OKX，超流动和OnChain PERP：导航监管迷宫和爆炸性增长

深入了解OnChain Perpetuals景观，其中包括超级流动性的崛起，Okx的谨慎方法以及塑造Defi未来的监管障碍。

The world of onchain perpetuals is heating up, with platforms like Hyperliquid leading the charge. But it's not all smooth sailing. Regulatory scrutiny and market volatility are creating a complex landscape for players like OKX and rising stars like Aster. Let's dive in.

OnChain永久性的世界正在加热，诸如Hyperliquid之类的平台引导了电荷。但这并不是所有的航行顺利。监管审查和市场波动为OKX和Aster等新星等球员提供了复杂的景观。让我们潜水。

Hyperliquid's Success and OKX's Regulatory Concerns

Hyperliquid的成功和OKX的监管问题

OKX CEO Star Xu has openly admired Hyperliquid's success in the onchain perps arena, highlighting how a lean team can achieve massive impact. The HYPE token's surge to a new all-time high of $59.30 in September is a testament to this. However, Xu also revealed that OKX Web3 has been testing a similar product since 2023 but held back from a mainnet launch due to regulatory anxieties. The CFTC's 2023 enforcement action against Deridex serves as a stark reminder of the risks involved.

OKX首席执行官XU在OnChain Perps竞技场上公开欣赏Hyproliquid的成功，强调了精益团队如何实现巨大的影响。 9月份的炒作令牌的新历史最高点为59.30美元，这证明了这一点。但是，徐还透露，OKX Web3自2023年以来一直在测试类似产品，但由于监管焦虑而阻止了主网发射。 CFTC针对Deridex的2023年执法行动迅速提醒您所涉及的风险。

It's a classic case of innovation versus regulation. While Hyperliquid pushes boundaries, OKX is taking a more cautious approach, prioritizing compliance and navigating the murky waters of DeFi regulations.

这是创新与监管的经典案例。当超级流动性推动边界时，OKX采取了更加谨慎的方法，优先考虑合规性并浏览了法规的模糊水域。

Aster's Explosive Growth and Market Volatility

Aster的爆炸性增长和市场波动

While Hyperliquid grabs headlines, other players like Aster are making waves. Aster's token experienced a meteoric 45.5% increase in a single day, fueled by a combination of short squeezes, limited supply, and new derivatives listings. However, this rapid growth comes with inherent volatility. The launch of ASTER-perpetual contracts on Hyperliquid, offering up to 25x leverage, led to significant liquidations, causing some traders to pull back.

尽管超流动成为头条新闻，但诸如Aster之类的其他球员正在浪潮。阿特（Aster）的代币一天在一天中的迅速增长了45.5％，这是由于短挤压，有限的供应和新的衍生品列表的组合所推动的。但是，这种快速增长带来了固有的波动性。在超流动式上签订了Aster-Pertpetual合同，提供高达25倍的杠杆作用，导致了大量清算，导致一些商人退缩。

Arthur Hayes' Bold Prediction and the Future of HYPE

亚瑟·海斯（Arthur Hayes）的大胆预测和炒作的未来

BitMEX co-founder Arthur Hayes is known for his audacious crypto predictions, and his take on HYPE is no exception. He foresees HYPE potentially reaching $5,000 by 2028. Hayes argues that Hyperliquid's nimble team can outpace larger competitors. However, he also notes potential risks, such as the November token unlock. Regardless, Hayes’ bullish outlook reflects a broader sentiment that Hyperliquid is a force to be reckoned with.

Bitmex联合创始人Arthur Hayes以他大胆的加密预测而闻名，他对炒作的看法也不例外。他预计到2028年，炒作可能会达到5,000美元。海耶斯认为，超级流动的敏捷球队可以超过更大的竞争对手。但是，他还指出了潜在的风险，例如11月的令牌解锁。无论如何，海斯的看涨观点反映出一种更广泛的情绪，即超流动是不可忽视的力量。

The Regulatory Tightrope

监管绳索

The core issue is regulatory clarity. OKX's Star Xu emphasizes that projects like Hyperliquid and Aster operate in a precarious position until clearer regulations emerge. The CFTC's crackdown on platforms like Deridex highlights the need for KYC and AML compliance, even in the decentralized world. Without well-defined rules, the onchain perps market risks being stifled by legal ambiguity.

核心问题是法规清晰度。 OKX的明星XU强调，诸如Hyproliquid和Aster之类的项目处于不稳定的位置，直到出现更清晰的法规为止。 CFTC在像Deridex这样的平台上的镇压突出了对KYC和AML遵守的需求，即使在分散世界中也是如此。没有明确的规则，OnChain Perps市场的风险被法律歧义所扼杀。

Hyperliquid: A Deep Dive

肥大：深度潜水

Hyperliquid isn't just another DEX; it's built on its own Layer 1 blockchain, HyperEVM, designed for high-speed, low-cost transactions. Key features include a fully on-chain order book for transparency and the HyperBFT consensus mechanism for sub-second transaction finality. The HYPE token serves as the ecosystem's native currency, offering governance rights, staking rewards, and trading fee discounts.

杂种不仅是另一个葡萄料。它建立在其自己的1层区块链HypereVM上，该区块链为高速，低成本的交易而设计。关键功能包括一本完全的链订单，以透明透明度和超秒交易终止的超重共识机制。炒作令牌是生态系统的原始货币，提供治理权利，积分奖励和交易费用折扣。

The Road Ahead

前面的道路

The future of onchain perps hinges on two critical factors: market demand and regulatory frameworks. Traders are closely monitoring whether Aster can maintain its support levels post-October unlock and whether HYPE can defend its key Fibonacci support. Ultimately, the fate of this market rests on how regulators choose to define the rules of the game.

OnChain Perps的未来取决于两个关键因素：市场需求和监管框架。交易者正在密切监视Aster是否可以在10月后解锁以及HYPE是否可以捍卫其主要的斐波那契支持。最终，该市场的命运取决于监管机构如何选择定义游戏规则的方式。

Final Thoughts

最后的想法

The onchain perps space is a wild ride, full of potential and pitfalls. Hyperliquid's innovation, OKX's caution, and Aster's explosive growth paint a fascinating picture of a market grappling with rapid change and regulatory uncertainty. So, buckle up, folks! It's gonna be an interesting journey.

OnChain Perps空间是一个狂野的旅程，充满了潜力和陷阱。 Hyperliquid的创新，OKX的谨慎和ASTER的爆炸性增长描绘了一个令人着迷的图片，即市场陷入快速变化和监管不确定性的情况下。所以，搭扣，伙计们！这将是一个有趣的旅程。