Bybit，Crypto和Perp Dex Revolution：Aster vs.

拜比特（Bybit）的最新报告深入介绍了Perp Dex景观，强调了Aster对超流动型的挑战以及分散交流的不断发展的优先级。

Bybit, Crypto, and the Perp DEX Revolution: Aster vs. Hyperliquid

Bybit，Crypto和Perp Dex Revolution：Aster vs.

The decentralized perpetual exchange (perp DEX) landscape is heating up! Bybit's latest Crypto Insights report sheds light on the evolving dynamics, particularly the rise of Aster as a competitor to the established Hyperliquid. It seems decentralization is taking a backseat to speed and user experience.

分散的永久交换（PERP DEX）景观正在加热！拜比特（Bybit）的最新加密见解报告阐明了不断发展的动态，尤其是阿斯特（Aster）作为既定超流动液的竞争对手的兴起。似乎权力下放是对速度和用户体验的后座。

Bybit Enters the DEX Arena

Bybit进入DEX竞技场

Bybit isn't just observing; they're in the game. Their Solana-based DEX, Byreal, is in beta and plans for mainnet launch in early October. With hybrid liquidity models, Byreal aims to reduce slippage and curb MEV. Early numbers are promising, with over $335 million in cumulative trading volume since launch.

bybit不只是观察。他们在游戏中。他们的总部位于Solana的Dex Byreal正在Beta，并于10月初发布了Mainnet发布的计划。借助混合流动性模型，Byreal旨在减少滑倒和遏制MEV。早期数字有希望，自推出以来，累计交易量超过3.35亿美元。

Aster's Meteoric Rise

阿斯特的陨石崛起

Aster, formed from the merger of Astherus and ApolloX, launched with a bang. Its token surged over 300% in hours, reaching a $1.33 billion market cap within two days. Features like MEV-free execution and dual trading interfaces cater to both retail and pro users. Plus, plans for a zero-knowledge chain and Binance ecosystem integration are smart moves.

由Astherus和Apollox的合并形成的Aster爆炸。它的代币在数小时内飙升了300％以上，在两天内达到了13.3亿美元的市值。诸如无MEV执行和双交易界面之类的功能都符合零售和专业用户。另外，零知识链和二元生态系统集成的计划是智能动作。

Aster vs. Hyperliquid: A Clash of Titans?

Aster与Hyperliquid：巨人冲突？

Hyperliquid still dominates, boasting around $200 billion in September trading volume compared to Aster's $20 billion. Hyperliquid's market cap is estimated at $13.2 billion, while Aster's is around $2.5 billion. But, the strategies differ.

高流动性仍然占主导地位，9月份的交易量约为2000亿美元，而Aster的200亿美元。 Hyperliquid的市值估计为132亿美元，而Aster的市值约为25亿美元。但是，策略有所不同。

• Hyperliquid: Built its own Layer 1 infrastructure for centralized exchange-like execution, entirely on-chain.
• Aster: Launched on BNB Chain with a modular design, emphasizing ecosystem integration, branding, and token-driven growth.

Decentralization Taking a Backseat?

权力下放倒退？

Traditional DEXs like dYdX and GMX prioritize decentralization. However, Hyperliquid and Aster are focused on speed, liquidity, and user experience, even if it means sacrificing some decentralization. Bybit's report points out that trustlessness and community governance are becoming secondary to execution and user experience. Hyperliquid proved execution matters, but Aster is showing that narrative, exchange backing, and incentives also drive market dynamics.

传统的DEX（例如DyDX和GMX）优先考虑权力下放。但是，超级流动和翠菊专注于速度，流动性和用户体验，即使这意味着牺牲某些权力下放。 Bybit的报告指出，无信任性和社区治理已成为执行和用户经验的次要次数。过时的证明是执行问题，但是Aster表明叙事，交换支持和激励措施也推动了市场动态。

The Road Ahead for Perp DEXs

前进的perp dexs的道路

The report suggests that decentralized perp DEXs are evolving. Decentralization is becoming a feature, not the foundation. With centralized exchanges potentially launching their own versions, the competition will get fiercer. Hyperliquid, once seemingly unbeatable, faces a real challenge. While its infrastructure is solid, the market is increasingly rewarding good storytelling, ecosystem incentives, and cultural relevance alongside technical performance.

该报告表明，分散的PERP DEX正在发展。权力下放已成为一项功能，而不是基础。随着集中式交流潜在地推出自己的版本，竞争将变得更加激烈。曾经看似无与伦比的超流动面临着一个真正的挑战。尽管它的基础设施扎实，但市场越来越有益于良好的讲故事，生态系统激励措施和文化相关性以及技术绩效。

My Two Satoshis

我的两个satoshis

It's exciting to see innovation in the DEX space. While decentralization remains important, the focus on user experience is key for broader adoption. Aster's rapid growth shows the power of a good narrative and strategic partnerships. It will be interesting to see how Hyperliquid adapts to this changing landscape. Bybit's move into the DEX arena with Byreal is also one to watch.

在DEX空间中看到创新令人兴奋。尽管权力下放仍然很重要，但对用户体验的关注是更广泛采用的关键。 Aster的快速增长显示了良好的叙事和战略伙伴关系的力量。有趣的是，如何适应这种不断变化的景观。拜比特（Bybit）与byreal一起进入DEX竞技场也是值得关注的。

So, keep your eyes peeled, folks! The world of perp DEXs is about to get a whole lot more interesting. And who knows, maybe Little Pepe will be using one of these DEXs soon enough!

因此，睁大眼睛，伙计们！ Perp Dex的世界将变得更加有趣。谁知道，也许Little Pepe会尽快使用这些DEX之一！