DoubleZero Austin Federa：開源效能，讓華爾街級速度人人可用
Performance, Open-Sourced: Wall-Street Speed for All
- Austin Federa DoubleZero 共同創辦人暨執行長
場次摘要
DoubleZero 的 Austin Federa 討論市場資料分發中的延遲與延遲變動，以及專用網路對交易的影響。他介紹 DoubleZero Network 和 Edge for builders，說明如何讓交易所與應用分發完整訂單簿資料。
值得記下的 5 件事
逐字稿
網路速度的關鍵問題
大家早安，很高興再次回到新加坡參加 TOKEN2049。這應該是我第四次來了，真的很開心能回來。今天我們要聊的是網際網路的現況、它的問題、高速資料的未來，以及 Web3、加密貨幣和新金融如何在傳統金融的主場上競爭。Good morning. Nice to be back in Singapore at Token 2049. I think this is my fourth year here, so good to be back. We're going to talk today about the internet, what's wrong with it, the future of high-speed data, and how places like Web3, crypto, and new finance can actually compete with traditional finance on their own playing field.
首先，Web3 現在面臨的主要問題之一是什麼？答案很簡單，就是一切都太慢了。如果你是點擊交易的使用者，可能沒那麼有感，但本質上，我們現在要求這些系統做的事情，遠超過它們原本的設計。實際上，無論是傳統金融、加密貨幣還是預測市場，每一筆交易都有時效性，而這個時效性通常就是延遲。So to start off here, what is one of the main problems we're facing today in Web3? Everything is pretty slow. This is, like, not something that we think of as much if you're a click trader, but at its core, what we're really dealing with are systems that are not built for what we now asking them to do. And what does this look like, practically speaking? Every trade in TradFi, in crypto, in prediction markets, it has a shelf life, and that shelf life is usually defined in terms of latency.
傳統金融與網路基礎建設差異
你現在看到的是資料在全球網路上傳遞的不同路徑。傳統金融全部都跑在專屬、私有的高速連線上，這些速度遠遠快過公用網際網路。舉個例子，如果你人在新加坡，用 Polymarket、Hyperliquid 或 Kalshi 交易，總有人比你快，因為他們用的是更好的基礎設施，像是私有光纖、AWS 主幹網，甚至是 DoubleZero Network。So what do you see here? You see different pathways that data moves across the internet and the world today. All of traditional finance runs on private, dedicated, high-speed connectivity that is significantly faster than the public internet. This is a good visualization here. If you're in Singapore and you're trading on Polymarket, or you're trading on Hyperliquid, or you're trading on Kalshi, there are people who are faster than you. They have better infrastructure. They're using private fiber systems. They're using the AWS backbone. They're using the double zero network.
我們的核心理念就是要讓這種高效能基礎設施變得人人可用。就像十年前雲端運算一樣，原本只有大公司才用得起的高效能伺服器，現在只要有信用卡就能用。你可以在 45 秒內開 40 台伺服器，這就是雲端革命。我們現在要做的，就是把這種高速連線的革命帶到網路基礎設施上。And one of the whole premises behind this is that we need to open up access to this type of high-performance infrastructure. The same way that a decade ago, the cloud took something that used to be extremely inaccessible, high-performance servers in a data center, made it accessible to anyone with a credit card. You can get 40 servers in 45 seconds, and that was the cloud revolution. We're doing the exact same thing here for high-speed connectivity that the cloud did for high-speed compute.
延遲與穩定性：不只是速度
但這不只是比公用網路快而已。大家最常關注的是延遲，尤其是高頻交易公司，但其實還有一個很重要的因素：穩定性，也就是 jitter（抖動）。如果你不是高頻交易圈的人，可能沒聽過 jitter，它指的是網路連線在一段時間內的穩定度。But there's more to the story than just going faster than the public internet. Latency is the piece that most people pay attention to when they're looking at high-frequency trading firms, but it goes beyond that too. Consistency is one big component of this as well. And so this is where jitter really matters. And jitter is something that most people haven't heard of if they're not involved in high-frequency trading. It is the consistency of a network connection across a period of time.
