Memecoins 绕过中心化交易所，在 DeFi 中找到归宿

根据与 CI 分享的最新信息，Solana 的交易量中有 40% 是由 memecoin 驱动的，这一比例令人震惊。

A staggering 40% of Solana’s transaction volume is now driven by memecoins, according to an update shared with CI. And yet, the majority of these assets never even reach centralized exchanges (CEXs).

根据与 CI 分享的最新信息，Solana 的交易量中有 40% 是由 memecoin 驱动的，这一比例令人震惊。然而，这些资产中的大多数甚至从未到达中心化交易所（CEX）。

Memecoins are increasingly bypassing CEXs altogether, launching and thriving in decentralized finance (DeFi) instead. This raises the question: Are CEXs losing their relevance when it comes to early-stage crypto assets?

Memecoin 越来越多地完全绕过 CEX，转而在去中心化金融 (DeFi) 中推出并蓬勃发展。这就提出了一个问题：当涉及到早期加密资产时，CEX 是否会失去其相关性？

Memecoins are choosing decentralized exchanges (DEXs) as their launchpads, finding far greater success before even considering CEX listings.

Memecoins 选择去中心化交易所 (DEX) 作为他们的启动板，甚至在考虑 CEX 上市之前就取得了更大的成功。

Is it because CEXs are becoming stale, bogged down by bureaucracy, and ultimately too slow to adapt? DeFi offers what CEXs can’t—an environment of immediate access, greater liquidity, and a more democratized approach to token growth.

是因为中心化交易所变得陈旧、陷入官僚主义的泥潭，最终适应速度太慢吗？ DeFi 提供了 CEX 无法提供的东西——即时访问环境、更大的流动性以及更民主化的代币增长方式。

Tristan Frizza, Founder of Zeta Markets, a Solana-based perps DEX, delves into why memecoins are turning their backs on CEXs and finding a natural home in DeFi.

位于 Solana 的 Perps DEX Zeta Markets 的创始人 Tristan Frizza 深入探讨了为什么 Memecoin 放弃 CEX 并在 DeFi 中找到了天然的归宿。

Frizza explains how derivatives trading is shifting toward DEXs, as memecoin traders look for more flexibility and innovation.

Frizza 解释了随着 memecoin 交易者寻求更大的灵活性和创新性，衍生品交易如何转向 DEX。

Frizza also covered why CEX fatigue is real—and how DEXs, like Zeta, are seizing this opportunity to redefine token listings.

Frizza 还介绍了为什么 CEX 疲劳是真实存在的，以及像 Zeta 这样的 DEX 如何抓住这个机会重新定义代币列表。

Our conversation with Tristan Frizza is shared below.

我们与特里斯坦·弗里扎的对话如下。

Crowdfund Insider: We’re seeing more memecoins launching on decentralized exchanges (DEXs) instead of centralized exchanges (CEXs). What’s driving this trend, and what’s the appeal of DEXs for these types of assets?

Crowdfund Insider：我们看到更多的模因币在去中心化交易所（DEX）而不是中心化交易所（CEX）上推出。是什么推动了这一趋势？去中心化交易所对这些类型的资产有何吸引力？

Tristan Frizza: This shift highlights the evolving dynamics of crypto markets. Memecoins are speculative, community-centric, and move rapidly, making them well-suited for DeFi’s fast, open environment. DEXs provide immediate market access without the regulatory and listing hurdles that often come with CEXs.

Tristan Frizza：这种转变凸显了加密货币市场不断变化的动态。 Memecoin 具有投机性、以社区为中心且发展迅速，因此非常适合 DeFi 的快速、开放环境。去中心化交易所提供即时的市场准入，没有中心化交易所经常出现的监管和上市障碍。

The DEX landscape enables tokens to launch with minimal friction, allowing communities to participate in trading instantly and directly, which is an enormous appeal for developers and investors. This ease of access aligns with the spontaneity and community-driven nature of memecoins.

DEX 格局使代币能够以最小的摩擦推出，让社区能够即时、直接地参与交易，这对开发商和投资者来说具有巨大的吸引力。这种易于访问的方式与模因币的自发性和社区驱动的性质相一致。

Crowdfund Insider: Do you think this preference for DEXs among new tokens like memecoins signals a broader trend, one that could impact CEX relevance?

Crowdfund Insider：您认为 memecoins 这样的新代币对 DEX 的偏好是否预示着一种更广泛的趋势，可能会影响 CEX 的相关性？

Tristan Frizza: Absolutely. We’re seeing that DeFi offers advantages that align well with the ethos of crypto—decentralization, accessibility, and speed. This cycle, especially with memecoins and DEX-first tokens, has shown that real opportunities and wealth generation are happening on DEXs, where assets can build momentum from day one.

