加密的建立原則正在生存 - 機構

該社論來自上週的《評論新聞》一周。訂閱每週的新聞通訊，以獲取第二個新聞通訊。

In a surprising twist, it’s not the crypto participants but Wall Street giants who are now championing decentralization, transparency, and immutability.

令人驚訝的是，不是加密參與者，而是華爾街巨人，他們現在倡導了權力下放，透明度和不變性。

This editorial is from last week’s edition of the Week in Review newsletter. Subscribe to the weekly newsletter to get the editorial the second it’s finished.

該社論來自上週的《評論新聞》一周。訂閱每週的新聞通訊，以獲取第二個新聞通訊。

Crypto’s Founding Principles Are Being Kept Alive—By Institutions

加密的建立原則正在生存 - 機構

The world is wrestling with Trump’s on-and-off tariffs and their attendant side effects, such as retaliatory tariffs, whipsawing markets, and what appears to be trouble in the U.S.’s sovereign bond market. The speed with which this is all happening is dizzying, and makes commenting on it feel futile. A day later, the world can look very different

世界正在與特朗普的現場關稅及其隨之而來的副作用搏鬥，例如報復性關稅，鞭打市場以及在美國主權債券市場中似乎有麻煩的。這一切發生的速度令人眼花，亂，對它的評論感到徒勞。一天后，世界看起來會大不相同

So instead, I’m going to write about a slower-moving trend I’ve noticed the past couple of months: As large swaths of crypto increasingly come to resemble Sodom and Gomorrah, traditional financial institutions are embracing crypto, and it seems for the right reasons.

因此，相反，我將寫下過去幾個月我注意到的較慢的趨勢：隨著大量加密貨幣越來越類似於Sodom和Gomorrah，傳統的金融機構正在擁抱加密貨幣，並且出於正確的理由。

Traditional finance institutions, historically cautious or even dismissive of crypto, are championing foundational crypto ideals—decentralization, transparency, and immutability—while many newer crypto enthusiasts, those entering post-2020, have largely abandoned these very principles in favor of pure speculation and profit-driven motives.

傳統的財務機構（歷史上謹慎甚至不屑一顧）倡導基礎加密理想（中央化，透明度和不變性），雖然許多新的加密愛好者，即2020年以後進入的加密熱戀者，在很大程度上放棄了這些非常原則，以支持純粹的推測和盈利動機。

Institutional figureheads now regularly extol crypto’s revolutionary qualities. They stress the benefits of decentralization to improve security, transparency to foster trust, and immutability to protect against fraud. This rhetoric aligns them closer to the OG crypto userbase than today’s typical crypto participant.

現在，機構figureheads定期將艾爾多（Crypto）的革命品質。他們強調了權力下放的好處，以提高安全性，促進信任的透明度以及防止欺詐行為的不變性。這種言論使他們比當今的典型加密參與者更靠近OG加密用戶群。

Take for example Blackrock’s Head of Digital Assets Robbie Mitchnick, who recently said at the Digital Asset Summit about why Blackrock started with Ethereum for BUIDL, a tokenized money market fund.

以貝萊德（BlackRock）的數字資產負責人羅比·米奇尼克（Robbie Mitchnick）為例，他最近在數字資產峰會上說了為什麼貝萊德（BlackRock）從以太坊（Ethereum for Ethereum）開始，這是一個標記的貨幣市場基金Buidl。

There was no question that the blockchain we would start our tokenization on would be Ethereum and that’s not just a Blackrock thing. That’s the natural default answer. That’s really important… Clients have clearly made the choice that they really do value decentralization, credibility, and security. And that is a great advantage that Ethereum continues to have.

毫無疑問，我們將啟動的區塊鏈開始，這是以太坊，這不僅僅是塗黑石。那是自然的默認答案。這確實很重要……客戶顯然已經選擇了他們確實確實重視權力下放，信譽和安全性。這是以太坊繼續擁有的巨大優勢。

Conversely, it seems to me that most recent crypto entrants are defined primarily by their skepticism and speculative appetite. A kind of crypto nihilism. There are of course many reasons for this, but one certainly comes from a string of failures, or perceived failures, within the crypto industry. Setting aside the world-class fraudsters like SBF, Richard Heart, and Do Kwon, even good decentralized projects have had troubles.

