The Big Difference Between HYPE and ASTER Burns ASTER just burned 3.11M tokens worth ~$2.25M Big number, but the more interesting question is: how effective is the burn mechanism? Both Aster and @HyperliquidX direct 99% of fees toward their token economy, but the end result is different. Hyperliquid: → Fees buy hyperliquid:native → HYPE goes to the Assistance Fund → HYPE is permanently burned → Fees directly reduce supply Aster: → Fees buy aster-2:native → Bought ASTER goes to stakers as rewards → An equal amount of team allocation is burned → The bought tokens can return to circulation So while Aster can generate impressive burn headlines, Hyperliquid has a more direct link between protocol revenue → market buyback → permanent supply reduction. The real metric isn't how many tokens were burned. It's how much of the protocol's revenue actually removes tokens from the market. And that's where HYPE's mechanism currently looks more efficient.

Happy to have shared at the Solana Summit today our new Solana wallet support for Midnight! @solana users will be able to do private swaps and interact with private DeFi directly from their Solana wallets (no separate install required!)

最近看到了Strike Finance @strikeperps ，本来没抱太高预期，实际用了一圈，体验倒感倒是比想象中完整不少。 如果只把它当成另一个目前市场上的 Perp DEX，其实没什么感觉。 我关注到的是它现在这条冷启动路径： 先卷交易基础设施，再慢慢卷流动性和用户。 这点让我想到早期 Hype 的一些感觉——不是说两者会走出一样的结果，而是产品思路都比较偏工程驱动。 Strike 现在用独立 execution layer 做撮合和高频交易逻辑，同时在交易端继续补： Orderbook + RFQ、Pair Trading、Carry Scanner、Funding Comparison、Quant Desk、Subaccounts、API / Builder Codes。 尤其 RFQ 我觉得值得看。 中小 Perp 平台最现实的问题就是 depth，Strike 没有假装这个问题不存在，而是尝试把 RFQ 的 JIT liquidity 和公开 Orderbook 结合，直接从执行层改善大单成交。 这比单纯刷 TVL 或讲 Narrative 更让我有兴趣。 另一个方向是把 Web3 本身藏起来。 Email Login、Fiat On-ramp、多链资金入口，再到正在推进的 Mobile App，目标明显不是让用户先学习钱包和 Bridge，而是尽量做到 打开 → 入金 → 交易 所以目前我对 Strike 的判断比较简单： 体量和头部还有距离，流动性也需要继续验证。 但它现在比较像一个技术和产品先跑在市场认知前面的项目。 Perp 最后功能都会趋同，真正难复制的可能还是撮合、流动性组织、交易工具，以及团队迭代速度。 Strike 目前最值得看的，也恰好是这些。 如果它能继续把 execution 和 liquidity 这一层做厚，中文区现在对它的关注度可能确实偏低了。 仅作产品研究分享，不构成投资建议。