激荡 13 年，加密交易所演化史

文｜巴比特资讯  

Babsp; > & nbsp;

10 月 31 日，是比特币白皮书发布 14 周年的日子，短短 3192 个字，为此后波澜壮阔的加密行业奠定了坚实的基础。

On 31 October, the fourteenth anniversary of the issuance of the Bitcoin White Paper, with a short 3192 words, laid a solid foundation for the booming encryption industry.

14 年后的同一天，中国香港发布虚拟资产发展政策宣言 ，3800 字，展现了中国香港全面拥抱元宇宙，迎接 Web3，融入加密世界的磅礴决心。

On the same day, 14 years later, Hong Kong, China, launched the Virtual Asset Development Policy Declaration, in the words of 3800, which demonstrates Hong Kong, China,’s full embrace of the Woncos, welcoming Web3 and integrating into the encoded world.

中国香港拥抱虚拟资产赛道，筹备向新虚拟资产服务提供者发牌制度极大提振了业内参与者的信心，欧易OKX 金融市场总监 Lennix 表示，虚拟资产交易平台 OKX 正计划申请该牌照。

Hong Kong, China, embraces the virtual asset track and prepares for a new virtual asset service provider system that greatly boosts the confidence of participants in the industry. The OEOKX Director of Financial Markets Lennix states that the Virtual Asset Trading Platform OKX is planning to apply for the license plate.

中国香港的政策支持无疑为加密交易所带来前所未有的发展机会，同时在行业内部，我们看到火币易主、币安霸权，欧易OKX 大搞全球化，在这些外在和内在的不同推动力作用下，不由让人思考，新周期背景下的 CEX 格局将如何演变。

Policy support in Hong Kong, China, has undoubtedly opened up unprecedented opportunities for the development of encryption exchanges, while, within the industry, we have seen the evolution of the CEX landscape in the context of the new cycle, under these external and endogenous driving forces, as a result of the globalization of the gun price swaps, currency hegemony and EuroOKX.

站在当前的时间节点，没有人能够预言出准确答案。实际上，我们将时间拉长，从加密世界第一个交易所出现至今，期间诞生了门头沟这样的绝对实力霸主，有搅局者 FCoin 的昙花一现，也有曾经的“HBO”三巨头，以及更多的散落在历史长河中逐渐被遗忘的小交易所。

At the current node of time, no one can predict the exact answer. In fact, we took a long time, from the first exchange in the encrypted world to the present day, to the birth of such absolute power rulers as the gateways, the presence of the spoiler Fcoin, the three great “HBOs” and more of the small, forgotten exchanges scattered across history.

起点

2008 年 10 月 31 日，比特币白皮书问世。2009 年 1 月 3 日，BTC 创世区块诞生。

On 31 October 2008, the Bitcoin White Paper was launched. On 3 January 2009, BTC was born as a founding block.

按照中本聪的设计，比特币总量 2100 万枚，初始发行量为 0，后续完全由“矿工”挖出。平均出块时间约 10 分钟，最初区块奖励为 50 BTC，每隔 4 年奖励减半。

The number of bitcoins is 21 million, with an initial circulation of 0, after which the miner digs it out entirely. The average time for a piece is about 10 minutes, with an initial block reward of 50 BTCs, which is halved every four years.

尽管比特币被设置为一种点对点的电子货币系统，现在更是被赋予了“数字黄金”、对抗法币通胀的工具等多种功能，但比特币在诞生后的相当长一段时间内是没有任何现金价值的。

Although Bitcoin has been set up as a point-to-point electronic monetary system and is now given multiple functions such as “digital gold” and tools against French currency inflation, bitcoin has had no cash value for a considerable period of time after its birth.

直到 2009 年 10 月 5 日，第一家比特币交易所诞生。New Liberty Standard 发布了第一个比特币/美元汇率，1.00 美元=1,309.03 比特币，每枚比特币的价格是 0.00764 美元。

Until October 5, 2009, the first Bitcoin Exchange was born. New Liberty Standard published the first Bitcoin/United States dollar exchange rate, 1.00 United States dollars = 1,309.03 bitcoins, at a price of 0.00764 dollars per bitcoin.

这个价格并非是自由市场定价，而是基于一套看起来“有道理”的成本定价模型：

This price is not free market pricing, but is based on a model of cost pricing that appears to be “reasonable”:

这个定价原则，默认将比特币的价格等同于开采所付出的电费成本。

This pricing principle implicitly equates the price of Bitcoin with the cost of electricity incurred in mining.

