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当CEX还在卷体验,Hyperliquid已经在交易贵金属和外汇了
链上观
链上观
01-28 14:41
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在主流资产集体装死时, $HYPE 能走出独立的大阳线,确实耐人寻味。
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作者:链上观

在主流资产集体装死时, $HYPE 能走出独立的大阳线,确实耐人寻味。很多人在问最近Perp DEX赛道为何冷寂,其实 @HyperliquidX 的表现已经给出了答案:

1)叙事天花板变了。Perp Dex原本接近CEX级体验的老故事讲不动了,感觉Hyperliquid正在脱离“好用的 DEX”这种存量内卷,通过HIP-3协议向全品类合成资产突围。

要从干掉CEX的好用DEX定位,变成一个最懂Crypto Native的链上纳斯达克叙事了。从纯Crypto投机转向原油、外汇、贵金属的无缝交易,格局直接拉满;

2)链上流动性对实体资产的“倒灌”。看看Bitget、OKX、Bybit等交易所都在搭台做“资产代币化”叙事方向就知道,纯Crypto资产的增长瓶颈已现。

别不信,当你发现链上交易白银的价差比CEX还窄、响应比券商快、且 24/7 不打烊时,它就不再只是个DEX,而摇身一变成了全天候的全球资产路由中心。这其实是链上流动性开始倒灌实体的一种必然,谁先扛起这面大旗,谁就是赢家;

3)规则层面的降维打击。过去Perp DEX都在卑微地模仿并接近CEX的体验,但Hyperliquid明显升维了。新的规则逻辑是:链上绝对的透明度、无许可上新,费用返还机制等新兴交易市场规则等。

归根结底,就是用代码信任来消解,CEX和TradFi的黑箱优势,有意思的是,压根没提去中心化。

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