Lighter &#273;&atilde; ra m&#7855;t m&#7841;ng ch&iacute;nh c&ocirc;ng khai sau t&aacute;m th&aacute;ng th&#7917; nghi&#7879;m beta ri&ecirc;ng t&#432;, tham gia v&agrave;o l&#297;nh v&#7921;c s&agrave;n giao d&#7883;ch phi t&#7853;p trung v&#297;nh vi&#7877;n (perp DEX) &#273;&#7847;y c&#7841;nh tranh.
C&ocirc;ng ty &#273;&atilde; c&ocirc;ng b&#7889; vi&#7879;c tri&#7875;n khai v&agrave;o ng&agrave;y 02/10/2023. N&#7873;n t&#7843;ng c&#7911;a h&#7885; cho ph&eacute;p giao d&#7883;ch v&#297;nh vi&#7877;n v&#7899;i chi ph&iacute; th&#7845;p v&agrave; &#273;&#7897; tr&#7877; th&#7845;p nh&#7901; v&agrave;o c&aacute;c m&#7841;ch zero-knowledge (ZK) t&ugrave;y ch&#7881;nh. C&aacute;c h&#7879; th&#7889;ng m&atilde; h&oacute;a n&agrave;y x&aacute;c th&#7921;c giao d&#7883;ch m&agrave; kh&ocirc;ng ti&#7871;t l&#7897; d&#7919; li&#7879;u c&#417; b&#7843;n. Ch&uacute;ng cho ph&eacute;p kh&#7899;p l&#7879;nh v&agrave; thanh l&yacute; c&oacute; th&#7875; x&aacute;c minh &#273;&#432;&#7907;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-public-launch-after-beta">Ra m&#7855;t c&ocirc;ng khai sau giai &#273;o&#7841;n beta</h2>

&#272;&#432;&#7907;c x&acirc;y d&#7921;ng nh&#432; m&#7897;t l&#7899;p 2 (L2) c&#7911;a Ethereum, Lighter k&#7871;t h&#7907;p hi&#7879;u su&#7845;t cao v&#7899;i t&iacute;nh minh b&#7841;ch tr&ecirc;n chu&#7895;i. D&#7921; &aacute;n &#273;&atilde; <a href="https://docs.lighter.xyz/security/security-audits" target="_blank" rel="noreferrer noopener nofollow">c&ocirc;ng b&#7889;</a> c&aacute;c b&aacute;o c&aacute;o ki&#7875;m to&aacute;n cho th&#7845;y h&#7907;p &#273;&#7891;ng th&ocirc;ng minh v&agrave; c&#417; s&#7903; h&#7841; t&#7847;ng ZK c&#7911;a h&#7885; &#273;&atilde; &#273;&#432;&#7907;c &#273;&aacute;nh gi&aacute; b&ecirc;n ngo&agrave;i. Theo nh&oacute;m ph&aacute;t tri&#7875;n, thi&#7871;t k&#7871; n&agrave;y c&acirc;n b&#7857;ng gi&#7919;a kh&#7843; n&#259;ng m&#7903; r&#7897;ng v&agrave; b&#7843;o m&#7853;t trong khi v&#7851;n gi&#7919; quy&#7873;n ki&#7875;m so&aacute;t cho ng&#432;&#7901;i d&ugrave;ng.
Theo <a href="https://defillama.com/perps" target="_blank" rel="noreferrer noopener nofollow">DefiLlama</a>, kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch h&agrave;ng th&aacute;ng tr&ecirc;n c&aacute;c perp DEX &#273;&atilde; v&#432;&#7907;t qua 1 ngh&igrave;n t&#7927; USD l&#7847;n &#273;&#7847;u ti&ecirc;n v&agrave;o th&aacute;ng 09/2023. N&oacute; &#273;&#7841;t 1.143 ngh&igrave;n t&#7927; USD, t&#259;ng g&#7847;n 50% so v&#7899;i th&aacute;ng tr&#432;&#7899;c &#273;&oacute;.
