{"id":2844,"date":"2025-12-10T00:00:29","date_gmt":"2025-12-09T16:00:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=2844"},"modified":"2025-12-10T00:00:29","modified_gmt":"2025-12-09T16:00:29","slug":"james-wynn%e7%88%86%e4%bb%93%e5%90%af%e7%a4%ba%ef%bc%8ccz%e6%8f%90%e5%80%a1%e7%9a%84%e3%80%8c%e6%9a%97%e6%b1%a0perp-dex%e3%80%8d%e6%9c%89%e5%93%aa%e4%ba%9b%e6%9c%ba%e4%bc%9a%ef%bc%9f","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=2844","title":{"rendered":"James Wynn\u7206\u4ed3\u542f\u793a\uff0cCZ\u63d0\u5021\u7684\u300c\u6697\u6c60Perp DEX\u300d\u6709\u54ea\u4e9b\u673a\u4f1a\uff1f"},"content":{"rendered":"

James Wynn\u7206\u4ed3\u542f\u793a\uff0cCZ\u63d0\u5021\u7684\u300c\u6697\u6c60Perp DEX\u300d\u6709\u54ea\u4e9b\u673a\u4f1a\uff1f<\/h1>\n
\n

\u539f\u6587\u4f5c\u8005\uff1aDavid C\uff0cBankless<\/p><\/blockquote>\n

\u539f\u6587\u6807\u9898\uff1aDemystifying Crypto \\’Dark Pools\\’<\/p><\/blockquote>\n

\u539f\u6587\u7f16\u8bd1\uff1aIsmay\uff0cBlockBeats<\/p><\/blockquote>\n

\u7f16\u8005\u6309\uff1a\u6628\u591c\uff0c\u636e\u4f59\u70ec\u76d1\u6d4b\uff0cBTC \u4ef7\u683c\u4eca\u5929\u51cc\u6668\u4e0b\u8dcc\uff0c\u5bfc\u81f4 James Wynn \u5728 1 \u70b9\u7684\u65f6\u5019\u88ab\u6e05\u7b97\u5f3a\u5e73 379 \u679a BTC\u3002\u7136\u540e\u5176\u628a\u6b8b\u4f59\u4ed3\u4f4d\u4e3b\u52a8\u5168\u90e8\u5e73\u4ed3\u3002\u636e\u7edf\u8ba1\uff0cJames Wynn \u8fd9\u6b21\u7684\u505a\u591a BTC \u53c8\u4e8f\u6389 290 \u4e07\u7f8e\u5143\uff1a\u4e00\u5171\u662f\u4f7f\u7528\u4e86 360 \u4e07 USDC \u4f5c\u4e3a\u4fdd\u8bc1\u91d1\uff0c\u5728\u5168\u90e8\u5e73\u4ed3\u540e\u8fd8\u5269\u4f59 70 \u4e07\u7f8e\u5143\u3002\u8fd9\u5176\u4e2d\u8fd8\u5305\u542b\u4e86\u4ed6\u4e24\u6b21\u53d1\u63a8\u4e5e\u8ba8\u6536\u5230\u7684 22.5 \u4e07\u7f8e\u5143\u8d44\u91d1\u3002\u4ece\u76c8\u5229 8700 \u4e07\u7f8e\u5143\uff0c\u5230\u73b0\u5728\u4e8f\u635f 2050 \u4e07\u7f8e\u5143\uff0cJames Wynn \u53ea\u7528\u4e86\u4e24\u5468\u65f6\u95f4\u3002<\/p>\n

\u672c\u6587\u56f4\u7ed5\u300c\u6697\u6c60\u300d\u8fd9\u4e00\u770b\u4f3c\u4f20\u7edf\u4f46\u6108\u53d1\u5173\u952e\u7684\u4ea4\u6613\u673a\u5236\uff0c\u68b3\u7406\u4e86\u5176\u5728\u52a0\u5bc6\u9886\u57df\u7684\u53d1\u5c55\u73b0\u72b6\u3001\u6280\u672f\u8def\u5f84\u4e0e\u73b0\u5b9e\u56f0\u5883\u3002\u4ece Renegade \u5230 Penumbra\uff0c\u4ece CZ \u7684\u7545\u60f3\u518d\u5230\u9690\u79c1\u4e0e\u53ef\u9a8c\u8bc1\u6027\u7684\u535a\u5f08\uff0c\u6697\u6c60\u65e2\u662f\u5bf9\u6297\u94fe\u4e0a\u300c\u730e\u6740\u6e38\u620f\u300d\u7684\u62a4\u76fe\uff0c\u4e5f\u662f\u4e00\u573a\u5bf9\u52a0\u5bc6\u7cbe\u795e\u8fb9\u754c\u7684\u518d\u5b9a\u4e49\u3002\u5728\u516c\u94fe\u6108\u53d1 PvP \u5316\u3001\u673a\u6784\u8d44\u91d1\u6301\u7eed\u8fdb\u573a\u7684\u5f53\u4e0b\uff0c\u6216\u8bb8\u6211\u4eec\u4e0d\u5f97\u4e0d\u6b63\u89c6\u4e00\u4e2a\u95ee\u9898\uff1a\u771f\u6b63\u7684\u53bb\u4e2d\u5fc3\u5316\uff0c\u662f\u5426\u4e5f\u9700\u8981\u4e00\u70b9\u300c\u770b\u4e0d\u89c1\u300d\uff1f<\/p>\n

