FTX 崩溃动摇了加密货币，削弱了永续掉期市场

FTX 的崩溃给加密货币行业带来了冲击，导致永续合约的未平仓合约下降了 43%。币安抓住了这个机会，增加了自己的市场份额，而 DeFi 协议则小幅增长了 3%。这种低迷凸显了 DeFi 的局限性，特别是其高昂的交易成本和缓慢的出块时间。尽管市场整体下滑，但 DeFi 永续掉期协议 GMX 和 dYdX 的活跃度却大幅上升，跑赢大盘。

FTX Collapse Sends Shockwaves Through Crypto, Hobbling Perpetual Swap Market

FTX 崩盘给加密货币带来冲击，永续掉期市场陷入困境

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灾难性崩盘之后，加密货币市场继续动荡，永续合约的未平仓合约面临重大打击。数据分析公司 Messari 透露，FTX 在突然消亡之前，控制了永续合约市场惊人的四分之一份额。

"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 报告称：“自 FTX 倒闭以来，累计未平仓头寸已暴跌 43%，从近 250 亿美元降至区区 140 亿美元。”他强调了该交易所倒闭对市场的深远影响。

Binance Captures Market Share

币安占领市场份额

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.

在市场动荡中，加密货币交易所无可匹敌的领导者币安成为受益者，其市场份额增加了9.6%。然而，根据 Messari 的调查结果，去中心化金融 (DeFi) 协议的综合市场份额仅小幅增长 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：“交易成本高昂和出块时间缓慢仍然是 DeFi 增长的主要障碍。”这表明这些限制继续阻碍 DeFi 协议的采用和广泛使用。

Perpetual Swaps: A Cornerstone of the Crypto Industry

永续合约：加密货币行业的基石

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.

永续合约由 BitMEX 于 2016 年推出，已成为加密货币行业不可或缺的一部分，为交易者提供了对冲头寸并从市场波动中获利的途径。截至 11 月 22 日，衍生品的 24 小时交易量达到了令人印象深刻的 1560 亿美元，超过了中心化交易所 760 亿美元的现货交易量。相比之下，去中心化交易所的现货交易量仅为 28.1 亿美元。

DeFi Perpetuals Gain Momentum

DeFi 永续合约获得动力

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 崩溃后，两个提供永续合约的著名 DeFi 协议——GMX 和 dYdX——交易量出现短暂激增，推动其原生代币上涨。 dYdX 的同名代币在过去一个月上涨了 25%，而 GMX 同期上涨了 16.5%。值得注意的是，这些涨幅与 ETH 16% 的跌幅形成鲜明对比，证明了这些 DeFi 协议在市场动荡中的弹性。

Contrasting DeFi Data

对比 DeFi 数据

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.

虽然一些数据表明 DeFi 呈现出积极的发展轨迹，Nansen 报告称 MakerDAO、Compound、Aave 和 Curve 等主要协议的总锁定价值 (TVL) 和用户指标大幅增加，但 Chainaanalysis 提出了不同的观点。

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 协议上的大部分明显活动都源于单个 MEV 机器人，这是一种自动交易策略。 Chainaanalysis 解释道：“自 11 月 4 日以来，这个特殊的 MEV 机器人已向去中心化交易所转移了近 190 亿美元，使其成为流入 DEX 的第三大资金来源。”这让人们对所报告的增长的合法性和可持续性产生了怀疑。

Conclusion

结论

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的崩盘给加密货币市场留下了不可磨灭的印记，给整个生态系统带来了冲击，也给永续合约交易的未来蒙上了阴影。尽管币安已经成为主导力量，但 DeFi 协议仍然面临挑战，高昂的交易成本和缓慢的区块时间阻碍了它们的竞争能力。关于 DeFi 活动的对比报告进一步强调，在评估 DeFi 领域的真实健康状况和增长潜力时，需要保持谨慎和持续审查。