX 的未来

Hyperliquid L1 is currently ahead, but Aster Chain is on the horizon. The key to winning this game will be joint ecological initiatives and building the best high-performance trading platform on blockchain.

Hyperliquid L1 目前处于领先地位，但 Aster Chain 也即将到来。赢得这场比赛的关键将是联合生态倡议并打造区块链上最好的高性能交易平台。

Aster: More Than Just Hype?

Aster：不仅仅是炒作？

Aster has seen increased interest, holding its position as a top crypto. Despite some volatility, its high liquidity and ongoing investor confidence suggest strong support for its position as a Layer 1 Ethereum alternative.

Aster 的兴趣日益浓厚，保持着顶级加密货币的地位。尽管存在一些波动，但其高流动性和持续的投资者信心表明其作为第一层以太坊替代品的地位得到了强有力的支持。

Final Thoughts

最后的想法

The perp DEX landscape is a wild ride, with new players and innovations popping up left and right. Whether it's Hyperliquid's speed, Aster's all-in-one approach, or Lighter's Ethereum focus, one thing's for sure: the competition is fierce. So, grab your popcorn and watch the show. It's gonna be a good one!

Perp DEX 的格局是一场疯狂的旅程，新的参与者和创新不断涌现。无论是 Hyperliquid 的速度、Aster 的一体化方法，还是 Lighter 的以太坊焦点，有一点是肯定的：竞争非常激烈。所以，拿起你的爆米花并观看演出吧。这将是一件好事！