作者：0x11
Author: 0x11
虚拟货币交易统计网站 Coinmarketcap 的数据显示，目前全球有 1639 种虚拟货币正在上市交易，全球范围内共计有 11165 个虚拟货币交易市场在运营。
Data from the Virtual Currency Exchange Statistics website Coinmarkcap show that there are currently 1639 virtual currencies on the market worldwide and a total of 1116.5 virtual currency exchange markets are operating globally.
据媒体最新报道，目前全球加密数字货币交易所数量已逾 1000 家，并且这一数字还在持续上升中，其中 95% 以上的加密数字货币交易所均为中心化交易所。
According to the latest media report, the number of global encrypted digital currency exchanges is now over 1,000, and this number is on the rise, with more than 95 per cent of the encrypted digital currency exchanges being centralized.
6 月初，全球前三名中心化交易所 24 小时交易量：OKEX 超过 18 亿美金，币安超过 16 亿美金，火币超过 14 亿美金，前三名都突破了 10 亿美金，而前 10 名几乎均在 2 亿以上。
At the beginning of June, the top three centralized global exchanges traded 24 hours: OKEX had more than $1.8 billion, it had more than $1.6 billion, it had more than $1.4 billion, and the top three had broken over $1 billion, compared to almost 200 million.
用户数量上，根据已有媒体的最新报道推测，OKEx 曾表示自己为全球数千万用户提供服务；币安 1 月曾宣布其用户数量超 600 万，媒体估计 2 月份已突破 750 万，月度增长至少达 150 万，如果继续维持这一水平，现在突破千万级别；火币用户数因未通报媒体，数据不详，但从交易量也能看出一些端倪。
In terms of the number of users, according to the latest news reports available, OKEx had indicated that it served tens of millions of users around the world; in January, it had announced that it had over 6 million users; in February, the media had estimated that it had exceeded 7.5 million and had grown by at least 1.5 million per month; if that level was maintained, it was now 10 million; and the number of gun users was unknown because the media had not been notified and the data were not available, but the volume of transactions showed some endpoints.
相比于中心化交易所，去中心化交易所的数据因为在区块链上所以更好查到。
Data from the decentralized exchange are better found on the block chain than on the centralized exchange.
但为了解决中心化交易所的种种弊端、迎合区块链核心理念的去中心化交易所，目前交易量最大的交易所 IDEx，每天的日活最高 8000 人，交易额峰值约为 1.04 亿人民币，无法进入交易所排行前 30 名。（Dappreview 数据）
However, in order to address the pitfalls of the centralized exchange and the decentralized exchange that caters to the core ideas of the block chain, the current largest trading exchange, IDEx, has a daily life of up to 8000 people, with a peak of about RMB 104 million and no access to the top 30 of the exchange. (Dappreview data)
据时戳资本与巴比特智库 4 月发布的《数字货币交易所研究报告》，在其统计的 188 家产生有效交易额的交易所中，日交易额排名前 14 的交易所占据全部交易额的 73%，剩余 170 多家交易所只能分割剩余的 27% 交易额。
According to the Digital Currency Exchange Study, published in April by the Time stamped Capital and Babbit think tank, of the 188 exchanges that generated the value of the transaction, the top 14 daily exchanges accounted for 73 per cent of all transactions, while the remaining 170 were able to divide only the remaining 27 per cent.
在交易额与用户量等市场份额上，中心化交易所实现了全面的碾压，小型加密数字货币交易所只能在夹缝中寻找突围的机会。
In terms of market shares, such as turnover and number of users, a centralized exchange has achieved full crushing, and a small encrypted digital currency exchange can only look for opportunities to break through a crack.
为了解新出现的加密数字货币交易所的生态，区块律动 BlockBeats 与比特兔、DDEx、YEX 等多家交易所都进行了交流，试图从中找到一些线索。
In order to understand the ecology of the emerging crypto-digital currency exchange, BlockBeats interacted with a number of exchanges, including Bit Rabbit, DDEX and YEX, and tried to find some clues from it.
