Changpeng Zhao（CZ）增強了項目基礎知識比上市的重要性

Binance的創始人Changpeng Zhao（CZ）再次分享了他對加密貨幣市場的見解，闡明了交換清單對代幣價格的影響。

Changpeng Zhao (CZ), the founder of Binance, recently shared his thoughts on the impact of exchange listings on crypto tokens, adding another layer to the ongoing discussion among investors and analysts.

Binance的創始人Changpeng Zhao（CZ）最近分享了他對交換清單對加密代幣的影響的想法，在投資者和分析師之間正在進行的討論中增加了另一層。

Known for his candid opinions and insights into the cryptocurrency market, CZ's comments on X, formerly Twitter, reinforce a long-standing belief that a token's value should primarily be derived from the progress and development of its associated project.

CZ以坦率的意見和對加密貨幣市場的見解而聞名，CZ對X（以前為Twitter）的評論強調了一種長期以來的信念，即代幣的價值應該主要來自其相關項目的進步和發展。

With an increasing focus on decentralization and organic growth, CZ's statements serve as a valuable guidepost for traders and developers navigating the evolving crypto landscape.

隨著對權力下放和有機增長的越來越重視，CZ的聲明是交易者和開發人員導航加密貨幣景觀的寶貴指南。

One user posed a question about the role of listings in influencing token prices, noting that a strong move follows a listing, but the liquidity is usually short-term, and the price goes down again.

一位用戶提出了一個問題，說明上市在影響令牌價格中的作用，並指出列出了強勁的舉動，但流動性通常是短期的，價格再次下降。

"Is it because the hype from the listing brings in more volume at the time, but the good/bad news on the project itself drives price in the long term?" the user asked.

“這是因為清單中的炒作當時增加了更多的數量，但是從長遠來看，項目本身的好/壞消息會驅動價格嗎？”用戶問。

To this, CZ replied that while listings do help increase liquidity, their effect is generally short-term, leading to brief price movements up or down. According to CZ, a listing might trigger an immediate surge in trading activity and price.

為此，CZ回答說，儘管上市確實有助於增加流動性，但其影響通常是短期的，導致價格上漲或下降。根據CZ的說法，清單可能會引發交易活動和價格的立即激增。

However, sustainable growth depends on the project's underlying fundamentals. In other words, a project's value should be built upon innovation, utility, adoption, and continuous development rather than speculative hype generated by an exchange listing.

但是，可持續增長取決於該項目的基本面。換句話說，項目的價值應建立在創新，實用性，採用和持續發展的基礎上，而不是交換清單產生的投機性炒作。

"In the long term, prices should be determined according to the development of the project itself," CZ stated, emphasizing the importance of projects delivering on their promises and providing real-world value.

CZ表示：“從長遠來看，應根據項目本身的開發確定價格。”強調項目對承諾的重要性並提供現實世界的價值。

This perspective aligns with the broader philosophy of sustainable growth in the crypto sector.

這種觀點符合加密部門可持續增長的更廣泛的哲學。

Many altcoins have experienced temporary price spikes following a listing, only to see their value decline if the project fails to deliver meaningful updates or real-world applications.

在上市後，許多山寨幣經歷了臨時價格峰值，只是看到項目的價值下降，如果該項目未能提供有意義的更新或現實世界中的應用程序。

However, projects that prioritize technological advancements, solve pressing problems, and maintain strong community engagement tend to sustain their value and attract more investors.

但是，項目優先考慮技術進步，解決緊迫問題並保持強大的社區參與的項目往往會維持其價值並吸引更多的投資者。

Another interesting topic that CZ touched upon was the difference between the centralized and decentralized exchange models. One user asked about the criteria for listing a token on a centralized exchange like Binance in terms of the application process and the decision-making factor.

CZ談到的另一個有趣的話題是集中式交換模型和分散的交換模型之間的差異。一位用戶詢問了在申請過程和決策因素方面，在像Binance這樣的集中式交易所上列出令牌的標準。

Highlighting the benefits of decentralized exchanges (DEXs), CZ explained that all tokens can be listed on DEXs without needing permission from any central authority. This property allows users to trade any tokens they wish, making their own decisions based on the projects' fundamentals.