\u4ee5\u4e0b\u4e3a\u539f\u6587\u5185\u5bb9\uff1a<\/p>\n

\u4e0a\u5468\uff0c\u5e01\u5708\u77e5\u540d\u300cdegen\u300d\u73a9\u5bb6 James Wynn \u5728 Hyperliquid \u4e0a\u906d\u9047\u7206\u4ed3\uff0c\u635f\u5931\u9ad8\u8fbe 1 \u4ebf\u7f8e\u5143\u3002<\/p>\n

\u8fd9\u6b21\u635f\u5931\u5305\u62ec 949 \u679a\u6bd4\u7279\u5e01\uff08\u7ea6 9930 \u4e07\u7f8e\u5143\uff09\u548c 9.825 \u4ebf\u679a kPEPE\uff08\u7ea6 1160 \u4e07\u7f8e\u5143\uff09\uff0c\u8d77\u56e0\u662f\u6bd4\u7279\u5e01\u8dcc\u7834 10.5 \u4e07\u7f8e\u5143\uff0c\u89e6\u53d1\u4e86\u4ed6\u4f7f\u7528 40 \u500d\u6760\u6746\u5efa\u7acb\u7684\u591a\u5934\u4ed3\u4f4d\u3002\u4f46\u6709\u8da3\u7684\u662f\uff0cWynn \u5e76\u4e0d\u8ba4\u4e3a\u8fd9\u53ea\u662f\u8fd0\u6c14\u5dee\u3002\u4ed6\u575a\u79f0\u81ea\u5df1\u662f\u88ab\u300c\u76ef\u4e0a\u300d\u7684\u3002<\/p>\n

\u300c\u6709\u4e00\u4ef6\u4e8b\u53ef\u4ee5\u786e\u5b9a\uff0c\u90a3\u5c31\u662f\u6211\u63ed\u9732\u4e86\u8fd9\u4e2a\u5e02\u573a\u7684\u8150\u8d25\u7a0b\u5ea6\uff0c\u300dWynn \u53d1\u6587\u79f0\uff0c\u4ed6\u8868\u793a\uff0c\u6709\u4eba\u6545\u610f\u5236\u9020\u6240\u8c13\u7684\u300c\u6e05\u7b97\u72e9\u730e\u300d\uff0c\u4e13\u95e8\u9488\u5bf9\u4ed6\u5728\u94fe\u4e0a\u53ef\u89c1\u7684\u5927\u989d\u4ed3\u4f4d\uff0c\u5c06\u4ef7\u683c\u77ed\u6682\u538b\u4f4e\u4ee5\u89e6\u53d1\u7206\u4ed3\uff0c\u7136\u540e\u518d\u8fc5\u901f\u62c9\u5347\u56de\u53bb\u3002<\/p>\n

\u65e0\u8bba\u8fd9\u4e00\u6307\u63a7\u662f\u5426\u5c5e\u5b9e\uff0c\u8fd9\u8d77\u4e8b\u4ef6\u90fd\u63ed\u793a\u4e86\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u5b58\u5728\u7684\u4e00\u9879\u91cd\u5927\u6f0f\u6d1e\uff1a\u6240\u6709\u4eba\u7684\u4ed3\u4f4d\u90fd\u662f\u516c\u5f00\u7684\u3002\u5c31\u50cf\u5728\u6253\u6251\u514b\u65f6\uff0c\u6240\u6709\u4eba\u90fd\u628a\u81ea\u5df1\u7684\u5e95\u724c\u644a\u5728\u684c\u9762\u4e0a\u3002<\/p>\n

\u4e8b\u4ef6\u53d1\u751f\u540e\uff0cBinance \u521b\u59cb\u4eba CZ \u4e8e 6 \u6708 1 \u65e5\u63d0\u51fa\u4e86\u4e00\u4e2a\u89e3\u51b3\u65b9\u6848\uff1a\u5efa\u7acb\u4e00\u4e2a\u300c\u6697\u6c60\u6c38\u7eed\u5408\u7ea6 DEX\u300d\u3002<\/p>\n

\u4ed6\u7684\u903b\u8f91\u5f88\u7b80\u5355\u2014\u2014\u5982\u679c\u6ca1\u4eba\u80fd\u770b\u5230\u522b\u4eba\u7684\u4ed3\u4f4d\uff0c\u5c31\u6ca1\u4eba\u80fd\u8fdb\u884c\u300c\u72e9\u730e\u300d\u3002\u901a\u8fc7\u96f6\u77e5\u8bc6\u8bc1\u660e\u9690\u85cf\u8ba2\u5355\u7c3f\uff0c\u53ef\u4ee5\u5728\u4fdd\u6301\u53bb\u4e2d\u5fc3\u5316\u7684\u540c\u65f6\uff0c\u4fdd\u62a4\u5927\u989d\u4ea4\u6613\u8005\u514d\u53d7\u9488\u5bf9\u6027\u653b\u51fb\u3002<\/p>\n

\u4ee5\u4e0b\uff0c\u6211\u4eec\u5feb\u901f\u68b3\u7406\u4e00\u4e0b\u6697\u6c60\u7684\u8d77\u6e90\u3001\u5229\u5f0a\uff0c\u4ee5\u53ca\u76ee\u524d\u5728\u52a0\u5bc6\u9886\u57df\u4e2d\u5df2\u6709\u7684\u6697\u6c60\u9879\u76ee\u6216\u6b63\u5728\u5f00\u53d1\u4e2d\u7684\u65b9\u6848\u3002<\/p>\n