<img style="height:400px;width:640px;" decoding="async" alt="" class="wp-image-755897 lazy" loading="lazy" src="https://assets.beincrypto.com/img/fCXc8X9pJOpnP2CO5mK4BOzzjpk=/smart/e9f87d9982974288ae41d1d13a0744b3">Ngu&#7891;n: DefiLlama

M&#7897;t s&#7889; giao th&#7913;c, bao g&#7891;m Hyperliquid, Aster v&agrave; Lighter, m&#7895;i giao th&#7913;c ghi nh&#7853;n h&#417;n 100 t&#7927; USD trong kh&#7889;i l&#432;&#7907;ng 30 ng&agrave;y. &#272;i&#7873;u n&agrave;y cho th&#7845;y c&aacute;c s&#7843;n ph&#7849;m ph&aacute;i sinh phi t&#7853;p trung &#273;ang tr&#7903; th&agrave;nh trung t&acirc;m c&#7911;a thanh kho&#7843;n tr&ecirc;n chu&#7895;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-user-growth-incentives-and-market-risks">T&#259;ng tr&#432;&#7903;ng ng&#432;&#7901;i d&ugrave;ng, khuy&#7871;n kh&iacute;ch v&agrave; r&#7911;i ro th&#7883; tr&#432;&#7901;ng</h2>

Lighter &#273;&atilde; k&#7871;t th&uacute;c m&ugrave;a &#273;i&#7875;m &#273;&#7847;u ti&ecirc;n v&agrave; b&#7855;t &#273;&#7847;u m&ugrave;a th&#7913; hai, d&#7921; ki&#7871;n k&eacute;o d&agrave;i &#273;&#7871;n cu&#7889;i n&#259;m 2025. Gi&#7899;i h&#7841;n ti&#7873;n g&#7917;i v&agrave; y&ecirc;u c&#7847;u gi&#7899;i thi&#7879;u &#273;&atilde; &#273;&#432;&#7907;c d&#7905; b&#7887;. Ch&#432;&#417;ng tr&igrave;nh th&#432;&#7903;ng d&#7921;a tr&ecirc;n l&#7901;i m&#7901;i v&#7851;n ti&#7871;p t&#7909;c. S&#7889; l&#432;&#7907;ng t&agrave;i kho&#7843;n &#273;&atilde; m&#7903; r&#7897;ng l&ecirc;n 188,000, v&#7899;i 50,000 ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng h&agrave;ng ng&agrave;y so v&#7899;i ch&#7881; 100 trong giai &#273;o&#7841;n beta &#273;&#7847;u ti&ecirc;n.
Nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; kh&ocirc;ng ph&#7843;i tr&#7843; ph&iacute;. C&aacute;c c&ocirc;ng ty giao d&#7883;ch t&#7847;n su&#7845;t cao d&#7921;a tr&ecirc;n API hi&#7879;n ph&#7843;i tr&#7843; ph&iacute;. Giao th&#7913;c c&#361;ng &#273;&atilde; gi&#7899;i thi&#7879;u c&aacute;c quy t&#7855;c &#273;&#7875; h&#7841;n ch&#7871; giao d&#7883;ch r&#7917;a v&agrave; t&#7845;n c&ocirc;ng Sybil.
CEO c&#7911;a Robinhood, Vlad Tenev, <a href="https://x.com/vladtenev/status/1973549300694298754" target="_blank" rel="noreferrer noopener nofollow">g&#7885;i</a> Lighter l&agrave; m&#7897;t b&#432;&#7899;c ti&#7871;n cho h&#7841; t&#7847;ng phi t&#7853;p trung. Ng&#432;&#7901;i s&aacute;ng l&#7853;p BitMEX, Arthur Hayes, <a href="https://x.com/CryptoHayes/status/1973654554169450884" target="_blank" rel="noreferrer noopener nofollow">xem</a> &#273;&acirc;y l&agrave; m&#7897;t th&#7917; nghi&#7879;m trong t&agrave;i ch&iacute;nh t&#7847;n su&#7845;t cao tr&ecirc;n chu&#7895;i. Nh&#7919;ng ng&#432;&#7901;i &#7911;ng h&#7897; cho r&#7857;ng c&aacute;c t&iacute;nh n&#259;ng n&agrave;y cho th&#7845;y s&#7921; tr&#432;&#7903;ng th&agrave;nh. C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch t&#7841;i <a href="https://www.gate.com/learn/articles/the-hidden-dangers-of-perp-dex-how-to-break-through-the-five-major-traps/11967" target="_blank" rel="noreferrer noopener nofollow">Gate</a> cho r&#7857;ng t&iacute;nh minh b&#7841;ch trong thanh l&yacute; v&agrave; hi&#7879;u qu&#7843; k&yacute; qu&#7929; v&#7851;n y&#7871;u h&#417;n so v&#7899;i ti&ecirc;u chu&#7849;n t&#7853;p trung.
