浅谈十字路口“加密乌托邦”的现状

中心化交易所曾经是市场的统治者，现在却卷入了不可避免的市场争议。财富效应消退，它们成为新代币的分流池，卷入“炒股者的新避难所”等一系列丑闻。

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）的交易量已达到历史性里程碑，于 2025 年 1 月 9 日首次占中心化交易所（CEX）总交易量的 20％。这一发展标志着加密货币格局的重大转变，引发了关于中心化和去中心化交易所未来的讨论。

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.

尽管CEX面临着财富效应减弱及其在促进新代币分配方面的作用等挑战，但一些CEX敏锐地察觉到了市场风向的变化，并开始相应调整策略。 全球最大的币安CEX 已将重点转向列出 Meme 代币，并利用 Binance Web3 钱包的 Alpha 部分引入 AIXBT、CGPT 和 Cookie 等创新代币。

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.

考虑到该公司之前的做法很大程度上以传统金融资产管理方法为指导，并经常导致低流动性、高 FDV 的 VC 代币上市，最终削弱了对交易所的信任，币安的这一战略变化值得注意。然而，币安的新方向旨在迎合加密社区对无需许可的价值网络和去中心化应用程序的偏好，似乎正在取得回报。

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.

虽然币安正在转向 DEX 以适应不断变化的市场动态，但其他 CEX 也在采取行动。 OKX 致力于在 2024 年发展合规业务并扩大 Web3 钱包业务，而 Coinbase 则通过快速拓展更多代币上币频率的市场来应对美国政策带来的挑战。

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是最早嗅到变革风向的，早在2023年就开始布局Meme赛道。该交易所还推出了1000万美元的Meme专项基金，并于2024年在Meme领域做出了重大发力，推出了Meme赛道。 Moodeng、Goat、ACT、Slerf 等热门代币均实现了 50 倍以上的增长。相比Gate和Bitget，LBank更大胆，更善于利用​​信息和时机。

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.

期间精选了2024年Meme市场的表现，包括十大meme币，分析不同生态系统的市值、市场份额、meme表现，以及新基建和转型的表现。关于meme的CEX，无不体现了对meme的深入研究和严谨态度。

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.

随着2025年初LBank的品牌升级，交易所似乎并不满足于现状，正在将目光投向更大的目标。

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.

回忆起LBank前CEO Eric He在2024的Space中的讨论，他多次表示，在他看来，Memecoins打破了传统的投资壁垒，为所有参与者提供了平等的机会。尽管这是一条高风险赛道，但正如他所说：“这可能会孕育下一个 BTC 或 DOGE。”再加上LBank近期的品牌升级，不免让人质疑LBank是否也会跟随web3钱包的潮流，在产品方面进行差异化竞争。

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."

尽管不少CEX已经在探索Web3的道路，比如推出与钱包功能紧密结合的服务，试图在去中心化的趋势中占据一席之地。然而，这种“交易所+钱包”的模式虽然看似创新，但其根本目的是引导CEX用户进入自己的生态系统，而不是真正追求去中心化。对于LBank来说，虽然品牌升级可能暗示着对Web3生态的关注，但从其历史行为来看，它不太可能简单地跟风“钱包化”。

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.

关于CEX和DEX的讨论从未停止过；两者之间的本质区别仍然是加密市场的核心争议之一。 CEX在过去的加密市场中占据主导地位，通过高效的交易系统、强大的流动性和高度集中的资源确立了其霸主地位。然而，随着去中心化理念的逐渐深入人心，DEX已经崛起成为CEX的有力竞争对手。 DEX 的最大优势在于其去中心化性质，提供更高的交易透明度、更大的用户控制权以及对交易信息和资产流动的外部影响最小。

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.

也许在未来的加密市场中，CEX和DEX将不再是对立的两极，而是一个深度融合的生态系统。真正的创新，是将去中心化的元素注入到CEX的高效交易和流动性优势中，形成“CEX+DEX”的混合交易模式。这种模式可以保持CEX在速度、流动性和资源集中度方面的优势，同时利用DEX的透明度和用户控制权来保证平台的公平性和自治性。

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

这并不意味着中心化交易所应该放弃传统的运营模式；相反，他们应该通过渐进式改革，将分散的技术和治理纳入现有结构。具体来说，CEX平台可以引入去中心化交易池、智能合约和