据 Coinglass 数据显示，过去 24 小时内，全网爆仓总额最高达 191 亿美元，爆仓人数超过 160 万人——无论金额还是人数，都刷新了加密货币合约交易十年来的历史纪录。有人彻夜难眠，有人一夜清零，加密世界又一次在惊涛骇浪中上演「末日重启」。  然而，为何这次爆仓如此猛烈？是否已触及市场底部？律动 BlockBeats 整理了多位市场交易员与知名 KOL 的观点，从宏观环境、流动性、市场情绪等角度解析这场史诗大清算，仅供参考。  CZ：逢低抄底  10 月 11 日，CZ 在社交媒体上转发了 weRate 联合创始人 Quinten 的观点内容：  「新冠时崩盘清算 12 亿美元，FTX 崩盘时清算 16 亿美元，今天清算 193.1 亿美元，人们希望曾在新冠崩盘期间买入，而这次就是当下的新冠崩盘。」  易理华（Liquid Capital 创始人）  10 月 11 日，Liquid Capital（前 LD Capital）创始人易理华发文表示，该机构暂时还没有抄底买入，需耐心等待局势明朗，本次事件的跌幅远远超过了此前预期。本次是自喊单 ETH 以来第一次全部清仓（链上明牌），之前只是去借贷杠杆，有几个可以说的理由：  · 一是比特币涨至新高压力位，没有大利好突破就要回调  · 二是美股新高，AI 和半导体公司玩起资金盘游戏，无法持续支撑  · 三是日本即将换新首相后，加息风险增大以及利率一直涨  · 四是币圈山寨币一直阴跌，MEME 狂热抽走流动性  Vida（方程式新闻创始人）  10 月 11 日，方程式新闻创始人 Vida 在社交媒体上发文表示：「前段时间一个朋友告诉我现在有一个稳赚不赔的套利机会，就是在 Binance 上做 USDE 循环贷，年化利率能做到 26% 左右。他认识的机构朋友用 1 亿 USDT 本金循环成 5 亿 USDE 在 Binance 交易平台内套利。」  Vida 解释称，这次超大规模爆仓，猜测就是在低流动性的不利的市场大幅下跌场景情况下：  · USDE 套利者的循环贷仓位被强平  · 带低 USDE 价格  · 导致 USDE 作为统一账户抵押物的抵押能力下降  · 引发更多用 USDE 当保证金的做市商的头寸被强平  · 引发 BNSOL、WBETH 这类理财资产也触发强平阈值。  BNSOL、WBETH 这种资产虽然抵押率高但其价值完全由盘口决定，而在当时条件下没有人去给他拖底维持挂钩，继而引发价格崩塌、引发更多强平。可以猜到大概率一些做市商用的统一账户也爆仓了，所以才会有很多小币非常极端的价格。  Kyle（DeFiance Capital 研究员）  10 月 11 日，DeFiance Capital 研究员 Kyle 在社交媒体上发文表示，以目前市场情绪来看，上次出现这样的情况还是 FTX 或 Celsius 崩盘的时候。本次暴跌基本上算是「周期终结级事件」，但这次 BTC 和 ETH 居然稳如泰山。加密产业综合体的进化确实令人惊叹，不过山寨币显然还在重复同样的悲剧——尽管我过去几个月反复预警，但没想过会惨烈到这个程度。  总之，现在不算是「最佳」抄底时机，但绝对是「应该」抄底的时刻。极致的恐慌已经释放，市场正在构筑底部，虽然可能还有下探空间。拉远看，我们离底部肯定比离顶部更近。当下资产选择至关重要，很多项目可能永远无法恢复元气了。  Benson Sun（加密 KOL、原 FTX 社群合伙人）  10 月 11 日，加密 KOL、原 FTX 社群合伙人 Benson Sun 在社交媒体上发文表示，今日凌晨众多山寨币跌幅超 60%，以往极端清算行情规模约在 10-20 亿美元，本次规模扩大了十倍。美股大跌引发币市跟跌本属合理，但山寨币短线蒸发如此巨大市值实不寻常，不似单纯杠杆过高导致的正常清算。  更类似大型做市商主动撤离流动性，导致市场瞬间陷入深度真空。