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10 月 11 日,加密貨幣市場迎來史詩級大暴跌(詳見《 1011 驚魂夜:加密市場瞬時暴跌,200 億美元灰飛煙滅 》)。
雖然市場已呈現出修復態勢,但圍繞着巨額清算以及各家永續合約交易所的討論仍未降溫,尤其是在 Hyperliquid 確認該協議自運營兩年以來首次執行了“自動減倉”(ADL)機制後,ADL 快速成爲了市場討論的焦點。
究竟什麼是 ADL?爲什麼我的盈利單會被自動減倉甚至平倉?Ambient Finance 創始人 Doug Colkitt 日前在個人 X 上就該機制進行了通俗且詳盡的解釋。