加密的建立原则正在生存 - 机构

该社论来自上周的《评论新闻》一周。订阅每周的新闻通讯，以获取第二个新闻通讯。

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

令人惊讶的是，不是加密参与者，而是华尔街巨人，他们现在倡导了权力下放，透明度和不变性。

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.

该社论来自上周的《评论新闻》一周。订阅每周的新闻通讯，以获取第二个新闻通讯。

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

加密的建立原则正在生存 - 机构

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

世界正在与特朗普的现场关税及其随之而来的副作用搏斗，例如报复性关税，鞭打市场以及在美国主权债券市场中似乎有麻烦的。这一切发生的速度令人眼花，乱，对它的评论感到徒劳。一天后，世界看起来会大不相同

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，我将写下过去几个月我注意到的较慢的趋势：随着大量加密货币越来越类似于Sodom和Gomorrah，传统的金融机构正在拥抱加密货币，并且出于正确的理由。

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.

传统的财务机构（历史上谨慎甚至不屑一顾）倡导基础加密理想（中央化，透明度和不变性），虽然许多新的加密爱好者，即2020年以后进入的加密热恋者，在很大程度上放弃了这些非常原则，以支持纯粹的推测和盈利动机。

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.

现在，机构figureheads定期将艾尔多（Crypto）的革命品质。他们强调了权力下放的好处，以提高安全性，促进信任的透明度以及防止欺诈行为的不变性。这种言论使他们比当今的典型加密参与者更靠近OG加密用户群。

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.

以贝莱德（BlackRock）的数字资产负责人罗比·米奇尼克（Robbie Mitchnick）为例，他最近在数字资产峰会上说了为什么贝莱德（BlackRock）从以太坊（Ethereum for Ethereum）开始，这是一个标记的货币市场基金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.

毫无疑问，我们将启动的区块链开始，这是以太坊，这不仅仅是涂黑石。那是自然的默认答案。这确实很重要……客户显然已经选择了他们确实确实重视权力下放，信誉和安全性。这是以太坊继续拥有的巨大优势。

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，在我看来，最近的加密参赛者主要是由他们的怀疑和投机性的食欲来定义。一种加密虚无主义。当然，有很多原因，但是当然，一个肯定来自加密行业中的一系列失败或感知的失败。抛开SBF，Richard Heart和Do Kwon等世界一流的欺诈者，即使是良好的分散项目也遇到了麻烦。

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，早期分散投资基金DAO的脆弱性使攻击者能够耗尽价值6000万美元的ETH。作为回应，由Vitalik Buterin领导的以太坊社区投票决定执行有争议的硬叉，以扭转黑客攻击并退还资金。从本质上讲，他们向后滚动链，该死的不变性。

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.

许多其他分散的项目都在努力实现其权力下放的承诺。在2020年3月的市场Puke之后，Makerdao的分散式Dai Stablecoin在很大程度上得到了集中式Stablecoins的支持，这破坏了其对审查制度抵抗的主张。第2层解决方案通常充当荣耀的多签名钱包，其中少数个人保留控制。索拉纳（Solana）反复的网络停止和手动重新开始挑战了其权力下放主张的信誉。最近，在攻击者试图利用交易所不流动的市场之后，Hyplliquid以远低于当前市场价格的价格脱颖而出。所有这些表面上都使它看起来像是加密货币的权力下放，而实际上并不关心它。

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.

加密文化的这种转变也受到情绪更广泛的转变的极大影响。面对经济上的不满，广泛的机构不信任和深厚的财务不安全感，年轻人越来越多地将股票交易，房地产和加密货币视为逃避似乎是一种操纵系统的手段。从这个角度来看，基础加密理想（例如不变性）似乎是幼稚甚至无关紧要的。

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，进入加密货币的传统金融机构来自一个完全不同的角度。首先，他们没有充实的态度 - 他们已经很肮脏。他们正在寻找并投资于将有价值而不是提取的加密项目。

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，他们具有较低的时间偏好，这意味着它们在数年和几十年中衡量投资。在那个时间表上，您可以看到加密货币是真正的创新，这有望获得实质性的实际好处。在过去的几年中，似乎缺乏进步，他们不会感到沮丧，因为他们可以看到16年来取得的巨大进步。

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，这些机构更务实。他们知道，由于坚硬的叉子，索拉纳（Solana）的验证器大大改进，以及超级事实，即以太坊的权力进步可能需要时间才能实现，查看以太坊的权力进步