特里斯坦·弗里扎：当然。我们看到 DeFi 提供的优势与加密货币的精神非常契合——去中心化、可访问性和速度。这个周期，特别是 memecoin 和 DEX 优先的代币，已经表明真正的机会和财富的产生正在 DEX 上发生，资产从第一天起就可以建立动力。

For many traders, by the time a token reaches a CEX, it’s often considered “too late” to capture those strong returns. DEXs provide that early access, allowing communities to participate in price discovery and growth without waiting for a centralized listing. As DEXs continue to enhance accessibility and user experience, we may indeed see a shift in relevance, with DEXs becoming the preferred venue for early-stage assets.

对于许多交易者来说，当代币到达 CEX 时，通常被认为“为时已晚”，无法获得丰厚的回报。 DEX 提供了早期访问权限，允许社区参与价格发现和增长，而无需等待集中上市。随着 DEX 不断增强可访问性和用户体验，我们确实可能会看到相关性的转变，DEX 成为早期资产的首选场所。

Crowdfund Insider: What about user experience and liquidity? These are often challenges for DEXs—how does Zeta Markets address them?

Crowdfund Insider：用户体验和流动性怎么样？这些通常是 DEX 面临的挑战——Zeta Markets 如何解决这些挑战？

Tristan Frizza: User experience and liquidity are crucial for any trading platform, whether a DEX or CEX. At Zeta Markets, we’ve focused on delivering a streamlined experience that matches the quality and familiarity of traditional exchanges while preserving DeFi’s core values.

Tristan Frizza：用户体验和流动性对于任何交易平台都至关重要，无论是 DEX 还是 CEX。在 Zeta Markets，我们专注于提供与传统交易所的质量和熟悉度相匹配的简化体验，同时保留 DeFi 的核心价值。

Our order book model provides price stability and depth, distinguishing us from the automated market makers (AMMs) common on many DEXs. As technology continues to evolve, the differences between DEXs and CEXs will become less noticeable, making liquidity easier to onboard across platforms. By integrating with Solana’s ecosystem and collaborating with professional liquidity providers, we ensure our platform can support both high-demand assets like Bitcoin and Ethereum and niche tokens like memecoins.

我们的订单簿模型提供了价格稳定性和深度，这将我们与许多 DEX 上常见的自动做市商 (AMM) 区分开来。随着技术的不断发展，DEX 和 CEX 之间的差异将变得不那么明显，从而使流动性更容易跨平台注入。通过与 Solana 的生态系统集成并与专业的流动性提供商合作，我们确保我们的平台既可以支持比特币和以太坊等高需求资产，也可以支持 memecoin 等利基代币。

Crowdfund Insider: The term “democratized trading” often comes up with DeFi. Can you explain this more broadly in the context of Zeta Markets and DEXs?

Crowdfund Insider：“民主化交易”一词经常与 DeFi 一起出现。您能否在 Zeta 市场和 DEX 的背景下更广泛地解释这一点？

Tristan Frizza: Democratized trading means removing barriers and leveling the playing field. Traditionally, asset launches and early trading access have been controlled by large institutions and accredited investors. With DEXs, retail traders have the same access as institutional players, allowing them to participate from day one. At Zeta, we’re committed to providing a marketplace where individuals can engage with new assets without gatekeeping.

Tristan Frizza：民主化贸易意味着消除障碍并创造公平的竞争环境。传统上，资产发行和早期交易准入由大型机构和合格投资者控制。通过 DEX，零售交易者拥有与机构参与者相同的访问权限，允许他们从第一天起就参与其中。在 Zeta，我们致力于提供一个市场，让个人可以在没有把关的情况下接触新资产。

This open-access approach aligns with DeFi’s mission of providing financial opportunities that are accessible to anyone, anywhere.

这种开放获取方式符合 DeFi 的使命，即为任何人、任何地方提供可用的金融机会。

Crowdfund Insider: How does Zeta Markets fit into the broader DeFi ecosystem on Solana, especially regarding derivatives?

Crowdfund Insider：Zeta Markets 如何融入 Solana 上更广泛的 DeFi 生态系统，特别是在衍生品方面？

Tristan Frizza: Solana has proven to be a game-changer for DeFi, particularly in speed and scalability. At Zeta Markets, we’ve built a derivatives-focused DEX that leverages Solana’s robust infrastructure.

Tristan Frizza：事实证明，Solana 是 DeFi 的游戏规则改变者，特别是在速度和可扩展性方面。在 Zeta Markets，我们建立了一个以衍生品为中心的 DEX，利用 Solana 强大的基础设施。

Derivatives are a cornerstone

衍生品是基石