\u6697\u6c60\u7684\u8d77\u70b9<\/h1>\n

\u300c\u6697\u6c60\u300d\u8fd9\u4e2a\u8bcd\u542c\u4e0a\u53bb\u9887\u5177\u795e\u79d8\u611f\uff0c\u4f46\u5176\u5b9e\u5b83\u5e76\u4e0d\u662f\u4ec0\u4e48\u65b0\u9c9c\u4e8b\u7269\uff0c\u4e5f\u5e76\u4e0d\u5929\u7136\u7b49\u540c\u4e8e\u300c\u9ed1\u5e55\u300d\u3002<\/p>\n

\u65e9\u5728 1980 \u5e74\u4ee3\uff0c\u6697\u6c60\u5c31\u5728\u4f20\u7edf\u91d1\u878d\u9886\u57df\u51fa\u73b0\uff0c\u65e8\u5728\u89e3\u51b3\u4e00\u4e2a\u975e\u5e38\u5b9e\u9645\u7684\u95ee\u9898\uff1a\u673a\u6784\u5982\u4f55\u5728\u4e0d\u5f71\u54cd\u5e02\u573a\u4ef7\u683c\u7684\u60c5\u51b5\u4e0b\uff0c\u5b8c\u6210\u5927\u989d\u80a1\u7968\u4ea4\u6613\uff1f<\/p>\n

\u60f3\u8c61\u4e00\u4e0b\uff1a\u4f60\u662f\u4e00\u4e2a\u517b\u8001\u91d1\u57fa\u91d1\uff0c\u9700\u8981\u629b\u552e 1000 \u4e07\u80a1\u82f9\u679c\u516c\u53f8\u7684\u80a1\u7968\u3002\u5982\u679c\u4f60\u76f4\u63a5\u5728\u516c\u5f00\u5e02\u573a\u4e0a\u6302\u5355\u629b\u552e\uff0c\u4ef7\u683c\u53ef\u80fd\u5728\u4f60\u5356\u5b8c\u4e00\u534a\u4e4b\u524d\u5c31\u5df2\u7ecf\u66b4\u8dcc\u3002\u5e02\u573a\u770b\u5230\u8fd9\u4e00\u5de8\u989d\u5356\u5355\uff0c\u4f1a\u6050\u614c\u6027\u629b\u552e\u751a\u81f3\u63d0\u524d\u62a2\u8dd1\uff0c\u6700\u7ec8\u5bfc\u81f4\u4f60\u4ee5\u8fdc\u4f4e\u4e8e\u9884\u671f\u7684\u4ef7\u683c\u6210\u4ea4\u3002<\/p>\n

\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u6ce8\u610f\u5230\u4e86\u8fd9\u4e00\u95ee\u9898\uff0c\u5e76\u4e8e 1979 \u5e74\u6b63\u5f0f\u6279\u51c6\u4e86\u300c\u53e6\u7c7b\u4ea4\u6613\u7cfb\u7edf\u300d\uff08Alternative Trading Systems, ATS\uff09\u7684\u5408\u6cd5\u5730\u4f4d\u3002\u8fd9\u4e9b\u79c1\u4eba\u4ea4\u6613\u6240\u5141\u8bb8\u673a\u6784\u6295\u8d44\u8005\u5728\u4e0d\u62ab\u9732\u8ba2\u5355\u7684\u60c5\u51b5\u4e0b\u64ae\u5408\u5927\u5b97\u4ea4\u6613\uff0c\u76f4\u5230\u4ea4\u6613\u5b8c\u6210\u540e\u624d\u5411\u5e02\u573a\u516c\u5f00\u7ed3\u679c\u3002<\/p>\n

\u5230\u4e86 2017 \u5e74\u6625\u5b63\uff0c\u6697\u6c60\u5728\u7f8e\u56fd\u80a1\u5e02\u4ea4\u6613\u4e2d\u6240\u5360\u4efd\u989d\u5df2\u63a5\u8fd1 40%\uff0c\u76f8\u6bd4 2010 \u5e74\u7684 16% \u6709\u5927\u5e45\u589e\u957f\u3002<\/p>\n

\u6697\u6c60\u7684\u57fa\u672c\u673a\u5236\u5305\u62ec\uff1a<\/h2>\n

\u8ba2\u5355\u7c3f\u9690\u85cf\uff0c\u4ea4\u6613\u5728\u79c1\u4e0b\u64ae\u5408<\/p>\n

\u4ea4\u6613\u4ef7\u683c\u4e3a\u53cc\u65b9\u534f\u5546\u4ef7\u6216\u4e70\u5356\u4ef7\u4e2d\u95f4\u503c<\/p>\n

\u6210\u4ea4\u7ed3\u679c\u5728\u4ea4\u6613\u5b8c\u6210\u540e\u624d\u5bf9\u5916\u62ab\u9732<\/p>\n

