文 | 郑毅 编辑 | Tong 出品 | PANews
Man & nbsp; nbsp; nbsp; editor & nbsp; nbsp; ong & nbsp; nbsp; nbsp; nbsp; PANews & nbsp;
时隔三年，11月30日晚，继2017年的大牛市后，比特币终于再创新高。从18500美元飙升至19800美元只用了5个小时，投资者欢呼雀跃。
Three years later, on the evening of 30 November, after the Cattle Market of 2017, Bitcoin was finally able to innovate again. It took five hours for investors to jump from $18,500 to $19,800. & nbsp;
牛市进行时背后，近期却飞起了多只交易所黑天鹅，BitMEX CTO被捕、Coinbase被要求暂停保证金交易、OKEx一度暂停提币、火币高管被传协助调查、库币交易所被盗……一系列猝不及防的事件，让交易所的竞争开始进入一个新时期，随着走入战略规划的十字路口，传统三大开始“分道扬镳”。
Behind the cattle market, several exchanges of black swans, BitMEX , CTO arrested, Coinbase asked to suspend the bond deal, OKEx once suspended the withdrawal of coins, the gunpowder was summoned to assist in the investigation, and the currency exchange was stolen. A series of unshielded events began a new phase in the exchange's competition, with the traditional three starting to “separate” as they entered the crossroads of strategic planning. & nbsp;
提币危机后，资产自由成为新竞争维度
After the currency crisis, the freedom of assets became a new competition dimension and nbsp;
当“欢乐豆”重新变为真金白银的那一刻，顾千岛悬着的心终于放下来了。在比特币19000美元的价位站了两年岗，熬过了数个币圈牛熊，却被交易所“禁止提币”的这一出戏吓得不轻。
When the peas re-emerged into real silver and silver, Gujima finally laid down its suspense. After two years at a price of $19,000 in Bitcoin, he survived several coins, but was appalled by the exchange’s “banning the money.”
“我真没料到这么大一个交易所会禁止提币一个月，最担心的还是提币时发生挤兑。”在向PANews谈起这件事时，顾千岛显得有些心有余悸。
"I didn't expect such a big exchange to ban a month's money withdrawals, and the most worrying thing is a run-off at the time of the coins." When we talked to PANews about this, the island seemed a little upset. & nbsp;
11月26日，OKEx交易所宣布自由提币后，虽然没有出现此前担心的挤兑风险，但顾千岛还是选择第一时间转移了自己的加密资产。按照他的说法，当信任危机出现时，他这种掌握极少信息并且对风险敏感的小韭菜肯定是跑的最快的。
On November 26, after the OKEx Exchange announced that it was free to raise its currency, although there was no previously feared risk of a run-off, Gujima chose the first time to transfer his encrypted assets. According to him, when a crisis of trust arose, his little information and risk-sensitive pick-up must be the fastest to run.
“也许大机构会留在那里，因为他们知道更多内幕，但我赌不起，君子不立危墙之下。”沉默了片刻，顾千岛缓缓说道。虽然不是手握百万千万的巨鲸，但顾千岛们的离开，仍是交易所不可小觑的一股力量。
"Maybe the big agencies will stay there because they know more about the inside, but I can't afford to bet that the gentlemen don't stand a wall." "Silently for a moment, Chijima said. Although it's not a giant whale holding millions of dollars in hand, the departure of Chijima remains a force of the exchange.
据北京链安Chainsmap平台数据显示，OKEx交易所11月26日下午四点重新开放提币后的一小时，流入70.41 枚比特币，流出量却高达5681.79 枚。而这些转出比特币的目标交易所前三位是币安、火币和ZB。
According to data from the Beijing chain's Anchainsmap platform, the OKEx Exchange reopened on November 26, at 4 p.m., one hour into 70.41 the Bitcoin, with a volume of 5681.79 and the first three of these transfers out of Bitcoin's target exchange, namely, currency, gun and ZB. & nbsp;
从提币风波酝酿的舆论情绪看，OKEx的代币流失或许不可避免。11月27日上午10点，据CoinHolmes平台数据显示，在提币开放一日不到，有大约价值2.5亿美金的加密资产从OKEx转移至了币安，其中包括超过1.25万枚比特币，2900万枚以太坊和1300万枚USDT。
On November 27th, at 10 a.m., according to Coin Holmes platform data, about $250 million worth of encrypted assets were transferred from OKEx to the currency, including more than 12.5 million bitcoins, 29 million in the underworld and 13 million USDTs.
其实，这场资金的大迁徙并非在OKEx开放提币后才发生的，同属中国“三大”交易所的火币在此之前已经被“殃及池鱼”。由于市场定位与OKEx类似且火币高管仍在国内，又被传出二号人物协助调查的消息，虽然火币回应称公司一切正常，但不少用户因为担心其重蹈覆辙故而选择将加密资产转移。当“三大”中的两者都遭遇信任危机，并且由于语言、KYC等门槛存在，海外交易所也无法轻易进入，一直走国际路线的币安交易所便成了迁徙首选。
In fact, this massive movement of funds did not take place after OKEx opened up the coins, which had previously been “spoiled” by China’s “three largest” exchanges. Since the market position is similar to that of OKEx and the gunships are still in the country, a second figure has been sent to assist in the investigation. Although the coins respond that the company is normal, many users have chosen to transfer encrypted assets for fear of their reoccurrence.
据北京链安Chainsmap平台数据显示，10月15日至11月15日的一个月里，火币交易所流入币安交易所的比特币高达55819.9枚，流入占比高达47.75%，而在一个月前，这个数字仅为18.13%，流入量为19074.39枚。
According to data from the Beijing chain's Chainsmap platform, during the month of 15 October to 15 November, the number of currency inflows into the currency exchange amounted to 55819.9 bitcoins, up to 47.75 per cent, compared with 18.13 per cent a month earlier and 19074.39 inflows.
