Dogecoin, Hyperliquid, DeFi Revenue: A New Era?

Dogecoin，超流动性，Defi收入：一个新时代？

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正在争夺加密货币的统治地位，但是谁会脱颖而出？这是模因魔术与切实的收入流。

Dogecoin: From Meme to Mainstream?

Dogecoin：从模因到主流？

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.

原始的模因硬币Dogecoin（Doge）随着美国Dogecoin ETF的推出，已经达到了一个新的里程碑。这使Doge可以从退休基金和经纪帐户中获得新的资本浪潮，从而有可能提高其市值。但是，Doge仍然缺乏智能合同功能，从而限制了其效用。开发人员正在考虑升级，这些升级将使2层链条具有智能合同功能，但时机仍然不确定。

Hyperliquid: The DeFi Revenue Powerhouse

溢流：Fefi收入强大

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.

高流动性（HYPE）是一个专门建造的第1层区块链，该区块链重点介绍其分散交换（DEX）。它专门从事永久期货交易，并且已经显示出令人印象深刻的收入。 2025年9月18日，超级流动性在一天之内产生了320万美元的收入，并处理了超过62亿美元的Stablecoin价值。它的订单簿在协议级别上处理，从而实现快速和廉价的交易。该平台还提供了积分的收益率，表明采用强劲的采用和用户参与度。

The Rise of Hyperliquid and USDH

超流动和USDH的兴起

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的生态系统继续扩展，这是由于其本机Stablecoin USDH在HyperCore网络上推出的强调。 USDH凭借1500万美元的预付款，旨在支持对分散融资（DEFI）解决方案不断增长的需求。但是，Hyplliquid面临来自Aster Dex的竞争，该竞争已超过日常收入。这两个平台都在努力增强其产品，超级流动集中在整合USDH和扩展其偏移生态系统上。

Hyperliquid's Impressive Growth

超流动的令人印象深刻的增长

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代币达到了新的历史最高水平，这反映了该平台越来越重要。生态系统已经证明了其具有大量BTC斑点量的有效处理大型交易的能力。在收入方面，Hyperliquid在另一个创纪录的月份中逐渐迈进，这是由于其在永久衍生品和现货交易中的市场份额增加所致。该平台的第1层区块链HypereVM也正在扩展，其总价值锁定（TVL）达到了新的历史最高点。 Galaxy Digital已成为验证器的验证器，进一步强调了该平台日益增长的认可。

Which One Wins?

哪一个获胜？

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.

由于其现金流式信号和生态系统的信誉，Hyperliquid是长期投资者的强大竞争者。它产生一致的费用收入，并具有已经执行的路线图。虽然Dogecoin可能会出现升级和ETF泵送流动性，但混血似乎是更安全的长期游戏。 Dogecoin对情感，模因和ETF流入的依赖使其成为风险的投资，而Hypliquid的真正采用，收入和股票的依据则提供了更稳定的基础。

Final Thoughts

最后的想法

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!

在不断发展的加密世界中，模因硬币和Defi平台之间的战斗正在加热。 Dogecoin的ETF上市和Hyproliquid的收入增长突出了市场上不同的机会。无论您是Dogecoin的爱好者还是超级流动的支持者，加密货币的未来都一定是令人兴奋的旅程。谁知道，也许Layerbrett将成为下一个大事！