New Liberty Standard 对币圈的另一大贡献是提出了用泰铢货币符号作为官方比特币货币符号，用“BTC”作为比特币的货币代码。

Another major contribution of New Liberty Standard to the currency circle is the introduction of the Thai baht currency symbol as the official bitcoin currency symbol and the use of the word "BTC" as the currency code for the bitcoin.

2010 年 1 月 15 日，Bitcointalk.org 论坛一个名为“dwdollar”的用户开始构建自己的比特币交易所，为比特币提供基于美元的实时汇率，人们将能够相互买卖比特币。

On January 15, 2010, a Bitcointalk.org forum user called “dwdollar” began to build its own Bitcoin exchange, providing Bitcoin with a real-time exchange rate based on the United States dollar, and people will be able to buy and sell bitcoin to one another.

（图片来源：bitcointalk ）

(photo: bitcointalk)

经过测试，2010 年 3 月 16 日，bitcoinmarket 交易所正式上线，它被后世的很多作者误认为是世界首家比特币交易所。不过，bitcoinmarket 用户寥寥，网站上线 1 天只有 9 人注册，3 人存款，其中还包括 dwdollar 自己。dwdollar 还在上面以 0.0067 美元的价格购买了 500 个比特币。

After testing, on March 16, 2010, the BitcoinMarket Exchange was officially launched, and it was misconstrued by many writers in the future as the world's first Bitcoin Exchange. However, bitcoinmarket has very few users, with only 9 registered and 3 deposited on its website for one day, including dwdollar himself. Dwdollar also purchased 500 bitcoins on it at a cost of US$ 0.0067.

当时的交易采用 PayPal 支付，出现了很多欺诈事件，bitcoinmarket 不得已于 2011 年 6 月 4 日停止了 PayPal 交易。

The transactions at that time were paid by PayPal, and there were numerous frauds in which bitcoinmarkket could not have ceased the PayPal transaction on 4 June 2011.

霸主

经过前面的探索，2011 年，交易所在全球各地如雨后春笋般冒出。“烤猫”曾经公开募股的 GLBSE、斯洛文尼亚第二大交易所 Bitstamp、俄罗斯人创办的 BTC-e、巴西第一家比特币交易所 Bitcoin Brasil、波兰第一家比特币交易所 Bitomat、国内第一家比特币交易所比特币中国（BTC China）等在这一年纷纷成立。

As a result of earlier explorations, exchanges emerged around the globe in 2011 as a result of the rains. GLBSE, Slovenia’s second-largest exchange, BTC-e, created by Russians, Bitcoin Brasil, Poland’s first Bitcoin exchange, Bitomat, and BTC China, the country’s first Bitcoin exchange, were founded in the course of the year.

2013 年，国内开始迎来第一波比特币交易所热潮。比特币交易网（BtcTrade）、中国比特币（CHBTC）、云币、火币网、OKCoin、比特时代、比特儿、聚币网、元宝网、796 交易所、FXBTC 等成立。而此前领先成立的比特币中国也在这一年迎来了自己的贵人——李启元，加入公司 4 个月就从投资人那里拿到了 500 万美元融资。

In 2013, the country began to see the first wave of the Bitcoin Exchange. The Bitcoin Trading Network (Btctrade), China's Bitcoin (CHBTC), the Yunn, the Currency Network, OKCoin, the Bit era, Bitcoin, the Polygon Network, the Yuan Treasure Network, the 796 Exchange, the FXBTC, and so on.

群雄林立，比特币交易所有史以来最有统治力的霸主登上历史舞台。

The most powerful man in the history of the Bitcoin exchange has come to the stage.

2010 年 7 月，由电驴之父 Jed McCaled 创办的 Mt.Gox（绰号“门头沟”）成立，一个月后迅速成为交易量最大的比特币交易所。2011 年 3 月，Mt.Gox 被卖给了日本的 Tibanne co，由 Mark Karpelese（绰号“法胖”）管理。巅峰时期，Mt.Gox 的交易量占据全球比特币线上交易总量 80%。

In July 2010, the Mt.Gox, founded by the father of the electric donkey, Jed McCaled, quickly became the Bitco Exchange, the largest trading volume in a month. In March 2011, Mt.Gox was sold to Tibanne co, managed by Mark Karpellese, the fatty. During the peak period, Mt.Gox accounted for 80 per cent of all transactions on the world’s Bitco line.

2014 年 2 月 28 日，Mt.Gox 申请破产，它损失了 85 万个 BTC。其中包括客户的 75 万个 BTC 和 Mt. Gox 自己的 10 万个 BTC。

On February 28, 2014, Mt. Gox applied for bankruptcy and lost 850,000 BTCs. This included 750,000 BTCs and Mt. Gox's own 100,000 BTCs.