\u4ec5\u9650\u673a\u6784\u6295\u8d44\u8005\u53c2\u4e0e<\/p>\n

\u8fd9\u4e9b\u673a\u5236\u4fdd\u969c\u4e86\u5927\u989d\u4ea4\u6613\u7684\u9690\u79c1\u6027\u4e0e\u5e02\u573a\u7a33\u5b9a\u6027\u3002\u4f46\u5728\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\uff0c\u590d\u5236\u8fd9\u4e00\u6a21\u5f0f\uff0c\u65e2\u8981\u514b\u670d\u94fe\u4e0a\u900f\u660e\u5ea6\u5e26\u6765\u7684\u6311\u6218\uff0c\u53c8\u9700\u5728\u300c\u53bb\u4e2d\u5fc3\u5316\u300d\u4e0e\u300c\u4ea4\u6613\u4fdd\u62a4\u300d\u4e4b\u95f4\u627e\u5230\u5e73\u8861\u3002<\/p>\n

\u4e3a\u4ec0\u4e48\u52a0\u5bc6\u4e16\u754c\u66f4\u9700\u8981\u300c\u6697\u6c60\u4ea4\u6613\u300d<\/h1>\n

\u5982\u679c\u8bf4\u6697\u6c60\u5728\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u4e2d\u5df2\u7ecf\u975e\u5e38\u91cd\u8981\uff0c\u90a3\u4e48\u5728\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\uff0c\u5b83\u7684\u91cd\u8981\u6027\u53ea\u4f1a\u6709\u589e\u65e0\u51cf\u3002\u533a\u5757\u94fe\u7684\u6781\u81f4\u900f\u660e\uff0c\u5728\u67d0\u4e9b\u573a\u666f\u4e0b\u53cd\u800c\u53d8\u6210\u4e86\u4e00\u79cd\u8d1f\u62c5\u2014\u2014\u5f53\u6bcf\u4e00\u4e2a\u5730\u5740\u3001\u6bcf\u4e00\u7b14\u4ea4\u6613\u90fd\u66b4\u9732\u5728\u9633\u5149\u4e0b\uff0c\u800c\u5e02\u573a\u8d8a\u6765\u8d8a\u5448\u73b0\u300c\u73a9\u5bb6\u5bf9\u73a9\u5bb6\u300d\uff08PvP\uff09\u5f0f\u7ade\u4e89\uff0c\u900f\u660e\u5c31\u610f\u5473\u7740\u8106\u5f31\u3002<\/p>\n

\u5728\u4f20\u7edf\u91d1\u878d\u4e2d\uff0c\u81f3\u5c11\u4f60\u7684\u7ecf\u7eaa\u5546\u4e0d\u4f1a\u628a\u4f60\u7684\u6301\u4ed3\u516c\u4e4b\u4e8e\u4f17\uff1b\u800c\u5728 DeFi \u4e2d\uff0c\u4f60\u7684\u94b1\u5305\u5730\u5740\u5c31\u662f\u4f60\u7684\u300c\u8d44\u4ea7\u5c65\u5386\u300d\uff0c\u516c\u5f00\u900f\u660e\u3001\u4e00\u89c8\u65e0\u9057\u3002\u8fd9\u79cd\u516c\u5f00\u6027\u50ac\u751f\u51fa\u591a\u79cd\u300c\u63a0\u593a\u6027\u300d\u884c\u4e3a\uff1a<\/p>\n

MEV\uff08\u6700\u5927\u53ef\u63d0\u53d6\u4ef7\u503c\uff09\uff1a\u8fd9\u662f\u5f53\u524d\u94fe\u4e0a\u4ea4\u6613\u4e2d\u6700\u6838\u5fc3\u7684\u95ee\u9898\u4e4b\u4e00\u3002\u673a\u5668\u4eba\u76d1\u542c\u7b49\u5f85\u6267\u884c\u7684\u4ea4\u6613\uff0c\u901a\u8fc7\u300c\u62a2\u8dd1\u300d\uff08front-run\uff09\u83b7\u53d6\u672c\u5e94\u5c5e\u4e8e\u666e\u901a\u7528\u6237\u7684\u6536\u76ca\u3002\u5c31\u597d\u6bd4\u6709\u4eba\u5077\u5077\u770b\u4e86\u4f60\u7684\u724c\uff0c\u7136\u540e\u7cbe\u51c6\u4e0b\u6ce8\u3002<\/p>\n

\u8ddf\u5355\u4ea4\u6613\uff1a\u4e3a\u4ec0\u4e48\u8981\u81ea\u5df1\u7814\u7a76\u7b56\u7565\uff0c\u5f53\u4f60\u53ef\u4ee5\u76f4\u63a5\u590d\u5236\u90a3\u4e9b\u8868\u73b0\u4eae\u773c\u7684\u94b1\u5305\u5730\u5740\uff1f\u8fd9\u7c7b\u300c\u5bc4\u751f\u578b\u300d\u4ea4\u6613\u884c\u4e3a\u538b\u7f29\u4e86\u9ad8\u9636\u4ea4\u6613\u8005\u7684\u5229\u6da6\u7a7a\u95f4\uff0c\u4e0d\u8fc7\u8d8a\u6765\u8d8a\u591a\u7684\u9ad8\u624b\u5b66\u4f1a\u5c06\u8ddf\u5355\u8005\u53cd\u5411\u5229\u7528\uff0c\u4f5c\u4e3a\u81ea\u5df1\u7684\u300c\u9000\u51fa\u6d41\u52a8\u6027\u300d\u3002<\/p>\n

