对8个代表性分散衍生物方案的深入分析

去中心化的衍生品协议是分散财务（DEFI）领域的重要创新，正在逐渐改变传统金融衍生品市场的运营模型。他们通过利用区块链技术和智能合约来消除对集中式中介机构的依赖，从而为用户提供透明，安全且全球访问的交易环境。本文将对八个代表性的分散衍生物协议进行深入分析 - 杂乱无章，木星，漂移，GMX，顶点，顶点，顶点，同步和DYDX-涵盖了分散衍生衍生物协议的定义和特征，其操作机制，介绍和特征，每个项目的介绍和特征，对每个项目的介绍和特征，对比较分析和未来。目的是为读者提供全面和客观的观点，以帮助了解这一快速发展的加密货币融资领域。

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.

分散的衍生品协议是分散金融（DEFI）的重要创新，逐渐改变了传统金融衍生品市场的运营模型。这些协议通过利用区块链技术和智能合约来消除对集中式中介机构的依赖。它们为用户提供了无与伦比的透明度，安全性和全球可访问性，用于交易各种金融工具。本文将深入八个代表性的分散衍生物方案：超流动性，木星，漂移，GMX，顶点，顶点，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.

我们将分析分散衍生物协议的定义和特征，并详细探讨其运营机制。此外，我们将介绍并强调每个项目的特征，从而促进比较分析。最后，我们将讨论该行业的未来前景。目的是为读者提供全面和客观的观点，以浏览这个快速发展的加密货币融资领域。

1. Understanding Decentralized Derivatives Protocols

1。了解分散的衍生工具协议

1.1 Definition

1.1定义

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.

分散的衍生工具协议是由区块链技术提供支持的金融工具，使用户能够在不参与传统集中式中介机构的情况下进行贸易衍生品。衍生产品是金融合同，其价值源自基础资产的价格变动，例如BTC。分散的衍生工具协议利用智能合约来自动执行贸易执行，和解和清算流程。他们在公共区块链网络上运行，确保管理这些协议的规则是透明且不可变的。

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.

与集中式交易所（如二元或共同基础）相反，分散的衍生品协议不依赖单个实体来管理用户资金或匹配交易。相反，他们通过分布式网络和算法实现了分散的市场运营。目前，永久期货是分散衍生品协议提供的最流行的产品类型。这些协议允许用户在没有到期日期的情况下利用加密资产的价格变化的赌注。

1.2 Characteristics

1.2特征

Decentralized derivatives protocols possess the following core characteristics:

分散的衍生品协议具有以下核心特征：

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

权力下放：没有集中控制实体。所有交易都直接在区块链上完成，最大程度地减少了单个失败点并降低了审查风险。

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：交易记录和合同条款永久存储在区块链上，以公共访问和促进贸易公平验证。

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：用户资金和数据通过智能合约和加密技术保护，大大降低了黑客攻击或内部欺诈的风险。

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

可访问性：全球用户只能使用加密钱包，不需要KYC（了解您的客户）或获得传统金融机构的许可。

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

创新：分散的衍生品协议支持各种金融产品，包括永久合同，期权和合成资产，为用户提供各种交易策略。

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

这些特征使得分散的衍生品协议不仅对零售商人有吸引力，而且对机构投资者的越来越多。

2. Operational Mechanisms of Decentralized Derivatives Protocols

2。分散衍生物协议的操作机制

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.

分散的衍生工具协议通过将区块链技术与各种市场机制设计集成，以实现流动性提供，价格发现和有效的贸易执行。让我们研究这些协议使用的几种常见的操作机制。

2.1 Automated Market Maker (AMM)

2.1自动推销商（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.

自动化做市商（AMM）用算法和流动性池代替了传统的买卖订单匹配模型。用户将资产存入流动性池中，池中的资金用于根据预设的数学公式（例如恒定产品公式）来调整价格。例如，在单键式的情况下，两个令牌的乘积保持恒定。

Representative projects: Jupiter, GMX.

代表项目：木星，GMX。

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

优点：AMM以其简单性和效率而闻名，使其特别适合较小的交易和高度波动的市场。

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

缺点：AMM可能会遇到价格滑倒，并且AMM的价格发现效率通常低于订单书籍。

2.2 Order Book Model

2.2订单簿模型

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.

订单簿模型与传统财务交流的运营非常相似。买卖双方提交限额订单，这些命令由系统汇总以形成订单簿。该系统以最佳的价格和优先级匹配买卖订单。这种机制被集中交易所广泛使用，但需要适应以解决分散环境中的链交易速度和成本限制。

Representative project: Hyperliquid.

代表性项目：超流动。

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

优点：订单书提供了更精确的价格发现，适合重视最佳执行的专业交易者。

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.

缺点：由于当前区块链的性能限制，实现低延迟订单的执行链上链带来了重大的技术困难。这可能会导致贸易延误或高费。

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.

混合模型旨在结合AMM和订单书籍的优势，同时试图在流动性和交易效率之间找到平衡。例如，协议可以使用AMM提供基本流动性并迅速执行较小的交易，同时通过订单簿进行更大的交易，以实现更好的价格优化。

Representative project: Vertex.

代表项目：顶点。

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

优点：混合模型为不同的市场条件提供了更大的灵活性和适应性。

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

缺点：混合模型可能具有更高的实现复杂性，并且不同模块的用户体验可能并不统一。

2.4 On-chain/Off-chain Hybrid

2.4链/离链混合动力

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

某些协议执行订单匹配链链以提高速度和吞吐量。他们管理和解和用户资金，以确保安全性和透明度