這裡有一張我們實際測量的圖表，顯示洛杉磯和新加坡兩條公用網路連線 24 小時的延遲變化，還有 DoubleZero Network 的比較。你會看到公網的延遲變化很大，有時 250 毫秒，有時 400 毫秒，甚至中午時段還會因為 ISP 換海底電纜，導致延遲突然變慢。但 DoubleZero Network 的藍線始終穩定，這對於像 10/10 那種閃崩事件特別重要，因為那時連歐洲的公網速度都被影響了。So what you see here is actually a real chart we took from 24 hours of measuring on two different public internet links between Los Angeles and Singapore. We compare that to the double zero network. So what do you see? You see all of this variation. This is a scatter plot chart. So when you ping a server, and if you grew up playing video games, you know you live and die based on your ping. Your ping changes, right? Sometimes it's 250 milliseconds, sometimes it's 350 milliseconds, there's a few up at 400, and you can see right here in the middle of the day, around 3:30 in the afternoon. The internet service provider that we were running this test on actually switched to a different subsea cable system. They routed your data over a different cable under the ocean floor. It was a slower one, and so you see this whole period in the middle of the day, and then we go back down on the other side. What's the blue line on the bottom? That's the double zero network. It is consistently fast in all network conditions, and this was really important on something like 10.10. But we saw the Flash crash actually impacting the speed of public internet in Europe.
基礎設施落差與 DoubleZero Network
傳統金融不用擔心這些問題，因為他們有專屬的高效能網路。造市商在中心化交易所都有專線，這個基礎設施落差非常巨大，不只是延遲，還有 jitter。還有一點，很多高頻交易公司根本不是用點擊交易，這點等下會再提。Traditional finance doesn't have to deal with any of this. They have dedicated high-performance networks. Market makers who are trading on centralized exchanges have dedicated high-performance access. And so the infrastructure gap is real, it's massive, and it's latency, and it is also jitter. Of course, there's one other advantage that a lot of high-frequency trading firms have. They're not click trading, and we'll get back to that in a second.
那什麼是 DoubleZero Network？它是一個由區塊鏈智慧合約驅動的全球高效能光纖網路，目前有 15 家不同公司在全球各地營運這個網路。這些公司有很多是加密圈或傳統金融圈的知名名字，包括最大型的高頻交易公司，也有很多是區塊鏈驗證者的基礎設施供應商。But what is the Double Zero Network? It is a high-performance global fiber network powered by blockchain smart contracts that is run by 15 different companies all around the world. These are just some of the companies that operate infrastructure on the Double Zero Network today. Many of these are well-known crypto names. Many of these are well-known TradFi names. We have some of the largest high-frequency trading firms involved, as well as some of the main places that people run blockchain validator systems today.
DoubleZero 的發展與現況
DoubleZero 這個專案大約兩年前開始，主網上線也超過一年了。現在我們為超過 60% 的 Solana 網路提供連線，全球有超過 2,100 個連線和使用者，連接的價值大約 320 億美元。全球有超過 90 個 DoubleZero 裝置節點。你可以到 doublezero.xyz/dashboard，即時看到每一個連線的地圖，這比任何公用網路服務商都還要透明。So where has kind of Double Zero been over its journey? The project is about two years old. We launched our mainnet just over a year ago, and we provide connectivity for over 60% of the Solana network today. There's over 2,100 different connections and users on the Double Zero network, which represents about $32 billion of value connected into that ecosystem. And there's over 90 different entry points, Double Zero devices, all around the world. You can go to doublezero.xyz slash dashboard, and you can actually see a map in real time of every connection on the Double Zero network. This is significantly more transparency and accountability than any public internet service provider provides.
大家要記得，公用網路其實不是什麼外太空的東西，它其實都在海底，而且高度集中，只由少數幾家公司營運。你家裡能選的 ISP 其實沒幾家。像伊朗斷網時，所有 Ethereum 驗證者都斷線了，不管系統多去中心化，Bitcoin 礦工也一樣。所以我們要思考，真正的效能和可靠性是什麼。This is like a thing to remember, is that the public internet, we think of it as this magical thing out in outer space. Well, first off, it's not in outer space. It's actually under the ocean. But it is centralized. It's only run by a few companies. And how many ISPs can you actually get in your house? Not that many. When Iran went offline, every single validator in Ethereum went offline. Doesn't matter how decentralized the system was, every Bitcoin miner as well. So we kind of look at these things, you have to decide what are we really looking at in terms of performance, in terms of reliability.
