（来源：吴说） 吴说获悉，Jarsy CEO Han Qin 表示，dYdX 被 Hyperliquid 边缘化的关键原因在于流动性责任机制。其 认为，dYdX 坚持"协议不兜底"的 DeFi 设计，在极端行情下做市商撤退即导致深度消失；而 Hyperliquid 更偏中心化，拥有财库并愿意承担流动性责任，更适合高杠杆永续合约市场，因此逐步吸 引用户与做市商迁移。 ...

Hyperliquid 发文称，过去一年平台在未引入外部融资、协议手续费全部回馈社区的情况下，多项指标 创历史新高：2025 年 24 小时交易量最高达 320 亿美元（2024 年为 150 亿美元），未平仓合约规模 160 亿美元（此前 40 亿美元），TVL 60 亿美元（此前 20 亿美元），24 小时协议收入 2,000 万美元（此前 350 万美元），用户数增至 140 万；期间还上线 HyperEVM、原生 USDC 集成、HIP-3 无许可永续合约 部署及组合保证金预发布等功能。 （来源：吴说） 来源：市场资讯 ...

（来源：吴说） 吴说获悉，据 ASXN Data，Hyperliquid 2025 年新增用户约 60.97 万，累计交易额约 2.95 万亿美元、交 易笔数 1989 亿；全年收入约 8.44 亿美元，净流入 38.7 亿美元，当前 TVL 约 41.5 亿美元。 ...

Core Insights - The global cryptocurrency market is experiencing a strong rebound after a period of decline, but underlying issues persist, particularly in the Layer2 and AI sectors, which have unexpectedly led the market downturn [1][3] - KuCoin's derivatives trading platform has become a preferred choice for investors seeking to hedge against risks, while XBIT's decentralized exchange platform has utilized on-chain data analysis to reveal the underlying logic of this atypical market behavior [1][3] Market Dynamics - Bitcoin has returned to $105,000 and Ethereum has stabilized around $2,500 due to favorable conditions such as calls for a ceasefire in Israel and a cooling of Federal Reserve interest rate hike expectations [1] - However, notable declines were observed in the Layer2 sector, with Celestia (TIA) and Mantle (MNT) dropping by 1.45% and 2.33% respectively, and a significant 83.23% drop in Polyhedra Network (ZKJ) due to a liquidity crisis [1][3] Risk Management and Trading Strategies - XBIT's security team highlighted that the ZKJ incident exposed critical vulnerabilities in AI and blockchain projects related to cross-chain asset custody, with a total value locked (TVL) evaporating by 92% within 48 hours [3] - KuCoin's trading volume surged by 37% in 24 hours, with Bitcoin perpetual contract positions exceeding 5.2 billion contracts, indicating a shift of institutional users towards derivatives for risk hedging [3] Collaborative Innovations - A recent collaboration between XBIT and KuCoin has created a "DEX-CEX liquidity bridge," allowing users to stake on XBIT and open high-leverage contracts on KuCoin, which has proven effective during market volatility [3][5] - The maximum cross-chain transfer time through the XBIT-KuCoin channel was recorded at 2.3 seconds, significantly faster than the industry average of 8 seconds [3] Market Structure and Behavioral Analysis - XBIT's research institute identified key anomalies in market behavior, noting a 2.48% increase in Layer1 assets, with Solana (SOL) leading at 7.38%, although 34% of new SOL addresses were identified as "ghost wallets," potentially inflating real trading volumes [5] - The overall DeFi sector rose by 1.36%, but significant price increases in Sky (SKY) and Jupiter (JUP) were attributed to manipulation by a whale address using flash loans, which XBIT's MEV protection mechanism intercepted [5] Future Outlook - The market is undergoing a structural transformation, with signs of overheating retail sentiment as even meme coins like Fartcoin (FARTCOIN) saw a 4.91% increase [7] - XBIT's AI-driven on-chain behavior analysis system provided a 12-hour risk warning for the AI sector, showcasing a competitive advantage over centralized exchanges [7] - The synergy between XBIT's decentralized security and KuCoin's centralized efficiency is expected to position them as key players in the evolving cryptocurrency landscape [7]