FTX 崩盤動搖了加密貨幣，削弱了永續掉期市場

FTX 的崩盤給加密貨幣行業帶來了衝擊，導致永續合約的未平倉合約下降了 43%。幣安抓住了這個機會，增加了自己的市場份額，而 DeFi 協議則小幅增加了 3%。這種低迷凸顯了 DeFi 的局限性，特別是其高昂的交易成本和緩慢的出塊時間。儘管市場整體下滑，但 DeFi 永續掉期協議 GMX 和 dYdX 的活躍度卻大幅上升，跑贏大盤。

FTX Collapse Sends Shockwaves Through Crypto, Hobbling Perpetual Swap Market

FTX 崩盤為加密貨幣帶來衝擊，永續掉期市場陷入困境

In the wake of the catastrophic implosion of FTX, the cryptocurrency market continues to reel, with the open interest in perpetual swaps facing a significant blow. Data analytics firm Messari reveals that FTX, before its abrupt demise, controlled a staggering quarter of the perpetual swap market.

FTX災難性崩盤之後，加密貨幣市場持續動盪，永續合約的未平倉合約面臨重大打擊。數據分析公司 Messari 透露，FTX 在突然消亡之前，控制了永續合約市場驚人的四分之一份額。

"Since the FTX collapse, cumulative open interest has plummeted by 43%, declining from nearly $25 billion to a meager $14 billion," Messari reports, highlighting the profound impact of the exchange's failure on the market.

Messari 報告指出：「自 FTX 倒閉以來，累計未平倉部位已暴跌 43%，從近 250 億美元降至區區 140 億美元。」他強調了該交易所倒閉對市場的深遠影響。

Binance Captures Market Share

幣安佔領市場份額

Amidst the market turmoil, Binance, the unrivaled leader in cryptocurrency exchanges, has emerged as a beneficiary, increasing its market share by 9.6%. However, the combined market share of decentralized finance (DeFi) protocols has witnessed a modest gain of just 3%, according to Messari's findings.

在市場動盪中，加密貨幣交易所無可匹敵的領導者幣安成為受益者，其市佔率增加了9.6%。然而，根據 Messari 的調查結果，去中心化金融 (DeFi) 協議的綜合市場份額僅小幅增長 3%。

"A major obstacle to DeFi's growth remains the high cost of transactions and sluggish block times," Messari notes, indicating that these limitations continue to hamper the adoption and widespread use of DeFi protocols.

Messari 指出：「交易成本高昂且出塊時間緩慢仍然是 DeFi 成長的主要障礙。」這表明這些限制繼續阻礙 DeFi 協議的採用和廣泛使用。

Perpetual Swaps: A Cornerstone of the Crypto Industry

永續合約：加密貨幣產業的基石

Introduced by BitMEX in 2016, perpetual swaps have become an integral part of the cryptocurrency industry, providing traders with an avenue for hedging their positions and profiting from market volatility. As of November 22nd, derivatives accounted for an impressive $156 billion in 24-hour trading volume, eclipsing the $76 billion in spot volume traded on centralized exchanges. Spot trading volume on decentralized exchanges, in contrast, reached a more modest $2.81 billion.

永續合約由 BitMEX 於 2016 年推出，已成為加密貨幣行業不可或缺的一部分，為交易者提供了對沖頭寸並從市場波動中獲利的途徑。截至 11 月 22 日，衍生性商品的 24 小時交易量達到了令人印象深刻的 1,560 億美元，超過了中心化交易所 760 億美元的現貨交易量。相較之下，去中心化交易所的現貨交易量僅為 28.1 億美元。

DeFi Perpetuals Gain Momentum

DeFi 永續合約獲得動力

In the aftermath of FTX's collapse, two prominent DeFi protocols offering perpetual swaps - GMX and dYdX - experienced a brief surge in trading volumes, propelling their native tokens upward. dYdX's eponymous token has surged by 25% in the past month, while GMX has rallied by 16.5% during the same period. Notably, these gains contrast with the 16% decline in ETH, demonstrating the resilience of these DeFi protocols amidst market turbulence.

FTX 崩潰後，兩個提供永續合約的著名 DeFi 協議——GMX 和 dYdX——交易量短暫激增，推動其原生代幣上漲。 dYdX 的同名代幣在過去一個月上漲了 25%，而 GMX 同期上漲了 16.5%。值得注意的是，這些漲幅與 ETH 16% 的跌幅形成鮮明對比，證明了這些 DeFi 協議在市場動盪中的彈性。

Contrasting DeFi Data

對比 DeFi 數據

While some data suggests a positive trajectory for DeFi, with Nansen reporting a substantial increase in total value locked (TVL) and user metrics across major protocols such as MakerDAO, Compound, Aave, and Curve, Chainalysis presents a different perspective.

雖然一些數據表明 DeFi 呈現出積極的發展軌跡，Nansen 報告稱 MakerDAO、Compound、Aave 和 Curve 等主要協議的總鎖定價值 (TVL) 和用戶指標大幅增加，但 Chainaanalysis 提出了不同的觀點。

Chainalysis reveals that much of the apparent activity on DeFi protocols stems from a single MEV bot, a type of automated trading strategy. "This particular MEV bot has transferred nearly $19 billion to decentralized exchanges since November 4th, making it the third-largest source of funds flowing into DEXes," Chainalysis explains, casting doubt on the legitimacy and sustainability of the reported growth.

Chainaanalysis 揭示，DeFi 協議上的大部分明顯活動都源自於單一 MEV 機器人，這是一種自動交易策略。 Chainaanalysis 解釋道：「自11 月4 日以來，這個特殊的MEV 機器人已向去中心化交易所轉移了近190 億美元，使其成為流入DEX 的第三大資金來源。」這讓人們對所報告的成長的合法性和可持續性產生了懷疑。

Conclusion

結論

The collapse of FTX has left an indelible mark on the cryptocurrency market, sending shockwaves throughout the ecosystem and casting a shadow over the future of perpetual swap trading. While Binance has emerged as a dominant force, DeFi protocols continue to face challenges, with high transaction costs and slow block times hindering their ability to compete. The contrasting reports on DeFi activity further underscore the need for caution and continued scrutiny in evaluating the true health and growth potential of the DeFi landscape.

FTX的崩盤為加密貨幣市場留下了不可磨滅的印記，為整個生態系統帶來了衝擊，也為永續合約交易的未來蒙上了陰影。儘管幣安已經成為主導力量，但 DeFi 協議仍然面臨挑戰，高昂的交易成本和緩慢的區塊時間阻礙了它們的競爭力。關於 DeFi 活動的對比報告進一步強調，在評估 DeFi 領域的真實健康狀況和成長潛力時，需要保持謹慎和持續審查。