如果你还在关心「哪个币能涨」，那可能已经错过了这一轮最深层的叙事。
撰文：0xResearcher
从链上集成变成链上重写，DeFi 又开始折腾底层了。
2021 年的 DeFi Summer，大家在发币、挖矿、微创新；2023 年的 DeFi，又开始重构了。但这次不是模块整合、不是玩法创新，而是从底层一层层「反向」卷起。
你会发现越来越多项目，不是去 build 上一代的轮子，而是质疑：
「这个...

<div><div>如果你还在关心「哪个币能涨」，那可能已经错过了这一轮最深层的叙事。</div>撰文：0xResearcher从链上集成变成链上重写，DeFi 又开始折腾底层了。2021 年的 DeFi Summer，大家在发币、挖矿、微创新；2023 年的 DeFi，又开始重构了。但这次不是模块整合、不是玩法创新，而是从底层一层层「反向」卷起。你会发现越来越多项目，不是去 build 上一代的轮子，而是质疑：「这个轮子是不是设计错了？」于是链上交易这件事，开始出现两条路线：<ul><li>要么全自己来，链我也造、撮合我也写、钱包交互我也包了</li><li>要么只写最底层组件，什么都模块化，让别人来组合成系统</li></ul>今天我们就来聊聊这场正在发生的底层重构战。不是盘项目，而是看看这些项目在解决什么问题，以及我们为什么要关心这个趋势。<h2>问题一：链上交易为什么还做不好？</h2>链上交易，从 AMM（Uniswap）开始革命，一度击穿了做市门槛，但也把效率打碎了。你想深度，就没有效率；你想效率，撮合就得回中心化。这几年，链上交易想从 AMM 升级为「链上 CEX」，结果不是做 L2（gas 便宜但没人用），就是做链（做了链但没人接），最终大家发现问题根本不是 TPS，而是：<ul><li>撮合和清结算没解耦</li><li>流动性被链之间、DEX 之间分裂</li><li>跨链交易体验极差，钱包交互繁琐</li></ul>所以，现在的方向不是「更好的 DEX」，而是直接重做交易系统底座。<h2>Hyperliquid：链上交易系统，也许根本就不该分层</h2>Hyperliquid 的做法是：不要分 L1/L2，不要分撮合 / 结算，干脆做一个原生高性能链，把撮合和交易模块直接写进链逻辑里。好处是：<ul><li>撮合链上处理、交易可验证</li><li>无需依赖 Sequencer，也没有外部清算节点</li><li>所有资产、流动性都聚合在一个统一账户体系中</li></ul>简单讲就是：「不是链上挂个 DEX，而是链就是交易所。」这种思路有点像你在看 Solana，但不搞 VM，直接原生为交易定制。代价是高度耦合，扩展性差，但体验是真的丝滑。而 Orderly 更像是多链形态的 Hyperliquid，走的是农村包围城市的路线——不是一条链独大，而是用模块化和多链布局，让更多链和项目都能用上「原生交易所」级别的性能和流动性。<h2>Ethena：合成资产，不用做稳定币也能造链上美元储蓄账户</h2>Ethena 解决的不是交易问题，而是稳定币 + 链上利率的问题。USDe 本质上不是一个稳定币，而是用 ETH/BTC 等现货 + 永续对冲空头 的方式做一个 delta-neutral 的组合：<ul><li>保值性靠对冲</li><li>收益靠资金费率和套利空间</li><li>定价通过一套激励机制控制 mint/redeem 流动性</li></ul>这套逻辑并不新，但 Ethena 用极强的运营设计，把它打包成了：「链上的美元储蓄账户」+「稳定收益入口」关键在于，它不依赖中心化储备，不靠债券，而是链上资产组合 + 永续合约，做出了一个链上 Cash &amp; Carry 策略的消费级产品。而且全民做 DEX，创造更多收益、更多可能性。简而言之，Orderly 是「让普通人拥有稳定币生态和去中心交易所的 DIY 工具箱」。<h2>Orderly：不是做产品，而是写「链上交易的标准件」</h2>Orderly 选了一条第三种路：模块化的交易基础设施。