门头沟倒闭之后的数年间，稳定的霸主位置空缺。

During the years following the closing of the gates, stable dominance positions were vacant.

期间，国外形成了以 Bitfinex、Bitstamp、Btc-e 为代表的三巨头，国内的比特币中国、OKCoin、火币网则成三足鼎立之势，后二者交替坐上头把交椅。

During this period, the troika, represented by Bitfinex, Bitstamp, Btc-e, was formed abroad, while the domestic Bitcoin China, OKCoin and the Signal Network became three-pronged, with the latter two sitting on the upper chair in turn.

2018 年 5 月，FCoin 交易所横空出世，上线短短半个月，交易量不但雄踞榜首，而且还超过了第二名和第七名的总和。

In May 2018, the FCoin Exchange was launched in a vacuum of only half a month, and the volume of transactions was higher than the sum of the second and seventh rankings.

当然，这一切的前提离不开“交易挖矿”所带来的大量羊毛党和套利机器人的刷量。

Of course, all of this presupposes the volume of wool parties and holstered robots brought about by “trading mining”.

2020 年 2 月 17 日，FCoin 创始人张健发布《FCoin 真相》公告，FCoin 的资金储备已无法兑付用户提现，预计无法兑付的规模介于 7000~13000 BTC 之间。公告的最后一段文字是：有生之年，负责到底。

On February 17, 2020, the founder of FCoin, Zhang Jian, issued the FCoin Truth announcement that Fcoin’s fund reserve could no longer be cashed by users and was expected to be unpayable on a scale ranging from 700 to 13000 BTC. The last paragraph of the bulletin reads: Lifetime, responsible.

目前，币安体量最大。据 The Block 研究 VP Larry Cermak 在 10 月 24 日发表的统计数据显示，在过去 24 小时内，币安现货和衍生品的总和超过所有其他交易所，其中现货占总交易量的 55.1%，衍生品占总交易量的 54.4%。

At present, the currency is the largest. According to statistics published on 24 October by the Block study VP Larry Cermak, the sum of cash and derivatives has exceeded all other exchanges in the last 24 hours, of which 55.1% are spot and 54.4% are derivatives.

（图片来源：Larry Cermak ）

(photo: Larry Cermak)

监管

作为无主货币，随着体量增大，比特币潜在的金融风险逐渐引起监管层注意。而中心化交易所作为集中竞价交易的主要场所，自然首当其冲。

As an unowned currency, the potential financial risks of Bitcoin are gaining attention at the regulatory level as the volume increases. A centralized exchange, as the main venue for centralized competitive transactions, naturally bears the brunt.

2013 年 12 月 5 日，央行等五部委发布《关于防范比特币风险的通知》，这一被早期圈内人称为“国五条”的文件正式表态比特币不得作为货币存在，禁止金融机构提供比特币交易服务。12 月 16 日，央行约谈支付宝、财付通等第三方支付公司，要求不能给比特币、莱特币等交易网站提供支付与清算服务。遭遇封杀危机，比特币价格大跌 60%。

On December 5, 2013, the Central Bank and five other ministries issued a Notice on Protection against Bitcoin Risk, a document known by early circleers as the “Five Articles of the Nation” that officially stated that bitcoins could not exist as currency and that financial institutions were prohibited from providing Bitcoin trading services. On December 16, the Central Bank interviewed third-party payers such as payment treasures, treasury bonds, and demanded that payment and liquidation services not be made available on the Bitcoin and Lightcoin trading websites.

此次监管让部分二三线交易所退出历史舞台，火币网在第三方支付通道被完全堵死之后，在第一时间开通了人工支付，此后一跃成为国内交易量最大的比特币交易平台。

The regulation removed part of the two or three-line exchange from the historical stage, and the gunnet became a bitcoin trading platform with the largest volume of domestic transactions after the first manual payments were opened after the third-party payment route was completely blocked.

紧随中国其后，2014 年 2 月，俄罗斯总检察院办公室发表声明，宣布在俄罗斯境内不得使用比特币。

Immediately following China, in February 2014, the Office of the Procurator-General of Russia issued a statement declaring that Bitcoin could not be used in Russian territory.

2017 年 9 月 4 日，中国央行等七部委联合发布《防范代币发行融资风险的公告》（圈内称“94 文件”），打击 ICO 活动对正常经济金融秩序的干扰。

On September 4, 2017, the Central Bank of China and seven other ministries issued a joint bulletin on the prevention of the risk of financing the issuance of money in currencies (known in circles as “94 documents”) to combat interference by ICO activities with the normal economic and financial order.

