CEX 與 DEX：幣安和 Coinbase 上市實踐受到審查

最近有關著名中心化交易所（CEX）（尤其是幣安和 Coinbase）上市行為的指控引發了加密貨幣社群的熱議。

Recent allegations have sparked a heated debate within the cryptocurrency community regarding the listing practices employed by prominent centralized exchanges (CEXs) such as Binance and Coinbase.

最近的指控在加密貨幣社群內引發了關於幣安和 Coinbase 等著名中心化交易所 (CEX) 所採用的上市做法的激烈爭論。

The controversy began when Simon Dedic, CEO of Moonrock Capital, took to X (formerly Twitter) to share details of a conversation with a “Tier 1” project that reportedly spent over a year in due diligence with Binance. According to Dedic, the exchange eventually demanded 15% of the project's total token supply in exchange for a listing offer.

這場爭議始於 Moonrock Capital 首席執行官 Simon Dedic 在 X（前身為 Twitter）上分享了與一個“一級”項目的對話細節，據報道該項目與幣安進行了一年多的盡職調查。據 Dedic 稱，交易所最終要求提供該項目總代幣供應量的 15%，以換取上市要約。

Dedic went on to estimate that the cost for the listing could range from $50 million to $100 million, describing such demands as “unaffordable” for projects and a key reason for “bleeding charts” — a term referring to price declines following CEX listings.

Dedic 繼續估計，上市成本可能在5,000 萬美元到1 億美元之間，他將此類需求描述為專案「無法承受」的，也是出現「出血圖表」（指CEX 上市後價格下跌）的一個關鍵原因。

However, Andre Cronje, founder of Fantom, disputed Dedic's claims about Binance. In a separate post on X, Cronje disclosed that Coinbase, not Binance, had previously demanded substantial fees for listing (presumably Fantom's FTM token) with amounts ranging from $30 million to $300 million over time.

然而，Fantom 創始人安德烈·克羅涅 (Andre Cronje) 對 Dedic 關於幣安的說法提出了異議。在 X 上的另一篇貼文中，Cronje 透露，Coinbase（而不是幣安）此前曾要求支付大量上市費用（可能是 Fantom 的 FTM 代幣），金額從 3000 萬美元到 3 億美元不等。

Cronje's revelation shifted the focus of attention toward Coinbase, highlighting the growing concern over how listing demands might create barriers for projects aiming to gain visibility on major exchanges.

Cronje 的爆料將人們的注意力轉移到了 Coinbase 上，突顯出人們越來越擔心上市要求可能會給旨在在主要交易所獲得知名度的項目帶來障礙。

Coinbase CEO Brian Armstrong soon addressed the controversy, aiming to set the record straight. In a post on X, Armstrong stated, “Asset listings on Coinbase are free,” while promoting decentralized exchanges (DEXs) as a viable alternative.

Coinbase 執行長 Brian Armstrong 很快就解決了這一爭議，旨在澄清事實。阿姆斯壯在 X 上的一篇貼文中表示，“Coinbase 上的資產上市是免費的”，同時推廣去中心化交易所（DEX）作為可行的替代方案。

Armstrong's post was backed by a Coinbase blog post explaining the Asset Hub, designed to streamline the listing process. According to Coinbase, the Asset Hub also ensures transparency and fairness, supposedly at no cost to token issuers.

阿姆斯壯的貼文得到了 Coinbase 部落格文章的支持，該文章解釋了資產中心，旨在簡化上市流程。據 Coinbase 稱，資產中心還確保透明度和公平性，據稱對代幣發行者來說是免費的。

Adding to the debate, TRON founder Justin Sun shared his experiences with both exchanges. In a statement on X, Sun said that while Binance did not charge TRON any listing fees, Coinbase required an $80 million deposit in TRX and a $250 million BTC deposit in Coinbase Custody.

TRON 創辦人孫宇晨分享了他在兩家交易所的經歷，這加劇了爭論。 Sun 在 X 的聲明中表示，雖然幣安沒有向 TRON 收取任何上市費用，但 Coinbase 要求在 TRX 中存入 8000 萬美元，在 Coinbase Custody 中存入 2.5 億美元的 BTC。

Sun also suggested that such demands are excessive, adding another layer to the discussion on whether listing fees are justified for projects of different sizes.

