打火机点燃以太坊：在 Perp DEX 竞赛中超越 Hyperliquid

Lighter 成为以太坊领先的应用链，在 TVL 方面超越了 Hyperliquid。本博客探讨了 Lighter 的崛起、其创新功能以及彻底改变去中心化永续交易的潜力。

Lighter Ignites Ethereum: Overtaking Hyperliquid in the Perp DEX Race

打火机点燃以太坊：在 Perp DEX 竞赛中超越 Hyperliquid

Lighter is making waves! This up-and-coming platform has quickly risen to become Ethereum’s top app-chain and the sixth-largest layer-2 by total value locked (TVL). Could this be the PerpDEX Ethereum's been waiting for?

打火机正在掀起波澜！这个崭露头角的平台已迅速崛起，成为以太坊的顶级应用链和总锁定价值 (TVL) 第六大的 Layer-2。这会是以太坊一直在等待的 PerpDEX 吗？

Lighter's Meteoric Rise

打火机的崛起

Lighter's impressive debut on L2Beat is turning heads. Bankless founder Ryan Adams calls it “Hyperliquid with Ethereum-grade property rights,” highlighting its no token issuance costs, Ethereum-grade security, and scalability. It's proving that high-performance derivatives can thrive on Ethereum.

Lighter 在 L2Beat 上的首次亮相令人印象深刻，引人注目。 Bankless 创始人 Ryan Adams 称之为“具有以太坊级产权的超级流动性”，强调其无代币发行成本、以太坊级安全性和可扩展性。这证明高性能衍生品可以在以太坊上蓬勃发展。

Capital Migration: A Shift in Allegiance

资本迁移：效忠的转变

Data shows Lighter's LLP has surpassed Hyperliquid HLP. Traders are moving their USDC to Lighter for the higher yields. One analyst notes Lighter's yields are eight times higher than Hyperliquid's (56% vs. 7%). This capital migration signals a rare return to Ethereum after years of fragmentation across Layer-1s.

数据显示Lighter的LLP已经超越Hyperliquid HLP。交易者正在将他们的 USDC 转向更轻的货币以获得更高的收益率。一位分析师指出，Lighter 的收益率是 Hyperliquid 的八倍（56% 对 7%）。这次资本迁移标志着在经过多年的 Layer-1 碎片化之后，以太坊罕见地回归。

The Tech Behind the Hype

炒作背后的技术

Lighter claims to have cracked the code with custom zk-circuits and a new data view format, enabling it to operate as a native zk L2 with direct Ethereum interoperability. L2Beat notes its zk proofs ensure validators can't approve invalid withdrawals, and users can force transactions through Ethereum L1 for censorship resistance.

Lighter 声称已经使用自定义 zk 电路和新的数据视图格式破解了代码，使其能够作为具有直接以太坊互操作性的本机 zk L2 运行。 L2Beat 指出，其 zk 证明可确保验证者无法批准无效提款，并且用户可以强制通过以太坊 L1 进行交易以抵抗审查。

A Competitive Landscape

竞争格局

The perp DEX landscape is heating up! While Hyperliquid and Aster once dominated, Lighter has captured a significant share. Lighter's zero-fee trading model and user-friendly experience are attracting both retail and institutional traders.

犯罪分子 DEX 格局正在升温！虽然 Hyperliquid 和 Aster 一度占据主导地位，但 Lighter 已经占据了相当大的份额。 Lighter 的零费用交易模式和用户友好的体验吸引了零售和机构交易者。

Security and Transparency

安全和透明

Lighter has implemented robust security measures, including Sybil attack protection and smart contract audits. However, L2Beat researcher Donnoh notes that the project's zk program isn't yet open source, and its Oracle authentication needs strengthening. The team has pledged to address these in upcoming updates.

Lighter 实施了强大的安全措施，包括女巫攻击防护和智能合约审计。不过，L2Beat研究员Donnoh指出，该项目的zk程序尚未开源，其Oracle认证需要加强。该团队已承诺在即将发布的更新中解决这些问题。

Ethereum's Gravitational Pull

以太坊的引力

Lighter's explosive entry mirrors a broader pattern where Ethereum captures most of the growth, like with Ripple's RLUSD. This momentum reflects Ethereum's dominance as DeFi's ultimate settlement layer.

Lighter 的爆炸性进入反映了更广泛的模式，即以太坊占据了大部分增长，就像 Ripple 的 RLUSD 一样。这种势头反映了以太坊作为 DeFi 最终结算层的主导地位。

Looking Ahead

展望未来

Lighter aims to deepen its DeFi integration and introduce a fee distribution mechanism for its future native token holders. The platform's evolution will be exciting to watch as it continues to drive innovation in decentralized finance.

Lighter 旨在深化其 DeFi 整合，并为其未来的原生代币持有者引入费用分配机制。该平台的演变将继续推动去中心化金融的创新，令人兴奋不已。

The Big Picture

大局观

Lighter and Synthetix are leading the charge in offering high-performance trading platforms based on Ethereum's Layer 2 design. These solutions combine the speed of offchain transactions with the certainty of on-chain finality.

Lighter 和 Synthetix 在提供基于以太坊第 2 层设计的高性能交易平台方面处于领先地位。这些解决方案将链下交易的速度与链上确定性的确定性结合在一起。

As Synthetix co-founder Kaiynne says, "There is no perp DEX on Ethereum. We need a perp DEX on Ethereum."

正如 Synthetix 联合创始人 Kaiynne 所说，“以太坊上没有永久性 DEX。我们需要以太坊上有永久性 DEX。”

Final Thoughts

最后的想法

Is Lighter just another flash in the pan, or is it the real deal? Only time will tell, but one thing is clear: the PerpDEX landscape is changing, and Ethereum is back in the game. It's an exciting time to be in DeFi! So, buckle up and enjoy the ride—it's gonna be lit!

打火机只是昙花一现，还是真正的交易？只有时间才能证明一切，但有一件事是明确的：PerpDEX 的格局正在发生变化，以太坊又回到了游戏中。这是 DeFi 激动人心的时刻！所以，系好安全带，享受旅程吧——它会被点亮！