\u6e05\u7b97\u72e9\u730e\uff1a\u6b63\u5982 Wynn \u7684\u6848\u4f8b\u6240\u793a\uff0c\u94fe\u4e0a\u53ef\u89c1\u7684\u6760\u6746\u4ed3\u4f4d\uff0c\u5f88\u5bb9\u6613\u6210\u4e3a\u730e\u7269\u3002\u4ea4\u6613\u8005\u53ef\u4ee5\u7cbe\u51c6\u8ba1\u7b97\u6e05\u7b97\u4ef7\u683c\uff0c\u96c6\u4f53\u5236\u9020\u6ce2\u52a8\u5c06\u5176\u51fb\u7a7f\u3002<\/p>\n

\u62a5\u4ef7\u64a4\u56de\uff08Quote Fading\uff09\uff1a\u5f53\u505a\u5e02\u5546\u53d1\u73b0\u6709\u5927\u989d\u8ba2\u5355\u5373\u5c06\u8fdb\u5165\u5e02\u573a\u65f6\uff0c\u5f80\u5f80\u4f1a\u64a4\u56de\u6302\u5355\u3001\u62c9\u5bbd\u4e70\u5356\u4ef7\u5dee\uff0c\u9020\u6210\u4ea4\u6613\u8005\u5728\u6700\u4e0d\u5229\u7684\u65f6\u673a\u627f\u62c5\u66f4\u9ad8\u6210\u672c\u3002<\/p>\n

\u4e3a\u4e86\u5e94\u5bf9\u8fd9\u4e9b\u95ee\u9898\uff0c\u52a0\u5bc6\u6697\u6c60\u6b63\u901a\u8fc7\u4e00\u7cfb\u5217\u9690\u79c1\u4fdd\u62a4\u6280\u672f\u6253\u9020\u300c\u770b\u4e0d\u89c1\u300d\u7684\u4ea4\u6613\u7cfb\u7edf\uff0c\u4f8b\u5982\uff1a<\/p>\n

\u96f6\u77e5\u8bc6\u8bc1\u660e\uff08ZKPs\uff09\uff1a\u5141\u8bb8\u7528\u6237\u5728\u4e0d\u900f\u9732\u5177\u4f53\u4ea4\u6613\u5185\u5bb9\u7684\u524d\u63d0\u4e0b\uff0c\u8bc1\u660e\u4ea4\u6613\u662f\u5408\u6cd5\u6709\u6548\u7684\u3002<\/p>\n

\u591a\u65b9\u5b89\u5168\u8ba1\u7b97\uff08MPC\uff09\uff1a\u8ba9\u591a\u4e2a\u4ea4\u6613\u8bf7\u6c42\u5728\u4e0d\u88ab\u4efb\u4f55\u4e00\u65b9\u5b8c\u5168\u638c\u63e1\u7684\u60c5\u51b5\u4e0b\u8fdb\u884c\u64ae\u5408\uff0c\u4ece\u800c\u4fdd\u969c\u9690\u79c1\u3002<\/p>\n

\u53ef\u4fe1\u6267\u884c\u73af\u5883\uff08TEEs\uff09\uff1a\u4e3a\u4ea4\u6613\u6267\u884c\u5efa\u7acb\u4e00\u4e2a\u5b89\u5168\u7684\u300c\u9ed1\u5323\u5b50\u300d\u3002\u4f8b\u5982\uff0cUniswap \u63a8\u51fa\u7684 L2 \u7f51\u7edc Unichain \u5c31\u4f7f\u7528 TEE \u6784\u5efa\u533a\u5757\uff0c\u9632\u6b62 MEV \u673a\u5668\u4eba\u83b7\u53d6\u4ea4\u6613\u4fe1\u606f\u3002\u5176\u300cRollup-Boost\u300d\u7cfb\u7edf\u5c06\u4ea4\u6613\u9501\u5b9a\u5728\u52a0\u5bc6\u5185\u5b58\u6c60\u4e2d\uff0c\u4e3a\u6574\u4e2a DeFi \u5e94\u7528\u63d0\u4f9b\u8fd1\u4f3c\u6697\u6c60\u7684\u9690\u79c1\u4fdd\u62a4\u3002<\/p>\n

\u6700\u7ec8\u7684\u7ed3\u679c\u662f\uff1a\u4ea4\u6613\u65e2\u79c1\u5bc6\u53c8\u53ef\u9a8c\u8bc1\uff0c\u65e2\u533f\u540d\u53c8\u53ef\u5ba1\u8ba1\u2014\u2014\u5728\u4fdd\u6301\u533a\u5757\u94fe\u300c\u65e0\u9700\u4fe1\u4efb\u300d\u7279\u6027\u7684\u540c\u65f6\uff0c\u4e3a\u4ea4\u6613\u8005\u5e26\u6765\u771f\u6b63\u7684\u9690\u79c1\u4fdd\u969c\u3002<\/p>\n

\u94fe\u4e0a\u7684\u300c\u6697\u6c60\u4ea4\u6613\u300d\u5b9e\u8df5<\/h1>\n

\u76ee\u524d\uff0c\u5df2\u7ecf\u6709\u591a\u4e2a\u9879\u76ee\u5728\u5b9e\u8df5\u52a0\u5bc6\u9886\u57df\u7684\u6697\u6c60\u6784\u60f3\uff1a<\/p>\n

