Meme Perps：鏈上流動性和複雜的 Memecoin 投機的新時代

在加密貨幣交易的所有發展中，鏈上流動性的趨勢是最重要的趨勢之一，它使該項目能夠以前所未有的透明度證明其財務健康狀況。

Recent years have seen a groundswell of interest in memecoins, a class of crypto assets renowned for their rapid price appreciation and enthusiastic communities.

近年來，人們對迷因幣的興趣高漲，迷因幣是一類加密資產，以其快速的價格升值和熱情的社群而聞名。

This phenomenon has dovetailed with the broader shift towards on-chain liquidity and decentralized trading mechanisms, away from the dominance of centralized exchanges.

這種現象與更廣泛的向鏈上流動性和去中心化交易機制的轉變相吻合，遠離中心化交易所的主導地位。

One product of this convergence has been the emergence of meme perpetual contracts (meme perps) – a trading instrument that allows speculation on memecoin prices without expiration dates.

這種融合的一個產物是迷因永續合約（meme perps）的出現——一種允許在沒有到期日的情況下對模因幣價格進行投機的交易工具。

This innovation has proven especially popular on the Solana network, thanks to its high scalability and low transaction costs, making it a natural hub for meme token trading.

事實證明，這項創新在 Solana 網路上特別受歡迎，因為它具有高可擴展性和低交易成本，使其成為 meme 代幣交易的天然中心。

Solana's status as a meme trading paradise is further bolstered by initiatives like Pump.fun, a one-click meme coin launchpad that facilitated over a million token launches within its first year.

Solana 作為模因交易天堂的地位得到了 Pump.fun 等舉措的進一步鞏固，Pump.fun 是一個一鍵式模因硬幣啟動板，在第一年就促進了超過一百萬個代幣的發行。

For better or for worse, meme coins are still widely perceived as the assets most likely to deliver 100x or 500x gains, prompting many individuals and enterprises to launch their own memecoins in the hope of attracting liquidity.

無論好壞，模因幣仍然被廣泛認為是最有可能帶來 100 倍或 500 倍收益的資產，促使許多個人和企業推出自己的模因幣，以期吸引流動性。

Solana is known for more than just memes, but the total meme market cap on the chain is an impressive $18.6 billion.

Solana 不僅以 meme 聞名，但鏈上的 meme 總市值高達 186 億美元，令人印象深刻。

Now, let's meet the key players in the realm of on-chain liquidity and meme perps.

現在，讓我們來認識一下鏈上流動性和 meme perps 領域的關鍵參與者。

Prime Movers in Meme Perps Market

Meme Perps 市場的主要推動者

Orderly Network

有序網絡

Orderly Network has made waves by launching a cross-chain orderbook on Solana, merging EVM and non-EVM orders for the first time in a single perps orderbook.

Orderly Network 在 Solana 上推出跨鏈訂單簿，首次將 EVM 和非 EVM 訂單合併到單一 perps 訂單簿中，從而引起了轟動。

Their advanced infrastructure combines powerful trading capabilities with robust liquidity provision, allowing seamless integration for diverse market participants via a comprehensive SDK.

他們先進的基礎設施結合了強大的交易能力和強大的流動性供應，允許透過全面的 SDK 為不同的市場參與者無縫整合。

With over $65 billion in cumulative trading volume, 400,000+ on-chain users and connections to multiple major chains, Orderly Network showcases the maturing meme perps market.

Orderly Network 擁有超過 650 億美元的累積交易量、超過 40 萬名鏈上用戶以及與多個主要鏈的連接，展示了成熟的 meme perps 市場。

Their orderbook integrates 30+ DEXs and 73 trading perps, enabling Solana traders to access omnichain DeFi trading for the first time.

他們的訂單簿整合了 30 多個 DEX 和 73 個交易員，使 Solana 交易者能夠首次存取全鏈 DeFi 交易。

LI.FI

LI.FI's expansion from Phantom to Solana earlier this year saw it facilitate millions in trading volume between Solana and EVM chains,大幅 deepening on-chain liquidity and cross-chain trading.

今年早些時候，LI.FI 從 Phantom 擴展到 Solana，促進了 Solana 和 EVM 鏈之間數百萬的交易量，大大深化了鏈上流動性和跨鏈交易。

Its integration with Jupiter (Solana's top aggregator) and leading Solana bridges like Mayan and Circle CCTP creates a complete solution for those looking to join the meme perps bandwagon.

它與 Jupiter（Solana 的頂級聚合器）以及 Mayan 和 Circle CCTP 等領先的 Solana 橋接器集成，為希望加入 meme perps 潮流的人創建了完整的解決方案。

LI.FI's growing network of liquidity sources includes DEXs, bridges, solvers and aggregators.

LI.FI 不斷成長的流動性來源網路包括 DEX、橋接器、解決器和聚合器。

Anoma

阿諾瑪

Anoma takes a unique approach to meme perps trading, with its distributed operating system simplifying complex transactions via a novel intent-based architecture.

Anoma 採用獨特的方式進行 meme perps 交易，其分散式作業系統透過新穎的基於意圖的架構簡化了複雜的交易。

For the uninitiated, intent-based architecture involves a network of specialized ‘solvers’ that compete to execute user objectives.

對於新手來說，基於意圖的架構涉及專門的「解決者」網絡，這些網絡競相執行用戶目標。

This differs from the standard approach where users specify the exact transactions to be executed. Instead, they only need to define their objectives or intents, and solvers will handle the execution of complex transactions on their behalf, including those related to meme perp trading.

這與使用者指定要執行的確切交易的標準方法不同。相反，他們只需要定義自己的目標或意圖，解決者將代表他們處理複雜交易的執行，包括與 meme perp 交易相關的交易。

This architecture abstracts away technical complexities and enhances transaction efficiency. After four years of research and development, Anoma is set to open its doors to builders in 2025.

這種架構消除了技術複雜性並提高了交易效率。經過四年的研發，Anoma 將於 2025 年向建築商敞開大門。

The Bottom Line: Risky Business

底線：高風險業務

Unsurprisingly, trading meme perps carries the same inherent risks as trading memecoins in general.

毫不奇怪，交易 meme perps 與交易 memecoin 具有相同的固有風險。

After all, death, taxes and the high volatility of memecoins are like three immutable laws of the universe.

畢竟，死亡、稅收和迷因幣的高波動性就像宇宙的三個永恆法則。

That said, the future of meme perps looks promising, especially with the evolving infrastructure and increasing institutional interest.

也就是說，迷因者的未來看起來很有希望，尤其是隨著基礎設施的不斷發展和機構興趣的增加。

The continued integration of cross-chain solutions like those mentioned above and the deepening of on-chain liquidity suggest that the sector will play an increasingly important role in the broader DeFi ecosystem.

上述跨鏈解決方案的持續整合以及鏈上流動性的深化表明該產業將在更廣泛的 DeFi 生態系統中發揮越來越重要的作用。

It's not hard to imagine meme perps becoming a standard component of crypto trading portfolios, especially for those seeking exposure to a lucrative but unpredictable market.

不難想像迷因人士會成為加密貨幣交易投資組合的標準組成部分，特別是對於那些尋求進入利潤豐厚但不可預測的市場的人來說。