頂級加密貨幣交易所市值及虛擬估值分析

您是否想知道您最喜歡的加密貨幣交易所的真正價值？大多數加密貨幣平台都作為私人實體運營，這意味著它們不公開交易。

Most cryptocurrency exchanges, being private entities, are not publicly traded. However, an exception exists with Coinbase, whose valuation is publicly disclosed.

大多數加密貨幣交易所都是私人實體，不公開交易。然而，Coinbase 是一個例外，其估值是公開披露的。

This raises an interesting question: given Coinbase’s known market worth, can we infer the valuations of other exchanges by comparing them to Coinbase?

這就提出了一個有趣的問題：考慮到 Coinbase 的已知市值，我們是否可以透過與 Coinbase 進行比較來推斷其他交易所的估值？

For the first time, an in-depth analysis explores this compelling topic, employing precise arithmetic evaluations and comprehensive estimates that consider both tangible assets and intangible factors.

首次對此引人注目的主題進行深入分析，採用精確的算術評估和考慮有形資產和無形因素的綜合估計。

This article explores a potential approach for estimating the virtual capitalizations of cryptocurrency exchanges. While the analysis relies on verified data, including Coinbase’s metrics, it also incorporates comparisons with non-public exchanges and involves substantial market speculation. As a result, the calculated valuations should not be interpreted as the actual market capitalization or value of these exchanges.

本文探討了一種估計加密貨幣交易所虛擬資本的潛在方法。雖然該分析依賴經過驗證的數據，包括 Coinbase 的指標，但它也納入了與非公開交易所的比較，並涉及大量的市場猜測。因此，計算出的估值不應被解釋為這些交易所的實際市值或價值。

Note: The data presented below, along with the methodology underlying the Exchanges’ Trust and Value Index, is accurate as of November 20, 2024.

註：下面提供的數據以及交易所信任和價值指數的計算方法截至 2024 年 11 月 20 日是準確的。

Virtual Capitalisation as the Lead Metric

虛擬資本作為主要指標

As of November 20, 2024, Coinbase’s market capitalization stood at $81.26 billion.

截至 2024 年 11 月 20 日，Coinbase 的市值為 812.6 億美元。

Florence Muchai from ÐCryptopolitan introduced a method for calculating a metric, tentatively termed the "Virtual Capitalization" of cryptocurrency exchanges. This approach involves analyzing ratios of core metrics that best reflect an exchange's net worth in comparison to Coinbase:

來自 ÐCryptopolitan 的 Florence Muchai 介紹了一種計算指標的方法，暫時稱為加密貨幣交易所的「虛擬資本化」。這種方法涉及分析最能反映交易所淨值的核心指標與 Coinbase 的比率：

To apply the formula, the research examines seven popular cryptocurrency exchanges, each varying in size and potential value.

為了應用該公式，該研究研究了七個流行的加密貨幣交易所，每個交易所的規模和潛在價值各不相同。

Based on data and information sourced from CoinGlass, SimilarWeb, and official statements from the exchanges, the following statistics have been compiled:

根據CoinGlass、SimilarWeb的數據和資訊以及交易所官方聲明​​，整理出以下統計數據：

The valuation of each exchange is calculated individually using a single metric, with the goal of determining an estimated range.

每個交易所的估值都是使用單一指標單獨計算的，目的是確定估計範圍。

The final calculations yield the following results:

最終計算得出以下結果：

Exchanges’ Trust and Value Index

交易所信任與價值指數

While arithmetic metrics provide a foundation for estimating an exchange's virtual worth, the true essence lies in its trust and value.

雖然算術指標為估計交易所的虛擬價值提供了基礎，但真正的本質在於其信任和價值。

To deliver a more comprehensive assessment of exchanges' market positions, the Exchanges’ Trust and Value Index has been introduced.

為了對交易所的市場地位進行更全面的評估，引入了交易所信任和價值指數。

This analytical framework is designed to evaluate both the financial health and trustworthiness of an exchange. The methodology employs a numerical scale ranging from 1 to 10, with 10 representing the highest score and 1 the lowest.

此分析框架旨在評估交易所的財務狀況和可信度。此方法採用 1 到 10 的數值範圍，其中 10 代表最高分，1 代表最低分。

The index is based on six core metrics: transparency, activity, capital, security, compliance, and proof of reserves.

該指數基於六個核心指標：透明度、活動、資本、安全性、合規性和儲備證明。

The Transparency metric in the "Exchanges' Value and Trust Index" assesses how openly an exchange operates, particularly in disclosing information about its financial status, operations, and decision-making processes.