2021 年 2 月，虚拟货币被写入《防范和处置非法集资条例》。同年 5 月 18 日晚间，中国互联网金融协会、中国银行业协会、中国支付清算协会联合发布《关于防范虚拟货币交易炒作风险的公告》。5 月 21 日，国务院金融稳定发展委员会（以下简称金融委）会议明确提出，打击比特币挖矿和交易行为。

On the evening of 18 May of the same year, the Chinese Internet Finance Association, the Chinese Banking Association and the Chinese Payments Clearing Association jointly issued a bulletin on protection against the risk of a virtual currency transaction. On 21 May, the Council of Financial Stability and Development (hereinafter referred to as the Financial Development Committee) of the State Council made a clear proposal to combat the mining and trading of Bitcoin.

2022 年 3 月，人民银行官网发布消息，境内虚拟货币交易炒作风气得到有效遏制，中国境内比特币交易量全球占比从 90% 以上迅速下降至 10%。

In March 2022, the People's Banker Network released information that the culture of virtual currency transactions in China had been effectively curbed and that the global share of Bitcoin transactions in China had declined rapidly from more than 90 per cent to 10 per cent.

这期间，交易所完成大洗牌。比特币中国退出交易市场，火币积极拓展海外市场。欧易OKEx与币安也在这一年在海外成立，并在短时间内迅速发展壮大。

During this period, the exchange finished a major shuffling. Bitcoin China withdrew from the trading market, and the currency actively expanded its overseas market. EuroOKEx and the currency were also established abroad in the course of the year and grew rapidly in a short period of time.

美国虽然没有发布针对比特币的具体监管文件，但靠反洗钱罪逮捕了不少交易所的高管。

While the United States did not issue specific regulatory documents for Bitcoin, it had arrested a number of top managers of the exchange for money-laundering offences.

2014 年 2 月，BitInstant.com 交易所的 CEO 施瑞姆涉嫌洗黑钱遭到美国警方逮捕。

In February 2014, CEO Shrem of BitInstant.com was arrested by the United States police on suspicion of laundering money.

2017 年 7 月，BTC-e 的主要人物温尼克被希腊当局应美国请求逮捕，美国指控温尼克创建加密货币交易平台 BTC-e 并通过该平台洗钱数十亿美元。

In July 2017, the leading figure of BTC-e, Winnick, was arrested by the Greek authorities at the request of the United States, which accused Winnick of creating an encrypted money-trading platform, BTC-e, through which billions of dollars were laundered.

2020 年 10 月，BitMEX 的创始人及三位高管被美国司法部和美国商品期货交易委员会（CFTC）提起刑事和民事指控，称其串谋违反美国《银行保密法》、运营未注册的交易平台、涉及违反 KYC 和反洗钱相关的监管法规。

In October 2020, the founder and three executives of BitMEX were charged with criminal and civil offences by the United States Department of Justice and the United States Commodity Futures Trading Commission (CFTC) for complicity in violations of the United States Bank Secrecy Act, operating unregistered trading platforms, and involving violations of KYC and anti-money-laundering-related regulatory regulations.

纷争

2014 年是比特币期货元年，“国五条”对比特币价格造成巨大冲击，此后开启了长达两年的漫漫熊市。

The year 2014 marked the year of the Bitcoin futures, when the price of the “Five nations” hit a huge shock on the bitcoin, thus opening up a two-year-long market for bears.

在单边下跌的熊市中，现货交易量明显萎缩，比特币期货交易开始火热。

In the unilaterally falling bear market, spot trading contracted significantly, and Bitcoin futures trading began to get hot.

2013 年 6 月成立的 796 交易所成为早期比特币期货交易的吃螃蟹者，在 2014 年的熊市中一度成为行业成交量最大的交易平台。

The 796 Exchange, established in June 2013, became a crab eater of the early Bitcoin futures deal and once the largest trading platform for industry in the Bear City in 2014.

2014 年 9 月，火币推出 BitVC 进军期货交易市场。紧接着，OKCoin 在 9 月 15 日推出比特币虚拟期货交易。

In September 2014, it introduced BitVC into the futures trading market. Immediately thereafter, OKCoin launched the Bitcoin virtual futures deal on September 15.

期货大战正式打响。三家交易所还在手续费上打起价格战，796 的合约手续费从早期的 0.3% 降到 0.03%，OKCoin 的期货开仓手续费是 0.03%，平仓手续费是 0。火币旗下的 BitVC 期货交易手续费是 0.025%，其后上线了 V 点特权功能，可以进一步降低手续费。

Three exchanges have also started price wars on handling fees, 796 contract charges have fallen from 0.3% in the early years to 0.03% in the case of futures and 0% in the case of OKCoin. The billing fee for trading in the BitVC futures under the sign is 0.02%, followed by the V-point privilege function, which can further reduce the fee.