C&aacute;c giao d&#7883;ch v&#297;nh vi&#7877;n phi t&#7853;p trung &#273;&atilde; x&#7917; l&yacute; h&#417;n 2.6 ngh&igrave;n t&#7927; USD v&agrave;o n&#259;m 2025. Ph&acirc;n t&iacute;ch t&#432;&#417;ng t&#7921; <a href="https://vn.beincrypto.com/perp-dexs-hyperliquid-aster-growth-risks/" target="_blank" rel="noreferrer noopener">&#273;&atilde; ch&#7881; ra</a> nh&#7919;ng lo ng&#7841;i v&#7873; t&iacute;nh minh b&#7841;ch &#273;ang di&#7877;n ra. M&#7897;t <a href="https://vn.beincrypto.com/perp-dexs-blow-up-risk-us-crypto-news/" target="_blank" rel="noreferrer noopener">b&aacute;o c&aacute;o</a> kh&aacute;c quan s&aacute;t th&#7845;y r&#7857;ng kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch h&agrave;ng ng&agrave;y tr&ecirc;n 100 t&#7927; USD &#273;&atilde; th&uacute;c &#273;&#7849;y c&aacute;c cu&#7897;c tranh lu&#7853;n v&#7873; r&#7911;i ro h&#7879; th&#7889;ng. M&#7897;t <a href="https://vn.beincrypto.com/perp-dexs-airdrops-farming-pacifica-lighter-paradex/" target="_blank" rel="noreferrer noopener">nghi&ecirc;n c&#7913;u</a> ri&ecirc;ng bi&#7879;t &#273;&atilde; n&ecirc;u b&#7853;t c&aacute;ch c&aacute;c &#432;u &#273;&atilde;i airdrop, bao g&#7891;m c&#7911;a Lighter, &#273;ang &#7843;nh h&#432;&#7903;ng &#273;&#7871;n h&agrave;nh vi ng&#432;&#7901;i d&ugrave;ng.
Max Shannon c&#7911;a Bitwise tr&#432;&#7899;c &#273;&acirc;y &#273;&atilde; n&oacute;i v&#7899;i BeInCrypto r&#7857;ng th&#7883; tr&#432;&#7901;ng c&oacute; th&#7875; ti&#7871;p c&#7853;n &#273;&atilde; r&#7845;t l&#7899;n v&agrave; c&oacute; th&#7875; m&#7903; r&#7897;ng nhanh ch&oacute;ng n&#7871;u c&aacute;c DEX ti&#7871;p t&#7909;c gi&agrave;nh th&#7883; ph&#7847;n t&#7915; c&aacute;c s&agrave;n giao d&#7883;ch t&#7853;p trung.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;C&aacute;c s&agrave;n giao d&#7883;ch t&#7853;p trung &#273;&atilde; x&#7917; l&yacute; kho&#7843;ng 16 ngh&igrave;n t&#7927; USD trong n&#259;m qua. V&igrave; &#273;&ograve;n b&#7849;y v&agrave; giao d&#7883;ch xoay v&ograve;ng t&#259;ng c&#432;&#7901;ng doanh thu, kh&#7889;i l&#432;&#7907;ng perp DEX c&oacute; th&#7875; m&#7903; r&#7897;ng nhanh h&#417;n so v&#7899;i giao d&#7883;ch giao ngay. N&#7871;u th&#7883; ph&#7847;n t&#259;ng t&#7915; 30% l&ecirc;n 50%, kh&#7889;i l&#432;&#7907;ng DEX h&agrave;ng n&#259;m c&oacute; th&#7875; &#273;&#7841;t 20 ngh&igrave;n t&#7927; USD trong v&ograve;ng n&#259;m n&#259;m. &#7902; m&#7913;c 75% th&#7883; ph&#7847;n, ch&uacute;ng c&oacute; th&#7875; &#273;&#7841;t 30 ngh&igrave;n t&#7927; USD. Nh&#7919;ng gi&#7843; &#273;&#7883;nh n&agrave;y ph&ugrave; h&#7907;p v&#7899;i xu h&#432;&#7899;ng g&#7847;n &#273;&acirc;y v&agrave; &#273;&#432;&#7907;c c&#7911;ng c&#7889; b&#7903;i quy &#273;&#7883;nh thu&#7853;n l&#7907;i, stablecoin v&agrave; IPO s&agrave;n giao d&#7883;ch, v&agrave; s&#7921; ch&#7845;p nh&#7853;n ng&agrave;y c&agrave;ng t&#259;ng c&#7911;a c&aacute;c t&#7893; ch&#7913;c,&rdquo; &ocirc;ng n&oacute;i.
