集中式交流（CEXS）控制了人们多年来可以交易的东西。

如果在主要交易所中未列出令牌，那么大多数用户就不存在。当加密货币很小时，该系统起作用。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）控制了人们多年来可以交易的东西。如果在主要交易所中未列出令牌，那么大多数用户就不存在。当加密货币很小时，该系统起作用。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.

基于Solana的Memecoins的兴起，诸如pump..fun之类的项目的普及以及AI驱动的代币创建中的发展正在推动每月创造数百万个新令牌的创造。

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.

交流并没有发展为跟上。那必须改变。 Coinbase首席执行官Brian Armstrong最近对该主题进行了权衡，称交流必须从允许列表模型转变为排块名单模型，除非被标记为骗局，否则一切都可以交易。

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?

在许多方面，这是CEXS的柯达时刻。柯达未能适应数字摄影，使其成为失败策略的海报孩子。现在，交流面临着同样的威胁。旧的做事方式不仅慢了 - 它已经过时了。真正的问题是：接下来会发生什么？

The old model is holding exchanges back

旧模型正在持续交流

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最初是为了使加密货币感到安全和熟悉。他们在传统股票市场之后对方法进行了建模 - 在列出所有令牌之前，请仔细审查它。该系统旨在保护用户并使监管机构感到满意。但是，加密货币不像股市那样运行。

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.

与在公开公开之前需要数月的备案和批准的股票不同，任何人都可以立即创建一个令牌。交流根本无法跟上。特朗普硬币最近发布就是一个很好的例子。它于1月17日推出，并立即价值猛增，但是当它已在大量的CEX上列出时，它已经超过了它的峰值。

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.

对于交流而言，这不仅是一个效率问题，而且是为争取生存的斗争。它们建立的规则不再适合加密货币的现实。要竞争，他们必须在市场离开市场之前重塑自己。

CEXs shouldn’t fight DEXs

CEXS不应该与DEX战斗

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.

交易所不再为保存过时的清单流程而战，而应拥抱DEX的开放访问权限，同时保留集中式交易的最佳部分。用户只是想交易，无论是否正式列出了资产。最成功的交流将完全消除清单的需求。当未来是一个开放访问模型时，列表令牌更快就不够。

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.

新一代的交流不仅列出令牌 - 他们会实时索引它们。每个创建的on链的代币都将自动认可，并直接从分散交易所（DEX）的交易所获得流动性和价格提要。用户无需等待手动批准，而是可以在其存在的那一刻访问任何资产。

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.

仅访问是不够的 - 交易必须是无缝的。未来的交流将集成OnChain的执行和嵌入式自我客户钱包，使用户能够像今天一样轻松地购买令牌。魔术支出等功能将使交流能够按需资助自治帐户，将fiat转换为所需的OnChain货币，通过最佳可用流动性进行路由交易，而无需用户即可管理私钥或与多个平台进行交互。

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.

从用户的角度来看，什么都不会改变 - 但是一切都会有所不同。交易者只需单击“买入”，交易所将处理背景中的所有内容。他们不知道令牌是否从传统意义上“列出”了 - 他们不需要知道。

The biggest roadblock is security

最大的障碍是安全

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.

从允许列表转移到区块列表是迈向CEXS更开放访问模型的第一步。交易所只能阻止骗局或恶意资产，而不是决定代币用户可以交易。尽管这种转变使交易效率更高，但它也带来了重大的安全性和合规性挑战。威胁将不断测试系统，必须实施有效的保护。

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.

监管机构期望CEXS比DEX更严格地执行合规性。删除手动清单将需要实时监控，以停止涉及高风险资产或非法活动的交易。安全性不能反应性；它必须是主动的，几乎是即时的和自动的。对于没有这个基础的用户而言，开放式交易可能太冒险了。

The future is open

未来是开放的

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今天的运作方式不是未来的。代币清单的手动批准过程并没有扩展，并且随着DEX继续获得地面，旧模型正成为竞争性的劣势。

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.

逻辑下一步是转移到一个模型模型，默认情况下所有令牌都是可交易的，除非被标记为恶意或不合格的标记。为了生存，CEXS应该通过实时威胁检测，OnChain安全监控和合规性自动化来代替缓慢的手动审查。

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

使这种过渡正确的交流 - 将安全性集成到开放式模型的核心的交流将带领下一个加密时代。那些没有的人？他们会试图竞争