CZ，Aster和Hyproliquid：出现了新的挑战者？

CZ对Aster的支持对超流动性在分散衍生品的主导地位构成了挑战，引发了加密社区中的辩论和阴谋。

CZ, Aster, and Hyperliquid: A New Challenger Emerges?

CZ，Aster和Hyproliquid：出现了新的挑战者？

The decentralized derivatives market is heating up, and all eyes are on CZ, Aster, and Hyperliquid. With CZ's apparent support for Aster, is Hyperliquid's reign about to be challenged?

分散的衍生品市场正在升温，所有眼睛都围绕CZ，Aster和Empliquid。有了CZ对Aster的明显支持，Hyplliquid的统治即将受到挑战？

Aster Positions Itself as Hyperliquid’s Rival

Aster将自己定位为超级流动的竞争对手

Aster, backed by CZ-linked YZi Labs, entered the market on September 17th, 2025, immediately positioning itself as a direct competitor to Hyperliquid. The launch drew significant attention due to its ties to CZ, with many seeing it as a way to channel liquidity towards Binance's ecosystem through BNB Chain.

由CZ连接的Yzi Labs支持的Aster于2025年9月17日进入市场，立即将自己定位为直接竞争者的直接竞争者。由于与CZ的联系，该发布引起了极大的关注，许多人将其视为通过BNB链向Binance生态系统引导流动性的一种方式。

ASTER's initial trading was impressive, opening near $0.08 and quickly surging past $0.20. Reports indicated a total value locked on the platform exceeding $1.85 billion, suggesting genuine participation beyond mere speculation. CZ's “well done” tweet further fueled the narrative that Aster is a serious contender.

Aster的最初交易令人印象深刻，开价接近0.08美元，并迅速飙升以上0.20美元。报告表明，该平台上的总价值超过18.5亿美元，这表明真正的参与超出了猜测。 CZ的“做得好”的推文进一步推动了艾斯特是一个严肃的竞争者的叙述。

Hyperliquid Cements Its Position

超流动水泥的位置

Hyperliquid has established itself as the dominant player in the decentralized perpetual futures market. Built as a custom Layer-1 exchange, it accounts for a significant portion of the DeFi perps market. Daily trading volumes often exceed $10 billion, rivaling even some centralized exchanges.

Hyperliquid已确立自己是分散的永久期货市场中的主要参与者。它是自定义层交换的，它占DEFI PERPS市场的很大一部分。每日交易量通常超过100亿美元，即使是一些集中的交易所也可以抗衡。

Hyperliquid's success is attributed to its performance, with fast transaction settlement times and high throughput capacity. Its non-custodial model and lack of identity verification have also attracted high-volume traders seeking security and unrestricted access. The HYPE token's incentives, including buybacks and airdrops, have further reinforced its growth.

Hyperliquid的成功归因于其性能，并具有快速交易结算时间和高吞吐量的能力。它的非习惯模型和缺乏身份验证也吸引了寻求安全和不受限制访问的大批量交易者。炒作令牌的激励措施，包括回购和气流，进一步增强了其增长。

Questions Grow as Aster Mirrors CZ’s Playbook

随着Aster Mirrors CZ的剧本，问题越来越长

CZ's influence extends beyond mere endorsement. After criticisms arose regarding Hyperliquid's transparency and potential for front-running, Aster quickly adopted a

CZ的影响不仅仅是仅仅认可。在批评过度流动的透明度和前进潜力之后，阿斯特迅速采用了