</blockquote>

C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7911;a Gate c&#361;ng &#273;&atilde; x&aacute;c &#273;&#7883;nh n&#259;m r&#7911;i ro dai d&#7859;ng trong l&#297;nh v&#7921;c n&agrave;y. Ch&uacute;ng bao g&#7891;m &#7843;o &#7843;nh thanh kho&#7843;n, chi ph&iacute; &#7849;n v&agrave; h&#7879; th&#7889;ng k&yacute; qu&#7929; kh&ocirc;ng hi&#7879;u qu&#7843;. Vi&#7879;c Lighter tr&#7903; th&agrave;nh tr&#7909; c&#7897;t c&#7911;a thanh kho&#7843;n DeFi hay &#273;&#7889;i m&#7863;t v&#7899;i kh&oacute; kh&#259;n c&oacute; th&#7875; ph&#7909; thu&#7897;c &iacute;t h&#417;n v&agrave;o thi&#7871;t k&#7871; m&atilde; h&oacute;a m&agrave; nhi&#7873;u h&#417;n v&agrave;o c&aacute;ch c&aacute;c nh&agrave; qu&#7843;n l&yacute; v&agrave; nh&agrave; giao d&#7883;ch c&acirc;n b&#7857;ng gi&#7919;a t&#7889;c &#273;&#7897; v&agrave; s&#7921; tin c&#7853;y.

Lighter ra mắt Mainnet công khai với Perp DEX sử dụng ZK trên Ethereum L2

Lighter &#273;&atilde; ra m&#7855;t m&#7841;ng ch&iacute;nh c&ocirc;ng khai sau t&aacute;m th&aacute;ng th&#7917; nghi&#7879;m beta ri&ecirc;ng t&#432;, tham gia v&agrave;o l&#297;nh v&#7921;c s&agrave;n giao d&#7883;ch phi t&#7853;p trung v&#297;nh vi&#7877;n (perp DEX) &#273;&#7847;y c&#7841;nh tranh.
C&ocirc;ng ty &#273;&atilde; c&ocirc;ng b&#7889; vi&#7879;c tri&#7875;n khai v&agrave;o ng&agrave;y 02/10/2023. N&#7873;n t&#7843;ng c&#7911;a h&#7885; cho ph&eacute;p giao d&#7883;ch v&#297;nh vi&#7877;n v&#7899;i chi ph&iacute; th&#7845;p v&agrave; &#273;&#7897; tr&#7877; th&#7845;p nh&#7901; v&agrave;o c&aacute;c m&#7841;ch zero-knowledge (ZK) t&ugrave;y ch&#7881;nh. C&aacute;c h&#7879; th&#7889;ng m&atilde; h&oacute;a n&agrave;y x&aacute;c th&#7921;c giao d&#7883;ch m&agrave; kh&ocirc;ng ti&#7871;t l&#7897; d&#7919; li&#7879;u c&#417; b&#7843;n. Ch&uacute;ng cho ph&eacute;p kh&#7899;p l&#7879;nh v&agrave; thanh l&yacute; c&oacute; th&#7875; x&aacute;c minh &#273;&#432;&#7907;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-public-launch-after-beta">Ra m&#7855;t c&ocirc;ng khai sau giai &#273;o&#7841;n beta</h2>

&#272;&#432;&#7907;c x&acirc;y d&#7921;ng nh&#432; m&#7897;t l&#7899;p 2 (L2) c&#7911;a Ethereum, Lighter k&#7871;t h&#7907;p hi&#7879;u su&#7845;t cao v&#7899;i t&iacute;nh minh b&#7841;ch tr&ecirc;n chu&#7895;i. D&#7921; &aacute;n &#273;&atilde; <a href="https://docs.lighter.xyz/security/security-audits" target="_blank" rel="noreferrer noopener nofollow">c&ocirc;ng b&#7889;</a> c&aacute;c b&aacute;o c&aacute;o ki&#7875;m to&aacute;n cho th&#7845;y h&#7907;p &#273;&#7891;ng th&ocirc;ng minh v&agrave; c&#417; s&#7903; h&#7841; t&#7847;ng ZK c&#7911;a h&#7885; &#273;&atilde; &#273;&#432;&#7907;c &#273;&aacute;nh gi&aacute; b&ecirc;n ngo&agrave;i. Theo nh&oacute;m ph&aacute;t tri&#7875;n, thi&#7871;t k&#7871; n&agrave;y c&acirc;n b&#7857;ng gi&#7919;a kh&#7843; n&#259;ng m&#7903; r&#7897;ng v&agrave; b&#7843;o m&#7853;t trong khi v&#7851;n gi&#7919; quy&#7873;n ki&#7875;m so&aacute;t cho ng&#432;&#7901;i d&ugrave;ng.
