{"id":3763,"date":"2026-04-05T14:24:29","date_gmt":"2026-04-05T06:24:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=3763"},"modified":"2026-04-05T14:24:29","modified_gmt":"2026-04-05T06:24:29","slug":"%e9%93%be%e4%b8%8a%e4%ba%a4%e6%98%93%e7%9a%84%e9%87%8d%e6%9e%84%e6%88%98%e4%ba%89%ef%bc%9a%e5%ba%95%e5%b1%82%e5%9c%a8%e5%8f%98%ef%bc%8c%e8%b0%81%e5%9c%a8%e5%8d%b7%e7%9c%9f%e9%97%ae%e9%a2%98%ef%bc%9f","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=3763","title":{"rendered":"\u94fe\u4e0a\u4ea4\u6613\u7684\u91cd\u6784\u6218\u4e89\uff1a\u5e95\u5c42\u5728\u53d8\uff0c\u8c01\u5728\u5377\u771f\u95ee\u9898\uff1f"},"content":{"rendered":"<h1 class=\"art_tit\">\u94fe\u4e0a\u4ea4\u6613\u7684\u91cd\u6784\u6218\u4e89\uff1a\u5e95\u5c42\u5728\u53d8\uff0c\u8c01\u5728\u5377\u771f\u95ee\u9898\uff1f<\/h1>\n<div class=\"content_text\">\n<div class=\"quote\">                        \u5982\u679c\u4f60\u8fd8\u5728\u5173\u5fc3\u300c\u54ea\u4e2a\u5e01\u80fd\u6da8\u300d\uff0c\u90a3\u53ef\u80fd\u5df2\u7ecf\u9519\u8fc7\u4e86\u8fd9\u4e00\u8f6e\u6700\u6df1\u5c42\u7684\u53d9\u4e8b\u3002                    <\/div>\n<p><span>\u64b0\u6587\uff1a0xResearcher<\/span><\/p>\n<p>\u4ece\u94fe\u4e0a\u96c6\u6210\u53d8\u6210\u94fe\u4e0a\u91cd\u5199\uff0cDeFi \u53c8\u5f00\u59cb\u6298\u817e\u5e95\u5c42\u4e86\u3002<\/p>\n<p>2021 \u5e74\u7684 DeFi Summer\uff0c\u5927\u5bb6\u5728\u53d1\u5e01\u3001\u6316\u77ff\u3001\u5fae\u521b\u65b0\uff1b2023 \u5e74\u7684 DeFi\uff0c\u53c8\u5f00\u59cb\u91cd\u6784\u4e86\u3002\u4f46\u8fd9\u6b21\u4e0d\u662f\u6a21\u5757\u6574\u5408\u3001\u4e0d\u662f\u73a9\u6cd5\u521b\u65b0\uff0c\u800c\u662f\u4ece\u5e95\u5c42\u4e00\u5c42\u5c42\u300c\u53cd\u5411\u300d\u5377\u8d77\u3002<\/p>\n<p>\u4f60\u4f1a\u53d1\u73b0\u8d8a\u6765\u8d8a\u591a\u9879\u76ee\uff0c\u4e0d\u662f\u53bb build \u4e0a\u4e00\u4ee3\u7684\u8f6e\u5b50\uff0c\u800c\u662f\u8d28\u7591\uff1a<\/p>\n<p>\u300c\u8fd9\u4e2a\u8f6e\u5b50\u662f\u4e0d\u662f\u8bbe\u8ba1\u9519\u4e86\uff1f\u300d<\/p>\n<p>\u4e8e\u662f\u94fe\u4e0a\u4ea4\u6613\u8fd9\u4ef6\u4e8b\uff0c\u5f00\u59cb\u51fa\u73b0\u4e24\u6761\u8def\u7ebf\uff1a<\/p>\n<ul>\n<li>\n<p>\u8981\u4e48\u5168\u81ea\u5df1\u6765\uff0c\u94fe\u6211\u4e5f\u9020\u3001\u64ae\u5408\u6211\u4e5f\u5199\u3001\u94b1\u5305\u4ea4\u4e92\u6211\u4e5f\u5305\u4e86<\/p>\n<\/li>\n<li>\n<p>\u8981\u4e48