小型交易所的突围：各显神通
Breakout of Small Exchanges: Distinguished Channels
交易所是加密数字货币产业中的关键一环，也被称为最大的中心。它掌握着这个市场中最强的盈利能力以及在缺乏监管背景下极大的话语权与操纵空间。
The exchange is a key link in the crypto-digital money industry, also known as the largest centre. It holds the most profitable position in the market and the most powerful voice and manipulation space in the context of a lack of regulation.
同时这也是一个寡头市场，头部效应明显，新入场的用户会很大程度上优先选择这些大交易所，向头部聚拢。因此有人戏言，在今年这个时间点再做交易所的人，无异于「买一部 Windows Phone」。
It is also an oligarchy market, where head effects are evident, and new entrants will give high priority to these big exchanges, gathering up to their head. So it is a trick to say that those who are doing the exchange again this year at this point in time are "buying a Windows Phone."
对于用户习惯性地选择中心化交易所的现实，比特兔 CEO 曹力认为是市场早期发展不规范带来的结果。她告诉区块律动 BlockBeats，目前数字货币市场缺乏专业化和规范化，仍然属于早期规模：
With regard to the fact that users customarily choose a centralized exchange, the Bit Bunny CEO considers it to be the result of market irregularities in the early stages of development. She tells BlockBeats that the current lack of specialization and regulation in the digital money market is still an early scale:
「（中心化交易所）缺乏区块链本身的特色，基本是互联网模式下的中心化平台。」
“The (centralized exchange) lacks the characteristics of the block chain itself and is essentially a centralized platform under the Internet mode.”
虽缺乏特色、没有任何去中心化技术的应用，但是凭着用户的习惯性选择和头部效应，大交易所和小交易所之间的差距持续拉大，小交易所一天的交易量甚至不如大交易所一个币一天的交易量，量级相差之大，可以想象突围的难度有多高。
Despite the lack of distinctive features and the absence of any application of de-centralized technology, the gap between large and small exchanges continues to widen, depending on the customary choice of users and the head effects, and small exchanges have a day-to-day trade volume that is not even as large as a single currency, and the magnitude of the scale varies from one to the other, and one can imagine how difficult it is to break through.
然而，经历过互联网时代的人都知道，只要有足够好的创意和时机，实行不同的打法，实现弯道超车是完全有可能的，更何况现在正处于加密数字货币的上升期。
However, those who have experienced the age of the Internet know that it is entirely possible to achieve a turn overcarriage, provided that there are good ideas and opportunities to do so differently, not to mention that it is now in the midst of an upturn in encrypted digital currencies.
YEX COO Tracy 告诉区块律动 BlockBeats：
YEX COO Tracy tells block dynamics:
「现在整个数字货币行业的体系极不健全，传统金融发展了一百年才有如今的体系，互联网也是经历了两代人的努力才发展到现在，区块链和数字货币刚刚起步，未来的变数还很多，国家政策、市场行情、传统金融巨头的入场，都有可能带来新的洗牌。」
“The system of the digital money industry as a whole is now extremely inadequate, traditional finance has only developed for 100 years now, and the Internet has developed after two generations of effort, with block chains and digital money just beginning, with many variables in the future, and national policies, market dynamics, and the entry of traditional financial giants are likely to lead to new shufflings.”
这些后来的小交易所们，情怀也好、投机也罢，还都打出了各自的玩法。
These later small exchanges have played their own game, with love and speculation.
那些完全复制大型交易所玩法的，诸如上币投票、邀请好友得奖励、交易量排名得奖励等就不赘述了，没有太大探讨价值。我们重点说说那些打出差异化「创新玩法」以及那些「趁机行骗」的平台。
Those who completely duplicate large exchange games, such as upper currency voting, inviting friends and friends for reward, and trading volume for reward, are not too much to discuss. Let's focus on the platforms that divide "inventive play" and those that "take advantage of the opportunity to cheat."
