淺談十字路口「加密烏托邦」的現狀

中心化交易所曾經是市場的統治者，現在卻捲入了不可避免的市場爭議。財富效應消退，它們成為新代幣的分流池，捲入「炒股者的新避難所」等一系列醜聞。

The trading volume of decentralized exchanges (DEXs) has reached a historic milestone, accounting for 20% of the total volume on centralized exchanges (CEXs) for the first time on January 9, 2025. This development marks a significant shift in the cryptocurrency landscape and has sparked discussions about the future of centralized and decentralized exchanges.

去中心化交易所（DEX）的交易量已達到歷史性里程碑，於2025 年1 月9 日首次佔中心化交易所（CEX）總交易量的20％。轉變，引發了關於中心化和去中心化交易所未來的討論。

Despite the challenges faced by CEXs, such as the fading wealth effect and their role in facilitating the distribution of new tokens, some CEXs have敏锐感知敏锐地 sensed the changing market winds and are beginning to adjust their strategies accordingly.Binance, the world's largest CEX, has shifted its focus to listing Meme tokens and utilizing the Alpha section of the Binance Web3 wallet to introduce innovative tokens like AIXBT, CGPT, and Cookie.

儘管CEX面臨著財富效應減弱及其在促進新代幣分配方面的作用等挑戰，但一些CEX敏銳地察覺到了市場風向的變化，並開始相應調整策略。出Meme 代幣，並利用Binance Web3 錢包的Alpha 部分引入AIXBT、CGPT 和Cookie 等創新代幣。

This change in strategy by Binance is notable considering the company's previous approach, which was largely guided by traditional financial asset management methods and often led to the listing of low-liquidity, high-FDV VC tokens, ultimately eroding trust in the exchange. However, Binance's new direction, which is aimed at catering to the crypto community's preferences for permissionless value networks and decentralized applications, seems to be paying off.

考慮到該公司先前的做法很大程度上以傳統金融資產管理方法為指導，並經常導致低流動性、高FDV 的VC 代幣上市，最終削弱了對交易所的信任，幣安的這一策略變化值得注意。然而，幣安的新方向旨在迎合加密社群對無需許可的價值網路和去中心化應用程式的偏好，似乎正在取得回報。

While Binance is pivoting towards DEXs to adapt to the changing market dynamics, other CEXs are also making their moves. OKX is focusing on developing compliant businesses in 2024 and expanding its Web3 wallet business, while Coinbase is countering the challenges posed by US policies by quickly expanding into more markets with a high frequency of token listings.

雖然幣安正在轉向 DEX 以適應不斷變化的市場動態，但其他 CEX 也在採取行動。 OKX 致力於在 2024 年發展合規業務並擴大 Web3 錢包業務，而 Coinbase 則透過快速拓展更多代幣上幣頻率的市場來應對美國政策帶來的挑戰。

Among the CEXs, LBank was one of the first to sense the winds of change and began laying out the Meme track as early as 2023. The exchange also launched a $10 million meme special fund and made significant efforts in the Meme sector in 2024, launching popular tokens like Moodeng, Goat, ACT, and Slerf, all of which achieved over 50 times growth. Compared to Gate and Bitget, LBank was bolder and better at leveraging information and timing.

在CEX中，LBank是最早嗅到變革風向的，早在2023年就開始佈局Meme賽道。力，推出了Meme賽道。比起Gate和Bitget，LBank更大膽，更善於利用資訊和時機。

During this period, there was a selection of the performance of the Meme market in 2024, including the top ten memecoins, analyzing market capitalization, market share, and meme performance in different ecosystems, as well as the performance of new infrastructures and the transformation of CEXs regarding memes, all reflecting a deep research and rigorous attitude towards memes.

期間精選了2024年Meme市場的表現，包括十大meme幣，分析不同生態系統的市值、市場份額、meme表現，以及新基建和轉型的表現。研究和嚴謹態度。

With the brand upgrade of LBank at the beginning of 2025, it seems that the exchange is not content with the status quo and is setting its sights on something bigger.