DoubleZero 實際應用與資料優勢
現在，Solana、Celestia、Kalshi、Hyperliquid 的資料都走 DoubleZero Network。今天我們有超過 2,000 條連線，提供 Phoenix（Solana 上的永續合約協議）最快的資料饋送，也有 Solana 原生資料 shreds，這些都是組成 Solana 區塊的微型元件。我們也提供 Kalshi 的完整二級市場資料，還有 Hyperliquid 的完整四級市場資料，包含所有掛單、訂單簿深度，全部用 multicast 傳送，這比任何公用 API 都還完整。And so today, Solana, Celestia, Kalshi, Hyperliquid Data all moves over the double zero network. And so what does this look like today? So again, we have over 2,000 different connections into the Double Zero network today. We offer the fastest feeds for Phoenix, which is a perp stack on Solana. Raw Solana shreds as well. These are the sort of micro components that make up a Solana block. We offer full level two data from Kalshi today. So if you're trading on Kalshi, you can look at every single instrument that's coming in. You can trade all those instruments, and for Hyperliquid, we have the complete level four data for native markets and HIP-3 markets, every instrument, every resting order, full order book depth delivered to you over multicast. This is more data than you can get from any of the public APIs, and we beat about 97.6% of the time relative to any other data provider.
這之所以做得到，除了我們有特殊的資料來源，最關鍵的是 DoubleZero 光纖網路讓我們不用經過公用網路，也不用經過 AWS 的主幹或資料中心。這讓 Web3 交易者有機會縮小與高頻交易公司的差距。雖然現在還有很大落差，但隨著 AI 的進步，這個差距會越來越小。再過六個月，大家都能寫自己的高頻交易策略，吸收比人腦還多的資料，這就是交易的下一個階段。And this is because of a few things. One, we have some special sauce in sourcing. But in two, the 00 Fiber network means that we're not moving this over the public internet. We're not moving this through AWS's backbone and AWS's data centers. And so in doing this, we really enable Web3 traders and to close the gap. There's still a massive performance gap between what happens in a high-frequency trading firm. And what happens in a, you know, a two- or three-man shop that's trading on something like Hyperliquid? But we're closing that gap every day, and with AI, that gap is getting even smaller. Give it six months, everybody's going to have the ability to code up their own high-frequency trading firm with custom trading strategies that can absorb more data than any human could possibly comprehend. And that is the next phase of trading.
AI 交易時代與資料開放
未來交易會從傳統的交易終端、點擊交易，轉向用自然語言描述策略，讓 AI agent 直接存取四級資料，幫你自動找機會、做決策。但這裡還有一塊我們一直在努力，就是 DoubleZero Edge。今天開始，DoubleZero Edge 也能提供 Binance 訂單簿資料。對造市商來說，早就有快速資料源，但對一般散戶或做跨平台套利的使用者，Binance 依然是主要的價格發現場所。現在任何人都可以到 doublezero.xyz 訂閱這些資料，連接到你的 AI agent 或交易系統，馬上開始交易。It's going from trading terminals and click trading to describing your trading strategy, giving your AI agent full access to this level four data on all of these exchanges, and having it make opportunities and decisions for you. But there's something missing here that we've been working on for a while. So Double Zero Edge, as of today, actually now carries Binance order book data as well. If you're a market maker and you're already co-locating with these exchanges, you already have a fast feed of access to it. But if you're a retail trader, if you are doing cross-venue arbitrage, Binance is the main venue where price discovery occurs today for crypto assets. Hyperliquid's given it a run, but today Binance is still the home of most of this price discovery. And so we're really happy to have Binance data flowing over the Double Zero network. Anybody can now go to doublezero.xyz and subscribe to this data, hook it up to your AI agent, hook it up to your trading system, and start trading today.
