dYdX 被 Hyperliquid 边缘化的关键原因在于流动性责任机制

Core Viewpoint - The key reason for dYdX being marginalized by Hyperliquid is its liquidity responsibility mechanism, as stated by Jarsy CEO Han Qin [1] Group 1: Company Comparison - dYdX adheres to a "no bailout" DeFi design, which leads to a disappearance of depth when market makers withdraw during extreme market conditions [1] - Hyperliquid, being more centralized, has a treasury and is willing to take on liquidity responsibilities, making it more suitable for high-leverage perpetual contract markets [1] Group 2: Market Dynamics - The shift in user and market maker migration towards Hyperliquid is attributed to its ability to provide better liquidity support compared to dYdX [1]