Renegade\uff1a\u57fa\u4e8e Arbitrum \u6784\u5efa\u7684 MPC\uff08\u591a\u65b9\u5b89\u5168\u8ba1\u7b97\uff09\u6697\u6c60 DEX\uff0c\u4e3b\u6253\u9690\u79c1\u4fdd\u62a4\u4e0e\u96f6\u6ed1\u70b9\u4ea4\u6613\u3002\u5e73\u53f0\u901a\u8fc7\u5bf9\u7b49\u64ae\u5408\u673a\u5236\uff0c\u4ee5 Binance \u7684\u4e2d\u95f4\u4ef7\u64ae\u5408\u652f\u6301\u7684\u4ee3\u5e01\u4ea4\u6613\uff0c\u675c\u7edd\u62a2\u8dd1\u548c\u4ef7\u683c\u64cd\u63a7\u3002\u8fd9\u610f\u5473\u7740\u5927\u989d\u4ea4\u6613\u53ef\u4ee5\u5728\u4e0d\u5f71\u54cd\u5e02\u573a\u4ef7\u683c\u7684\u524d\u63d0\u4e0b\uff0c\u79c1\u5bc6\u5b8c\u6210\u3002<\/p>\n

Silhouette\uff1a\u8fd9\u662f\u57fa\u4e8e Hyperliquid \u6784\u5efa\u7684\u9690\u79c1\u4ea4\u6613\u65b9\u6848\uff0c\u5c06\u9690\u85cf\u7684\u8ba2\u5355\u64ae\u5408\u7cfb\u7edf\u63a5\u5165 Hyperliquid \u672c\u8eab\u7684\u6df1\u5ea6\u6d41\u52a8\u6027\u548c\u9ad8\u6027\u80fd\u57fa\u7840\u8bbe\u65bd\u3002\u76ee\u524d\u4ecd\u5728\u5f00\u53d1\u4e2d\uff0c\u6682\u65e0\u4e0a\u7ebf\u65f6\u95f4\u8868\uff0c\u4f46\u5176\u4e00\u5927\u4f18\u52bf\u662f\u65e0\u9700\u4e13\u7528\u94b1\u5305\uff0c\u5927\u5927\u964d\u4f4e\u4e86\u4f7f\u7528\u95e8\u69db\uff0c\u8ba9\u9690\u79c1\u4ea4\u6613\u66f4\u6613\u666e\u53ca\u3002<\/p>\n

Penumbra\uff1a\u8fd9\u662f Cosmos \u751f\u6001\u4e2d\u7684\u4e00\u4e2a\u4e13\u6ce8\u9690\u79c1\u7684\u5168\u65b0\u533a\u5757\u94fe\u9879\u76ee\uff0c\u63d0\u4f9b\u73b0\u8d27\u5e02\u573a\u7684\u6697\u6c60\u4ea4\u6613\u529f\u80fd\u3002\u5b83\u4f7f\u7528\u96f6\u77e5\u8bc6\u8bc1\u660e\u9690\u85cf\u6240\u6709\u4ea4\u6613\u3001\u4f59\u989d\u3001\u8d28\u62bc\u884c\u4e3a\uff0c\u751a\u81f3\u662f\u6cbb\u7406\u8fc7\u7a0b\u3002\u5176 DEX \u91c7\u7528\u6279\u91cf\u62cd\u5356\u673a\u5236\u9632\u6b62\u62a2\u8dd1\uff0c\u5e76\u901a\u8fc7\u52a0\u5bc6\u624b\u6bb5\u5b9e\u73b0\u5168\u9762\u9690\u79c1\u4fdd\u62a4\u3002<\/p>\n

sFOX\uff1a\u8fd9\u662f\u4e00\u5bb6\u603b\u90e8\u4f4d\u4e8e\u7f8e\u56fd\u3001\u9762\u5411\u673a\u6784\u6295\u8d44\u8005\u7684\u52a0\u5bc6\u4ea4\u6613\u670d\u52a1\u5546\uff0c\u5176\u6697\u6c60\u670d\u52a1\u53d7\u5230 FinCEN \u548c\u6000\u4fc4\u660e\u5dde\u76d1\u7ba1\u3002\u901a\u8fc7\u63a5\u5165\u8d85\u8fc7 30 \u5bb6\u4ea4\u6613\u6240\u7684\u6d41\u52a8\u6027\uff0csFOX \u63d0\u4f9b\u9690\u85cf\u8ba2\u5355\u529f\u80fd\uff0c\u5e2e\u52a9\u673a\u6784\u7528\u6237\u4f4e\u8c03\u5b8c\u6210\u5927\u989d\u4ea4\u6613\u3002<\/p>\n

\u4e3a\u4ec0\u4e48\u6697\u6c60\u4ecd\u672a\u666e\u53ca\uff1f<\/h1>\n

\u867d\u7136\u6697\u6c60\u6709\u52a9\u4e8e\u62b5\u5fa1 MEV\u3001\u6e05\u7b97\u72e9\u730e\u548c\u62a2\u8dd1\u7b49\u95ee\u9898\uff0c\u4f46\u5b83\u4eec\u5728\u52a0\u5bc6\u4e16\u754c\u4ecd\u5c5e\u7a00\u7f3a\uff0c\u539f\u56e0\u4e3b\u8981\u6709\u4e09\uff1a<\/p>\n