資料分級與分發的現實
Web3 雖然大多數資料都開放，但其實並不完整。無論你是中心化還是去中心化交易所，訂單簿雖然可查，但完整的資料饋送在公用網路上根本拿不到。大多數交易所都有分級制度，只有 VIP 才能拿到更快、更完整的資料，因為資料分發很難、很貴。傳統市場像 NYSE、Nasdaq 都靠私有光纖和專線解決，但大多數加密交易所甚至 DEX，底層還是 Web2 架構，雲端本來就不是為高效能即時應用設計的。There's a bit more we want to talk about today in the next five minutes. So, today Web3 gives away most of its data, but it doesn't give away complete data. If you run a trade venue, whether it's a centralized trading venue or a decentralized venue, your book is reachable, but that full feed of all data is not consumable over the public internet today. You'll notice that most exchanges have tiers. You have to be in some sort of VIP premium tier to not only get faster access to data, but more complete access to more complete data. Why is that? Because data distribution is difficult and it's expensive. So in NYSE and NASDAQ and traditional markets, this is all solved by private fiber and interconnects. But most of crypto exchanges today, and actually even most, like, decentralized exchanges, are fundamentally built on Web2 infrastructure. The cloud was never built for high-performance applications. It was built for high-performance asynchronous applications. Real-time financial markets are just not something that this was ever architected for.
現在如果你透過公用網路、WebSocket 連線拿資料，資料會從撮合引擎經過 CDN 主幹、CDN 邊緣，再到你手上，每多一個連線就多一層負擔。所以 VIP 使用者才能拿到更快、更完整的資料，散戶只能看到部分資料，這對點擊交易還勉強夠用，但這個時代很快就要結束了，六個月後點擊交易幾乎會消失，這其實很令人興奮。So this is what it looks like today if you are getting data over the public internet over WebSocket connections. The data is coming from the matching engine. It's going to a CDN backbone. It's going to a CDN edge. It's traveling over the public internet, and each additional connection is a tax on that CDN layer. This is why, if you're in a VIP trading tier in most exchanges, you get faster and more complete data. And if you're a retail user, you're just kind of sucking in a little bit of data. You can't watch every instrument. That's okay if you're a click trader, right? If you're clicking buttons in a user interface, that may actually be sufficient for you. But that world is over, right? The world of click trading, we are six months from that being pretty much gone forever, which is, I think, something that's quite exciting.
資料分發新模式與 Multicast 技術
我們認為有更好的做法，就是直接把資料從撮合引擎透過 DoubleZero Network 分發，不再經過 CDN 主幹和邊緣。這樣我們可以用公用網路上沒有的技術，例如 multicast，這也是傳統金融分發市場資料的方式。這讓你在中心化或去中心化交易所的體驗，能跟傳統金融市場一樣快甚至更好。So we think there's a much better way to do this. And that better way is to get rid of the CDN backbone, get rid of the CDN edge. And deliver data directly from the matching engines of these trading venues, whether it's centralized or decentralized, distributed over the double zero network. And one of the perks of doing this over the double zero network is we can use technologies that are simply not available on the public internet, such as multicast, which is the way that all of traditional finance distributes market data. So this really closes the gap right now between what you experience trading on a centralized traditional trading venue and what you can experience trading even on centralized crypto exchanges, let alone decentralized exchanges as well.
現在我們已經這麼做了，Solana、Hyperliquid、Phoenix、Kalshi 的資料都用這種方式分發。不過目前這些資料饋送都是 DoubleZero Foundation 和 Malbec Labs 跟合作夥伴一起架設的。今天我們很興奮宣布 DoubleZero Edge for builders，讓這套技術變成開放、無需許可的協議，任何人都能用。And so today we do this, right? We do this for Solana, we do this for Hyperliquid data, we do this for Phoenix data, we do this for Calci, but every single one of those feeds. The DoubleZero Foundation and Malbec Labs, in partnership with these organizations, are standing up data feeds themselves. So today, we're really excited to announce DoubleZero Edge for builders. We are taking this same technology that transmits the fastest copy of the Hyperliquid order book data, and we're making it available to anybody. It's a permissionless protocolization of the core technology that runs DoubleZero today.