Theo <a href="https://defillama.com/perps" target="_blank" rel="noreferrer noopener nofollow">DefiLlama</a>, kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch h&agrave;ng th&aacute;ng tr&ecirc;n c&aacute;c perp DEX &#273;&atilde; v&#432;&#7907;t qua 1 ngh&igrave;n t&#7927; USD l&#7847;n &#273;&#7847;u ti&ecirc;n v&agrave;o th&aacute;ng 09/2023. N&oacute; &#273;&#7841;t 1.143 ngh&igrave;n t&#7927; USD, t&#259;ng g&#7847;n 50% so v&#7899;i th&aacute;ng tr&#432;&#7899;c &#273;&oacute;.
<img style="height:400px;width:640px;"decoding="async" alt="" class="wp-image-755897 lazy" loading="lazy" src="https://assets.beincrypto.com/img/fCXc8X9pJOpnP2CO5mK4BOzzjpk=/smart/e9f87d9982974288ae41d1d13a0744b3">Ngu&#7891;n: DefiLlama

M&#7897;t s&#7889; giao th&#7913;c, bao g&#7891;m Hyperliquid, Aster v&agrave; Lighter, m&#7895;i giao th&#7913;c ghi nh&#7853;n h&#417;n 100 t&#7927; USD trong kh&#7889;i l&#432;&#7907;ng 30 ng&agrave;y. &#272;i&#7873;u n&agrave;y cho th&#7845;y c&aacute;c s&#7843;n ph&#7849;m ph&aacute;i sinh phi t&#7853;p trung &#273;ang tr&#7903; th&agrave;nh trung t&acirc;m c&#7911;a thanh kho&#7843;n tr&ecirc;n chu&#7895;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-user-growth-incentives-and-market-risks">T&#259;ng tr&#432;&#7903;ng ng&#432;&#7901;i d&ugrave;ng, khuy&#7871;n kh&iacute;ch v&agrave; r&#7911;i ro th&#7883; tr&#432;&#7901;ng</h2>

Lighter &#273;&atilde; k&#7871;t th&uacute;c m&ugrave;a &#273;i&#7875;m &#273;&#7847;u ti&ecirc;n v&agrave; b&#7855;t &#273;&#7847;u m&ugrave;a th&#7913; hai, d&#7921; ki&#7871;n k&eacute;o d&agrave;i &#273;&#7871;n cu&#7889;i n&#259;m 2025. Gi&#7899;i h&#7841;n ti&#7873;n g&#7917;i v&agrave; y&ecirc;u c&#7847;u gi&#7899;i thi&#7879;u &#273;&atilde; &#273;&#432;&#7907;c d&#7905; b&#7887;. Ch&#432;&#417;ng tr&igrave;nh th&#432;&#7903;ng d&#7921;a tr&ecirc;n l&#7901;i m&#7901;i v&#7851;n ti&#7871;p t&#7909;c. S&#7889; l&#432;&#7907;ng t&agrave;i kho&#7843;n &#273;&atilde; m&#7903; r&#7897;ng l&ecirc;n 188,000, v&#7899;i 50,000 ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng h&agrave;ng ng&agrave;y so v&#7899;i ch&#7881; 100 trong giai &#273;o&#7841;n beta &#273;&#7847;u ti&ecirc;n.
Nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; kh&ocirc;ng ph&#7843;i tr&#7843; ph&iacute;. C&aacute;c c&ocirc;ng ty giao d&#7883;ch t&#7847;n su&#7845;t cao d&#7921;a tr&ecirc;n API hi&#7879;n ph&#7843;i tr&#7843; ph&iacute;. Giao th&#7913;c c&#361;ng &#273;&atilde; gi&#7899;i thi&#7879;u c&aacute;c quy t&#7855;c &#273;&#7875; h&#7841;n ch&#7871; giao d&#7883;ch r&#7917;a v&agrave; t&#7845;n c&ocirc;ng Sybil.
CEO c&#7911;a Robinhood, Vlad Tenev, <a href="https://x.com/vladtenev/status/1973549300694298754" target="_blank" rel="noreferrer noopener nofollow">g&#7885;i</a> Lighter l&agrave; m&#7897;t b&#432;&#7899;c ti&#7871;n cho h&#7841; t&#7847;ng phi t&#7853;p trung. Ng&#432;&#7901;i s&aacute;ng l&#7853;p BitMEX, Arthur Hayes, <a href="https://x.com/CryptoHayes/status/1973654554169450884" target="_blank" rel="noreferrer noopener nofollow">xem</a> &#273;&acirc;y l&agrave; m&#7897;t th&#7917; nghi&#7879;m trong t&agrave;i ch&iacute;nh t&#7847;n su&#7845;t cao tr&ecirc;n chu&#7895;i. Nh&#7919;ng ng&#432;&#7901;i &#7911;ng h&#7897; cho r&#7857;ng c&aacute;c t&iacute;nh n&#259;ng n&agrave;y cho th&#7845;y s&#7921; tr&#432;&#7903;ng th&agrave;nh. C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch t&#7841;i <a href="https://www.gate.com/learn/articles/the-hidden-dangers-of-perp-dex-how-to-break-through-the-five-major-traps/11967" target="_blank" rel="noreferrer noopener nofollow">Gate</a> cho r&#7857;ng t&iacute;nh minh b&#7841;ch trong thanh l&yacute; v&agrave; hi&#7879;u qu&#7843; k&yacute; qu&#7929; v&#7851;n y&#7871;u h&#417;n so v&#7899;i ti&ecirc;u chu&#7849;n t&#7853;p trung.
C&aacute;c giao d&#7883;ch v&#297;nh vi&#7877;n phi t&#7853;p trung &#273;&atilde; x&#7917; l&yacute; h&#417;n 2.6 ngh&igrave;n t&#7927; USD v&agrave;o n&#259;m 2025. Ph&acirc;n t&iacute;ch t&#432;&#417;ng t&#7921; <a href="https://vn.beincrypto.com/perp-dexs-hyperliquid-aster-growth-risks/" target="_blank" rel="noreferrer noopener">&#273;&atilde; ch&#7881; ra</a> nh&#7919;ng lo ng&#7841;i v&#7873; t&iacute;nh minh b&#7841;ch &#273;ang di&#7877;n ra. M&#7897;t <a href="https://vn.beincrypto.com/perp-dexs-blow-up-risk-us-crypto-news/" target="_blank" rel="noreferrer noopener">b&aacute;o c&aacute;o</a> kh&aacute;c quan s&aacute;t th&#7845;y r&#7857;ng kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch h&agrave;ng ng&agrave;y tr&ecirc;n 100 t&#7927; USD &#273;&atilde; th&uacute;c &#273;&#7849;y c&aacute;c cu&#7897;c tranh lu&#7853;n v&#7873; r&#7911;i ro h&#7879; th&#7889;ng. M&#7897;t <a href="https://vn.beincrypto.com/perp-dexs-airdrops-farming-pacifica-lighter-paradex/" target="_blank" rel="noreferrer noopener">nghi&ecirc;n c&#7913;u</a> ri&ecirc;ng bi&#7879;t &#273;&atilde; n&ecirc;u b&#7853;t c&aacute;ch c&aacute;c &#432;u &#273;&atilde;i airdrop, bao g&#7891;m c&#7911;a Lighter, &#273;ang &#7843;nh h&#432;&#7903;ng &#273;&#7871;n h&agrave;nh vi ng&#432;&#7901;i d&ugrave;ng.
