中心化交易所促进加密货币增长，但去中心化交易所崛起成为未来金融支柱

中心化交易所（CeFi）促进了加密货币的采用，但面临透明度问题。 Consensus 2023 的小组成员认为，去中心化交易所 (DEX) 由于其透明度和智能合约技术，将加强未来的金融体系。虽然 CeFi 仍然是大规模采用的主要途径，但 DeFi 的开源协议带来了监管挑战。然而，专家预测，DeFi 最终将成为金融体系的支柱，而 CeFi 将成为通往更丰富的 DeFi 生态系统的入口。

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

中心化交易所促进加密货币的采用，但去中心化交易所崛起成为未来金融系统的支柱

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 会议上，专家们齐聚一堂，深入探讨加密货币交易所不断发展的格局，强调了中心化交易所 (CeFi) 和去中心化交易所 (DEX) 的对比作用。尽管 CeFi 在吸引新用户使用加密货币方面发挥了至关重要的作用，但其最近的失败引发了人们对透明度和稳定性的担忧。从长远来看，去中心化交易所将成为未来金融系统的支柱，提供更大的透明度和用户控制。

CeFi's On-ramp Role and Transparency Concerns

CeFi 的入口角色和透明度问题

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.

中心化交易所已成为主流加密货币采用的入口，提供用户友好的平台，简化数字资产的买卖流程。然而，它们的不透明性导致了引人注目的崩溃，例如 FTX 的惨败。与 CeFi 不同，DEX 在区块链基础设施上运行，提供更大的透明度和问责制。

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.

加密衍生品交易所 dYdX 的营销主管 Nathan Cha 表示：“如果我的祖父母想购买比特币，他们会下载 MetaMask，弄清楚如何持有自己的密钥等等吗？可能不会。”这凸显了大规模采用加密技术所面临的挑战，尤其是对于不太懂技术的用户而言。

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.

加密货币借贷公司 Maple Finance 首席执行官 Sidney Powell 强调了 CeFi 和 DeFi 在透明度方面的鲜明对比。鲍威尔说：“实际上，这是一个私人分类账。”他指的是 BlockFi 和摄氏度网络等失败的 CeFi 平台。相比之下，Aave、Compound 和 Maple 等 DeFi 平台提供了资金流动的精细可见性，因为所有交易都记录在区块链上。

Smart Contracts and the Future of Finance

智能合约和金融的未来

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.

鲍威尔强调了 CeFi 和 DeFi 之间的根本区别：“核心区别……是……自我托管。但更重要的是，从技术角度来看，它是使用智能合约和区块链来实际运营业务。”智能合约、存储在区块链上的自动执行协议可以实现流程自动化、增强安全性并提高效率。

CeFi's Regulatory Advantage

CeFi的监管优势

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.

尽管 DeFi 具有透明度优势，但 CeFi 仍然拥有监管优势。 Uniswap 实验室政策主管 Salman Banaei 解释说：“CeFi 的优势在于，他们的商业模式具有明确的控制人，这反映在我们目前拥有的监管基础设施中。”这使得 CeFi 更容易遵守现有的证券、商品和银行法。

DeFi's Long-Term Potential

DeFi 的长期潜力

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.

虽然 CeFi 可能会在短期内保持其在吸引新用户方面的主导地位，但 DEX 有望成为未来金融体系的主要基础设施。随着时间的推移，DEX 将提供更加强大、透明和用户控制的环境。

"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 总结道：“DeFi 成为新经济的支柱，而 CeFi 则扮演着（并将继续扮演）进入这个更加丰富的基于 DeFi 的环境的入口角色。”

Conclusion

结论

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.

中心化交易所在推动早期加密货币采用方面发挥了关键作用，但其透明度缺陷暴露了其漏洞。去中心化交易所强调透明度、自我托管和智能合约自动化，有望重塑金融的未来，为更安全、高效和公平的金融体系提供基础框架。