Changpeng Zhao（CZ）增强了项目基础知识比上市的重要性

Binance的创始人Changpeng Zhao（CZ）再次分享了他对加密货币市场的见解，阐明了交换清单对代币价格的影响。

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的创始人Changpeng Zhao（CZ）最近分享了他对交换清单对加密代币的影响的想法，在投资者和分析师之间正在进行的讨论中增加了另一层。

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以坦率的意见和对加密货币市场的见解而闻名，CZ对X（以前为Twitter）的评论强调了一种长期以来的信念，即代币的价值应该主要来自其相关项目的进步和发展。

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.

随着对权力下放和有机增长的越来越重视，CZ的声明是交易者和开发人员导航加密货币景观的宝贵指南。

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.

一位用户提出了一个问题，说明上市在影响令牌价格中的作用，并指出列出了强劲的举动，但流动性通常是短期的，价格再次下降。

"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.

“这是因为清单中的炒作当时增加了更多的数量，但是从长远来看，项目本身的好/坏消息会驱动价格吗？”用户问。

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.

为此，CZ回答说，尽管上市确实有助于增加流动性，但其影响通常是短期的，导致价格上涨或下降。根据CZ的说法，清单可能会引发交易活动和价格的立即激增。

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，可持续增长取决于该项目的基本面。换句话说，项目的价值应建立在创新，实用性，采用和持续发展的基础上，而不是交换清单产生的投机性炒作。

"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：“从长远来看，应根据项目本身的开发确定价格。”强调项目对承诺的重要性并提供现实世界的价值。

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

这种观点符合加密部门可持续增长的更广泛的哲学。

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.

在上市后，许多山寨币经历了临时价格峰值，只是看到项目的价值下降，如果该项目未能提供有意义的更新或现实世界中的应用程序。

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，项目优先考虑技术进步，解决紧迫问题并保持强大的社区参与的项目往往会维持其价值并吸引更多的投资者。

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谈到的另一个有趣的话题是集中式交换模型和分散的交换模型之间的差异。一位用户询问了在申请过程和决策因素方面，在像Binance这样的集中式交易所上列出令牌的标准。

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强调了分散交易所（DEX）的好处，他解释说，所有令牌都可以在DEX上列出，而无需任何中央当局许可。该属性允许用户根据项目的基本面来交易他们想要的任何代币，并根据项目的基本面做出自己的决定。

"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.

他补充说：“我们（SIC）申请在其他交易所上列出。他们做出决定。通常不需要期货清单所需的申请。他们决定要列出哪些市场。

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.

根据CZ的说法，像Coinbase这样的机构决定他们想在期货市场中列出哪些代币，而对于BNB期货，该清单没有正式申请。这表明BNB将Coinbase的产品纳入了其发展和市场需求的自然结果。

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目前正在其期货市场上列出二元硬币（BNB），从而启动了Binance的原住民令牌集成到更广泛的机构级交易中心。

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.

鉴于Binance和Coinbase之间的历史竞争和竞争动力，这一发展尤其值得注意，这是两个主要参与者争夺快速扩展的加密货币行业的市场份额。

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

尽管有摩擦和竞争的叙述，但这两个交流越来越多地与他们的努力相交，以扩大投资者的交易机会。

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介绍BNB期货的介绍是因为交流正在扩大其产品以迎合各种投资者和机构的产品。

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

Coinbase决定将BNB期货在其平台上包括在内，这说明了令牌在加密货币市场中的地位。

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

这证明了BNB的流行度，这已经推动了加密货币交易所层次结构的顶点。

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

此外，这一发展强调了尽管激烈竞争的叙述，但主要加密交流之间存在着紧密的联系和合作。

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

BNB期货与Coinbase的产品集成在一起证明了加密货币行业的相互联系。

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.

这种整合标志着加密货币景观的流动性，因为交流不断寻求适应和扩展其产品，以满足投资者不断发展的需求和更广泛的市场趋势。

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，它将其纳入Coinbase的期货市场可能是由多个因素驱动的，包括令牌的高流动性，强烈的社区利益以及对二元产品产品和服务的需求不断增长。

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.

随着加密货币行业继续以迅速发展的速度发展，观察Binance和Coinbase等主要交易所之间出现了其他协同作用将是很有趣的。

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.

这些交易所在为交易者提供广泛的数字资产并促进交易无缝执行方面发挥着关键作用。

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

在这个迅速扩展的生态系统中运营的初创公司，机构和交易员正在共同推动界限