突围路线Plan-A：双免费
加密数字货币投资者目前主要还是主流的交易所进行交易，虽然是在创新的区块链行业，但依旧沿用了很多传统现实世界的证券交易所的规则，比如缴纳交易手续费（印花税）等手段。
Encrypted digital money investors are now mainly traded by mainstream exchanges and, although in the innovative sector of the chain, still follow the rules of many stock exchanges in the traditional real world, such as payment of transaction fees (print duty).
目前，币安、OKEx、火币等主流交易所会对每一笔交易收取交易额 0.1%-0.3% 之间的手续费。
At present, mainstream exchanges such as currency security, OKEx, and military currency charge between 0.1 per cent and 0.3 per cent of each transaction.
加密数字货币交易所是稀缺资源，交易所要提供一个新 Token（币）的交易，需要承担服务成本以及项目本身的前景风险，所以交易所会向 ICO 项目方收取数百万美元的上币费作为保证金，大型交易所变着花样地收上币费，已经是人尽皆知的事实。
Since an encrypted digital currency exchange is a scarce resource and, in order for the exchange to offer a new Token (currency) transaction, it will have to bear the service costs and the future risks of the project itself, it is already a well-known fact that the exchange will charge the ICO project party millions of dollars in advance as a guarantee, and that large exchanges will take money in a variety of ways.
手续费对于高频交易的投资者来说，还是比较高的，尤其是在做短线操作的时候，频繁的买入卖出，有可能一顿操作之后还赔进去手续费。
The fees are still higher for HF-trading investors, especially when short-line operations are performed, often bought and sold, with the possibility of reimbursing them after one operation.
对于项目方来说，平均的融资额就在 2000-3000 万美元等额的 ETH，每上一家交易所就要拿出 10% 的资金来交上币费，成本巨高无比，而且在交易所新的上币玩法下，可能更多，有的项目甚至要拿出 1/3 的资金来获取交易资格。
For the project side, the average amount of financing is at the ETH, which is the equivalent of US$ 20-30 million, with 10 per cent of the money paid by each previous exchange, at prohibitively high costs, and, under the new upper currency method of the exchange, perhaps more, or even one third of the money spent by some projects to qualify for the transaction.
在这样双重收费的制度下，Coinbase 去年收入超过了 10 亿美元，币安年收入将达到 8 亿 5 千万美元。
Under this double charge system, Coinbase earned more than $1 billion last year and will earn $850 million a year.
于是小交易所看到了契机，一部分交易所顺势开创的一个打法是：免去上币费，免去交易费。
As a result, small exchanges see opportunities, and one of the ways in which some of the exchanges have been created is to avoid currency charges and transaction fees.
看到这个机会后，不少小交易所纷纷实行免交易手续费的政策。5 月份，首个由纳斯达克企业支持的虚拟货币交易所 DX.Exchange 下宣布，交易平台不收取任何交易费用。
In May, the first virtual currency exchange supported by NASDAQ, DX. Exchange, announced that the trading platform would not charge any transaction fees.
但是免费的东西很容易让人产生质疑，为什么要在你们的交易所交易？你们交易所会不会跑路？交易所会不会联合项目方收韭菜？因为深谙币圈「羊毛出在羊身上」这个道理的投资者都知道，天下是绝对没有免费的午餐的。
But what's free is easy to question. Why do you trade in your exchange? Will your exchange run? Will the exchange join the project to pick up pickles? Because investors who know the meaning of the coin ring "sheat comes out on sheep" know that there is absolutely no free lunch in the world.
所以免上币费、免交易费的策略并没有帮助小交易所实现快速突围。
So the policy of exempting small exchanges from currency fees and transaction fees has not helped to achieve a rapid breakout.
突围路线Plan-B：平台币回购机制
Breakout route Plan-B: Platform money buy-back mechanism
免费是很容易想到的策略，简单易懂也容易被其他平台直接复制，所以有的交易所想出了更具创新的玩法：引入更具吸引力的回购机制。
Free is an easy-to-think strategy, easy to understand and easy to replicate directly from other platforms, so some exchanges have come up with more innovative ways of playing: introducing more attractive buy-back mechanisms.