Max Shannon c&#7911;a Bitwise tr&#432;&#7899;c &#273;&acirc;y &#273;&atilde; n&oacute;i v&#7899;i BeInCrypto r&#7857;ng th&#7883; tr&#432;&#7901;ng c&oacute; th&#7875; ti&#7871;p c&#7853;n &#273;&atilde; r&#7845;t l&#7899;n v&agrave; c&oacute; th&#7875; m&#7903; r&#7897;ng nhanh ch&oacute;ng n&#7871;u c&aacute;c DEX ti&#7871;p t&#7909;c gi&agrave;nh th&#7883; ph&#7847;n t&#7915; c&aacute;c s&agrave;n giao d&#7883;ch t&#7853;p trung.
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&ldquo;C&aacute;c s&agrave;n giao d&#7883;ch t&#7853;p trung &#273;&atilde; x&#7917; l&yacute; kho&#7843;ng 16 ngh&igrave;n t&#7927; USD trong n&#259;m qua. V&igrave; &#273;&ograve;n b&#7849;y v&agrave; giao d&#7883;ch xoay v&ograve;ng t&#259;ng c&#432;&#7901;ng doanh thu, kh&#7889;i l&#432;&#7907;ng perp DEX c&oacute; th&#7875; m&#7903; r&#7897;ng nhanh h&#417;n so v&#7899;i giao d&#7883;ch giao ngay. N&#7871;u th&#7883; ph&#7847;n t&#259;ng t&#7915; 30% l&ecirc;n 50%, kh&#7889;i l&#432;&#7907;ng DEX h&agrave;ng n&#259;m c&oacute; th&#7875; &#273;&#7841;t 20 ngh&igrave;n t&#7927; USD trong v&ograve;ng n&#259;m n&#259;m. &#7902; m&#7913;c 75% th&#7883; ph&#7847;n, ch&uacute;ng c&oacute; th&#7875; &#273;&#7841;t 30 ngh&igrave;n t&#7927; USD. Nh&#7919;ng gi&#7843; &#273;&#7883;nh n&agrave;y ph&ugrave; h&#7907;p v&#7899;i xu h&#432;&#7899;ng g&#7847;n &#273;&acirc;y v&agrave; &#273;&#432;&#7907;c c&#7911;ng c&#7889; b&#7903;i quy &#273;&#7883;nh thu&#7853;n l&#7907;i, stablecoin v&agrave; IPO s&agrave;n giao d&#7883;ch, v&agrave; s&#7921; ch&#7845;p nh&#7853;n ng&agrave;y c&agrave;ng t&#259;ng c&#7911;a c&aacute;c t&#7893; ch&#7913;c,&rdquo; &ocirc;ng n&oacute;i.
</blockquote>

C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7911;a Gate c&#361;ng &#273;&atilde; x&aacute;c &#273;&#7883;nh n&#259;m r&#7911;i ro dai d&#7859;ng trong l&#297;nh v&#7921;c n&agrave;y. Ch&uacute;ng bao g&#7891;m &#7843;o &#7843;nh thanh kho&#7843;n, chi ph&iacute; &#7849;n v&agrave; h&#7879; th&#7889;ng k&yacute; qu&#7929; kh&ocirc;ng hi&#7879;u qu&#7843;. Vi&#7879;c Lighter tr&#7903; th&agrave;nh tr&#7909; c&#7897;t c&#7911;a thanh kho&#7843;n DeFi hay &#273;&#7889;i m&#7863;t v&#7899;i kh&oacute; kh&#259;n c&oacute; th&#7875; ph&#7909; thu&#7897;c &iacute;t h&#417;n v&agrave;o thi&#7871;t k&#7871; m&atilde; h&oacute;a m&agrave; nhi&#7873;u h&#417;n v&agrave;o c&aacute;ch c&aacute;c nh&agrave; qu&#7843;n l&yacute; v&agrave; nh&agrave; giao d&#7883;ch c&acirc;n b&#7857;ng gi&#7919;a t&#7889;c &#273;&#7897; v&agrave; s&#7921; tin c&#7853;y.