山寨币跌势甚至猛于 312、519 事件。本轮去杠杆堪称周期中最彻底的一次。市场泡沫被完全挤压，风险杠杆重新归零。依然看好第四季度走势，后续将花费约一个月时间执行分批定投策略。  @ali_charts（加密分析师）  10 月 11 日，加密分析师 @ali_charts 发布市场分析表示，今天我们目睹了加密货币历史上规模最大的清算事件，只能形容为全盘闪崩。一天之内约 193 亿美元的仓位被清算，影响了大约 166 万名交易者。许多资产在盘中大幅下跌，随后出现部分反弹，但此次抛售的规模引发了关于市场在广泛周期中处于何种位置的严肃疑问。  通过挖掘历史数据，最近的类似事件为 2021 年底牛尾时段，当时比特币正值达到 69200 美元峰值后不久。2021 年 12 月的闪崩在单日 K 线中抹去了超过 24% 的市值，这一事件后来被证明是随后熊市的开端。今日比特币的日 K 线显示最高下跌约 17%，在规模和背景上与 2021 年的牛尾崩盘惊人相似。两者在市场处于局部高点、过度杠杆的多头仓位浪潮以及连锁清算事件上的相似令交易员难以忽视。虽然可能将此次反弹视为买入机会，但谨慎至关重要。这类大规模清算往往标志着市场结构的转变，而非暂时性下跌。这次事件可能代表市场顶部，之后可能开始更深的回撤。目前如果持有交易多头仓位，严格的风险管理是必需的，交易员应当确保止损单已激活且仓位规模得到控制。  Mindao（DeFi 协议 dForce 创始人）  10 月 11 日，DeFi 协议 dForce 创始人 Mindao 在社交平台发文表示，这次暴跌和 Luna 暴雷类似点在于，都发生在大交易平台开始接受非法币稳定币作为高 LTV 的抵押物，风险开始在交易平台间穿透。彼时是 UST，今天是 USDe，「稳定性」+高质押率迷惑了大部分人。  引入非法币稳定资产做抵押物时，最糟糕的组合是采用市场价格喂价，同时允许高抵押率；加上 CEX 本身没有完全开放的套利环境，套利效率低，风险进一步放大。LSD 类资产面临一样的问题。这类资产实际上都是披着「稳定性」外衣的波动性资产。  Haotian（加密研究员）  说实在的，1011 这次黑天鹅事件，让我一个原本乐观的行业观察者，感受到了一丝绝望气息。  原本看明白了，加密行业目前的「三国杀」局面，想着神仙打架，散户跟着吃点肉，但经历这次血洗，抽丝剥茧其底层逻辑，发现并不是这回事。  说白了，原本以为技术派在搞创新，交易所在做流量，华尔街在布局资金，三方各玩各的，我们散户只要看准时机，技术创新的时候跟一波，热点来了蹭一下，资金进场就冲，总能分到点汤喝。  但，经历 1011 这次血洗，我突然意识到，这三方或许根本不是在有序竞争，而是在最后收割场内的一切流动性？  第一股势力：交易所垄断流，手握流量和流动池的吸血鬼。  说实话，之前一直以为，交易所就是想做大平台，做大流量，做大生态，赚铲子的钱，但 USDe 做跨保证金被连环清算这事，暴露了散户在交易所平台规则定义下的无力，平台为了提升产品服务体验提升的杠杆水平和暗处不明不白的风控能力，对散户而言其实都是坑。  各种返佣活动，Alpha、MEME 发射台子、各种理财循环贷、以及高倍杠杆合约玩法层出不穷。看似让散户多了很多赚钱机会，但一旦交易所兜不住链上 DeFi 连环清算的风险，散户也会被连带着一起遭殃，人生呐。  细思极恐的是，前 10 家交易所 Q2 交易量 21.6 万亿美元，但市场整体流动性还在下降。钱去哪了？除了手续费，还有就是各种清算。流动性到底被谁抽走了？  第二股势力：华尔街资本系，披着合规外衣进场圈地  本来特别期待华尔街能进场，觉得机构资金能给市场带来更大稳定性，毕竟机构都是长线玩家，能带来场内注入增量，我们跟着坐享 Crypto 融合 TradFi 的行业红利。  但本次暴跌前又看到有巨鲸精准做空获利的消息，暴跌前有多笔疑似华尔街结构的钱包开启巨额空投头寸，获利数亿。