在这场期货大战中，OKCoin 成为最终赢家，796 在 11 月 3 日出现访问不畅无法登陆的问题，逐渐失去客户信任。火币趁机赶超，但没有坚持到最后。

In this futures battle, OKCoin became the final winner, and on November 3, there was a problem of poor access to land, and the client's trust was lost. The gun was out of hand, but it didn't last.

2018 年，币圈再度陷入熊市，合约大战再度打响。

In 2018, the currency ring again fell into the bear market, and the contract war resumed.

此时要挑战的霸主是 2014 年成立的 BitMEX，其杠杆最高可开到 100 倍，创始人 HAYES 被称为“杠杆之王”。BitMEX 平台日交易量最高超过 160 亿美元。

The challenge is for BitMEX, established in 2014, with a maximum of 100 times the leverage, and its founder, Hayes, known as the King of Leveraging. The BitMEX platform has a daily turnover of up to $16 billion.

2018 年 3 月，定位衍生品交易的 ByBit 成立，这是一家非常善于制造营销爆点的交易所。创始人更是亲自下场，甚至在新品发布会上现场开单，台下观众无不咂舌。

In March 2018, ByBit, a trader who locates derivatives, was set up as a very good exchange to make marketing outlets. The founder came to the end in person, even at the launch of the new product, where the audience was murky.

2018 年 12 月 10 日，火币合约正式上线。

On December 10th, 2018, the tender contract was officially launched.

2018 年 12 月 11 日，欧易OKEx 宣布将推出永续合约交易。

On December 11, 2018, OeokEx announced that it would launch a permanent contract deal.

2019 年，专注衍生品交易的 FTX 成立。

In 2019, a FTX focused on derivatives trading was established.

经历了 2020 年的“312”闪崩之后，BitMEX 逐渐退出历史舞台，而币安、欧易OKEx 和火币则在衍生品赛道上均实现对 BitMEX 的超越。

After the “312” crash in 2020, BitMEX gradually withdrew from the historical stage, while the currency, OeokEx and the coins exceeded BitMEX on the derivative track.

2018 年还有一场短暂的战争，围剿 FCoin。

There was a brief war in 2018 to round up FCoin.

当时，FCoin 靠交易挖矿一举在交易量上超越先前成立的所有交易所。

At that time, Fcoin was trading to dig for more than all previously established exchanges.

刷量交易不仅破坏行业规则，还有可能从其他交易所吸走存量用户。很快，FCoin 遭到了一线平台的联合绞杀，欧易OKEx 启动数字资产交易所开放共赢计划，Binance 发起数字资产交易所联盟计划，火币将 HT 升级为全球生态通证。交易所纷纷扶植自己的势力，云交易所开始大范围出现，运营方无需进行任何技术开发便可共享头部交易所的交易深度和流动性。期间涌现出币核云、ChainUP、港盛科技等专业的云交易系统服务商，市场一时出现上千家交易所。

Trade-showing not only undermines industry rules, but also has the potential to absorb stock users from other exchanges. Soon, FCoin was strung by a coalition of front-line platforms, EurokomEx launched the Digital Assets Exchange Open Winner Scheme, and Binance launched the Digital Assets Exchange Alliance, which upgraded the HT to a global ecobill. Exchanges fostered their own forces, cloud exchanges began to appear on a wide scale, and operators shared the depth and liquidity of head exchanges without any technological development.

这场战争以 FCoin 的倒闭结束。此后由欧易OKEx、火币、币安组成的“HBO”三大格局格局基本保持稳定。

The war ended with Fcoin’s collapse. The three patterns of “HBO” consisting of OeokEx, the coin, and the currency have remained largely stable since then.

2020 年，随着美联储放水，DeFi Summer 来临。

In 2020, with the Fed watering, DeFi Summer arrived.

Uniswap、Sushiswap、Curve、DYDX 等 DEX 崛起，发展势头迅猛，他们不但捕获了中心化交易所难以顾及的长尾市场还有可能夺走 CEX 的长期定价权。

Uniswap, Sushiswap, Curve, DYDX, etc., have emerged and are growing rapidly, and they may also take CEX's long-term pricing rights away not only from the long-tail market, which is difficult for a centralized exchange.

一场大战，在所难免。

A great war is inevitable.

中心化交易所们纷纷免费上线各种热度较高的 DeFi 代币，同时打造或扶植自己的交易所公链。2020 年 9 月，币安推出 BSC。9 月 13 日，OKChain 正式更名 OKExChain，21 年 1 月主网上线。12 月，火币推出火币生态链 Huobi ECO Chain。

In September 2020, the BSC was launched. On September 13, OK Chain officially changed his name to OKEx Chain, the January 21 main online line. In December, the tender launched Huobi Eco Chain.