1. \u9690\u79c1\u4e0e\u53ef\u9a8c\u8bc1\u6027\u7684\u77db\u76fe<\/h4>\n

\u8981\u786e\u4fdd\u4ea4\u6613\u662f\u516c\u5e73\u7684\uff0c\u53c8\u4e0d\u80fd\u900f\u9732\u5177\u4f53\u5185\u5bb9\uff0c\u8fd9\u5728\u6280\u672f\u4e0a\u5e76\u4e0d\u7b80\u5355\u3002\u867d\u7136\u524d\u9762\u63d0\u5230\u7684 ZKP\u3001MPC \u548c TEE \u7b49\u6280\u672f\u63d0\u4f9b\u4e86\u65b9\u5411\uff0c\u4f46\u771f\u6b63\u843d\u5730\u8fdc\u6bd4\u60f3\u8c61\u590d\u6742\u3002\u4ec5\u4ec5\u300c\u85cf\u4f4f\u6570\u636e\u300d\u8fd8\u4e0d\u591f\uff0c\u8fd8\u8981\u9632\u6b62\u901a\u8fc7\u95f4\u63a5\u65b9\u5f0f\u63a8\u5bfc\u51fa\u4ea4\u6613\u4fe1\u606f\u3002\u4e3e\u4f8b\u6765\u8bf4\uff0c\u5982\u679c\u4efb\u4f55\u4eba\u90fd\u80fd\u968f\u65f6\u67e5\u8be2\u67d0 AMM \u7684\u4ef7\u683c\uff0c\u90a3\u5b83\u5c31\u4e0d\u662f\u4e00\u4e2a\u771f\u6b63\u7684\u300c\u9690\u79c1\u5e02\u573a\u300d\u3002<\/p>\n

2. \u6d41\u52a8\u6027\u56f0\u5883\uff1a\u5148\u6709\u9e21\u8fd8\u662f\u5148\u6709\u86cb\uff1f<\/h4>\n

\u6697\u6c60\u8981\u53d1\u6325\u4f5c\u7528\uff0c\u5fc5\u987b\u6709\u8db3\u591f\u7684\u6210\u4ea4\u91cf\u3002\u4f46\u6ca1\u6709\u521d\u59cb\u6d41\u52a8\u6027\uff0c\u4ea4\u6613\u8005\u53c8\u4e0d\u4f1a\u8fdb\u6765\u3002\u8fd9\u79cd\u300c\u51b7\u542f\u52a8\u300d\u95ee\u9898\u5728\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u5c24\u4e3a\u4e25\u91cd\uff0c\u56e0\u4e3a\u5b83\u4eec\u5bf9\u8d44\u91d1\u6df1\u5ea6\u548c\u5b9e\u65f6\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u6709\u66f4\u9ad8\u8981\u6c42\u3002<\/p>\n

3. \u4fe1\u4efb\u6096\u8bba\u4e0e\u4ef7\u683c\u53d1\u73b0\u673a\u5236\u98ce\u9669<\/h4>\n

\u6697\u6c60\u7684\u9690\u79c1\u7279\u6027\u5e26\u6765\u4e86\u5929\u7136\u7684\u4e0d\u900f\u660e\u6027\uff0c\u4e5f\u56e0\u6b64\u5bb9\u6613\u5f15\u53d1\u4fe1\u4efb\u5371\u673a\u3002\u5728\u52a0\u5bc6\u884c\u4e1a\uff0c\u300c\u4fe1\u4efb\uff0c\u4f46\u8981\u9a8c\u8bc1\u300d\u662f\u6839\u672c\u4fe1\u6761\u3002\u5982\u679c\u770b\u4e0d\u5230\u4ea4\u6613\u7ec6\u8282\uff0c\u5982\u4f55\u786e\u8ba4\u4ef7\u683c\u516c\u5e73\uff1f\u66f4\u8fdb\u4e00\u6b65\uff0c\u6697\u6c60\u53ef\u80fd\u626d\u66f2\u516c\u5f00\u5e02\u573a\u7684\u4ef7\u683c\u53d1\u73b0\u673a\u5236\u3002\u673a\u6784\u901a\u8fc7\u6697\u6c60\u83b7\u5f97\u66f4\u4f18\u4ef7\u683c\uff0c\u800c\u666e\u901a\u7528\u6237\u53ea\u80fd\u5728\u6d41\u52a8\u6027\u66f4\u5dee\u3001\u6ce2\u52a8\u66f4\u5927\u7684\u516c\u5f00\u5e02\u573a\u4ea4\u6613\uff0c\u5f62\u6210\u4e8b\u5b9e\u4e0a\u7684\u300c\u5e02\u573a\u53cc\u8f68\u5236\u300d\u3002<\/p>\n

\u4f20\u7edf\u91d1\u878d\u5bf9\u6b64\u5df2\u6709\u524d\u8f66\u4e4b\u9274\u3002\u4f8b\u5982\uff0c\u5df4\u514b\u83b1\u56e0\u865a\u5047\u9648\u8ff0\u5176\u6697\u6c60\u8fd0\u8425\u65b9\u5f0f\u88ab\u7f5a\u6b3e 7000 \u4e07\u7f8e\u5143\uff0c\u745e\u4fe1\u7b49\u591a\u5bb6\u673a\u6784\u4e5f\u56e0\u6697\u6c60\u4e2d\u7684\u4e0d\u516c\u5e73\u64cd\u4f5c\u9762\u4e34\u5904\u7f5a\u3002<\/p>\n

