Meme Perps：链上流动性和复杂的 Memecoin 投机的新时代

在加密货币交易的所有发展中，链上流动性的趋势是最重要的趋势之一，它使项目能够以前所未有的透明度证明其财务健康状况。

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

近年来，人们对模因币的兴趣高涨，模因币是一类加密资产，以其快速的价格升值和热情的社区而闻名。

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

这种现象与更广泛的向链上流动性和去中心化交易机制的转变相吻合，远离中心化交易所的主导地位。

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.

这种融合的一个产物是模因永续合约（meme perps）的出现——一种允许在没有到期日的情况下对模因币价格进行投机的交易工具。

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.

事实证明，这项创新在 Solana 网络上特别受欢迎，因为它具有高可扩展性和低交易成本，使其成为 meme 代币交易的天然中心。

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 作为模因交易天堂的地位得到了 Pump.fun 等举措的进一步巩固，Pump.fun 是一个一键式模因硬币启动板，在第一年就促进了超过一百万个代币的发行。

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.

无论好坏，模因币仍然被广泛认为是最有可能带来 100 倍或 500 倍收益的资产，促使许多个人和企业推出自己的模因币，以期吸引流动性。

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

Solana 不仅仅以 meme 闻名，但链上的 meme 总市值高达 186 亿美元，令人印象深刻。

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

现在，让我们来认识一下链上流动性和 meme perps 领域的关键参与者。

Prime Movers in Meme Perps Market

Meme Perps 市场的主要推动者

Orderly Network

有序网络

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 上推出跨链订单簿，首次将 EVM 和非 EVM 订单合并到单个 perps 订单簿中，从而引起了轰动。

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

他们先进的基础设施结合了强大的交易能力和强大的流动性供应，允许通过全面的 SDK 为不同的市场参与者无缝集成。

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 拥有超过 650 亿美元的累计交易量、超过 400,000 名链上用户以及与多个主要链的连接，展示了成熟的 meme perps 市场。

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

他们的订单簿集成了 30 多个 DEX 和 73 个交易员，使 Solana 交易者能够首次访问全链 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.

今年早些时候，LI.FI 从 Phantom 扩展到 Solana，促进了 Solana 和 EVM 链之间数百万的交易量，极大地深化了链上流动性和跨链交易。

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.

它与 Jupiter（Solana 的顶级聚合器）以及 Mayan 和 Circle CCTP 等领先的 Solana 桥接器集成，为那些希望加入 meme perps 潮流的人创建了完整的解决方案。

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

LI.FI 不断增长的流动性来源网络包括 DEX、桥接器、解决器和聚合器。

Anoma

阿诺玛

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

Anoma 采用独特的方式进行 meme perps 交易，其分布式操作系统通过新颖的基于意图的架构简化了复杂的交易。

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

对于新手来说，基于意图的架构涉及专门的“解决者”网络，这些“解决者”竞相执行用户目标。

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.

这与用户指定要执行的确切交易的标准方法不同。相反，他们只需要定义自己的目标或意图，解决者将代表他们处理复杂交易的执行，包括与 meme perp 交易相关的交易。

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.

这种架构消除了技术复杂性并提高了交易效率。经过四年的研发，Anoma 将于 2025 年向建筑商敞开大门。

The Bottom Line: Risky Business

底线：高风险业务

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

毫不奇怪，交易 meme perps 与交易 memecoin 具有相同的固有风险。

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

毕竟，死亡、税收和模因币的高波动性就像宇宙的三个永恒法则。

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

也就是说，迷因者的未来看起来很有希望，尤其是随着基础设施的不断发展和机构兴趣的增加。

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.

上述跨链解决方案的持续整合以及链上流动性的深化表明该行业将在更广泛的 DeFi 生态系统中发挥越来越重要的作用。

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.

不难想象模因人士会成为加密货币交易投资组合的标准组成部分，特别是对于那些寻求进入利润丰厚但不可预测的市场的人来说。