專訪：Mensh、ChainCatcher

來賓：有序網路聯合創辦人冉

**ChainCatcher Interview: Ran, Orderly Network Co-founder**

**ChainCatcher 專訪：Ran，Orderly Network 共同創辦人**

Organizer: Mensh, ChainCatcher

主辦單位：Mensh、ChainCatcher

With the arrival of the 2024 bull market and the launch of Pump.fun's one-click token issuance feature, memecoins have become the flagbearer of the bull market, causing a frenzy across the market, with the market capitalization of memecoins exceeding 100 billion. Along with the skyrocketing market cap of memecoins, the demand for leveraged trading has surged. Memecoin perpetual contracts can meet trading demands, reduce friction costs, and enhance security, making them highly sought-after assets. Major exchanges are racing to launch the latest memecoin perpetual contracts. However, compared to centralized exchanges, players prefer decentralized exchanges with higher odds and more diverse gameplay.

隨著2024年牛市的到來，以及Pump.fun一鍵發幣功能的推出，memecoin成為了牛市的旗手，引起了整個市場的狂熱，memecoin的市值突破了1000億。隨著迷因幣市值的飆升，槓桿交易的需求也隨之激增。 Memecoin永續合約可滿足交易需求、減少摩擦成本、增強安全性，使其成為備受追捧的資產。各大交易所都競相推出最新的 memecoin 永續合約。但相較於中心化交易所，玩家更喜歡賠率更高、玩法更多樣化的去中心化交易所。

Among them, Orderly Network, as a major player in issuing memecoin perpetual contracts, has chosen to compete differently from dYdX and Hyperliquid by creating a cross-chain order book, aiming to become an infrastructure that breaks trading boundaries, allowing users to trade easily anytime and on any chain.

其中，Orderly Network作為發行memecoin永續合約的主要參與者，選擇透過創建跨鏈訂單簿來與dYdX和Hyperliquid進行不同的競爭，旨在成為打破交易邊界的基礎設施，讓用戶隨時輕鬆交易以及任何鏈上。

Just as Taobao provides a platform for merchants and consumers to interact, Orderly offers an infrastructure, while different liquidity providers and decentralized exchanges act as suppliers, buyers, and sellers on Taobao. Moreover, Taobao is not just a simple buying and selling platform; it integrates various functions such as payment, logistics, and customer service. Similarly, Orderly provides features such as a risk engine, matching engine, and shared asset pool, offering comprehensive financial tool support for dApps, including spot trading, leveraged trading, perpetual contracts, and lending.

正如淘寶為商家和消費者提供了一個互動的平台一樣，Orderly 提供了一個基礎設施，而不同的流動性提供者和去中心化交易所則充當了淘寶上的供應商、買家和賣家。而且，淘寶不只是一個簡單的買賣平台；集支付、物流、客服等多種功能於一體。同樣，Orderly 提供風險引擎、撮合引擎、共享資產池等功能，為 dApp 提供全面的金融工具支持，包括現貨交易、槓桿交易、永續合約、借貸等。

Additionally, Orderly aims to provide efficient liquidity by collaborating with professional market makers to ensure its network has sufficient liquidity to support trading, similar to how Taobao ensures there is enough product supply in the market. At the same time, Orderly Network is committed to reducing trading delays and costs, providing execution efficiency close to that of centralized exchanges.

此外，Orderly旨在透過與專業做市商合作來提供高效的流動性，以確保其網路有足夠的流動性來支持交易，類似於淘寶如何確保市場上有足夠的產品供應。同時，Orderly Network致力於減少交易延遲和成本，提供接近中心化交易所的執行效率。

Most importantly, like Taobao, Orderly is an open market where anyone can become a "seller" or "buyer." Orderly Network also supports multiple blockchain networks, offering a broader market and higher liquidity.

最重要的是，和淘寶一樣，Orderly 是一個開放的市場，任何人都可以成為「賣家」或「買家」。 Orderly Network也支援多個區塊鏈網絡，提供更廣泛的市場和更高的流動性。

Just as Taobao aims to "make it easy for anyone to do business," Orderly Network integrates the liquidity of all-chain assets, allowing decentralized exchange-like platforms or products with liquidity needs to address the depth and cross-chain issues caused by fragmented liquidity in a one-stop manner, aiming to make transactions easy for everyone.