类似的消息很多，读起来像内幕，但发生在这种恐慌时刻，让人不得不怀疑，机构为啥总能在黑天鹅发生前获得「前置交易」的优势？  这些 TradFi 的机构，打着合规、带来资金的旗号进场，实际上在干什么？用稳定币公链捆绑 DeFi 生态，用 ETF 通道控制资金流向，用各种金融工具一步步蚕食这个市场的话语权？表面上说是为了行业发展，实际上呢？太多关于川普家族捞金的阴谋论就不多说了。  第三股势力：技术原生派 + 散户开发者，被夹击的炮灰。  我想这才是大部分场内散户、开发者，所谓的 builder 真正绝望的地方，从去年以来就说很多山寨币被打趴下了，但这次直接击穿归零，让人不得不看清事实，很多山寨币的流动性几乎枯竭了。  关键是，infra 技术债一堆，应用落地不及预期，开发者苦哈哈地 Build，结果呢？市场根本不买账。  所以，我看不清接下来山寨市场究竟如何东山再起，看不懂这些山寨项目方要如何从交易所手里抢流动性，要如何和华尔街机构比拼拉盘实力？如果市场不买单讲故事的叙事，如果市场仅剩所谓的 MEME 赌博，对于山寨币市场就是一次决绝的出清和洗牌，开发者逃离，场内从业者结构化洗牌，市场莫非要一切归于虚无？哎，太难了！  所以.....  说太多，都是泪。如果加密行业三国杀的局面持续下去，交易所垄断抽血、华尔街精准收割、散户技术派被双杀，这绝对是对过去 Crypto 周期性的玩法的灭顶之灾。  长此以往，市场只留下短期的少数赢家和长期的全部输家。  欢迎加入律动 BlockBeats 官方社群：  Telegram 订阅群： https://t.me/theblockbeats  Telegram 交流群： https://t.me/BlockBeats_App  Twitter 官方账号： https://twitter.com/BlockBeatsAsia  AI 解读  从加密市场的结构性风险来看，这次暴跌并非偶然，而是多重脆弱性叠加的必然结果。表面上看，特朗普重启贸易战是导火索，但真正的问题在于市场内部早已积累了高杠杆、流动性错配和抵押品连环失效的系统性隐患。  USDe这类算法稳定币在牛市中被过度赋予高抵押率，本质上是用流动性幻觉支撑的脆弱结构。一旦市场出现极端波动，抵押品价值迅速衰减，CEX内部封闭的套利环境根本无法有效对冲风险，反而会通过统一账户的连锁反应放大崩溃效应。这和当年UST的崩塌逻辑相似，只是这次发生在中心化交易所的更复杂金融衍生品体系中。  交易所推出的高杠杆产品、循环贷套利看似为用户提供收益机会，实则将风险转嫁给散户。当市场流动性充足时，这类产品可以平稳运行；一旦出现黑天鹅，交易所的风控机制和流动性深度根本无法应对系统性挤兑。更值得警惕的是，华尔街机构往往能通过信息优势和衍生工具提前布局空头头寸，在市场崩溃时完成对散户的精准收割。  山寨币市场的流动性枯竭更是令人担忧。大量项目在基础设施不完善、应用落地乏力的背景下，仅靠叙事支撑估值，一旦主流资产出现暴跌，其微薄的流动性会瞬间蒸发。这反映出当前市场仍缺乏真正的价值支撑，更多是资金博弈和预期交易的混合体。  对于抄底时机，需要观察几个关键信号：稳定币抵押品体系的流动性恢复情况、主要交易所的爆仓链是否完全释放、以及华尔街资金是否开始重新建仓。在极端恐慌中，市场往往会超跌，但底部不是一个点而是一个区域。历史经验表明，真正的机会往往出现在多数人彻底绝望之后，但这次的不同在于，加密市场与传统金融的关联度已远超以往，必须同时评估宏观政策与内部结构的双重影响。  长期来看，这次暴跌再次证明了去中心化清算机制和透明风险定价的重要性。当CEX的暗箱操作和华尔街的收割成为常态，真正能穿越周期的或许是那些坚持链上透明度、控制杠杆率、并聚焦真实需求的协议和资产。市场的每次崩溃都是一次压力测试，淘汰劣质资产的同时，也会让具备韧性的生态位获得重生机会。

