集中式交流（CEXS）控制了人們多年來可以交易的東西。

如果在主要交易所中未列出令牌，那麼大多數用戶就不存在。當加密貨幣很小時，該系統起作用。但是今天？

Centralized exchanges (CEXs) have controlled what people can trade for years. If a token wasn’t listed on major exchanges, it didn’t exist for most users. That system worked when crypto was small. But today? It’s completely broken.

集中式交流（CEXS）控制了人們多年來可以交易的東西。如果在主要交易所中未列出令牌，那麼大多數用戶就不存在。當加密貨幣很小時，該系統起作用。但是今天？它完全破碎了。

The rise of Solana-based memecoins, the popularization of projects like Pump.fun and developments in AI-driven token creation are driving the creation of millions of new tokens each month.

基於Solana的Memecoins的興起，諸如pump..fun之類的項目的普及以及AI驅動的代幣創建中的發展正在推動每月創造數百萬個新令牌的創造。

Exchanges have not evolved to keep up. That must change. Coinbase CEO Brian Armstrong recently weighed in on the topic, saying that exchanges must shift from an allowlist model to a blocklist model, where everything is tradeable unless flagged as a scam.

交流並沒有發展為跟上。那必須改變。 Coinbase首席執行官Brian Armstrong最近對該主題進行了權衡，稱交流必須從允許列表模型轉變為排塊名單模型，除非被標記為騙局，否則一切都可以交易。

In many ways, this is the Kodak moment for CEXs. Kodak’s failure to adapt to digital photography has made it a poster child of failed strategy. Now, exchanges are faced with the same threat. The old way of doing things isn’t just slow — it’s obsolete. The real question is: What comes next?

在許多方面，這是CEXS的柯達時刻。柯達未能適應數字攝影，使其成為失敗策略的海報孩子。現在，交流面臨著同樣的威脅。舊的做事方式不僅慢了 - 它已經過時了。真正的問題是：接下來會發生什麼？

The old model is holding exchanges back

舊模型正在持續交流

CEXs were initially built to make crypto feel safe and familiar. They modeled their approach after traditional stock markets — carefully vetting every token before it could be listed. This system was designed to protect users and keep regulators happy. Crypto, however, does not function like the stock market.

CEX最初是為了使加密貨幣感到安全和熟悉。他們在傳統股票市場之後對方法進行了建模 - 在列出所有令牌之前，請仔細審查它。該系統旨在保護用戶並使監管機構感到滿意。但是，加密貨幣不像股市那樣運行。

Unlike stocks, which require months of filings and approvals before going public, anyone can create a token instantly. Exchanges simply can’t keep up. The recent launch of the TRUMP coin is a great example. It launched on Jan. 17 and immediately skyrocketed in value, but by the time it had been listed on significant CEXs, it was already past its peak.

與在公開公開之前需要數月的備案和批准的股票不同，任何人都可以立即創建一個令牌。交流根本無法跟上。特朗普硬幣最近發布就是一個很好的例子。它於1月17日推出，並立即價值猛增，但是當它已在大量的CEX上列出時，它已經超過了它的峰值。

For exchanges, this isn’t just an efficiency problem — it’s a fight for survival. The rules they were built on don’t fit crypto’s reality anymore. To compete, they must reinvent themselves before the market leaves them behind.

對於交流而言，這不僅是一個效率問題，而且是為爭取生存的鬥爭。它們建立的規則不再適合加密貨幣的現實。要競爭，他們必須在市場離開市場之前重塑自己。

CEXs shouldn’t fight DEXs

CEXS不應該與DEX戰鬥

Instead of fighting to preserve outdated listing processes, exchanges should embrace the open access of DEXs while retaining the best parts of centralized trading. Users simply want to trade, regardless of whether an asset is officially “listed.” The most successful exchanges will remove the need for listings altogether. Listing tokens faster is not enough when the future is an open-access model.

交易所不再為保存過時的清單流程而戰，而應擁抱DEX的開放訪問權限，同時保留集中式交易的最佳部分。用戶只是想交易，無論是否正式列出了資產。最成功的交流將完全消除清單的需求。當未來是一個開放訪問模型時，列表令牌更快就不夠。

This new generation of exchanges won’t just list tokens — they’ll index them in real-time. Every token created onchain will be automatically recognized, with exchanges sourcing liquidity and price feeds directly from decentralized exchanges (DEXs). Instead of waiting for manual approvals, users will have access to any asset the moment it exists.