相反，在我看來，最近的加密參賽者主要是由他們的懷疑和投機性的食慾來定義。一種加密虛無主義。當然，有很多原因，但是當然，一個肯定來自加密行業中的一系列失敗或感知的失敗。拋開SBF，Richard Heart和Do Kwon等世界一流的欺詐者，即使是良好的分散項目也遇到了麻煩。

Ethereum is probably the most well-known one. In 2016, a vulnerability in The DAO, an early decentralized investment fund, allowed an attacker to drain around $60 million worth of ETH. In response, the Ethereum community, led by Vitalik Buterin, voted to execute a controversial hard fork to reverse the hack and return the funds. Essentially, they rolled back the chain, immutability be damned.

以太坊可能是最著名的。 2016年，早期分散投資基金DAO的脆弱性使攻擊者能夠耗盡價值6000萬美元的ETH。作為回應，由Vitalik Buterin領導的以太坊社區投票決定執行有爭議的硬叉，以扭轉黑客攻擊並退還資金。從本質上講，他們向後滾動鏈，該死的不變性。

Many other decentralized projects have struggled to deliver on their decentralization promises. MakerDAO’s decentralized DAI stablecoin became largely backed by centralized stablecoins after the March 2020 market puke, undermining its claims to censorship resistance. Layer-2 solutions often function as glorified multi-signature wallets, where a handful of individuals retain control. Solana’s repeated network halts and manual restarts have challenged the credibility of its decentralization claims. More recently, Hyperliquid delisted a token at a price far below the current market price after an attacker attempted to exploit an illiquid market on the exchange. All of this ostensibly makes it seem like crypto boasts of decentralization while in reality not caring about it.

許多其他分散的項目都在努力實現其權力下放的承諾。在2020年3月的市場Puke之後，Makerdao的分散式Dai Stablecoin在很大程度上得到了集中式Stablecoins的支持，這破壞了其對審查制度抵抗的主張。第2層解決方案通常充當榮耀的多簽名錢包，其中少數個人保留控制。索拉納（Solana）反复的網絡停止和手動重新開始挑戰了其權力下放主張的信譽。最近，在攻擊者試圖利用交易所不流動的市場之後，Hyplliquid以遠低於當前市場價格的價格脫穎而出。所有這些表面上都使它看起來像是加密貨幣的權力下放，而實際上並不關心它。

This shift in crypto culture is also massively influenced by broader shifts in sentiment. Faced with economic disenchantment, widespread institutional mistrust, and deep financial insecurity, young people increasingly see stock trading, real estate, and crypto as a means to escape what appears to be a rigged system. From this perspective, foundational crypto ideals such as immutability can seem naïve or even irrelevant.

加密文化的這種轉變也受到情緒更廣泛的轉變的極大影響。面對經濟上的不滿，廣泛的機構不信任和深厚的財務不安全感，年輕人越來越多地將股票交易，房地產和加密貨幣視為逃避似乎是一種操縱系統的手段。從這個角度來看，基礎加密理想（例如不變性）似乎是幼稚甚至無關緊要的。

On the other hand, traditional financial institutions entering crypto come from a completely different vantage point. First of all, they don’t have a get-rich-quick attitude–they’re already filthy rich. They are looking for and investing in crypto projects that will be value-creating, not extractive.

另一方面，進入加密貨幣的傳統金融機構來自一個完全不同的角度。首先，他們沒有充實的態度 - 他們已經很骯髒。他們正在尋找並投資於將有價值而不是提取的加密項目。

Second, they’ve got a low time preference, meaning they measure investments in years and decades. On that timescale you can see crypto is real innovation promising substantial practical benefits. They don’t get frustrated by the seeming lack of progress in the past couple of years, because they can see the tremendous progress made in 16 years.

其次，他們具有較低的時間偏好，這意味著它們在數年和幾十年中衡量投資。在那個時間表上，您可以看到加密貨幣是真正的創新，這有望獲得實質性的實際好處。在過去的幾年中，似乎缺乏進步，他們不會感到沮喪，因為他們可以看到16年來取得的巨大進步。

Third, these institutions are more pragmatic. They understand that decentralization can take time to achieve, look at the decentralization progress of Ethereum since the hard fork, Solana’s much improved validator set, and the fact that Hyper

第三，這些機構更務實。他們知道，由於堅硬的叉子，索拉納（Solana）的驗證器大大改進，以及超級事實，即以太坊的權力進步可能需要時間才能實現，查看以太坊的權力進步