币安、火币等交易所会拿出 20% 的利润来回购市场上流通的平台代币 BNB 和火币，为了形成差异化竞争，小交易所开始提高分成比例，通过牺牲利润来换取用户的信任。
In order to create differentiated competition, small exchanges begin to increase their share in exchange for the trust of users at the expense of profits.
去中心化交易所 DDEX 联合创始人 Bowen 向区块律动 BlockBeats 介绍了他们的营销策略。他们激励用户每一步行为，也对项目方采取友好策略。
The founder of the DDEX consortium, Bowen, introduced their marketing strategy to BlockBeats, a block movement. They motivate users to behave at every step of the way and adopt friendly strategies with project players.
「用户打开交易界面，奖励 HOT 代币，下单，奖励 HOT 代币，完成第一笔交易，奖励 HOT 代币。同时我们对项目方十分友好，我们对优秀的项目和靠谱的方向，不收取上币费用。」
"Users open trading interfaces, reward HOT tokens, next line, reward HOT tokens, finish the first deal, reward HOT tokens. At the same time, we're very friendly to the project side, and we don't charge currency fees for excellent projects and solid directions."
区块链应用币交易所 UTXO 上线后也推出总量 10 亿枚的平台币 UTB。平台称，每年将以 30% 的利润回购 UTB，并将回购的 Token 在链上销毁，通过这种模式，UTXO 将全部运营收益与投资人共享。
The block chain application currency exchange UTXO has also introduced a total of 1 billion platform dollars (UTBs). The platform states that it will buy back UTB at 30% of profits per year and destroy back-purchase Token on the chain. Through this model, UTXO will share all operating gains with investors.
YEX 也推出了代币回购机制，100% 利润回购、公开财务报表、透明可查询。Tracy 告诉区块律动 BlockBeats：
YEX also introduced a money buy-back mechanism, 100% profit buy-back, public financial statements, and transparency. Tracy tells blocks that BlockBeats:
「等到平台开始盈利的时候，就可以用平台的利润来回购用户手里的代币。我们希望把整个平台打造成一个社区，所有为社区做出贡献的人都将获得相应的奖励。」
"When the platform begins to be profitable, the platform’s profits can be used to buy back the money in the hands of its users. We want the entire platform to be made into a community where all those who contribute to the community will be rewarded accordingly."
确实，用户在整个过程中是最受益的，例如 YEX 平台币按照官方上币投票公告中的数据进行推算，1 ETH=288YEX，一枚 YEX 大概价值 14 元人民币；DDEX 的平台币的交易所价格 0.35 元，可以直接进行交易。
Indeed, users are the most beneficial throughout the process, such as YEX Platform Currency, which is extrapolated on the basis of data from the official upper currency vote announcement, 1 ETH = 288 YEX, a YEX which has a value of approximately 14 yuan renminbi; and the exchange price of the DDEX Platform Currency, which is 0.35 yuan and can be traded directly.
从交易送币到 20% 利润回购，再到 30% 利润回购，最后 100% 利润回购，这无疑开创了平台币的一种新玩法，持有者更愿意为社区而努力，代币也有了更加广阔的升值空间。
From trading money to 20 percent profit buy-back, to 30 percent profit buy-back, and finally 100 percent profit buy-back, this certainly opens up a new game of platform money, where the holders are more willing to work for the community, and where there is greater scope for appreciation.
可是，交易量并没有因此有大幅度提高。
However, this did not lead to a significant increase in the volume of transactions.
