币界网报道:DeFi derivatives platform HyperLiquid has challenged centralized exchanges in terms of trading volume and open interest, and its total locked value (TVL) has increased 100 times since its establishment. At present, the total TVL in the field of DeFi derivatives and prediction markets has reached 5.37 billion US dollars, and the daily trading volume has exceeded tens of billions of dollars. This field has shown exponential growth since the launch of dYdX in 2020 and GMX in 2021, covering key links such as the basic execution of perpetual contracts, order books/price discovery, oracles, and liquidation mechanisms, which are significantly different from TradFi infrastructure.