它不像 Hyperliquid 一样全链自研，也不像 Ethena 那样把金融策略做成产品，而是将链上交易系统拆解为多个可组合的「标准零件」，提供给项目方自由拼装。其核心理念是：构建可复用、可验证、可聚合的交易组件，服务于整个多链 DeFi 生态。Orderly 的关键设计包括：中心化撮合 + 链上结算：在链下保障性能，在链上实现透明性与可验证性；<ul><li>多链流动性聚合：Base、Arbitrum、Optimism、Solana 等主流链可无缝接入，实现统一账户体系与跨链资产流通；</li><li>交易引擎模块化：撮合、清结算、风控、流动性分发等核心能力可独立部署与自由组合；</li><li>跨项目共用订单簿：不是每个项目都单独构建流动性池，而是实现系统级订单簿共享，从底层打通流动性孤岛。</li></ul>尤其值得一提的是，Orderly 是目前极少数能原生整合 Solana 的高性能交易系统之一。Solana 以极致性能著称，但其架构与 EVM 并不兼容，许多多链 DeFi 项目难以将其有效纳入。Orderly 通过统一账户结构和模块抽象，在 Solana 上复现了「类中心化交易所」的交易体验——这不仅填补了多链交易系统在高性能链上的空白，也为整个 Solana 生态引入了共享流动性与模块化交易基础设施的新范式。换句话说，Orderly 把 Solana 的性能转化为「多链系统的一部分」，而不是「一个孤岛链的特殊能力」。Orderly 不做终端产品，而是服务于 perp 项目、做市 vault、稳定币协议等构建者，提供标准化交易骨架。就像 Stripe 为 Web2 提供支付基础设施，Orderly 想做的是链上的「交易服务标准件」，让开发者不必重复造轮子，也能拥有专业交易所级别的性能与模块。在 Solana 生态中，Orderly 已与 Raydium 深度整合，通过统一订单簿聚合了包括 SOL、USDC、USDT 等核心资产的现货与永续交易流动性，实现了近乎零滑点的交易体验，真正把「中心化般顺畅」带入链上世界。这不仅是一次技术集成，更是模块化交易系统理念的成功落地。通过深度对接 Raydium，其统一订单簿承载了现货与永续的双重流动性，不仅大幅降低了用户的交易成本与滑点，更为 Solana 带来了前所未有的系统性流动性聚合。这种模式正逐步成为高性能链构建多链交易基础设施的范本，也让构建者第一次能在 Solana 上享受到媲美 CEX 的交易体验。<h2>那 OmniVault 是啥？只是一个切面产品</h2>既然你做基础设施，那散户怎么参与？Orderly 给了一个侧门入口：OmniVault。本质上是：<ul><li>用户存 USDC</li><li>Kronos 等做市商用来交易</li><li>收益归还 LP 用户</li><li>所有资金调配、策略执行全链可见</li><li>Orderly 收的交易手续费中，40% 会奖励 Vault LP，60% 给质押者</li></ul>不是挖矿，不靠 token 激励，是用真实交易利润反馈流动性参与者。这和早期 DeFi 的「靠补贴拉流动性」逻辑完全不同，更像传统金融中的 HFT 策略基金——只是变成了链上版本，门槛更低。DeFi 不是越来越简单，而是越来越「系统工程化」现在的 DeFi，远不是 2020 年那种「改改合约、挖挖矿」的局了。要不你就像 Hyperliquid 那样全链自研，做极限性能；要不你就像 Ethena，把链上工具组合成「真实金融场景」；再要不，就像 Orderly，构建标准件，让别人快速组装产品。这三种思路没有谁对谁错，而是各自在补 DeFi 的「工程结构短板」。未来的爆款不一定自己造链，也不一定自己发币，但它一定会从这些结构里借力。如果你还在关心「哪个币能涨」，那可能已经错过了这一轮最深层的叙事。这轮的主角，不是币，而是结构本身。</div>

链上交易的重构战争：底层在变，谁在卷真问题？

If you are still concerned about "which coin will rise," you may have already missed this round's deepest narrative.