正如淘寶的宗旨是“讓任何人都可以輕鬆做生意”，有序網絡整合了全鏈資產的流動性，讓去中心化的類似交易所的平台或有流動性需求的產品，解決了碎片化帶來的深度和跨鏈問題。

On January 10, 2025, the Solana ecosystem Dex Raydium announced its integration with Orderly Network, launching a beta version of perpetual contract trading powered by Orderly's all-chain order book. Raydium has 8.4 million active users, with over 600,000 daily active traders, providing strong support for the Orderly platform.

2025 年 1 月 10 日，Solana 生態系統 Dex Raydium 宣布與 Orderly Network 整合，推出由 Orderly 全鏈訂單簿支援的永續合約交易 Beta 版。 Raydium擁有840萬活躍用戶，每日活躍交易者超過60萬，為Orderly平台提供了強有力的支援。

Currently, Orderly has deployed on 10 chains, including Solana, Near, Polygon, Arbitrum, Optimism, Base, and Mantle. As of now, Orderly has launched perpetual contracts for over 80 assets, including BIO, RUNE, PENGU, TURBO, and AI16Z, with a total trading volume exceeding 90 billion dollars.

目前，Orderly 已部署在 10 條鏈上，包括 Solana、Near、Polygon、Arbitrum、Optimism、Base 和 Mantle。截至目前，Orderly已上線BIO、RUNE、PENGU、TURBO、AI16Z等80餘種資產的永續合約，總交易量超過900億美元。

This time, ChainCatcher is fortunate to invite Ran, the CEO of Orderly Network, to discuss the market performance after the collaboration with Raydium, the upcoming multi-asset staking, and the mechanism that brings more trading freedom to retail investors.

這次ChainCatcher有幸邀請到Orderly Network CEO Ran，共同探討與Raydium合作後的市場表現、即將推出的多資產質押，以及為散戶投資者帶來更多交易自由的機制。

**The Strongest Undertaker of Perpetual Contract Trading Demand in the Solana Ecosystem**

**Solana生態系永續合約交易需求最強承接者**

ChainCatcher: Orderly and Raydium have just reached a cooperation on liquidity integration. Can you elaborate on this collaboration?

ChainCatcher：Orderly 和 Raydium 剛剛就流動性整合達成合作。能否詳細介紹一下這次合作？

Ran: The perpetual contracts available for trading on Raydium are provided by Orderly. They have become our distributor. Raydium is the largest decentralized exchange on Solana and is naturally a hub for meme perpetual contracts. There are now nearly 30 meme perpetual contracts on Raydium. Recently, AI agent, WIF, and AI16Z, which have garnered significant market attention, all have perpetual contracts.

Ran：Raydium 上可交易的永續合約由 Orderly 提供。他們已成為我們的經銷商。 Raydium 是 Solana 上最大的去中心化交易所，自然也是 meme 永續合約的中心。 Raydium 上目前已有近 30 個 meme 永續合約。近期市場關注度較高的AI代理、WIF、AI16Z等均擁有永續合約。

ChainCatcher: From the data perspective, has there been any performance that exceeded expectations?

ChainCatcher：從數據來看，有沒有超出預期的表現？

Ran: The trading volume of AI16Z has exceeded expectations; before the perpetual contract was launched, the volume was low, but now it is substantial. Overall, the results of the collaboration are very encouraging. With Orderly's support, Raydium's perpetual contracts have exceeded 14 million in trading volume in less than a month, and it has been increasing almost daily. Its TVL is also rising daily, and there has been a noticeable increase in user numbers. Without any marketing efforts, the data has been impressive in just a few days. In the future, we will conduct more activities.

冉：AI16Z的交易量超出預期；永續合約推出前，成交量較低，但現在成交量很大。整體而言，合作的成果非常令人鼓舞。在Orderly的支持下，不到一個月的時間，Raydium的永續合約交易量就突破了1,400萬份，幾乎每天都在增加。其TVL也在逐日上升，用戶數量也明顯增加。在沒有任何行銷努力的情況下，短短幾天的數據就令人印象深刻。未來我們還會開展更多的活動。

ChainCatcher: What is the significant meaning of this cooperation for Orderly?

ChainCatcher：此次合作對Orderly來說有何重要意義？

Ran: As the largest decentralized exchange on Solana, Raydium serves

Ran：作為Solana上最大的去中心化交易所，Raydium服務於