對8個代表性分散衍生物方案的深入分析

去中心化的衍生品協議是分散財務（DEFI）領域的重要創新，正在逐漸改變傳統金融衍生品市場的運營模型。他們通過利用區塊鏈技術和智能合約來消除對集中式中介機構的依賴，從而為用戶提供透明，安全且全球訪問的交易環境。本文將對八個代表性的分散衍生物協議進行深入分析 - 雜亂無章，木星，漂移，GMX，頂點，頂點，頂點，同步和DYDX-涵蓋了分散衍生衍生物協議的定義和特徵，其操作機制，介紹和特徵，每個項目的介紹和特徵，對每個項目的介紹和特徵，對比較分析和未來。目的是為讀者提供全面和客觀的觀點，以幫助了解這一快速發展的加密貨幣融資領域。

Decentralized derivatives protocols are a crucial innovation in decentralized finance (DeFi), gradually transforming the operational model of traditional financial derivatives markets. These protocols eliminate the reliance on centralized intermediaries by leveraging blockchain technology and smart contracts. They offer users an unparalleled level of transparency, security, and global accessibility for trading various financial instruments. This article will delve into eight representative decentralized derivatives protocols: Hyperliquid, Jupiter, Drift, GMX, Vertex, Apex, SynFutures, and dYdX.

分散的衍生品協議是分散金融（DEFI）的重要創新，逐漸改變了傳統金融衍生品市場的運營模型。這些協議通過利用區塊鏈技術和智能合約來消除對集中式中介機構的依賴。它們為用戶提供了無與倫比的透明度，安全性和全球可訪問性，用於交易各種金融工具。本文將深入八個代表性的分散衍生物方案：超流動性，木星，漂移，GMX，頂點，頂點，同步和dydx。

We will analyze the definition and characteristics of decentralized derivatives protocols, exploring their operational mechanisms in detail. Furthermore, we will introduce and highlight the features of each project, facilitating a comparative analysis. Finally, we will discuss the future outlook for this sector. The aim is to provide readers with a comprehensive and objective perspective to navigate this rapidly evolving crypto finance space.

我們將分析分散衍生物協議的定義和特徵，並詳細探討其運營機制。此外，我們將介紹並強調每個項目的特徵，從而促進比較分析。最後，我們將討論該行業的未來前景。目的是為讀者提供全面和客觀的觀點，以瀏覽這個快速發展的加密貨幣融資領域。

1. Understanding Decentralized Derivatives Protocols

1。了解分散的衍生工具協議

1.1 Definition

1.1定義

Decentralized derivatives protocols are financial instruments powered by blockchain technology that enable users to trade derivatives without the involvement of traditional centralized intermediaries. Derivatives are financial contracts whose value is derived from the price movements of underlying assets, such as BTC. Decentralized derivatives protocols utilize smart contracts to automate trade execution, settlement, and clearing processes. They operate on public blockchain networks, ensuring that the rules governing these protocols are transparent and immutable.

分散的衍生工具協議是由區塊鏈技術提供支持的金融工具，使用戶能夠在不參與傳統集中式中介機構的情況下進行貿易衍生品。衍生產品是金融合同，其價值源自基礎資產的價格變動，例如BTC。分散的衍生工具協議利用智能合約來自動執行貿易執行，和解和清算流程。他們在公共區塊鍊網絡上運行，確保管理這些協議的規則是透明且不可變的。

In contrast to centralized exchanges, like Binance or Coinbase, decentralized derivatives protocols do not rely on a single entity to manage user funds or match trades. Instead, they achieve decentralized market operations through distributed networks and algorithms. At present, perpetual futures are the most popular product type offered by decentralized derivatives protocols. These protocols allow users to leverage bets on the price changes of crypto assets without an expiration date.

與集中式交易所（如二元或共同基礎）相反，分散的衍生品協議不依賴單個實體來管理用戶資金或匹配交易。相反，他們通過分佈式網絡和算法實現了分散的市場運營。目前，永久期貨是分散衍生品協議提供的最流行的產品類型。這些協議允許用戶在沒有到期日期的情況下利用加密資產的價格變化的賭注。

1.2 Characteristics

1.2特徵

Decentralized derivatives protocols possess the following core characteristics:

分散的衍生品協議具有以下核心特徵：

Decentralization: There is no centralized controlling entity. All trades are completed directly on the blockchain, minimizing single points of failure and reducing censorship risks.

權力下放：沒有集中控制實體。所有交易都直接在區塊鏈上完成，最大程度地減少了單個失敗點並降低了審查風險。

Transparency: Transaction records and contract terms are permanently stored on the blockchain, open for public access and facilitating the verification of trade fairness.

透明度：交易記錄和合同條款永久存儲在區塊鏈上，以公共訪問和促進貿易公平驗證。

Security: User funds and data are protected through smart contracts and cryptographic techniques, significantly lowering the risk of hacking or internal fraud.

安全性：用戶資金和數據通過智能合約和加密技術保護，大大降低了黑客攻擊或內部欺詐的風險。

Accessibility: Global users can participate with just a crypto wallet, no need for KYC (Know Your Customer) or permission from traditional financial institutions.