「交易所價值和信任指數」中的透明度指標評估交易所營運的公開程度，特別是在揭露有關其財務狀況、營運和決策流程的資訊方面。

Activity measures the organic traffic and user base of a cryptocurrency exchange, offering insights into its operational performance. This metric is derived from self-reported audience data and web traffic statistics.

活動衡量加密貨幣交易所的自然流量和用戶群，提供對其營運績效的洞察。此指標源自自我報告的受眾數據和網路流量統計。

The Capital metric evaluates an exchange's financial strength and liquidity. It considers factors such as total trading volume and futures trading open interest (OI).

資本指標評估交易所的財務實力和流動性。它考慮了總交易量和期貨交易未平倉合約（OI）等因素。

Security measures the extent to which a cryptocurrency exchange safeguards user funds, data, and platform integrity. This is analyzed through anti-money laundering (AML) compliance, adherence to the Cryptocurrency Security Standard (CCSS), history of security incidents, and the custody of assets.

安全性衡量加密貨幣交易所保護用戶資金、資料和平台完整性的程度。這是透過反洗錢 (AML) 合規性、加密貨幣安全標準 (CCSS) 遵守情況、安全事件歷史記錄以及資產託管進行分析。

Compliance assesses how well a cryptocurrency exchange adheres to legal and regulatory standards. This metric evaluates the legality of operations, adherence to sanctions compliance, and integration with Financial Action Task Force (FATF) frameworks.

合規性評估加密貨幣交易所遵守法律和監管標準的程度。此指標評估營運的合法性、遵守制裁合規性以及與金融行動特別工作組 (FATF) 框架的整合。

Results:When analyzing cryptocurrency exchanges through the lens of the Index, notable distinctions become evident.

結果：當透過指數的角度分析加密貨幣交易時，顯著的差異變得顯而易見。

In terms of transparency, platforms like Binance, Coinbase, and Kraken openly disclose their top management and provide proof of reserves, while others, such as OKX, ensure transparency through third-party audits or strategic partnerships.

在透明度方面，Binance、Coinbase和Kraken等平台公開揭露其高階主管並提供儲備證明，而OKX等其他平台則透過第三方審計或策略合作夥伴關係來確保透明度。

For activity, Binance stands out with over 200 million active users and substantial web traffic. Coinbase follows with 73 million users, while Bybit, with 10 million, lags behind. WhiteBIT, although smaller in scale, reports a respectable 5 million users.

在活躍度方面，幣安憑藉著超過 2 億的活躍用戶和大量的網路流量而脫穎而出。 Coinbase 緊隨其後，擁有 7300 萬用戶，而 Bybit 則以 1000 萬用戶落後。 WhiteBIT 雖然規模較小，但據報告擁有 500 萬用戶。

The capital held and traded across these platforms also shows significant variation. Daily trading volumes for Coinbase ($6 billion), OKX ($5.4 billion), and WhiteBIT ($5.1 billion) are almost identical. However, Binance leads with $31 billion, followed by Bybit at $7 billion.

這些平台上持有和交易的資本也顯示出顯著差異。 Coinbase（60 億美元）、OKX（54 億美元）和 WhiteBIT（51 億美元）的每日交易量幾乎相同。然而，Binance 以 310 億美元領先，Bybit 以 70 億美元緊隨其後。

Compliance is another critical area where exchanges differ. OKX, Coinbase, and Bybit adhere to FATF guidelines, with Coinbase standing out for its rigorous compliance with U.S. regulations.

合規性是交易所存在差異的另一個關鍵領域。 OKX、Coinbase 和 Bybit 都遵守 FATF 準則，其中 Coinbase 因其嚴格遵守美國法規而脫穎而出。

Regarding proof of reserves, WhiteBIT relies on third-party audits while keeping its reserves private. In contrast, Binance, OKX, and others provide public transparency. Bybit, Kraken, and Coinbase offer personalized access to their reserves, balancing transparency with tailored security measures.

關於儲備證明，WhiteBIT 依賴第三方審計，同時保持其儲備的隱私性。相比之下，幣安、OKX 等提供公開透明度。 Bybit、Kraken 和 Coinbase 提供對其儲備的個人化訪問，在透明度與量身定制的安全措施之間取得平衡。

What the Exchanges’ Trust and Value Index Means for Crypto Exchange Valuations

交易所的信任和價值指數對加密貨幣交易所估值意味著什麼

The results of the Exchanges’ Trust and Value Index reveal that the value of a cryptocurrency exchange extends far beyond simple ratio-based calculations.

交易所信任和價值指數的結果表明，加密貨幣交易所的價值遠遠超出了簡單的基於比率的計算。

Trust is as

信任就像