開放協議、成本優勢與生態系夥伴
如果你是交易所或應用開發者，現在可以直接在 DoubleZero 上部署自己的資料饋送，還能用我們現有的支付基礎設施，包括 2Z（DoubleZero 原生代幣）、穩定幣、信用卡，甚至傳統金融機構常用的 ACH。透過 DoubleZero 分發完整訂單簿資料，成本最多可以比 WebSocket 與雲端便宜 170 倍。So if you run a trading venue, if you are a centralized exchange, you can now come in, deploy a data feed on these systems. You can use the existing payment infrastructure that we built for Double Zero Edge, which includes everything. From 2Z, the double zero native token, to stablecoin payments, to credit cards, and even good old-fashioned ACH, for those of you that work for traditional financial institutions. And this can be up to 170 times cheaper to distribute your full order book data over double zero, as opposed to doing it through WebSockets and in the cloud.
目前已經有不少夥伴在用這套技術，像 Triton（Solana 生態系的頂尖 RPC 與交易基礎設施）、Elysium（Kinetic 團隊開發的 Hyperliquid L2）、Thru（一個專注於 RISC-V 架構的新 L1），還有美國和亞洲的永續合約交易所即將公布。任何應用或交易所都能用這種和 NYSE、Nasdaq 同等級的技術分發市場資料。And these are just a few of the companies that we have. Building on this today, so Triton is one of the premier RPC and trade infrastructure providers in the Solana ecosystem. Elysium is the hyperliquid L2 that's being developed by the team at Kinetic. Thru is a new layer one blockchain focused on a risk-five architecture system. And then we have a U.S. perp-based exchange and an Asia perp-based exchange that we will be announcing soon. So the whole concept of this is any application or exchange can now distribute their data using technology that's on par with the way that NYSE and NASDAQ distribute market data.
市場資料決定市場速度
市場的速度取決於市場資料的速度。你拿不到資料，市場就動不起來。10/10 閃崩時，市場資料塞車，大家都不敢下單，因為不確定資料是不是延遲、是不是完整，這對維持流動性非常關鍵。即使現在，中心化交易所之間的價格還常常差 40-50 個基點，這對使用者很不利。造市商想報更緊的價，但沒有足夠精確的資料就做不到。And markets move at the speed of market data. If you can't get market data, markets don't move. And we saw this on 10/10. The flash crash of 10/10 was as much a market data crunch as it was anything else. Nobody felt confident making trades because they couldn't trust the market data they were getting from exchanges because they weren't sure if it was delayed. They couldn't get a complete view of what was going on in the market. This is deeply important in traditional finance for traditional markets to maintain liquidity. We still today see sometimes 40 to 50 basis points of difference between pricing on various centralized exchanges. This hurts users. This is not good for them. Market makers would like to quote tighter, but they lack the specificity of data to actually quote tighter.
AI 交易普及與未來展望
再過幾個月，零售交易者的 AI 交易程式會越來越多，雖然現在 AI 還沒快到能自己下單，但這很快就會改變。交易的 alpha 一直來自人類的創意，不是公司本身。DoubleZero Edge for builders 正在縮小這個差距，未來任何有想法的人都能用 LLM 描述策略，LLM 直接從 DoubleZero 拿資料開始交易。我們已經看到 Kalshi 上的交易者在 CPI 預測上打敗傳統華爾街公司。這就是交易的未來，也是加密市場資料的未來：效能、開源、可驗證，doublezero.xyz。謝謝大家！And so, again, coming back to the AI component of this too, within a few months, probably within six months, the majority of trading taking place from retail, AI is still too slow to do the trading itself, but that's changing. But you're going to have trade programs being built by AI agents. The alpha has always been with the human ingenuity. It's not necessarily with the trading firm, but we're opening this gap up. Right now, there's a massive gap. Double zero with edge for builders. We're making that gap even smaller. And so what we're going to see in the future is a world where when anybody who has an idea for a trade, idea for alpha, can go, they can describe that to an LLM. The LLM can go get a feed from DoubleZero, and you can start trading. We've seen this already on Kalshi, where traders on Kalshi are beating traditional Wall Street firms at CPI projection. So this is the future of trading. This is the future of crypto market data: performance, open-sourced, verifiable, DoubleZero.xyz. Thank you.
