Dogecoin, Hyperliquid, DeFi Revenue: A New Era?

Dogecoin，超流動性，Defi收入：一個新時代？

Dogecoin and Hyperliquid are battling for crypto dominance, but who will come out on top? It's meme magic versus tangible revenue streams.

Dogecoin和Hyproliquid正在爭奪加密貨幣的統治地位，但是誰會脫穎而出？這是模因魔術與切實的收入流。

Dogecoin: From Meme to Mainstream?

Dogecoin：從模因到主流？

Dogecoin (DOGE), the original meme coin, has reached a new milestone with the launch of a U.S. Dogecoin ETF. This gives DOGE access to a new wave of capital from retirement funds and brokerage accounts, potentially boosting its market cap. However, DOGE still lacks smart contract functionality, limiting its utility. Developers are considering upgrades that would enable layer-2 chains with smart contract capabilities, but the timing remains uncertain.

原始的模因硬幣Dogecoin（Doge）隨著美國Dogecoin ETF的推出，已經達到了一個新的里程碑。這使Doge可以從退休基金和經紀帳戶中獲得新的資本浪潮，從而有可能提高其市值。但是，Doge仍然缺乏智能合同功能，從而限制了其效用。開發人員正在考慮升級，這些升級將使2層鏈條具有智能合同功能，但時機仍然不確定。

Hyperliquid: The DeFi Revenue Powerhouse

溢流：Fefi收入強大

Hyperliquid (HYPE) is a purpose-built Layer 1 blockchain focused on its decentralized exchange (DEX). It specializes in perpetual futures trading and has already demonstrated impressive revenue generation. On September 18, 2025, Hyperliquid generated $3.2 million in revenue in a single day and processed over $6.2 billion in stablecoin value. Its order book is handled at the protocol level, resulting in fast and cheap trading. The platform also offers staking yields, indicating strong adoption and user engagement.

高流動性（HYPE）是一個專門建造的第1層區塊鏈，該區塊鏈重點介紹其分散交換（DEX）。它專門從事永久期貨交易，並且已經顯示出令人印象深刻的收入。 2025年9月18日，超級流動性在一天之內產生了320萬美元的收入，並處理了超過62億美元的Stablecoin價值。它的訂單簿在協議級別上處理，從而實現快速和廉價的交易。該平台還提供了積分的收益率，表明採用強勁的採用和用戶參與度。

The Rise of Hyperliquid and USDH

超流動和USDH的興起

Hyperliquid's ecosystem continues to expand, highlighted by the launch of its native stablecoin, USDH, on the HyperCore network. With $15 million pre-minted, USDH is designed to support the growing demand for decentralized finance (DeFi) solutions. However, Hyperliquid faces competition from Aster DEX, which has surpassed it in daily revenue. Both platforms are working to enhance their offerings, with Hyperliquid focusing on integrating USDH and expanding its DeFi ecosystem.

Hyperliquid的生態系統繼續擴展，這是由於其本機Stablecoin USDH在HyperCore網絡上推出的強調。 USDH憑藉1500萬美元的預付款，旨在支持對分散融資（DEFI）解決方案不斷增長的需求。但是，Hyplliquid面臨來自Aster Dex的競爭，該競爭已超過日常收入。這兩個平台都在努力增強其產品，超級流動集中在整合USDH和擴展其偏移生態系統上。

Hyperliquid's Impressive Growth

超流動的令人印象深刻的增長

Hyperliquid's HYPE token has reached a new all-time high, reflecting the platform's growing prominence. The ecosystem has demonstrated its ability to handle large transactions efficiently, with significant BTC spot volume. Hyperliquid is on track for another record-breaking month in terms of revenue, driven by its increased market share in both perpetual derivative and spot trading. The platform's Layer 1 blockchain, HyperEVM, is also scaling, with its total value locked (TVL) reaching new all-time highs. Galaxy Digital has become a validator on Hyperliquid, further highlighting the platform's growing recognition.

Hyperliquid的Hype代幣達到了新的歷史最高水平，這反映了該平台越來越重要。生態系統已經證明了其具有大量BTC斑點量的有效處理大型交易的能力。在收入方面，Hyperliquid在另一個創紀錄的月份中逐漸邁進，這是由於其在永久衍生品和現貨交易中的市場份額增加所致。該平台的第1層區塊鏈HypereVM也正在擴展，其總價值鎖定（TVL）達到了新的歷史最高點。 Galaxy Digital已成為驗證器的驗證器，進一步強調了該平台日益增長的認可。

Which One Wins?

哪一個獲勝？

Hyperliquid is a strong contender for long-term investors due to its cash-flow-like signals and ecosystem credibility. It generates consistent fee revenue and has a roadmap that's already being executed. While Dogecoin could surprise if upgrades happen and ETFs pump liquidity, Hyperliquid appears to be the safer long-term play. Dogecoin's reliance on sentiment, memes, and ETF inflows makes it a riskier investment, while Hyperliquid's real adoption, revenue, and staking offer a more stable foundation.

由於其現金流式信號和生態系統的信譽，Hyperliquid是長期投資者的強大競爭者。它產生一致的費用收入，並具有已經執行的路線圖。雖然Dogecoin可能會出現升級和ETF泵送流動性，但混血似乎是更安全的長期遊戲。 Dogecoin對情感，模因和ETF流入的依賴使其成為風險的投資，而Hypliquid的真正採用，收入和股票的依據則提供了更穩定的基礎。

Final Thoughts

最後的想法

In the ever-evolving world of crypto, the battle between meme coins and DeFi platforms is heating up. Dogecoin's ETF listing and Hyperliquid's revenue growth highlight the diverse opportunities in the market. Whether you're a Dogecoin enthusiast or a Hyperliquid supporter, the future of crypto is sure to be an exciting ride. Who knows, maybe LayerBrett will become the next big thing!

在不斷發展的加密世界中，模因硬幣和Defi平台之間的戰鬥正在加熱。 Dogecoin的ETF上市和Hyproliquid的收入增長突出了市場上不同的機會。無論您是Dogecoin的愛好者還是超級流動的支持者，加密貨幣的未來都一定是令人興奮的旅程。誰知道，也許Layerbrett將成為下一個大事！