交易员说 | 为何本次市场发生史诗级暴跌，何时抄底合适？

Home Flash dForce founder: It is inaccurate to regard the WLFI token allocation as inherent value of Aave, and the 7% token allocation terms are overly valued
dForce founder: It is inaccurate to regard the WLFI token allocation as inherent value of Aave, and the 7% token allocation terms are overly valued
2025-08-24 14:54:59
ChainCatcher news, dForce founder Mindao expressed his views on the event "Can Aave obtain 7% of the total supply of WLFI tokens?" He stated that Aave's previous collaboration with Spark resulted in a 10% revenue share. In comparison, the terms of Aave's collaboration with WLFI, which include "20% revenue share + 7% token allocation," are clearly too generous and do not align with the deal terms the Trump family would be willing to accept. The WLFI project is backed by the Trump brand, and with the upcoming new U.S. crypto policies, WLFI's issuance at $1 allows its narrative to shift directly from "crypto bank" to a combination of "Aave + Circle," significantly increasing its valuation. Aave founder Stani.eth publicly retweeted the view that "at the current price, the Aave treasury will receive WLFI worth $2.5 billion, making it one of the biggest winners in this cycle," calling it the art of the deal. Subsequently, AAVE surged to reach $385. Mindao stated that some users consider the WLFI token allocation as Aave's intrinsic value, which is an inaccurate judgment. Neither party's proposal mentioned that WLFI would allocate tokens to the Aave treasury; the allocation is primarily intended for liquidity mining incentives, and AAVE token holders will not directly receive any allocation. The expected subsequent development of the event is that WLFI will completely abandon Aave and prompt the contract to naturally become void, or significantly reduce the WLFI token distribution share, using the allocation to incentivize $1 borrowing minting as a subsidy for targeted stablecoin minting operations.

dForce founder: It is inaccurate to regard the WLFI token allocation as inherent value of Aave, and the 7% token allocation term...

Binance's position limit adjustments might have contributed to the market volatility and forced liquidations. Share this article
Several altcoins experienced sharp price drops on Binance on Tuesday, with Act I: The AI Prophecy (ACT) plunging 50% from $0.18 to $0.083 within minutes. DeXe (DEXE) fell 38% to $11, while dForce (DF) declined 19% to $0.06. DEXE Chart
DF Chart
The recent sharp drops in these altcoins are still unexplained. Community speculation has pointed towards Wintermute as a possible factor. Everyone talking about the Wintermute situation, and no, it’s not an April fools joke. Lots of theories out there, but @danielesesta 👏 explanation seems the most logical:
Wintermute was working with USD1 ( a stablecoin by World Liberty Financial). Since this is a major deal,… pic.twitter.com/NRwpbXB38z

No April Fool’s joke—Multiple altcoins suddenly tank on Binance

Binance adds Phala Network (PHA) and dForce (DF) perpetual contracts with 75x leverage, boosting trading activity and driving token surges. Phala Network (PHA) surged 310% last week, fueled by Binance and Bitget listings. dForce (DF) gained 120% in a month, supported by Binance’s latest offerings. Binance announced new perpetual contracts for Phala Network (PHA) and dForce (DF) with up to 75x leverage. This news sparked excitement in the market, amid a remarkable 310% weekly surge for PHA and a 120% monthly gain for DF. The added support from the exchange highlights the exchange’s strategic focus on expanding trading options, further driving trading activity and market attention toward these tokens. Binance Revealed Perpetual Contracts for Phala Network and dForce
On December 30, Binance announced the launch of USDT-margined perpetual contracts for Phala Network (PHA) and dForce (DF) tokens. These contracts offer up to 75x leverage, providing traders with high-risk, high-reward opportunities. The PHAUSDT perpetual contract was launched at 11:30 UTC, followed by the DFUSDT perpetual contract at 11:45 UTC. Both contracts will allow 24/7 trading and feature a capped funding rate of +2.00%/-2.00%. The leading crypto exchange also said that it will support these contracts in Multi-Assets Mode, enabling users to utilize multiple assets, like BTC, as a margin for trading. advertisement
According to the Binance, the funding fee for these contracts will settle every four hours. The platform highlighted that these future listings may not guarantee spot listings, ensuring users understand the differences in product offerings. The exchange may adjust trading specifications based on market conditions. This highlights its focus on risk management and enhancing user experience. PHA and DF Prices Surge as New Exchange Listing Drives Momentum
Phala Network (PHA) price was trading at $0.522 and recorded an extraordinary 310% weekly surge, with its price ranging between $0.41 and $0.58 in the last 24 hours. The token’s market cap stands at $395 million, while trading volume hit $400 million despite a 27% drop. This growth was driven partly by its listing on Bitget , which caused a 50% price jump. Now, with the exchange’s support, the token’s user base is expected to expand further, amplifying its trading activity. dForce (DF) price gained significant traction, with a 120% monthly increase and a 15% rise in the last 24 hours. The token’s price was trading at $0.099 and fluctuated between $0.076 and $0.1277, with a market cap of $91 million and $159 million in trading volume. Meanwhile, Binance’s perpetual contract launch is likely to boost PHA and DF’s visibility and trading volume, driving the crypto’s growth in the competitive crypto market. With both tokens gaining backing from one of the top crypto exchanges, traders are anticipating a potential rally ahead for the assets. ✓ Share:

Binance Reveals Major Support For Phala Network (PHA) & dForce (DF), Prices To Rally?                        
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Binance launches USDT perpetual contracts for the native tokens of dForce and Phala Network on Dec. 30. After the Binance Futures announcement, dForce surged by 26%. According to the official notice posted on Dec. 30, PHAUSDT will be available for trading on Dec. 30 at 11:30 UTC. Meanwhile DFUSDT will be listed on the same day but 15 minutes after PHAUSDT’s launch, specifically at 11:45 UTC. Both perpetual contracts will be offered with up to 75x leverage and a tick size of 0.00001. The maximum financing rate for DFUSDT and PHAUSDT perpetual contracts at launch will be +2.00% and -2.00%. The funding fee calculation frequency will occur every four hours. Moreover, Binance will provide multi-asset trading support for both perpetual tokens. Shortly after the announcement, the dForce native token went up by as high as 26%, according to data from crypto.news. At the time of writing, DF is trading hands at $0.095. Over the past week, the dForce native token has gone up by more than 30% and 103.71% in the past month. Price chart for the dForce token after the Binance Futures listing, December 30, 2024 | Source: CoinGecko
DF holds a market cap of more than $83.2 million, placing the token in 636th place on the rankings. The dForce native token has a fully diluted valuation that stands at $84 million and a 24 hour trading volume of $157 million. On the other hand, PHALA only received a slight boost of 10% after its Binance Futures listing. However, the token’s long term performance seems to reflect a better outlook. According to CoinGecko , PHALA has skyrocketed by 327% in the past week and around 212% in the past month. dForce is a Chinese decentralized finance network known for its permissionless liquidity, offering various infrastructure protocols including decentralized stablecoins, real-world assets and yield tokens. DF is dForce’s utility token that can be staked to govern the network. The Phala Network is a blockchain platform that operates mainly in providing privacy and secure cloud computing solutions on Web3, powering its system using the PHA utility token.

DF soars 26% after Binance Futures listing on USDT Perpetual Contracts

Hony Capital

Standard Chartered

Companies in this collection build, apply, and analyze blockchain and cryptocurrency technologies for business or consumer use cases. Categories include blockchain infrastructure and development, crypto & DeFi, Web3, NFTs, gaming, supply chain, enterprise blockchain, and more.

Blockchain

Fintech

Payments

Seed VC

dForce develops a unified network for open finance protocols including stablecoin protocol, liquidity protocol, lending protocol, and derivative protocol. The firm's coins and protocols include USDx, dToken, X-Swap, S-Swap, and Infinity-X

Date	4/15/2020
Round	Seed VC
Amount	$1.5M
Investors	Multicoin Capital, CMB International Capital, and Huobi Ventures
Valuation	$XXM
Revenue	0 FY undefined
Sources	20

First funding	Last Funding	Investor	Rounds	Type	Location
4/15/2020	4/15/2020	Huobi Ventures	1 Seed VC	Corporate Venture	Seychelles
00/00/0000	00/00/0000	CMB International Capital	Subscribe to see more	Asset/Investment Management	Hong Kong
00/00/0000	00/00/0000	Multicoin Capital	Subscribe to see more	Venture Capital	Texas

First funding	4/15/2020	00/00/0000	00/00/0000
Last Funding	4/15/2020	00/00/0000	00/00/0000
Investor	Huobi Ventures	CMB International Capital	Multicoin Capital
Rounds	1 Seed VC	Subscribe to see more	Subscribe to see more
Board Seats
Type	Corporate Venture	Asset/Investment Management	Venture Capital
Location	Seychelles	Hong Kong	Texas

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