其中，最为成功的是 BSC，争议最大的是 HECO，而 OKC 则上线较晚，错失了发展的黄金窗口。

Of these, the most successful were the BSC, the most controversial being the HECO, while the OKC went online late and lost the golden window for development.

随着交易所推出 DeFi 公链，DEX 与 CEX 由对立到互相拥抱，但交易所公链的中立性市场遭到质疑。尤其是 10 月 7 日凌晨发生的 BSC 链被盗 200 万枚 BNB 事件与 2021 年的 BSC 黑色 5 月中多个 DeFi 项目被盗后币安的处置措施强烈反差，让不少人揶揄币安撕下了 BSC 所谓的去中心化的外衣。

With the launch of the DeFi public chain on the exchange, DEX and CEX moved from confrontation to hug each other, but the neutral market in the exchange’s public chain was questioned. In particular, the BSC chain was stolen by 2 million BNBs in the early hours of October 7th and the BSC black in 2021 in mid-May, when the stolen DeFi project was disposed of in a very different way, causing many people to tear away BSC’s so-called decentralized coats.

梦想

“毕竟我也是有理想的热血青年，I Have a dream。”

"I have a dream young man, I Have a dream."

说这话的是火币网创始人李林，2014 年 2 月，火币网日交易量 38 万 BTC，交易金额超过 38 亿，占据全球比特币交易市场 50% 以上的份额，成为全球交易量最大的比特币交易平台。

This is said by Li Lin, founder of the Currency Network, who in February 2014 traded 380,000 BTCs on a daily basis for more than 3.8 billion dollars and accounted for more than 50 per cent of the world's Bitcoin trading market, making it the biggest bitcoin trading platform in the world.

李林曾说自己是比较较真的人，总希望把每件事情做到极致。作为连续创业者，他创办过社交平台“友谊网”、团购比价网“人人折”，只有火币网是他最引以为傲的创业项目。

Li Lin used to say that he was a more real person and wanted everything to be extreme. As a continuing entrepreneur, he created a social networking platform, “Friends Network,” a group buying network, “Everybody pays off,” and only the gunnet is his most proud start-up project.

“我愿意做打不死的小强，不会因为有困难而放弃。”

“I'm willing to be a little strong who can't die, and I won't give up because of the difficulties.”

2013 年 12 月的“国五条”，李林没有放弃，火币一跃成为头部交易所。

The December 2013 “Five Nations”, Li Lin did not give up, and the sign became a head exchange.

2017 年的“94”风波，李林没有放弃，火币开始全球化，拿下美国、韩国、日本、直布罗陀、中国香港等地区的金融牌照。

In 2017, the “94” wave, Li Lin did not give up, and the gun began to globalize, taking financial licence plates in the United States, Korea, Japan, Gibraltar, Hong Kong, China, etc.

2019 年，面对 Huobi 的支持者们的责难，李林亲自在个人公号回应，能看出他对行业的极大热情。

In 2019, in the face of the blame of Huobi's supporters, Li Lin personally responded in his personal capacity to see how passionate he was about the industry.

2022 年 10 月 8 日，火币网易主，李林不再是 HuobiGlobal 的股东，也不直接或者间接拥有 HuobiGlobal 的任何权限。

On October 8, 2022, Li Lin became no longer a shareholder in HuobiGlobal and did not have any direct or indirect authority over HuobiGlobal.

十年饮冰，难凉热血。不知道，李林作出这个决定的时候是否在一瞬间会记起曾经那个心怀梦想的创业青年？

Ten years of ice and cold blood. Don't you know that Li Lin made this decision in an instant to remember that young entrepreneur who had a dream?

远航

2017 年是行业的分水岭，是中国交易所全球化战略布局的开启之年，币安、火币、欧易OKEx 都在这一年开辟全球市场。

The year 2017 was a watershed for the industry and the beginning of the strategic layout of the globalization of the Chinese exchange, in which currency security, currency coins and EULEOKEx all opened up global markets.

2022 年，市场再一次步入寒冬，交易所迎来新的演变。

In 2022, once again, markets entered the cold winter and exchanges evolved.

1 月 18 日，欧易发布公告，OKEx 品牌升级为 OKX。

On January 18, Oyle issued an announcement to upgrade the OKEx brand to OKX.