可訪問性：全球用戶只能使用加密錢包，不需要KYC（了解您的客戶）或獲得傳統金融機構的許可。

Innovation: Decentralized derivatives protocols support a variety of financial products, including perpetual contracts, options, and synthetic assets, providing users with diverse trading strategies.

創新：分散的衍生品協議支持各種金融產品，包括永久合同，期權和合成資產，為用戶提供各種交易策略。

These characteristics make decentralized derivatives protocols attractive not only to retail traders but also increasingly to institutional investors.

這些特徵使得分散的衍生品協議不僅對零售商人有吸引力，而且對機構投資者的越來越多。

2. Operational Mechanisms of Decentralized Derivatives Protocols

2。分散衍生物協議的操作機制

Decentralized derivatives protocols operate by integrating blockchain technology with various market mechanism designs to achieve liquidity provision, price discovery, and efficient trade execution. Let's examine several common operational mechanisms used by these protocols.

分散的衍生工具協議通過將區塊鏈技術與各種市場機制設計集成，以實現流動性提供，價格發現和有效的貿易執行。讓我們研究這些協議使用的幾種常見的操作機制。

2.1 Automated Market Maker (AMM)

2.1自動推銷商（AMM）

Automated Market Makers (AMM) replace the traditional buy and sell order matching model with algorithms and liquidity pools. Users deposit assets into liquidity pools, and the funds in the pool are used to adjust prices according to a preset mathematical formula, such as the constant product formula. For instance, in the case of Uniswap, the product of the two tokens remains constant.

自動化做市商（AMM）用算法和流動性池代替了傳統的買賣訂單匹配模型。用戶將資產存入流動性池中，池中的資金用於根據預設的數學公式（例如恆定產品公式）來調整價格。例如，在單鍵式的情況下，兩個令牌的乘積保持恆定。

Representative projects: Jupiter, GMX.

代表項目：木星，GMX。

Advantages: AMMs are renowned for their simplicity and efficiency, making them particularly suitable for smaller trades and in highly volatile markets.

優點：AMM以其簡單性和效率而聞名，使其特別適合較小的交易和高度波動的市場。

Disadvantages: AMMs may experience price slippage, and the price discovery efficiency of AMMs is generally lower than that of order books.

缺點：AMM可能會遇到價格滑倒，並且AMM的價格發現效率通常低於訂單書籍。

2.2 Order Book Model

2.2訂單簿模型

The Order Book Model closely resembles the operation of traditional financial exchanges. Buyers and sellers submit limit orders, which are aggregated by the system to form an order book. The system matches buy and sell orders at the best available price and priority level. This mechanism is widely used by centralized exchanges but needs to be adapted to address on-chain transaction speed and cost limitations in decentralized environments.

訂單簿模型與傳統財務交流的運營非常相似。買賣雙方提交限額訂單，這些命令由系統匯總以形成訂單簿。該系統以最佳的價格和優先級匹配買賣訂單。這種機制被集中交易所廣泛使用，但需要適應以解決分散環境中的鏈交易速度和成本限制。

Representative project: Hyperliquid.

代表性項目：超流動。

Advantages: Order books provide more precise price discovery and are suitable for professional traders who value optimal execution.

優點：訂單書提供了更精確的價格發現，適合重視最佳執行的專業交易者。

Disadvantages: Due to the performance limitations of current blockchains, achieving low-latency order book execution on-chain presents significant technical difficulties. This may lead to trade delays or high fees.

缺點：由於當前區塊鏈的性能限制，實現低延遲訂單的執行鏈上鍊帶來了重大的技術困難。這可能會導致貿易延誤或高費。

2.3 Hybrid Model

2.3混合模型

The hybrid model aims to combine the advantages of AMMs and order books while attempting to find a balance between liquidity and trading efficiency. For example, a protocol may use AMMs to provide base liquidity and quickly execute smaller trades, while routing larger trades through an order book to achieve better price optimization.

混合模型旨在結合AMM和訂單書籍的優勢，同時試圖在流動性和交易效率之間找到平衡。例如，協議可以使用AMM提供基本流動性並迅速執行較小的交易，同時通過訂單簿進行更大的交易，以實現更好的價格優化。

Representative project: Vertex.

代表項目：頂點。

Advantages: Hybrid models offer greater flexibility and adaptability to different market conditions.

優點：混合模型為不同的市場條件提供了更大的靈活性和適應性。

Disadvantages: Hybrid models may have higher implementation complexity, and the user experience across different modules may not be uniform.

缺點：混合模型可能具有更高的實現複雜性，並且不同模塊的用戶體驗可能並不統一。

2.4 On-chain/Off-chain Hybrid

2.4鏈/離鏈混合動力

Some protocols execute order matching off-chain to improve speed and throughput. They manage settlement and user funds on-chain to ensure security and transparency

某些協議執行訂單匹配鍊鍊以提高速度和吞吐量。他們管理和解和用戶資金，以確保安全性和透明度