隨著2025年初LBank的品牌升級，交易所似乎不滿足於現狀，正在將目光投向更大的目標。

Recalling LBank's former CEO Eric He's discussion in 2024's Space, he repeatedly stated that in his view, Memecoins break traditional investment barriers, providing equal opportunities for all participants. Although this is a high-risk track, as he said: "This could nurture the next BTC or DOGE." Coupled with LBank's recent brand upgrade, it inevitably raises questions about whether LBank will also follow the trend of web3 wallets and engage in differentiated competition on the product front.

回憶起LBank前CEO Eric He在2024的Space中的討論，他多次表示，在他看來，Memecoins打破了傳統的投資壁壘，為所有參與者提供了平等的機會。儘管這是一條高風險賽道，但正如他所說：“這可能會孕育下一個 BTC 或 DOGE。”再加上LBank近期的品牌升級，不免讓人質疑LBank是否也會跟著web3皮夾的潮流，在產品上進行差異化競爭。

Although many CEXs are already exploring the path of Web3, such as launching services closely integrated with wallet functions, attempting to secure a place in the trend of decentralization. However, this "exchange + wallet" model, while seemingly innovative, fundamentally aims to direct CEX users into their own ecosystem rather than genuinely pursuing decentralization. For LBank, although the brand upgrade may suggest a focus on the Web3 ecosystem, based on its historical behavior, it is unlikely to simply follow the trend to "walletize."

儘管不少CEX已經在探索Web3的道路，例如推出與錢包功能緊密結合的服務，試圖在去中心化的趨勢中佔有一席之地。然而，這種「交易所+錢包」的模式雖然看似創新，但根本目的是引導CEX用戶進入自己的生態系統，而不是真正追求去中心化。對於LBank來說，雖然品牌升級可能暗示著對Web3生態的關注，但從其歷史行為來看，它不太可能簡單地跟風「錢包化」。

The discussion about CEXs and DEXs has never ceased; the essential differences between the two remain one of the core controversies in the crypto market. CEXs have dominated the past crypto market, establishing their supremacy through efficient trading systems, strong liquidity, and highly concentrated resources. However, as the concept of decentralization gradually takes root, DEXs have risen to become strong competitors to CEXs. The greatest advantage of DEXs is their decentralized nature, offering more transparency in trading, greater user control, and minimal external influence on trading information and asset flow.

關於CEX和DEX的討論從未停止過；兩者之間的本質區別仍然是加密市場的核心爭議之一。 CEX在過去的加密市場中佔據主導地位，透過高效的交易系統、強大的流動性和高度集中的資源確立了其霸主地位。然而，隨著去中心化理念的逐漸深入人心，DEX已崛起成為CEX的強大競爭對手。 DEX 的最大優勢在於其去中心化性質，提供更高的交易透明度、更大的用戶控制權以及對交易資訊和資產流動的外部影響最小。

Perhaps in the future crypto market, CEXs and DEXs will no longer be opposing poles but rather a deeply integrated ecosystem. True innovation will be the injection of decentralized elements into the efficient trading and liquidity advantages of CEXs, forming a hybrid trading model of "CEX+DEX." This model can maintain CEXs' advantages in speed, liquidity, and resource concentration while leveraging the transparency and user control of DEXs to ensure fairness and autonomy on the platform.

也許在未來的加密市場中，CEX和DEX將不再是對立的兩極，而是一個深度融合的生態系統。真正的創新，是將去中心化的元素注入到CEX的高效交易和流動性優勢中，形成「CEX+DEX」的混合交易模式。這種模式可以維持CEX在速度、流動性和資源集中度方面的優勢，同時利用DEX的透明度和使用者控制權來確保平台的公平性和自主性。

This does not mean that CEXs should abandon their traditional operating models; rather, through gradual reform, they should integrate decentralized technologies and governance into their existing structures. Specifically, CEX platforms can introduce decentralized trading pools, smart contracts, and

這並不意味著中心化交易所應該放棄傳統的營運模式；相反，他們應該透過漸進式改革，將分散的技術和治理納入現有結構。具體來說，CEX平台可以引入去中心化交易池、智能合約和