一字之差，反映了交易所新的变局，开始从单纯的代币交易转向元宇宙、GameFi、web3.0 等领域进发。随后，欧易OKX 推出了 Web3 钱包，将数字货币钱包、DEX、NFT 市场、DApp 探索 4 大板块集于一身，用户无需手动配置即可在欧易 Web3 钱包查看、管理个人链上资产。

A word difference, reflecting the new changes in the exchange, begins to move from simple token transactions to metacos, GameFi, and Web3. This is followed by the launch of the Web3 wallet by EuroOKX, which brings together digital money wallets, DEX, NFT markets, DApp Explore 4 big plates and allows users to view and manage assets on personal chains without manual configuration in the EuroWeb3 wallet.

回顾交易所的发展，我们可以清晰地看到，从早期的只提供 BTC 交易，到后来的股权众筹、杠杆/借贷、交割合约、永续合约、杠杆代币、期权等越来越复杂的衍生品交易，再到现在的 NFT 交易，交易所不断拓展金融资产的边界，重构金融新秩序。

Looking back at the development of the exchange, we can see clearly that from the earlier supply of BTC transactions only, to the later trading of equity, leverage/lending, contract delivery, permanent contracts, leverage currency, options and other increasingly complex derivative transactions, to the present NFT transactions, the exchange continues to expand the boundaries of financial assets and re-establish a new financial order.

与此同时，行业的交易所们也在从不同方向将加密世界推向更广的范围。

At the same time, industry exchanges are moving the world of encryption from different directions to a wider context.

比如，美国首家持牌交易所 Coinbase 坚持合规路线，在美国乃至全球有着较大影响力，Coinbase 黑帮走出来的人才在加密圈各个领域开枝散叶。

For example, Coinbase, the first United States-owned exchange, maintains a compliance course, has a greater influence in the United States and around the world, and the Coinbase mob's talent has spread out in various areas of the encrypt circle.

2021 年 4 月，Coinbase 在美国纳斯达克上市，上市后市值一度高达 1000 亿美元。成为加密货币交易所发展过程中重要的里程碑。

In April 2021, Coinbase was listed in NASDAQ, the United States, with a market value of $100 billion. It was an important milestone in the development of an encrypted currency exchange.

币安则四面出击，CZ一方面与各国政要会面，争取加密货币获得更多国家的认可。另一方面，成立风投及孵化机构 Binance Labs，在全球寻找有潜力的加密项目。目前，Binance Labs 管理的资产总额达 75 亿美元，投资超过 200 个项目，是业内资产管理规模最大的加密资产风投机构。

At present, Binance Labs manages a total of $7.5 billion in assets, investing more than 200 projects, and is the largest in-house asset-management cryptographic asset project.

不过，作为目前交易规模最大的币安在某些行为上难免引起非议。比如 BSC 被盗事件以及上个月的 USDC、USDP、TUSD 稳定币余额和新充值被强制兑换为 BUSD 事件，被人诟病为加密霸权主义。

For example, the BSC theft and last month’s USDC, USDP, TUSD stable currency balances and new replenishments were compulsorily converted to BUSD, which was accused of encryption as hegemonic.

在夹缝中诞生的 FTX，则走华尔街精英路线。创始人 SBF 的“利他主义者”的身份在加密圈广为流传，他还支持了 2020 年的美国总统大选，向拜登捐款 520 万美元，试图为加密行业带来更有利的政策支持。

The FTX, born in the middle of the gap, is an elitist route on Wall Street. The identity of the founder of the SBF, the altruist, is well known in the encryption world. He also supported the 2020 presidential election, by donating $5.2 million to Biden, in an attempt to bring more favourable policy support to the encryption industry.

易主后的火币，在孙宇晨的带领下不走寻常路，“孙迟但到”永远不会浪费任何一次热点营销。与火币采用争议性 KOL 的营销不同，FTX 与 欧易OKX 则通过赞助有影响力的体育赛事扩大外界对加密行业的认知。

Unlike the controversial KOL marketing of tender, FTX and OEOKX have expanded their understanding of the encryption industry by sponsoring influential sports events.

FTX 在 2021 年先后以 1.35 亿美元获得迈阿密热火队体育场的冠名权、买下加州大学伯克利分校金熊队主场馆加州纪念球场冠名权。欧易OKX 则在今年 5 月成为迈凯伦车队首席赞助商，在 7 月斥资 2000 万美元赞助曼城。

In 2021, FTX won the name of the Miami Fire Brigade Stadium at $135 million, and bought the name of the California Memorial Playground at the University of California, Berkeley, Gold Bears. OeiOKX became the lead sponsor of the McCain convoy in May of this year, and spent $20 million in July to sponsor Man City.

