Felix 交易所的 HIP-3 交易量已突破 20 億美元 這一增長在很大程度上是由 SILVER-USDH 驅動的，自去年 12 月推出以來，該交易對的交易量接近 10 億美元，最近 OIL-USDH 的增長也很明顯（今天 24 小時交易量超過 1100 萬美元，未平倉合約達 800 萬美元） 通過 Felix 交易所，我們專注於將傳統金融市場和傳統金融交易者引入鏈上，以利用 24/7 的市場——這一現實正在鏈上不斷實現 在這裡交易 Felix 市場:

What are the form factor upgrades we need to see for tokenized stocks to make sense? The promise of stocks on-chain has hovered above the crypto space for the past five years or so especially. But we’ve never seen this come to fruition at the retail level. Companies like @BackedFi have made a valiant push (and Backed continues to do so now with xStocks coming), but all of Backed’s issued assets have a total liquidity of just over $7.2m. So why haven’t tokenized equities made sense so far? At the macro level, it’s a question of unique offering: the largest traders of US equities already have venues to trade these assets that function well, often with no fees and low to no trade settlement times if executed during trade hours. Now this discounts the potential for market expansion, particularly around US equities, but it emphasizes the idea that trading crypto-native assets was a net new unlock; trading equities so far has not been. Then at the micro level, leaving the obvious piece of unregistered security issuance aside, I would say there are three other key issues with tokenized equities: >Liquidity: As shown by the total liquidity of Backed assets above, tokenized stocks have not been able to see any significant traction on the trading front because liquidity has been sparse at best >Real-world settlement: With these tokenized stocks, settlement has continually been a question. Who owns the underlying and how can I access this? Is KYC required to do so? (Most likely). In which case, if I know I want access to the underlying equity at some point and I have to KYC, why bother holding on-chain? What is the unique benefit? >Fragmentation: Trading venues on-chain continue to fragment liquidity, not offering a centralized hub of settlement which benefits traders at Fidelity/Vanguard size If the three aspects above can be addressed, equity trading on-chain could make sense sooner as more of the financial system moves on chain, but these transitions don’t appear to be shifting as quickly as I would originally have hoped

我們是 Hyperliquid 政策中心。 HPC 是一個專注於推動去中心化金融在美國蓬勃發展的研究和倡導非營利組織。 我們將向政策制定者介紹 @HyperliquidX，並彌合法律與下一代市場基礎設施之間的差距。