由于交易所高管遭到监管机构控制而带来用户资金的“监管危机”其实10月初就已经发生过。彼时美国司法部和商品期货交易委员会（CFTC）对加密货币衍生品交易所BitMEX提起诉讼，同时于10月7日逮捕首席技术官 Samuel Reed ，这一变故让平台资金疯狂逃离。
The “regime crisis” that led to user funds due to the control of exchange executives by regulatory bodies occurred in early October. The U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC) filed a lawsuit against the encrypted money derivatives exchange, BitMEX, and arrested the Chief Technical Officer & nbsp; Samuel & nbsp; Reed & nbsp; and this caused the platform’s funds to run wild.
Crystal Blockchain数据表明，在美国CFTC对BitMEX采取行动的48小时内，超过4.5万枚比特币从该交易所中流出。与此同时，流入量最多的目标交易所是币安和Gemini，其次是OKEx和火币。
Crystal Blockchain data show that more than 45,000 bitcoins flow out of the exchange within 48 hours of the CFTC’s action against BitMEX in the United States. At the same time, the most inflow target exchange is the currency and Gemini, followed by the OKEx and the coin. & nbsp;
对于交易所来说的，沉淀资金是命门，也是护城河。冷钱包中拥有庞大资金的交易所更容易应对各类市场危机，也是用户们的信任所在。无论是BitMEX高管被捕或OKEx限制提币都给所有交易者敲响了一个警钟：在监管层面的力量干涉下，资产安全和资金流动性将成为交易所争夺的新制高点。
For the exchange, depositing funds is a dead end and a moat. Exchanges with large capital in cold wallets are easier to cope with market crises of all kinds, as well as users’ trust. Whether they are arrested by BitMEX executives or OKEx limits on the amount of money raised, all traders are warned that asset security and liquidity will be the new heights of the exchange’s competition with regulatory interference.
从近期提币危机中的数据看，币安似乎成为了“躺赚用户”的最大赢家。牛市行情之下，据The Block统计11月份交易量已经接近历史高位达到2892.5亿美元，在所有交易所中，币安以60.9%的市场份额遥遥领先。
According to data from the recent currency crisis, the currency seems to have become the biggest winner of the “go-to-go user.” In the case of the cattle market, according to The Block, the volume of transactions in November was close to an all-time high of $289.25 billion, with 60.9 per cent of the market share leading all exchanges.
DeFi浪潮下的CEX破局
> CEX in the tide of DeFi & nbsp > ;
除了对资金安全的隐忧而选择提币离开交易所，今年夏天以来，去中心化金融DeFi的高收益和“乐高式”组合玩法也是促使交易者资金转移的重要原因。在DeFi的场景中，平台币兼具了流动性挖矿、投票、分红等多重权益，而中心化交易所（CEX）的平台币无论是币价或者生态技术大多都未呈现突破，表现平平。
Apart from the fear of financial security and the choice to leave the exchange, the high returns from decentralized financial DeFi and the Lego combinations have been important reasons for the transfer of money from traders since the summer. In DeFi’s scene, the platform coins have multiple interests in mobile mining, voting, red distribution, etc., while the central exchange’s platform coins, be they currency prices or ecological techniques, have largely failed to make a breakthrough and perform evenly.
中心化交易所平台币发展停滞并非无迹可寻，事实上除了币安交易所的BNB外，国内前几大交易所的平台币，由于都在2017年9月4日监管后才推出，因此存在一定的先天“基因缺陷”。在“94事件”之后平台币的发行只能以售卖手续费“点卡”，同时捆绑赠送的模式进行。由于发售过程中分离了“抵扣手续费”这一重要权益，大多数平台币都难以成为用户的“刚需”，在平台币刚推出的时候也反响平平。如何增加平台币的用途，实现生态价值的良性循环成为难题。
In fact, apart from the BNB of the Exchange, the platform currency of the country, which was introduced only after 4 September 2017, had a certain genetic deficiency. The bill was issued only as a sale fee “point card” after the events of 94. The distribution of the platform currency was carried out in the form of a tied gift. Because of the separation of the important interest in the sale process, most of the platform currency became “required” and flattened when the platform currency was introduced.
“基因完备”的BNB率先破题。今年当DeFi“农耕”浪潮席卷币圈，交易者们纷纷提币挖矿时，币安率先推出币安智能链BSC，且直接将DeFi搬到了交易所中，增加新币挖矿，流动性挖矿等多个玩法。首个挖矿项目BurgerSwap上线后，高达日化10%的头矿红利迅速吸引用户，同时短短2天内流动性高达4亿美元，锁仓价值达到820万个BNB。原本高呼“中心化交易所已死”的DeFi矿工们也逃不出真香定律，纷纷抢购BNB挖矿。目前社区公布的BSC生态图中，已经囊括了50个项目。
This year, when DeFi's “farming” wave swept the currency circle, traders took the lead in launching the currency smart chain BSC and moved DeFi directly to the exchange, adding new currency to mine, liquid mining, etc. After the first mining project BurgerSwap went online, up to 10% of the daily head mine dividend quickly attracted users, while liquidized up to $400 million in a short period of two days with a lock-in value of 8.2 million BNBs. DeFi miners who had called for the “centralized exchange dead” did not escape the real law, and bought BNB to dig. The BSC ecological map now published by the community contains 50 projects. 
在顾千岛这样的用户眼里，币安似乎正和“国内三大”的头衔渐行渐远，越来越有“时髦的舶来品”内味儿了
In the eyes of users such as Gukchi Island, it seems that the title of “the three countries” is moving away and that the taste of “fashion” & nbsp is growing;
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