中心化交易所促進加密貨幣成長，但去中心化交易所崛起成為未來金融支柱

中心化交易所（CeFi）促進了加密貨幣的採用，但面臨透明度問題。 Consensus 2023 的小組成員認為，去中心化交易所 (DEX) 由於其透明度和智慧合約技術，將加強未來的金融體系。雖然 CeFi 仍然是大規模採用的主要途徑，但 DeFi 的開源協議帶來了監管挑戰。然而，專家預測，DeFi 最終將成為金融體系的支柱，而 CeFi 將成為通往更豐富的 DeFi 生態系統的入口。

Centralized Exchanges Facilitate Crypto Adoption, but Decentralized Exchanges Rise as Pillars of Future Financial Systems

中心化交易所促進加密貨幣的採用，但去中心化交易所崛起成為未來金融體系的支柱

At the Consensus 2023 conference, experts gathered to delve into the evolving landscape of crypto exchanges, highlighting the contrasting roles of centralized exchanges (CeFi) and decentralized exchanges (DEX). While CeFi has played a crucial role in onboarding new users to crypto, its recent failures have ignited concerns about transparency and stability. In the long run, DEXs are positioned to form the backbone of future financial systems, offering greater transparency and user control.

在 Consensus 2023 會議上，專家們齊聚一堂，深入探討加密貨幣交易所不斷發展的格局，強調了中心化交易所 (CeFi) 和去中心化交易所 (DEX) 的對比作用。儘管 CeFi 在吸引新用戶使用加密貨幣方面發揮了至關重要的作用，但其最近的失敗引發了人們對透明度和穩定性的擔憂。從長遠來看，去中心化交易所將成為未來金融系統的支柱，提供更大的透明度和使用者控制。

CeFi's On-ramp Role and Transparency Concerns

CeFi 的入口角色和透明度問題

Centralized exchanges have acted as on-ramps for mainstream crypto adoption, providing user-friendly platforms that simplify the process of buying and selling digital assets. However, their opacity has led to high-profile collapses, such as the spectacular demise of FTX. Unlike CeFi, DEXs operate on blockchain infrastructure, providing greater transparency and accountability.

中心化交易所已成為主流加密貨幣採用的入口，提供使用者友善的平台，簡化數位資產的買賣流程。然而，它們的不透明性導致了引人注目的崩潰，例如 FTX 的慘敗。與 CeFi 不同，DEX 在區塊鏈基礎設施上運行，提供更大的透明度和問責制。

Transparency and Control in Decentralized Finance

去中心化金融的透明度和控制

"If my grandparents wanted to buy bitcoin, are they going to download MetaMask, figure out how to hold their own keys and all that? Probably not," said Nathan Cha, marketing lead at crypto derivative exchange dYdX. This highlights the challenges of mass crypto adoption, especially for less tech-savvy users.

加密衍生性商品交易所 dYdX 的行銷主管 Nathan Cha 表示：“如果我的祖父母想購買比特幣，他們會下載 MetaMask，弄清楚如何持有自己的金鑰等等嗎？可能不會。”這凸顯了大規模採用加密技術所面臨的挑戰，尤其是對於不太懂技術的使用者而言。

Sidney Powell, CEO of crypto lender Maple Finance, emphasized the stark contrast between CeFi and DeFi in terms of transparency. "Effectively, it was a private ledger," Powell said, referring to failed CeFi platforms like BlockFi and Celsius Network. In contrast, DeFi platforms like Aave, Compound, and Maple provide granular visibility into the movement of funds, as all transactions are recorded on the blockchain.

加密貨幣借貸公司 Maple Finance 執行長 Sidney Powell 強調了 CeFi 和 DeFi 在透明度方面的鮮明對比。鮑威爾說：「實際上，這是一個私人分類帳。」他指的是 BlockFi 和攝氏網路等失敗的 CeFi 平台。相比之下，Aave、Compound 和 Maple 等 DeFi 平台提供了資金流動的精細可見性，因為所有交易都記錄在區塊鏈上。

Smart Contracts and the Future of Finance

智能合約與金融的未來

Powell stressed the fundamental difference between CeFi and DeFi: "The core difference ... is ... self-custody. But more than that, from a technology perspective it's the use of smart contracts and a blockchain to actually operate the business." Smart contracts, self-executing agreements stored on the blockchain, automate processes, enhance security, and provide greater efficiency.

鮑威爾強調了 CeFi 和 DeFi 之間的根本區別：“核心區別……是……自我託管。但更重要的是，從技術角度來看，它是使用智能合約和區塊鏈來實際運營業務。”智慧合約、儲存在區塊鏈上的自動執行協議可以實現流程自動化、增強安全性並提高效率。

CeFi's Regulatory Advantage

CeFi的監理優勢

Despite the transparency advantages of DeFi, CeFi still holds a regulatory edge. "CeFi has an advantage in the sense that their business model, with clear control persons, is reflected in kind of the regulatory infrastructure that we currently have," explained Salman Banaei, head of policy at Uniswap Labs. This makes it easier for CeFi to comply with existing securities, commodities, and banking laws.

儘管 DeFi 具有透明度優勢，但 CeFi 仍擁有監管優勢。 Uniswap 實驗室政策主管 Salman Banaei 解釋說：“CeFi 的優勢在於，他們的商業模式具有明確的控制人，這反映在我們目前擁有的監管基礎設施中。”這使得 CeFi 更容易遵守現有的證券、商品和銀行法。

DeFi's Long-Term Potential

DeFi 的長期潛力

While CeFi may retain its dominance for on-boarding new users in the short term, DEXs are poised to become the primary infrastructure for the financial system of the future. Over time, DEXs will provide a more robust, transparent, and user-controlled environment.

雖然 CeFi 可能會在短期內保持其在吸引新用戶方面的主導地位，但 DEX 有望成為未來金融體系的主要基礎設施。隨著時間的推移，DEX 將提供更強大、透明和使用者控制的環境。

"DeFi kind of becomes the backbone for a new economy, while CeFi kind of plays – continues to play – that kind of on-ramp role into this much richer DeFi-based environment," Banaei concluded.

Banaei 總結道：“DeFi 成為新經濟的支柱，而 CeFi 則扮演著（並將繼續扮演）進入這個更豐富的基於 DeFi 的環境的入口角色。”

Conclusion

結論

Centralized exchanges have played a pivotal role in driving early crypto adoption, but their transparency shortcomings have exposed their vulnerabilities. Decentralized exchanges, with their emphasis on transparency, self-custody, and smart contract automation, are poised to reshape the future of finance, providing the foundational framework for a more secure, efficient, and equitable financial system.

中心化交易所在推動早期加密貨幣採用方面發揮了關鍵作用，但其透明度缺陷暴露了其漏洞。去中心化交易所強調透明度、自我託管和智慧合約自動化，並有望重塑金融的未來，為更安全、高效和公平的金融體系提供基礎框架。