\u53ea\u5199\u6700\u5e95\u5c42\u7ec4\u4ef6\uff0c\u4ec0\u4e48\u90fd\u6a21\u5757\u5316\uff0c\u8ba9\u522b\u4eba\u6765\u7ec4\u5408\u6210\u7cfb\u7edf<\/p>\n<\/li>\n<\/ul>\n<p>\u4eca\u5929\u6211\u4eec\u5c31\u6765\u804a\u804a\u8fd9\u573a\u6b63\u5728\u53d1\u751f\u7684\u5e95\u5c42\u91cd\u6784\u6218\u3002\u4e0d\u662f\u76d8\u9879\u76ee\uff0c\u800c\u662f\u770b\u770b\u8fd9\u4e9b\u9879\u76ee\u5728\u89e3\u51b3\u4ec0\u4e48\u95ee\u9898\uff0c\u4ee5\u53ca\u6211\u4eec\u4e3a\u4ec0\u4e48\u8981\u5173\u5fc3\u8fd9\u4e2a\u8d8b\u52bf\u3002<\/p>\n<h2>\u95ee\u9898\u4e00\uff1a\u94fe\u4e0a\u4ea4\u6613\u4e3a\u4ec0\u4e48\u8fd8\u505a\u4e0d\u597d\uff1f<\/h2>\n<p>\u94fe\u4e0a\u4ea4\u6613\uff0c\u4ece AMM\uff08Uniswap\uff09\u5f00\u59cb\u9769\u547d\uff0c\u4e00\u5ea6\u51fb\u7a7f\u4e86\u505a\u5e02\u95e8\u69db\uff0c\u4f46\u4e5f\u628a\u6548\u7387\u6253\u788e\u4e86\u3002<\/p>\n<p>\u4f60\u60f3\u6df1\u5ea6\uff0c\u5c31\u6ca1\u6709\u6548\u7387\uff1b\u4f60\u60f3\u6548\u7387\uff0c\u64ae\u5408\u5c31\u5f97\u56de\u4e2d\u5fc3\u5316\u3002<\/p>\n<p>\u8fd9\u51e0\u5e74\uff0c\u94fe\u4e0a\u4ea4\u6613\u60f3\u4ece AMM \u5347\u7ea7\u4e3a\u300c\u94fe\u4e0a CEX\u300d\uff0c\u7ed3\u679c\u4e0d\u662f\u505a L2\uff08gas \u4fbf\u5b9c\u4f46\u6ca1\u4eba\u7528\uff09\uff0c\u5c31\u662f\u505a\u94fe\uff08\u505a\u4e86\u94fe\u4f46\u6ca1\u4eba\u63a5\uff09\uff0c\u6700\u7ec8\u5927\u5bb6\u53d1\u73b0\u95ee\u9898\u6839\u672c\u4e0d\u662f TPS\uff0c\u800c\u662f\uff1a<\/p>\n<ul>\n<li>\n<p>\u64ae\u5408\u548c\u6e05\u7ed3\u7b97\u6ca1\u89e3\u8026<\/p>\n<\/li>\n<li>\n<p>\u6d41\u52a8\u6027\u88ab\u94fe\u4e4b\u95f4\u3001DEX \u4e4b\u95f4\u5206\u88c2<\/p>\n<\/li>\n<li>\n<p>\u8de8\u94fe\u4ea4\u6613\u4f53\u9a8c\u6781\u5dee\uff0c\u94b1\u5305\u4ea4\u4e92\u7e41\u7410<\/p>\n<\/li>\n<\/ul>\n<p>\u6240\u4ee5\uff0c\u73b0\u5728\u7684\u65b9\u5411\u4e0d\u662f\u300c\u66f4\u597d\u7684 DEX\u300d\uff0c\u800c\u662f\u76f4\u63a5\u91cd\u505a\u4ea4\u6613\u7cfb\u7edf\u5e95\u5ea7\u3002<\/p>\n<h2>Hyperliquid\uff1a\u94fe\u4e0a\u4ea4\u6613\u7cfb\u7edf\uff0c\u4e5f\u8bb8\u6839\u672c\u5c31\u4e0d\u8be5\u5206\u5c42<\/h2>\n<p>Hyperliquid \u7684\u505a\u6cd5\u662f\uff1a\u4e0d\u8981\u5206 L1\/L2\uff0c\u4e0d\u8981\u5206\u64ae\u5408 \/ \u7ed3\u7b97\uff0c\u5e72\u8106\u505a\u4e00\u4e2a\u539f\u751f\u9ad8\u6027\u80fd\u94fe\uff0c\u628a\u64ae\u5408\u548c\u4ea4\u6613\u6a21\u5757\u76f4\u63a5\u5199\u8fdb\u94fe\u903b\u8f91\u91cc\u3002<\/p>\n<p>\u597d\u5904\u662f\uff1a<\/p>\n<ul>\n<li>\n<p>\u64ae\u5408\u94fe\u4e0a\u5904\u7406\u3001\u4ea4\u6613\u53ef\u9a8c\u8bc1<\/p>\n<\/li>\n<li>\n<p>\u65e0\u9700\u4f9d\u8d56 Sequencer\uff0c\u4e5f\u6ca1\u6709\u5916\u90e8\u6e05\u7b97\u8282\u70b9<\/p>\n<\/li>\n<li>\n<p>\u6240\u6709\u8d44\u4ea7\u3001\u6d41\u52a8\u6027\u90fd\u805a\u5408\u5728\u4e00\u4e2a\u7edf\u4e00\u8d26\u6237\u4f53\u7cfb\u4e2d<\/p>\n<\/li>\n<\/ul>\n<p>\u7b80\u5355\u8bb2\u5c31\u662f\uff1a<\/p>\n<p>\u300c\u4e0d\u662f\u94fe\u4e0a\u6302\u4e2a DEX\uff0c\u800c\u662f\u94fe\u5c31\u662f\u4ea4\u6613\u6240\u3002\u300d<\/p>\n<p>\u8fd9\u79cd\u601d\u8def\u6709\u70b9\u50cf\u4f60\u5728\u770b Solana\uff0c\u4f46\u4e0d\u641e VM\uff0c\u76f4\u63a5\u539f\u751f\u4e3a\u4ea4\u6613\u5b9a\u5236\u3002\u4ee3\u4ef7\u662f\u9ad8\u5ea6\u8026\u5408\uff0c\u6269\u5c55\u6027\u5dee\uff0c\u4f46\u4f53\u9a8c\u662f\u771f\u7684\u4e1d\u6ed1\u3002<\/p>\n<p>\u800c Orderly \u66f4\u50cf\u662f\u591a\u94fe\u5f62\u6001\u7684 Hyperliquid\uff0c\u8d70\u7684\u662f\u519c\u6751\u5305\u56f4\u57ce\u5e02\u7684\u8def\u7ebf\u2014\u2014\u4e0d\u662f\u4e00\u6761\u94fe\u72ec\u5927\uff0c\u800c\u662f\u7528\u6a21\u5757\u5316\u548c\u591a\u94fe\u5e03\u5c40\uff0c\u8ba9\u66f4\u591a\u94fe\u548c\u9879\u76ee\u90fd\u80fd\u7528\u4e0a\u300c\u539f\u751f\u4ea4\u6613\u6240\u300d\u7ea7\u522b\u7684\u6027\u80fd\u548c\u6d41\u52a8\u6027\u3002<\/p>\n<h2>Ethena\uff1a\u5408\u6210\u8d44\u4ea7\uff0c\u4e0d\u7528\u505a\u7a33\u5b9a\u5e01\u4e5f\u80fd\u9020\u94fe\u4e0a\u7f8e\u5143\u50a8\u84c4\u8d26\u6237<\/h2>\n<p>Ethena \u89e3\u51b3\u7684\u4e0d\u662f\u4ea4\u6613\u95ee\u9898\uff0c\u800c\u662f\u7a33\u5b9a\u5e01   \u94fe\u4e0a\u5229\u7387\u7684\u95ee\u9898\u3002<\/p>\n<p>USDe \u672c\u8d28\u4e0a\u4e0d\u662f\u4e00\u4e2a\u7a33\u5b9a\u5e01\uff0c\u800c\u662f\u7528 ETH\/BTC \u7b49\u73b0\u8d27   \u6c38\u7eed\u5bf9\u51b2\u7a7a\u5934 \u7684\u65b9\u5f0f\u505a\u4e00\u4e2a delta-neutral \u7684\u7ec4\u5408\uff1a<\/p>\n<ul>\n<li>\n<p>\u4fdd\u503c\u6027\u9760\u5bf9\u51b2<\/p>\n<\/li>\n<li>\n<p>\u6536\u76ca\u9760\u8d44\u91d1\u8d39\u7387\u548c\u5957\u5229\u7a7a\u95f4<\/p>\n<\/li>\n<li>\n<p>\u5b9a\u4ef7\u901a\u8fc7\u4e00\u5957\u6fc0\u52b1\u673a\u5236\u63a7\u5236 mint\/redeem \u6d41\u52a8\u6027<\/p>\n<\/li>\n<\/ul>\n<p>\u8fd9\u5957\u903b\u8f91\u5e76\u4e0d\u65b0\uff0c\u4f46 