4. \u76d1\u7ba1\u969c\u788d\u5c24\u5176\u590d\u6742<\/h4>\n

\u8981\u5728\u94fe\u4e0a\u542f\u52a8\u4e00\u4e2a\u652f\u6301\u6c38\u7eed\u5408\u7ea6\u7684\u6697\u6c60\uff0c\u4e0d\u4ec5\u6280\u672f\u96be\u5ea6\u9ad8\uff0c\u5408\u89c4\u96be\u5ea6\u66f4\u751a\u3002\u884d\u751f\u54c1\u4ea4\u6613\u3001\u9690\u79c1\u4fdd\u62a4\u6280\u672f\u3001\u8de8\u5883\u6d41\u52a8\u4e09\u8005\u53e0\u52a0\uff0c\u4f7f\u5f97\u9879\u76ee\u65b9\u5fc5\u987b\u9762\u5bf9\u4e00\u5957\u51e0\u4e4e\u6ca1\u6709\u73b0\u6210\u8def\u5f84\u53ef\u5faa\u7684\u5408\u89c4\u8ff7\u5bab\u3002<\/p>\n

Wynn \u4e8b\u4ef6\u7684\u53cd\u601d\uff1a\u900f\u660e\u662f\u4fe1\u4efb\u57fa\u7840\uff0c\u4e5f\u53ef\u80fd\u662f\u6b66\u5668<\/h1>\n

\u4e0d\u8bba Wynn \u7684\u7206\u4ed3\u4e8b\u4ef6\u662f\u5426\u771f\u7684\u906d\u5230\u300c\u56f4\u730e\u300d\uff0c\u5b83\u90fd\u63ed\u793a\u4e86\u4e00\u4e2a\u6838\u5fc3\u77db\u76fe\uff1a\u6211\u4eec\u4e3a\u5b9e\u73b0\u300c\u65e0\u9700\u4fe1\u4efb\u300d\u800c\u6784\u5efa\u4e86\u6781\u5ea6\u900f\u660e\u7684\u7cfb\u7edf\uff0c\u4f46\u8fd9\u79cd\u900f\u660e\u672c\u8eab\uff0c\u4e5f\u53ef\u80fd\u88ab\u6076\u610f\u5229\u7528\u3002<\/p>\n

\u6697\u6c60\u63d0\u4f9b\u4e86\u4e00\u4e2a\u4fee\u590d\u8def\u5f84\uff0c\u4f46\u5b83\u8e29\u5728\u4e00\u6761\u7ec6\u7ebf\u4e4b\u4e0a\u2014\u2014\u65e2\u8981\u4fdd\u62a4\u9690\u79c1\uff0c\u53c8\u4e0d\u80fd\u7834\u574f\u53ef\u9a8c\u8bc1\u6027\u4e0e\u516c\u5e73\u6027\u3002\u50cf Renegade \u8fd9\u6837\u7684\u9879\u76ee\u8bc1\u660e\uff0c\u73b0\u8d27\u5e02\u573a\u7684\u6697\u6c60\u662f\u53ef\u884c\u7684\u3002\u5b83\u901a\u8fc7\u52a0\u5bc6\u624b\u6bb5\uff0c\u5b9e\u73b0\u4e86\u300c\u8bc1\u660e\u4f60\u662f\u8bda\u5b9e\u7684\u300d\uff0c\u800c\u65e0\u9700\u900f\u9732\u4efb\u4f55\u7ec6\u8282\u3002<\/p>\n

\u7136\u800c\uff0cCZ \u6240\u8bbe\u60f3\u7684\u300c\u6c38\u7eed\u5408\u7ea6\u6697\u6c60 DEX\u300d\u4ecd\u672a\u771f\u6b63\u5b9e\u73b0\uff0c\u76ee\u524d\u53ea\u6709 Silhouette \u6b63\u5728\u671d\u8fd9\u4e00\u65b9\u5411\u63a8\u8fdb\u3002<\/p>\n

\u968f\u7740\u52a0\u5bc6\u884c\u4e1a\u9010\u6e10\u6210\u719f\u3001\u673a\u6784\u8d44\u672c\u6d8c\u5165\u94fe\u4e0a\u5e02\u573a\uff0c\u57fa\u7840\u8bbe\u65bd\u4e5f\u5fc5\u987b\u968f\u4e4b\u8fdb\u5316\uff0c\u4ee5\u4fdd\u62a4\u5927\u989d\u4ea4\u6613\u8005\u7684\u540c\u65f6\u4e0d\u6392\u6324\u6563\u6237\u3002\u6280\u672f\u95e8\u69db\u867d\u7136\u9ad8\uff0c\u4f46\u5e76\u975e\u4e0d\u53ef\u514b\u670d\u3002\u6697\u6c60\u4e0d\u662f\u5b8c\u7f8e\u89e3\u6cd5\uff0c\u4f46\u5728\u4eca\u5929\u770b\u6765\uff0c\u5df2\u7ecf\u8d8a\u6765\u8d8a\u5fc5\u8981\u4e86\u3002<\/p>\n

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James Wynn\u7206\u4ed3\u542f\u793a\uff0cCZ\u63d0\u5021\u7684\u300c\u6697\u6c60Perp DEX\u300d\u6709\u54ea\u4e9b\u673a\u4f1a\uff1f \u539f\u6587\u4f5c\u8005\uff1aDavid C\uff0cBan […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2844","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2844"}],"version-history":[{"count":1,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2844\/revisions"}],"predecessor-version":[{"id":5327,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2844\/revisions\/5327"}],"wp:attachment":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2844"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}