CZ強調了分散交易所（DEX）的好處，他解釋說，所有令牌都可以在DEX上列出，而無需任何中央當局許可。該屬性允許用戶根據項目的基本面來交易他們想要的任何代幣，並根據項目的基本面做出自己的決定。

"We don's (sic) apply to be listed on other exchanges. They make the decision. Usually no application needed for futures listings. They decide which coins they want to list in which markets. E.g. no one applied for BNB futures to be listed on Coinbase. They decided to list it," he added.

他補充說：“我們（SIC）申請在其他交易所上列出。他們做出決定。通常不需要期貨清單所需的申請。他們決定要列出哪些市場。

According to CZ, institutions like Coinbase decide which tokens they want to list in their futures markets, and in the case of BNB futures, no formal application was made for this listing. This suggests that BNB's inclusion in Coinbase's offering was a natural outcome of its development and market demand.

根據CZ的說法，像Coinbase這樣的機構決定他們想在期貨市場中列出哪些代幣，而對於BNB期貨，該清單沒有正式申請。這表明BNB將Coinbase的產品納入了其發展和市場需求的自然結果。

Coinbase is currently listing Binance Coin (BNB) in its futures market, kicking off the integration of Binance's native token into the broader institution-grade trading hub.

Coinbase目前正在其期貨市場上列出二元硬幣（BNB），從而啟動了Binance的原住民令牌集成到更廣泛的機構級交易中心。

This development is particularly noteworthy given the historical rivalry and competitive dynamics between Binance and Coinbase, two major players vying for market share in the rapidly expanding cryptocurrency industry.

鑑於Binance和Coinbase之間的歷史競爭和競爭動力，這一發展尤其值得注意，這是兩個主要參與者爭奪快速擴展的加密貨幣行業的市場份額。

Despite the narrative of friction and rivalry, the two exchanges are increasingly intersecting in their endeavors to expand trading opportunities for investors.

儘管有摩擦和競爭的敘述，但這兩個交流越來越多地與他們的努力相交，以擴大投資者的交易機會。

Coinbase's introduction of BNB futures comes as the exchange is expanding its offerings to cater to a diverse range of investors and institutions.

Coinbase介紹BNB期貨的介紹是因為交流正在擴大其產品以迎合各種投資者和機構的產品。

Coinbase's decision to include BNB futures on its platform speaks volumes about the token's standing in the cryptocurrency market.

Coinbase決定將BNB期貨在其平台上包括在內，這說明了令牌在加密貨幣市場中的地位。

It is a testament to BNB's surging popularity, which has propelled Binance to the apex of the cryptocurrency exchange hierarchy.

這證明了BNB的流行度，這已經推動了加密貨幣交易所層次結構的頂點。

Moreover, this development highlights the close ties and collaborations that exist among major crypto exchanges despite the narrative of fierce competition.

此外，這一發展強調了儘管激烈競爭的敘述，但主要加密交流之間存在著緊密的聯繫和合作。

The integration of BNB futures into Coinbase's offerings is a testament to the interconnected nature of the cryptocurrency industry.

BNB期貨與Coinbase的產品集成在一起證明了加密貨幣行業的相互聯繫。

This integration signifies the fluidity of the crypto landscape as exchanges are constantly seeking to adapt and expand their offerings to meet the evolving demands of investors and the broader market trends.

這種整合標誌著加密貨幣景觀的流動性，因為交流不斷尋求適應和擴展其產品，以滿足投資者不斷發展的需求和更廣泛的市場趨勢。

In the case of BNB, its inclusion in Coinbase's futures market is likely driven by several factors, including the token's high liquidity, strong community interest, and the growing demand for Binance's products and services.

就BNB而言，它將其納入Coinbase的期貨市場可能是由多個因素驅動的，包括令牌的高流動性，強烈的社區利益以及對二元產品產品和服務的需求不斷增長。

As the cryptocurrency industry continues to evolve at a rapid pace, it will be interesting to observe what other synergies emerge between major exchanges like Binance and Coinbase.

隨著加密貨幣行業繼續以迅速發展的速度發展，觀察Binance和Coinbase等主要交易所之間出現了其他協同作用將是很有趣的。

These exchanges play a pivotal role in providing traders with access to a wide range of digital assets and facilitating the seamless execution of trades.

這些交易所在為交易者提供廣泛的數字資產並促進交易無縫執行方面發揮著關鍵作用。

The startups, institutions, and traders who are operating within this rapidly expanding ecosystem are collectively pushing the boundaries of

在這個迅速擴展的生態系統中運營的初創公司，機構和交易員正在共同推動界限