Written by: 0xResearcher
From chain integration to chain rewriting, DeFi is starting to tinker with the underlying infrastructure again.
During the DeFi Summer of 2021, everyone was focused on token issuance, mining, and minor innovations; in 2023, DeFi is reconstructing itself again. However, this time it's not about module integration or gameplay innovation, but about "reversing" layer by layer from the bottom up.
You will find that more and more projects are not trying to build the wheels of the previous generation, but questioning:
"This..."

<div><div>If you are still concerned about "which coin will rise," you may have already missed this round's deepest narrative.</div>Written by: 0xResearcherFrom chain integration to chain rewriting, DeFi is starting to tinker with the underlying infrastructure again.During the 2021 DeFi Summer, everyone was issuing tokens, mining, and making minor innovations; in 2023, DeFi is reconstructing again. But this time, it's not about module integration or gameplay innovation, but about "reversely" rolling up from the bottom layer.You'll find that more and more projects are not building the wheels of the previous generation, but questioning:"Is this wheel designed incorrectly?"Thus, chain trading has begun to show two paths:<ul><li>Either do everything yourself, build the chain, write the matching, and handle wallet interactions</li><li>Or only write the bottom-layer components, modularize everything, and let others combine them into a system</li></ul>Today, we'll discuss this ongoing bottom-layer reconstruction battle. Not analyzing projects, but looking at what problems these projects are solving and why we should care about this trend.<h2>Problem One: Why can't chain trading be done well?</h2>Chain trading, starting with the AMM (Uniswap) revolution, once broke through market-making barriers but also shattered efficiency.If you want depth, you lose efficiency; if you want efficiency, matching has to return to centralization.In recent years, chain trading has tried to upgrade from AMM to "chain-based CEX," resulting in either L2 (cheap gas but no users) or creating a chain (built a chain but no one adopts), ultimately discovering that the problem is not TPS, but:<ul><li>Matching and settlement are not decoupled</li><li>Liquidity is fragmented between chains and DEXs</li><li>Cross-chain trading experience is poor, with cumbersome wallet interactions</li></ul>So, the current direction is not "a better DEX," but directly rebuilding the trading system's foundation.<h2>Hyperliquid: The chain trading system might not need to be layered</h2>Hyperliquid's approach is: No L1/L2 separation, no matching/settlement separation, simply create a native high-performance chain and directly write matching and trading modules into the chain logic.Benefits include:<ul><li>Matching processed on-chain, trades verifiable</li><li>No need for Sequencer, no external settlement nodes</li><li>All assets and liquidity aggregated in a unified account system</li></ul>Simply put:"Not hanging a DEX on the chain, but making the chain itself the exchange."This approach is somewhat like Solana, but without VM, directly native and customized for trading. The cost is high coupling and poor scalability, but the experience is truly smooth.Orderly is more like a multi-chain form of Hyperliquid, taking the "rural surrounding urban" approach - not one chain dominating, but using modularization and multi-chain layout to enable more chains and projects to use "native exchange" level performance and liquidity.

[Translation continues in the same manner for the rest of the text]If you are still concerned about "which coin will rise," you may have already missed the deepest narrative of this round.The protagonist of this round is not the coin, but the structure itself.

The war to reconstruct on-chain transactions: The underlying layer is changing, who is really at fault?

Bybit has officially become a member of the International Finance Centre in Da Nang, marking a significant step in the effort to build Da Nang into a regional financial and fintech hub.

Bybit digital asset exchange officially joins the International Financial Center in Da Nang.

A quick overview of institutional and trader opinions on the market outlook.

Is Bitcoin about to choose a direction?

Today we saw gold, silver, and palladium all hit new highs! Since the correction at the end of October, gold has been trading above the 25-35 day moving average; silver is rising along the four-hour moving average; and palladium is rising along the three-day moving average.
Synchronization: This "synchronized new highs" usually signifies the start of a major trend. Gold provides "stability," silver provides "elasticity," while the addition of palladium indicates a dual surge in industrial and investment demand.
In this clear upward trend, trading volume has not weakened significantly and no bearish structure has emerged. Don't try to short the short at the top; otherwise, you'll end up with...