突围路线Plan-C：拉盘套路套住用户
Breakout route Plan-C: Laundry suites the user
并非所有小型交易所都乐于走正道。对于天生缺乏竞争优势的小交易所，为了对投资人一个交代、企图占有市场，有的交易所选择却是想出了一些歪点子，借机行骗，有的还涉嫌传销和诈骗。
Not all small exchanges are on the right track. For small exchanges that are born without competitive advantages, in order to account for investors and attempt to take over the market, some exchanges choose to come up with crooked ideas, take advantage of them, or be suspected of distribution and fraud.
新加坡交易所 DragonEX 龙网在 2017 年 11 月上线，上线同日发行平台币龙币（DT），因其独特的挖矿和分红模式，短短几个月时间交易排名就达到 20 多位，最高时排名 16 位，非小号当前数据显示为 51 位。
The Singapore Exchange DragonEX Dragon Network, which went online in November 2017 and issued platform coins (DTs) on the same day, ranked more than 20 in just a few months, with the highest 16 places, with non-small numbers currently showing 51 places, owing to their unique mining and red distribution patterns.
龙网主打平台币 DT 分红，主要通过平台交易获得 DT 奖励、获得下线的交易奖励 DT 分成、以及 DT 在龙网的交易获利等。
The DT share of platform money is played by the Dragon Network owner, receiving DT awards mainly through platform transactions, receiving offline DT splits, and DT trading profits on the Dragon Network.
去年年底 DT 的交易量达到顶峰，一枚 DT 价格达到了 41 美元，而随后价格暴跌，让大量用户套牢。
At the end of last year, the volume of DT transactions peaked, a DT price reached $41, followed by a sharp fall in prices that kept a large number of users locked up.
在网上搜索龙网，就可以获得相应的教程，教你如何通过刷交易量获得 DT。在知乎上也可以找到很多人推荐 Dragonex 龙网，他们宣扬龙币按一定比例分红，持有多少多少枚可月分红过万，大有传销拉人头的嫌疑。
If you search the network online, you can learn how to get DTs by brushing the volume of transactions. You can also find many people who recommend Dragonex’s network, who preach that the coins are reded out in a certain proportion, how many of them are worth more than a million months, and are suspected of selling their heads.
因为 DT 的交易奖励机制，上级会指导下级去交易、与他人对刷来获得 DT 奖励，所以你可以看到这种近乎非常诡异的交易曲线。
Because the DT trading incentive mechanism leads the superiors to deal at a higher level and to brush with others to get a DT reward, you can see this almost weird trade curve.
刷出来的交易，虽然看起来很喜人，但投资者也不傻，随着 DT 平台币的价格一路下滑，交易量也在平稳下降，龙网的排名也从最高的 16 名掉到了 51 名。
The brushed-out transactions, while looking lovely, were not stupid to investors, as the price of the DT platform currency went down, the volume of transactions declined steadily, and the Dragonnet ranking fell from the top 16 to 51.
突围路线Plan-D：蹭热点上假币
Breakout route Plan-D: Fake currency on hot spots
另一个名气很大的则是叫玩家网的交易所，依靠在贴吧刷帖招徕生意, 推出了玩家币、Fchain（FCT）币收割用户，在今年 3 月同步财经的一篇稿子《一个修理工的区块链神话：身价数亿全靠骗》中，曝光其为「一个人的山寨交易所」。
Another well-known exchange, called the Playboy Network, based on a bar-painting business, introduced a player's currency, Fchain's (FCT's) currency harvest user, and this year, in March, it was exposed as a "one-man's mountain exchange" in a paper entitled The Myth of Block Chains: A Repairer: A Billion.
并指出像玩家网这样的骗子交易所已有数十家，每家都以迅雷、网易、360 和暴风相关代币招徕用户，受害者数十万计。
It was also pointed out that there were dozens of swindlers such as Playnets, each of which had been used by users in the form of thunder, cyber, 360 and storm-related tokens, with hundreds of thousands of victims.
