作者：Kyle Liu, Bing Ventures投资经理

随着加密货币市场的日益成熟，去中心化衍生品交易所如GMX v2及Vertex Protocol、Hyperliquid和Apex Protocol等新兴平台正逐渐显露头角。这些平台不仅正在挑战GMX领导者的地位，也预示着去中心化金融（DeFi）领域的一次重大转型。本篇Bing Ventures研究文章将以GMX v2为切入点，围绕GMX及其主要竞争对手，讨论去中心化衍生品市场的竞争格局演变和未来趋势。

As the cryptocurrency market matures, decentralized derivatives exchanges like GMXv2, Vertex Protocol, Hyperliquid, and Apex Protocol are gradually gaining prominence. These platforms are not only challenging GMX’s leadership position but also heralding a significant transformation in the decentralized finance (DeFi) sector. This article explores the changing competitive landscape in the decentralized derivatives market following the upgrade of GMX v2 and forecasts the major trends as we advance.

By Kyle Liu, Investment Manager at Bing Ventures

在2024年的区块链技术和市场前景中，我们站在了一个多元化创新和纷繁挑战交织的十字路口。随着Rollup技术的革新、ZK-EVM的突破、去中心化排序器的崛起，以及DeFi生态系统的深度成熟，整个行业似乎正在进入一个新的发展阶段。安全性与去中心化之间的博弈、用户体验与成本效益的微妙平衡、以及技术融合带来的无限可能性，这些都是我们在未来几年中需要深入探讨的关键主题。

链上资产代币化正在成为一个重要的长期趋势，前景巨大。其中，国债RWA正在成为重要的分支。这一板块在2023年实现了近7倍的增长，在2023年年末经历短暂回落后，又迅速重回上升通道。

On-chain asset tokenization represents a long-term trend with the potential to shake up the existing financial landscape. Within this arena, tokenized government bonds make up an increasingly important segment. The segment experienced a stellar growth of nearly seven-fold in 2023 and is quickly recovering from a brief slump at the end of 2023.

Bing Ventures, a pioneering venture capital firm backing early projects in Web3 and Blockchain, is set to host a premier “Web3 Founders & Funders” event during ETHDenver 2024, in collaboration with Castle Island Ventures, Coin Center, and Mindfulness Capital.

By Kyle Liu, Investment Manager at Bing Ventures