DEX竞争加热：在压力下超流动的激励措施

随着新平台利用激励措施吸引用户，Hyplliquid面临着DEX竞技场的激烈竞争。超流动会保持领先地位吗？

DEX Competition Heats Up: Hyperliquid's Incentives Under Pressure

DEX竞争加热：在压力下超流动的激励措施

The decentralized exchange (DEX) landscape is buzzing with activity, and Hyperliquid, once the undisputed leader, is now facing a surge of competition. New platforms are employing aggressive incentive strategies, forcing Hyperliquid to re-evaluate its position in this dynamic market.

分散的交流（DEX）景观正在嗡嗡作响，曾经是无可争议的领导者的超流动，现在正面临着竞争激增。新平台正在采用积极的奖励策略，迫使超流动重新评估其在这个动态市场中的地位。

Hyperliquid's Dominance and the Impending Token Unlock

超流动的主导地位和即将来临的令牌解锁

Hyperliquid's success has been attributed to its efficient trading experience, low costs, and early focus on attracting users through price performance. This strategy allowed them to dominate the Perps DEX market. However, the upcoming unlock of a significant amount of HYPE tokens has triggered concerns. The unlock, starting November 29th, will see 238 million HYPE tokens from core contributors released linearly over 24 months, potentially creating substantial selling pressure. This is a pivotal moment that will test Hyperliquid's resilience.

Hyperliquid的成功归因于其有效的交易经验，低成本以及早期专注于通过价格绩效吸引用户的重点。这种策略使他们能够主导PERPS DEX市场。但是，即将进行大量炒作令牌的解锁引发了人们的关注。从11月29日开始的解锁，将在24个月内线性释放的核心贡献者的2.38亿个炒作令牌，有可能造成巨大的销售压力。这是一个关键时刻，将测试超流动的弹性。

The Rise of New Competitors and Incentive-Driven Growth

新竞争对手的兴起和激励驱动的增长

While Hyperliquid navigates its token unlock challenges, competitors like Aster, Lighter, and edgeX are aggressively using incentives to attract users. Airdrops and the promise of future token launches are proving to be effective tools for these platforms. For example, Aster's trading volume surged due to airdrop incentives. Lighter and edgeX are seeing user activity increase as users accumulate points in anticipation of a Q4 token launch. The market has entered a phase of accelerated differentiation, with incentives fueling short-term growth.

尽管Hyperliquid会导致其令牌解锁挑战，但诸如Aster，Pirker和Edgex之类的竞争对手正在积极使用激励措施来吸引用户。事实证明，空调和未来令牌发布的承诺是这些平台的有效工具。例如，由于气流激励措施，Aster的交易量飙升。随着用户在Q4代币启动期间，用户活动积累点积聚，用户活动正在增加。市场进入了加速分化的阶段，激励措施助长了短期增长。

Analyzing Market Share and User Activity

分析市场份额和用户活动

Dune data as of September 23rd showed Hyperliquid still held the largest market share (38.1%) among perpetual swap markets, followed by Lighter (16.8%), Aster (14.9%), and edgeX (12.3%). However, Hyperliquid's market share has declined from 49.3% over the previous 90 days, indicating a slight short-term dip. Emerging platforms have experienced substantial growth. But trading volume alone doesn't tell the whole story. The ratio of open interest to trading volume (OI/Volume) offers insights into user activity and market health. Hyperliquid has a ratio of 287%, indicating healthy activity, while Aster's low ratio of 12% suggests more incentive-driven trading.

截至9月23日，《沙丘数据》显示，在永久交换市场中，超流动性仍然处于最大的市场份额（38.1％），其次是较轻（16.8％），Aster（14.9％）和Edgex（12.3％）。但是，超流动性的市场份额在过去90天内从49.3％下降，表明短期下降。新兴平台已经实现了大幅增长。但是仅交易量并不能说明整个故事。开放兴趣与交易量的比率（OI/量）为用户活动和市场健康提供了见解。高流动性的比率为287％，表明健康活动，而Aster的低比率为12％，表明更多的激励驱动交易。

Hyperliquid's Bold Tokenomics Proposal

超级流动的大胆的下列组学提案

In response to market concerns, a proposal has been put forward to drastically alter Hyperliquid's tokenomics. The plan, introduced by DBA investment manager Jon Charbonneau and pseudonymous researcher Hasu, suggests a 45% reduction in the total supply of HYPE. This would involve revoking and burning tokens earmarked for the Future Emissions and Community Rewards (FECR) fund and the Assistance Fund (AF). The proposal also suggests removing the hard cap of one billion HYPE tokens. The goal is to address valuation concerns and stabilize the market. If implemented, this could be a game-changer for Hyperliquid.

为了应对市场的关注，提出了一项建议，以极大地改变了高流动性的令牌学。该计划由DBA投资经理Jon Charbonneau和化名研究员Hasu提出，该计划表明，炒作的总供应量降低了45％。这将涉及为未来的排放和社区奖励（FECR）基金和援助基金（AF）撤销和燃烧的代币。该提案还建议删除十亿个炒作令牌的硬上限。目的是解决估值问题并稳定市场。如果实施，这可能是超流动性的游戏改变者。

The Future of DEX Competition

DEX竞赛的未来

The DEX arena is currently a battle for attention and incentives. Airdrops and token issuance expectations drive short-term traffic. The real test is whether platforms can convert this traffic into real user retention and long-term engagement. For Hyperliquid, managing the token unlock and adapting to the evolving competitive landscape are crucial. It's going to be interesting to see how Hyperliquid navigates these challenges and whether it can maintain its position as a leader in the DEX space.

DEX竞技场目前是引起关注和激励措施的战斗。气流和代币发行期望会导致短期流量。真正的测试是平台是否可以将此流量转换为真正的用户保留和长期参与度。对于超流动性，管理令牌解锁并适应不断发展的竞争格局至关重要。看到超流动性如何导致这些挑战以及它是否能够保持其作为DEX空间领导者的地位将是很有趣的。

So, grab your popcorn and settle in, folks! The DEX wars are just getting started. Who will come out on top? Only time will tell, but one thing's for sure: it's going to be a wild ride!

因此，抓住您的爆米花并安顿下来，伙计们！ DEX战争才刚刚开始。谁将排在首位？只有时间会说明，但是可以肯定的是：这将是一个疯狂的旅程！