新一代的交流不僅列出令牌 - 他們會實時索引它們。每一個代幣創建的OnChain都將自動確認，並直接從分散的交易所（DEXS）中獲得流動性和價格提要。用戶無需等待手動批准，而是可以在其存在的那一刻訪問任何資產。

Access alone isn’t enough — trading has to be seamless. Future exchanges will integrate onchain execution and embedded self-custody wallets, enabling users to purchase tokens just as easily as they do today. Features like magic spend will enable exchanges to fund self-custodial accounts on demand, converting fiat into the required onchain currency, routing trades through the best available liquidity and securing assets without users needing to manage private keys or interact with multiple platforms.

僅訪問是不夠的 - 交易必須是無縫的。未來的交流將集成OnChain的執行和嵌入式自我客戶錢包，使用戶能夠像今天一樣輕鬆地購買令牌。魔術支出等功能將使交流能夠按需資助自治帳戶，將fiat轉換為所需的OnChain貨幣，通過最佳可用流動性進行路由交易，而無需用戶即可管理私鑰或與多個平台進行交互。

Nothing will change from the user’s perspective — but everything will be different. A trader will simply click “buy,” and the exchange will handle everything in the background. They won’t know if the token was ever “listed” in the traditional sense — they wouldn’t need to know.

從用戶的角度來看，什麼都不會改變 - 但是一切都會有所不同。交易者只需單擊“買入”，交易所將處理背景中的所有內容。他們不知道令牌是否從傳統意義上“列出”了 - 他們不需要知道。

The biggest roadblock is security

最大的障礙是安全

Shifting from an allowlist to a blocklist is the first step toward a more open-access model for CEXs. Rather than deciding which tokens users can trade, exchanges would only block scams or malicious assets. While this shift makes trading more efficient, it also presents significant security and compliance challenges. Threats will constantly test the system, and effective protections must be implemented.

從允許列表轉移到區塊列表是邁向CEXS更開放訪問模型的第一步。交易所只能阻止騙局或惡意資產，而不是決定代幣用戶可以交易。儘管這種轉變使交易效率更高，但它也帶來了重大的安全性和合規性挑戰。威脅將不斷測試系統，必須實施有效的保護。

Regulators expect CEXs to enforce compliance more strictly than DEXs. Removing manual listing will require real-time monitoring to halt transactions involving high-risk assets or illicit activity. Security cannot be reactive; it must be proactive, nearly instant and automated. Open-access trading may be too risky for users and exchanges without this foundation.

監管機構期望CEXS比DEX更嚴格地執行合規性。刪除手動清單將需要實時監控，以停止涉及高風險資產或非法活動的交易。安全性不能反應性；它必須是主動的，幾乎是即時的和自動的。對於沒有這個基礎的用戶而言，開放式交易可能太冒險了。

The future is open

未來是開放的

The way CEXs operate today isn’t built for the future. A manual approval process for token listings doesn’t scale, and as DEXs continue to gain ground, the old model is becoming a competitive disadvantage.

CEXS今天的運作方式不是未來的。代幣清單的手動批准過程並沒有擴展，並且隨著DEX繼續獲得地面，舊模型正成為競爭性的劣勢。

The logical next step is moving to a blocklist model, where all tokens are tradable by default except those flagged as malicious or non-compliant. To survive, CEXs should work to replace slow, manual reviews with real-time threat detection, onchain security monitoring and compliance automation.

邏輯下一步是轉移到一個模型模型，默認情況下所有令牌都是可交易的，除非被標記為惡意或不合格的標記。為了生存，CEXS應該通過實時威脅檢測，OnChain安全監控和合規性自動化來代替緩慢的手動審查。

The exchanges that get this transition right — the ones that integrate security at the core of an open-access model — will lead the next era of crypto. The ones that don’t? They’ll be left trying to compete

使這種過渡正確的交流 - 將安全性集成到開放式模型的核心的交流將帶領下一個加密時代。那些沒有的人？他們會試圖競爭