今年 3 月底区块律动 BlockBeats 发布文章《阿里火速下架：麻吉宝上线 2 小时，就被诈骗盯上了》中就揭露了玩家网的套路：通过上线虚假的、不存在的、不能够被交易的 Token，吸引用户充值现金进行交易，当投资者入场之后会发现种种限制，无法提币、快速被砸盘。
At the end of March this year, BlockBeats published an article, Ali's Fire Speed Down: Two Hours on-line, which exposes the gamer's network: Token, which is false, non-existent and unable to be traded, attracts users to cash to be traded, and when investors enter, they will find restrictions that make it impossible to raise their money and to be hit quickly.
在这篇文章发布的当天，币世界将假币上线作为快讯推向了几十万投资者，此举不仅让大量投资者上当受骗，更是让人们对小交易所提高了警惕。
On the day the article was published, the currency world pushed counterfeit currency online as a Quick Notice to hundreds of thousands of investors, not only deceiving a large number of investors, but also alerting small exchanges.
时逢熊市，小交易所的日子更不好过。
It's time for Bear City, and it's worse for small exchanges.
突围路线Plan-E：去中心化！
中心化交易所，总逃不脱那些被人诟病的问题。于是乎一部分创业者将全部希望寄托于「去中心化交易所」。
Centralized exchanges always escape from the problems of being mistreated. So some entrepreneurs put all their hopes in the "decentralized exchanges."
因为在一些人看来，当前主流交易所无一不与区块链公开透明、去中心化的理念背道相驰，同时由于大交易所巨大的资金量与影响力，极容易受到外部黑客的攻击与内部因员工素质导致的监守自盗等安全问题滋生。因此有人认为，2018 将是去中心化交易所爆发的一年。
Because, in the view of some, the current mainstream exchange is in contradiction with the notion of open transparency and decentralisation of the block chain, and because of the huge volume and influence of the major exchange, it is highly vulnerable to security problems such as external hacking and self-inflicted theft due to the quality of its staff. It is argued that 2018 will be the year when the decentralized exchange breaks out.
目前相对知名有影响力的去中心化交易所项目包括 Loopring、Kyber Network 等，它们大都是基于以太坊或比特股开发的开源交易协议层项目。
The currently relatively well-known decentralized exchange projects include Looering, Kyber Network, etc., which are mostly open-source agreement level projects developed on the basis of the Etherms or the Bits Unit.
虽然是未来，但是根据 Coinmarketcap 数据显示，Kyber Network24 小时交易额 1300 多万美金，Loopring 则只有 659 多万，连前 100 名都挤不进去。
Although it is the future, according to Coinmarketcap, the 24-hour trade in Kyber Network is more than $13 million, and Looering is only over 65.9 million, and the top 100 can't even fit in.
毫无疑问，与中心化交易所相比，安全可靠、没有监管隐患是其主打的优势与招牌，但是它也有难解的缺陷：交易速度慢、订单规模小、交易费用高，用户体验较差。
There is no doubt that a safe, secure and unsupervised niche is its main advantage and logo compared to a centralized exchange, but it also suffers from inexplicable shortcomings: slow transaction speed, small order size, high transaction costs and poor user experience.
ThinkBit Pro 交易所联合创始人杨晔认为这些问题需要时间来解决：
The co-founder of the TinkBit Pro Exchange, Yang Jian, argued that these issues would take time to resolve:
「分布式的交易所用户资产和交易都在链上，但是分布式交易所目前在使用场景上效率太需要时间去提高、验证和完善。就像基于区块链技术基础上开发 dapp 一样，早期的都没有办法满足主流用户的需求。
“Distributed exchange users’ assets and transactions are on the chain, but distributed exchanges now take too much time to improve, validate, and refine their use. As with dapps based on block chain technology, there is no way to meet the needs of mainstream users at an early stage.
我们并不是去中心化交易所，用 100% 物理隔离的技术解决资产的安全问题，这是目前用户当务之急需要的。」
We're not going down to a central exchange, using 100 percent physical isolation technology to address asset security, which users need as a matter of urgency.