赞助热门体育赛事或者俱乐部，在现实生活中并不稀奇，但是对于加密行业这一依然相对小众和前沿的领域来说，则很可能实现“破圈”式营销。尤其是，Crypto 天生就是全球化流通的，和全球性的热门体育赛事结合顺理成章，能够极大提高交易所在全球不同国家和地区的品牌形象和知名度。另一方面，这些体育赛事的爱好者普遍年轻化，接受新事物的程度高，有较大潜力转化为加密行业的新用户。

Sponsoring popular sports events or clubs is not uncommon in real life, but it is likely that “circumcial” marketing will be achieved in a still relatively small and frontier area of encryption. In particular, Crypto is born with a global circulation, coupled with global hot sports events that can greatly enhance the brand image and visibility of the exchanges in different countries and regions around the world.

如今，加密行业正处于新一轮寒冬，Crypto.com、Bybit、Coinbase 等纷纷不同程度地裁员，而 欧易OKX 和币安反而在逆势扩招，反映了头部交易所在行业发展过程中承担压舱石的巨大作用，同时 欧易OKX 联合领英发布 2022 全球 web3 人才报告，对于外界优秀人才加入 Web3 提供了清晰指引。

Today, the encryption industry is in the midst of a new round of cold winter, with Crypto.com, Bybit, Coinbase and others retrenching to varying degrees, while EuroOKX and the currency are growing in reverse, reflecting the enormous role that head exchanges play in the development of the industry, and the release of the Global Web3 Talent Report 2022 by the EULEOKX Co-lead, which provides clear guidance for outsiders to join Web3.

从第一家加密交易所出现至今 13 年间，加密交易历经数次变迁。2009 年 - 2011 年期间是加密交易所的萌芽阶段，比特币价值还只是被少数极客群体认可。2011-2014 年，随着比特币被更多人认可，交易所迎来第一次井喷，门头沟成为霸主。2014-2016 年，门头沟因黑客攻击而破产，市场进入三足鼎立局面，OKCoin、火币网和比特币中国等交易平台的交易量一度占据全球总交易量的 80%。2017 年至今，币安成为行业领头羊、欧易OKX 发力国际化，而老牌交易所火币则略显老态龙钟，一度被 Kucoin、FTX 等后浪超越。

During the period 2009 - 2011, when the encryption exchange was in its infancy, the value of Bitcoin was recognized by only a few elites. In 2011 - 2014, as Bitcoin was recognized by more people, the exchange reached its first blowout, and the Gorge became the boss. In 2014 - 2016, the door-to-door gull became bankrupt as a result of hacker attacks, the market entered a three-story situation, and the volume of transactions at trading platforms such as OKCoin, TPN and Bitcoin China once accounted for 80 per cent of the total global volume. From 2017 to date, the currency has become industry-led, EuroOKX has been internationalized, while the old exchange-to-business tender has been somewhat old-fashioned, overstepped by Kucoin, FTX, and so on.

可以看到，作为行业金字塔顶尖的存在，加密交易所无时无刻不在进行着激烈的竞争。

As can be seen, as the top of the industry pyramid exists, the encryption exchange is engaged in intense competition from time to time.

不断变化的格局背后，有一种东西不会变化，那就是安全和信任。如果没有丢币事件，门头沟是否还会倒闭？如果没有机构连环暴雷带来的流动性危机，AEX、虎符等平台是否会陷入困境？因为信任，全球各地的加密爱好者志愿成为币安天使，他们被 CZ 视为币安成功的秘笈。因为重视安全，在史无前例的 Luna 崩盘事件，欧易OKX 的风控系统第一时间启动自动赎回机制，在 欧易OKX 参与 UST 理财的用户顺利躲过一劫。

AEX, tigers, etc. would be in trouble if there were no liquidity crisis caused by a chain of inter-agency thunders? Because of trust, encryption fans around the world volunteer to become currency angels who are seen by CZ as a secret to the success of the currency. Because of the importance they attach to security, during the unprecedented Luna crash, the E-OKX wind control system activated the automatic foreclosure mechanism as soon as possible, and at Euro-OKX users involved in UST finance managed a smooth escape.

目前，行业叙事正在从 Crypto 向 Web3 转变，而 Crypto 作为 Web3 的根基，必将不容动摇。时至今日，全世界还有 17 亿人没有银行账户，加密货币作为无许可货币，可以为这些人提供丰富的金融服务。而加密交易所作为价值交换的平台，势必迎来一轮新的大发展，交易所的格局，同样会进一步发生变化。

Today, 1.7 billion people around the world do not have bank accounts and encrypted money as unlicensed money can provide rich financial services to these people. As a platform for value swaps, encryption exchanges are bound to usher in a new round of major developments, as is the pattern of exchanges that will change further.

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