超流动和链界衍生物战争：一种新的挑战者方法

超级流动的面临着链界衍生物的竞争不断上升，阿斯特（Aster）成为了强大的挑战者。景观随着新的架构和策略而演变。

Hyperliquid and the On-Chain Derivatives War: A New Challenger Approaches

超流动和链界衍生物战争：一种新的挑战者方法

The on-chain derivatives landscape is heating up, and Hyperliquid, once the undisputed king, is facing a fierce battle. New contenders are emerging, each with unique architectures and strategies, aiming to disrupt the decentralized trading world. Let's dive into the key developments and what they mean for the future of on-chain finance.

链上衍生品景观正在升温，曾经无可争议的国王曾经面临激烈的战斗。新的竞争者正在出现，每个竞争者都有独特的建筑和策略，旨在破坏分散的交易界。让我们深入了解关键发展及其对链融资的未来意味着什么。

The Throne Is Never Safe

宝座永远不会安全

For months, Hyperliquid reigned supreme in the on-chain derivatives market, celebrated for its speed and efficiency. However, the rise of innovative platforms on Solana, Arbitrum, and those leveraging zero-knowledge proofs signals a shift in power. This isn't just about competition; it's an all-out war for the soul of decentralized trading.

几个月来，超级流动性在链上衍生品市场中以其速度和效率而闻名。但是，在索拉纳，仲裁方面的创新平台的兴起以及利用零知识证明的人的兴起标志着权力的转变。这不仅仅是竞争；对于分散交易的灵魂来说，这是一场全面的战争。

The Contenders: A Multi-Front Assault

竞争者：多边攻击

The challenge to Hyperliquid's dominance is multifaceted. On Solana, Drift Protocol leverages the chain's speed for a near-centralized trading experience. Aevo focuses on pre-launch futures, creating a unique utility. dYdX is betting on sovereignty with its own blockchain built on the Cosmos SDK. Then there's Aster, backed by YZi Labs, aiming to bridge the gap between crypto and traditional finance.

超流动性主导地位的挑战是多方面的。在Solana上，漂移协议利用链的速度获得了近乎居中的交易经验。 Aevo专注于预发行期货，创造了独特的实用程序。 Dydx用自己的区块链在Cosmos SDK上押注主权。然后是Yzi Labs的支持，旨在弥合加密货币与传统金融之间的差距。

Aster: The Rising Star

Aster：后起之秀

Among the new challengers, Aster stands out. Incubated by YZi Labs, Aster's token price surged 1,650% on its debut, with trading volume exceeding $345 million. Backed by figures like former Binance CEO “CZ,” Aster is a top-tier contender. Its strategic focus on offering perpetual contracts on stocks like AAPL/USDT taps into a vast market seeking decentralized exposure to real-world assets. Operating on multiple chains and planning its own “Aster Chain,” it aims to build a comprehensive financial ecosystem.

在新的挑战者中，阿斯特脱颖而出。阿斯特（Aster）的象征价格在首次亮相的1,650％上飙升了1,650％，交易量超过3.45亿美元。在前Binance首席执行官“ CZ”之类的人物的支持下，Aster是顶级竞争者。它的战略重点是向诸如AAPL/USDT的股票签订永久合同，以寻求分散的现实资产敞口的广阔市场。它靠多个连锁店运行并计划自己的“ Aster Chain”，旨在建立一个全面的金融生态系统。

Whales and Vesting Schedules: A Test of Resilience

鲸鱼和归属计划：弹性测试

Recent activity indicates large cryptocurrency investors, or whales, are cashing out of Hyperliquid’s native token (HYPE) due to concerns over an upcoming vesting schedule that could unleash a significant amount of supply. This situation is further complicated by Maelstrom's (Arthur Hayes' family office fund) analysis, which dubbed the vesting schedule a “Sword of Damocles” moment. This event will introduce approximately $500 million worth of monthly unlocks, potentially leading to supply overhang, according to Maelstrom researcher Lukas Ruppert.

最近的活动表明，由于对即将到来的归属时间表的担忧，大量的加密货币投资者或鲸鱼正在从超流利的本地令牌（HYPE）中兑现。 Maelstrom（Arthur Hayes的家庭办公室基金）分析将这种情况更加复杂，该基金将归属时间表称为“ Damocles之剑”时刻。 Maelstrom研究员Lukas Ruppert表示，该活动将引入约5亿美元的每月解锁，可能导致供应悬垂。

The Evolving Landscape: Beyond Hyperliquid

不断发展的景观：超越超级流动

While Hyperliquid faces challenges, the broader on-chain derivatives market is also evolving. Platforms like Moonlander, built on Cronos, are focusing on high-leverage trading and passive yield opportunities. These developments highlight the diverse approaches being taken to enhance capital efficiency, security, and user experience in decentralized finance.

尽管超流动面临挑战，但更广泛的链衍生物市场也在不断发展。基于Cronos的Moonlander等平台正在专注于高杠杆交易和被动收益机会。这些发展突出了为提高资本效率，安全性和用户在分散融资方面所采取的多种方法。

Conclusion: Many Battlefronts, No Single Winner

结论：许多战场，没有单一的赢家

The decentralized derivatives market isn't a singular race but a series of parallel experiments. There won't be one winner, but a spectrum of platforms catering to different priorities. Whether it's raw speed, pre-launch speculation, sovereignty, or cryptographic purity, this architectural war will shape the foundations of on-chain finance for years to come. So, grab your popcorn and enjoy the show—it's gonna be a wild ride!

分散的衍生品市场不是一个奇异的种族，而是一系列平行实验。不会有一个赢家，而是一系列迎合不同优先事项的平台。无论是原始的速度，发射前的猜测，主权还是加密纯度，这场建筑战争都将在未来几年内塑造链融资的基础。因此，抓住您的爆米花并享受演出 - 这将是一次疯狂的旅程！