而关于去中心化交易所，她表示 ThinkBit Pro 也在研究这一方面的技术，技术相对成熟，效率提升，ThinkBit 也将做这一块。
With regard to decentralizing the exchange, she said that ThinkBit Pro was also studying technology in that area, which was relatively mature and more efficient, and that ThinkBit would do the same.
CobinHood 联合创始人兼 CTO 黄伟宁告诉区块律动 BlockBeats，由于目前的区块链技术尚未达成跨链交易，投资者要交易不同链的数字资产，则必须通过中心化交易所来进行交易，然而中心化交易所被黑客攻击、虚拟资产被盗的消息时有所闻，因此去中心化的交易所是市场上所需要的。
CobinHood, co-founder and CTO Wong Weining, told BlockBeats that, since the current block chain technology has not yet reached a cross-linkage deal, investors would have to trade digital assets in different chains through a centralized exchange, yet the centralized exchange was reported to have been hacked and virtual assets stolen, so the decentralized exchange was needed in the market.
「但以目前的区块链技术，去中心化交易所的延迟率极高、手续费也高，一个全新、扩充性高、低延迟、低手续费、能达到真正公平的底层链是未来的大势所趋，而其相对应的去中心化交易所也将应运而生。」
“But with the current block chain technology, decentralisation exchanges have a very high delay rate, high handling costs, and a new, expanded, low delay, low handling fees, and truly fair bottom chain is the trend of the future, and their corresponding decentralization exchanges will emerge.”
比特兔的曹力表示去中心化交易所是「可以确定的未来」，认为当务之急还没有到效率问题。
According to Tsao Cao Li, the decentralised exchange is a "determinable future" and believes that the immediate priority is not yet a matter of efficiency.
「首先要建立跨链的机制和标准。因为跨链是一个巴掌拍不响的事情，比特兔研究院近期孵化了一个项目，用工具和开发者框架入手，搞定开发者，从而搞定开发的链，从而搞定去中心化交易所。」
"The first thing to do is to set up the mechanisms and standards of cross-links. Because cross-links are a quiet thing, the Bit Rabbit Institute recently hatched a project to use tools and developer frameworks to get rid of developers, and thus the chain of development, and then decentralize the exchange."
DDEX 的 Bowen 认为未来交易所的格局会分成两个方向，一个是中心化交易所，一个是去中心化交易所：
Bowen of DDEX believes that the future pattern of the exchange will be divided into two directions, one for a centralized exchange and one for a decentralized exchange:
「中心化交易所的壁垒主要在流动性，存币量，用户量。新的交易所可以通过激进的营销模式吸引用户。去中心化交易所的竞争格局会不同，因为去中心化交易所可以共享流动性，具有网络效应。去中心化交易所如果能触达更多的终端用户，就会更容易达到滚雪球的网络效应。」
The barriers to a centralized exchange are mainly in liquidity, currency holdings, and users. New exchanges can attract users through radical marketing models. The competition patterns of decentralized exchanges can be different, because decentralized exchanges can share liquidity and have a network effect. Decentralized exchanges can more easily reach more end-users.
对此，负责着中心化交易所 YEX 的 Tracy 依然认为中心化交易所才是未来的大势。
In response, Tracy, who is in charge of the central exchange YEX, continues to believe that the central exchange is the future.
「很多人觉得交易所号称拥抱监管是在投诚，但由于交易所其本身极强的金融属性和目前数字货币行业的基础设施不完善，唯有有力且理性的监管才能真正让这个行业进入良性的快速发展阶段。」
“Many people feel that the exchange labels embrace regulation as a process of defection, but because of its very strong financial attributes and the inadequate infrastructure of the current digital money industry, only strong and rational regulation can truly move the industry into a virtuous and rapid stage of development.”
艰难，持续艰难，因为巨头也在进步
{\bord0\shad0\alphaH3D}It's tough, it's persistent, because the giants are making progress {\/strang}
即便玩法众多，小型交易所的突围与崛起并不容易。
Even with a great deal of play, it is not easy for small exchanges to break out and rise.
