DEX，加密货币交易和超流利：炒作是什么？

探索诸如加密货币贸易中的超流动性之类的DEX的兴起，分析其主导地位，挑战和Memecoins的影响。权力下放是未来吗？

DEX, Crypto Trading, and Hyperliquid: What's the Hype?

DEX，加密货币交易和超流利：炒作是什么？

Decentralized exchanges (DEXs) are shaking up the crypto world, and Hyperliquid is leading the charge. Let's dive into the latest trends and see what's driving this evolution.

去中心化交流（DEX）正在摇晃加密货币世界，而超流动性正在领导。让我们深入了解最新趋势，看看是什么推动了这一发展。

Hyperliquid: A DEX Powerhouse

超级流动性：DEX强力室

Hyperliquid has emerged as a dominant force in the DEX derivatives market. By 2025, it's projected to command a whopping 60% market share, with daily trading volumes exceeding $4 billion. This growth is fueled by innovative strategies, including aggressive token listings and a user-friendly interface. The launch of their native HYPE token in November 2024 has been a game-changer, boosting trading activity and solidifying Hyperliquid's market leadership.

在DEX衍生品市场中，超流动已经成为主要的力量。到2025年，它预计将达到60％的市场份额，每日交易量超过40亿美元。这种增长是由创新的策略推动的，包括积极的令牌清单和用户友好的界面。 2024年11月，他们的土著炒作令牌的推出已经改变了游戏规则，促进了交易活动并巩固了超流动性的市场领导。

DEX vs. CEX: The Decentralization Debate

DEX与CEX：权力下放辩论

The rise of DEXs like Hyperliquid has reignited the debate between decentralized exchanges (DEXs) and centralized exchanges (CEXs). DEXs offer autonomy and transparency, allowing users to control their assets directly. Plus, they enable instant token listings, bypassing the red tape of CEXs. However, DEXs face challenges like limited liquidity and impermanent loss.

诸如Hyproliquid之类的DEX的兴起重新点燃了分散的交流（DEX）和集中交流（CEXS）之间的辩论。 DEX提供自主性和透明度，使用户可以直接控制其资产。另外，它们可以立即列出列表，绕过CEX的繁文tape节。但是，DEX面临着诸如流动性有限和无常损失之类的挑战。

CEXs, on the other hand, provide deeper liquidity and intuitive interfaces but come with risks like asset misappropriation and regulatory scrutiny. The future might lie in hybrid models that combine the best of both worlds.

另一方面，CEXS提供了更深的流动性和直观的界面，但具有资产盗用和监管审查等风险。未来可能在于混合模型，结合了两全其美。

The Memecoin Mania and DEX Trading

Memecoin Mania和Dex交易

Memecoins have significantly impacted DEX trading volumes. These tokens thrive on platforms like Hyperliquid, attracting speculative traders. However, this also highlights the need for robust risk management to protect traders and maintain market stability. Hyperliquid has even launched a PUMP-USD futures market, capping leverage to manage risk, showcasing their adaptability in this volatile space.

Memecoins严重影响了DEX交易量。这些代币在超级流动等平台上壮成长，吸引了投机性交易者。但是，这也凸显了对保护交易者并保持市场稳定性的强大风险管理的必要性。 Hyperliquid甚至推出了一个泵入USD期货市场，限制了管理风险的杠杆作用，展示了它们在这个挥发性空间中的适应性。

Liquidity and Systemic Risks: Challenges for DEXs

流动性和系统性风险：DEX的挑战

Liquidity remains a critical challenge for DEXs. While platforms like Hyperliquid have made strides, they still lag behind CEXs in liquidity depth. High slippage and impermanent loss can complicate the trading experience, especially for retail investors. Systemic risks, like the JELLY token incident, also pose a threat. Addressing these issues is crucial for the long-term success of DEXs.

流动性仍然是DEX的关键挑战。虽然超级流动等平台取得了长足的进步，但它们仍在流动性深度落后于CEX。高滑倒和无常损失会使交易经验复杂化，尤其是对于散户投资者而言。像果冻令牌事件一样，系统性风险也构成威胁。解决这些问题对于DEX的长期成功至关重要。

NovaEx: A New Player Emphasizing Security

NOVAEX：一个新球员强调安全性

Enter NovaEx, a next-generation cryptocurrency exchange focused on security and reliability. Launching in July 2025, NovaEx aims to provide a secure and deeply liquid platform for both professional and everyday traders. They emphasize fund security, transparent operations, and trading reliability, offering a multi-layered security framework, granular permission control, and deep liquidity.

输入Novaex，这是一个针对安全性和可靠性的下一代加密货币交易所。 Novaex于2025年7月推出，旨在为专业和日常交易者提供安全且深厚的平台。他们强调资金安全性，透明运营和交易可靠性，提供多层安全框架，颗粒状许可控制和深厚的流动性。

Whales and the PUMP Token: A Risky Game?

鲸鱼和泵令牌：冒险游戏？

Whales on Hyperliquid have already started shorting PUMP, the new token of Pump.fun. Despite the risks, Hyperliquid has become the go-to platform for this activity. The exchange introduced PUMP with hyperps, determining the price based on market incentives. The initial trading period is expected to be highly volatile, so caution is advised!

超流动性上的鲸鱼已经开始缩短泵，这是泵的新令牌。尽管有风险，但超流动已成为这项活动的首选平台。该交易所用HyperPS引入了泵，根据市场激励措施确定了价格。预计最初的交易期将是高度波动的，因此请谨慎行事！

Southeast Asia: A Hotspot for Crypto Adoption

东南亚：采用加密货币的热点

Southeast Asia is emerging as a key region for crypto adoption. DEXs like Hyperliquid are filling the gap by offering high-yield investment opportunities and decentralized trading options. The region's growing engagement with crypto highlights its potential as a major driver of market growth.

东南亚正成为采用加密货币的关键地区。诸如Hyproliquid之类的DEX通过提供高收益投资机会和分散交易方案来填补空白。该地区与加密货币的互动越来越大，这突出了其作为市场增长的主要推动力的潜力。

Final Thoughts

最后的想法

Hyperliquid's rise as a leading DEX underscores the potential of decentralized platforms. By addressing challenges and capitalizing on opportunities, Hyperliquid and other DEXs are shaping the future of crypto trading. So, buckle up and enjoy the ride – it's going to be an interesting one!

超级流动性作为领先的DEX的上升强调了分散平台的潜力。通过应对挑战并利用机会，超流动和其他DEX正在塑造加密货币交易的未来。因此，搭扣并享受旅程 - 这将是一个有趣的人！