Ethena \u7528\u6781\u5f3a\u7684\u8fd0\u8425\u8bbe\u8ba1\uff0c\u628a\u5b83\u6253\u5305\u6210\u4e86\uff1a<\/p>\n<p>\u300c\u94fe\u4e0a\u7684\u7f8e\u5143\u50a8\u84c4\u8d26\u6237\u300d \u300c\u7a33\u5b9a\u6536\u76ca\u5165\u53e3\u300d<\/p>\n<p>\u5173\u952e\u5728\u4e8e\uff0c\u5b83\u4e0d\u4f9d\u8d56\u4e2d\u5fc3\u5316\u50a8\u5907\uff0c\u4e0d\u9760\u503a\u5238\uff0c\u800c\u662f\u94fe\u4e0a\u8d44\u4ea7\u7ec4\u5408   \u6c38\u7eed\u5408\u7ea6\uff0c\u505a\u51fa\u4e86\u4e00\u4e2a\u94fe\u4e0a Cash &amp; Carry \u7b56\u7565\u7684\u6d88\u8d39\u7ea7\u4ea7\u54c1\u3002\u800c\u4e14\u5168\u6c11\u505a DEX\uff0c\u521b\u9020\u66f4\u591a\u6536\u76ca\u3001\u66f4\u591a\u53ef\u80fd\u6027\u3002<\/p>\n<p>\u7b80\u800c\u8a00\u4e4b\uff0cOrderly \u662f\u300c\u8ba9\u666e\u901a\u4eba\u62e5\u6709\u7a33\u5b9a\u5e01\u751f\u6001\u548c\u53bb\u4e2d\u5fc3\u4ea4\u6613\u6240\u7684 DIY \u5de5\u5177\u7bb1\u300d\u3002<\/p>\n<h2>Orderly\uff1a\u4e0d\u662f\u505a\u4ea7\u54c1\uff0c\u800c\u662f\u5199\u300c\u94fe\u4e0a\u4ea4\u6613\u7684\u6807\u51c6\u4ef6\u300d<\/h2>\n<p>Orderly \u9009\u4e86\u4e00\u6761\u7b2c\u4e09\u79cd\u8def\uff1a\u6a21\u5757\u5316\u7684\u4ea4\u6613\u57fa\u7840\u8bbe\u65bd\u3002<\/p>\n<p>\u5b83\u4e0d\u50cf Hyperliquid \u4e00\u6837\u5168\u94fe\u81ea\u7814\uff0c\u4e5f\u4e0d\u50cf Ethena \u90a3\u6837\u628a\u91d1\u878d\u7b56\u7565\u505a\u6210\u4ea7\u54c1\uff0c\u800c\u662f\u5c06\u94fe\u4e0a\u4ea4\u6613\u7cfb\u7edf\u62c6\u89e3\u4e3a\u591a\u4e2a\u53ef\u7ec4\u5408\u7684\u300c\u6807\u51c6\u96f6\u4ef6\u300d\uff0c\u63d0\u4f9b\u7ed9\u9879\u76ee\u65b9\u81ea\u7531\u62fc\u88c5\u3002\u5176\u6838\u5fc3\u7406\u5ff5\u662f\uff1a\u6784\u5efa\u53ef\u590d\u7528\u3001\u53ef\u9a8c\u8bc1\u3001\u53ef\u805a\u5408\u7684\u4ea4\u6613\u7ec4\u4ef6\uff0c\u670d\u52a1\u4e8e\u6574\u4e2a\u591a\u94fe DeFi \u751f\u6001\u3002<\/p>\n<p>Orderly \u7684\u5173\u952e\u8bbe\u8ba1\u5305\u62ec\uff1a<\/p>\n<p>\u4e2d\u5fc3\u5316\u64ae\u5408   \u94fe\u4e0a\u7ed3\u7b97\uff1a\u5728\u94fe\u4e0b\u4fdd\u969c\u6027\u80fd\uff0c\u5728\u94fe\u4e0a\u5b9e\u73b0\u900f\u660e\u6027\u4e0e\u53ef\u9a8c\u8bc1\u6027\uff1b<\/p>\n<ul>\n<li>\n<p>\u591a\u94fe\u6d41\u52a8\u6027\u805a\u5408\uff1aBase\u3001Arbitrum\u3001Optimism\u3001Solana \u7b49\u4e3b\u6d41\u94fe\u53ef\u65e0\u7f1d\u63a5\u5165\uff0c\u5b9e\u73b0\u7edf\u4e00\u8d26\u6237\u4f53\u7cfb\u4e0e\u8de8\u94fe\u8d44\u4ea7\u6d41\u901a\uff1b<\/p>\n<\/li>\n<li>\n<p>\u4ea4\u6613\u5f15\u64ce\u6a21\u5757\u5316\uff1a\u64ae\u5408\u3001\u6e05\u7ed3\u7b97\u3001\u98ce\u63a7\u3001\u6d41\u52a8\u6027\u5206\u53d1\u7b49\u6838\u5fc3\u80fd\u529b\u53ef\u72ec\u7acb\u90e8\u7f72\u4e0e\u81ea\u7531\u7ec4\u5408\uff1b<\/p>\n<\/li>\n<li>\n<p>\u8de8\u9879\u76ee\u5171\u7528\u8ba2\u5355\u7c3f\uff1a\u4e0d\u662f\u6bcf\u4e2a\u9879\u76ee\u90fd\u5355\u72ec\u6784\u5efa\u6d41\u52a8\u6027\u6c60\uff0c\u800c\u662f\u5b9e\u73b0\u7cfb\u7edf\u7ea7\u8ba2\u5355\u7c3f\u5171\u4eab\uff0c\u4ece\u5e95\u5c42\u6253\u901a\u6d41\u52a8\u6027\u5b64\u5c9b\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u5c24\u5176\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0cOrderly \u662f\u76ee\u524d\u6781\u5c11\u6570\u80fd\u539f\u751f\u6574\u5408 Solana \u7684\u9ad8\u6027\u80fd\u4ea4\u6613\u7cfb\u7edf\u4e4b\u4e00\u3002Solana \u4ee5\u6781\u81f4\u6027\u80fd\u8457\u79f0\uff0c\u4f46\u5176\u67b6\u6784\u4e0e EVM \u5e76\u4e0d\u517c\u5bb9\uff0c\u8bb8\u591a\u591a\u94fe DeFi \u9879\u76ee\u96be\u4ee5\u5c06\u5176\u6709\u6548\u7eb3\u5165\u3002Orderly \u901a\u8fc7\u7edf\u4e00\u8d26\u6237\u7ed3\u6784\u548c\u6a21\u5757\u62bd\u8c61\uff0c\u5728 Solana \u4e0a\u590d\u73b0\u4e86\u300c\u7c7b\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u300d\u7684\u4ea4\u6613\u4f53\u9a8c\u2014\u2014\u8fd9\u4e0d\u4ec5\u586b\u8865\u4e86\u591a\u94fe\u4ea4\u6613\u7cfb\u7edf\u5728\u9ad8\u6027\u80fd\u94fe\u4e0a\u7684\u7a7a\u767d\uff0c\u4e5f\u4e3a\u6574\u4e2a Solana \u751f\u6001\u5f15\u5165\u4e86\u5171\u4eab\u6d41\u52a8\u6027\u4e0e\u6a21\u5757\u5316\u4ea4\u6613\u57fa\u7840\u8bbe\u65bd\u7684\u65b0\u8303\u5f0f\u3002<\/p>\n<p>\u6362\u53e5\u8bdd\u8bf4\uff0cOrderly \u628a Solana 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Twitter\u82f1\u6587\u8d26\u53f7\uff1ahttps:\/\/x.com\/BlockFlow_News                    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u94fe\u4e0a\u4ea4\u6613\u7684\u91cd\u6784\u6218\u4e89\uff1a\u5e95\u5c42\u5728\u53d8\uff0c\u8c01\u5728\u5377\u771f\u95ee\u9898\uff1f \u5982\u679c\u4f60\u8fd8\u5728\u5173\u5fc3\u300c\u54ea\u4e2a\u5e01\u80fd\u6da8\u300d\uff0c\u90a3\u53ef\u80fd\u5df2\u7ecf\u9519\u8fc7\u4e86\u8fd9\u4e00\u8f6e\u6700\u6df1\u5c42\u7684\u53d9\u4e8b 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