即便安全问题被饱为诟病，在接连发声今年 1 月份 Coindesk 与币安 3.7 黑客攻击事件，炒币用户还是集中在主流头部的几家中心化交易所中。
Even when security issues are suffocated, in January of this year, when the voices of Coindesk and Yuanan were hit by hackers, the users of the coins are concentrated in several central exchanges in the mainstream headlines.
那么对于后来者，如何让建立用户认知使其愿意转而到新交易所中交易？
How, then, can the creation of user perceptions make them willing to trade in a new exchange?
ThinkBit Pro 的杨晔表示目前排名靠前的几家交易所，在综合服务方面还是很不错的，他们都在进步：
JinkBit Pro's Yang Xiao, who is currently ranked among the top exchanges, is still very good in terms of integrated services, and they are all making progress:
「用户引流问题，我们倒并担心，引流和活跃是每家平台一直要持续做下去的工作。我们都很坚信区块链的市场未来还会更大，当技术更加完善，应用落地并逐渐教育了大众用户的时候才是真的要拼了。」
"User flows, we worry, are the work that every platform has to do on a continuous basis. We all believe that the market in the block chain will be bigger in the future, and that it will be true when the technology is better, the applications are better and the users are gradually being educated."
无论是通过创新玩法弯道超车，还是用歪门邪道坑蒙拐骗，还是寄希望于符合区块链理念的去中心化交易所，至少到目前为止仍旧无法撼动大交易所当前的地位。
Whether it is by way of creative detour, a trickle-down trap, or a decentralized exchange based on hope that conforms to the concept of the block chain, at least so far it has not been able to shake the current position of the Great Exchange.
大多数交易量还是留在了主流交易所上，人们对新交易所大多有不信任的态度。
Most of the transactions remain on the mainstream exchange, and there is a lack of confidence in the new exchange.
虽然去中心化交易所被一些人寄予厚望，但同时要注意，一些中心化交易所也开始了去中心化交易所的探索和布局，比如 Bitfinex 在 2 月宣布将和 EOS 合作推出去中心化交易所 EosFinex，币安也在 3 月宣布推出公链 Binance Chain。
While some people have placed high expectations on the decentralized exchange, it is important to note that some centralized exchanges have also begun to explore and layout decentralized exchanges, such as Bitfinex's announcement in February that it will launch the decentralized exchange EosFinex in cooperation with EOS, and the announcement of the launch of the public chain Binance Chain in March.
这时候再入局的交易所还是一门好生意吗?Tracy 这么告诉区块律动 BlockBeats：
Does it still make a good deal at this point in the game? Tracy, tell the block how it works.
「如果有核心资源或优势，比如大型矿池背景或者某国政府授牌许可等，同时具备很强的金融交易专业知识和风控意识，可入。否则，最好不要入局交易所，体系庞大且复杂，做大不易。」
"If there are core resources or advantages, such as a large pool background or a government license, with strong financial transactions expertise and wind control. Otherwise, it is better not to enter the exchange, the system is large and complex, and it is not easy."
对于当前的交易所市场格局，币安联合创始人何一告诉区块律动 BlockBeats：
BlockBeats:
「中心化和去中心化平台会在很长一段时间并存，很多小交易所生存比较艰难，往往需要放弃价值观甚至和传销项目狼狈为奸才能活得下去，就像直播里的色情直播，游走在深渊的边缘。强者愈强，虹吸效应会让大的更大，小的更小；从百团大战，到千播大战无一例外。」
"The centralization and decentralization platform will coexist over a long period of time, and many small exchanges will be more difficult to survive, and will often have to give up values and even work with distribution projects to survive, as if they were broadcast live pornography, swimming on the edges of the abyss. The stronger the strong, the more powerful, the bigger the larger the smaller, the smaller the smaller, the smaller the smaller, from the 100th to the thousandth.
话虽如此，交易所之间的竞争，我们认为才刚刚开始。
That said, the competition between exchanges, we believe, is just beginning.
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