孫也表示，這樣的要求有些過分，為不同規模的項目收取掛牌費是否合理的討論又增加了一層。

The controversy has sparked a wave of community reactions, many voicing disillusionment with CEX practices.

這場爭議引發了社區反應浪潮，許多人對 CEX 做法表示失望。

“Kinda makes me not want to buy anything listed on Binance again. Knowing that they paid tens of millions to get on there, so they could get the most exit liquidity they could is a signal that maybe it is not worth that much. Real platforms don’t need to launch on Binance,” said Tuomas Holmberg, founder and CEO of Collector Crypt.

「有點讓我不想再買幣安上列出的任何東西了。知道他們花了數千萬美元才到達那裡，這樣他們就可以獲得盡可能多的退出流動性，這表明也許它不值那麼多錢。 Collector Crypt 創始人兼首席執行官 Tuomas Holmberg 表示：“真正的平台不需要在幣安上發布。”

Tenset CEO and co-founder of Tenset Security Mat Millbury echoed the sentiment, criticizing the adverse effects of Binance listings on token prices.

Tenset 執行長兼 Tenset Security 聯合創始人 Mat Millbury 也表達了同樣的觀點，批評了幣安上市對代幣價格的不利影響。

Some see the issue as an indication of excessive power wielded by CEXs over new projects.

有些人認為這個問題顯示中央交易所對新專案擁有過度權力。

“Exchanges hold too much power,” Animoca Brands’ Mo Ezeldin commented, suggesting that listing fees and token demands create an unhealthy cycle that ultimately harms projects and drains positive momentum.

「交易所擁有太多的權力，」Animoca Brands 的 Mo Ezeldin 評論道，他表示上市費用和代幣需求會形成一個不健康的循環，最終損害項目並消耗積極的勢頭。

Meanwhile, Mavryck Network founder Alex Davis voiced support for DEXs, arguing they could provide a more sustainable model for the future.

同時，Mavryck Network 創辦人 Alex Davis 表達了對 DEX 的支持，認為它們可以為未來提供更永續的模式。

“All this drama surrounding CEXs simply highlights the need for (order book) DEXs and further transparency. Make the rules for listings clear, and list appropriately. The point of crypto was to disintermediate from 3rd parties, not create new ones raking in their own fees,” Davis expressed.

「所有圍繞 CEX 的戲劇性事件都強調了對（訂單簿）DEX 和進一步透明度的需求。明確列表規則，並適當列表。加密貨幣的目的是擺脫第三方的中介，而不是創建新的第三方來賺取自己的費用，」戴維斯表示。

Binance's former CEO Changpeng Zhao (CZ) also responded to the backlash, urging the industry to move away from “quote attacks.” In a statement on X, CZ asserted that Bitcoin, the most prominent digital asset, never paid listing fees, advising projects to focus on their development rather than exchange listings.

幣安前執行長趙長鵬（CZ）也對這種強烈反對做出了回應，敦促該行業遠離「報價攻擊」。在 X 的聲明中，CZ 聲稱，最著名的數位資產比特幣從未支付過上市費用，建議專案專注於自身發展而不是交易所上市。

Similarly, Binance's co-founder Yi He added that Binance's listing processes are transparent and based on project merit. She encouraged the public to “do your own research” (DYOR) and dismissed the allegations as “gossip,” explaining that high token allocations for airdrops or promotions do not guarantee listings.

同樣，幣安的聯合創始人何一補充說，幣安的上市流程是透明的，並且基於專案的優點。她鼓勵公眾“自己做研究”（DYOR），並將這些指控斥為“八卦”，並解釋說，空投或促銷的高代幣分配並不能保證上市。

As accusations and rebuttals continue to circulate, the role of decentralized exchanges (DEXs) is coming into sharper focus. Unlike CEXs, DEXs allow projects to list directly without intermediary demands or large token allocations, potentially offering a path toward more equitable access.

隨著指控和反駁不斷流傳，去中心化交易所（DEX）的角色越來越受到人們的關注。與 CEX 不同，DEX 允許專案直接上市，無需中介要求或大量代幣分配，這可能提供一條通往更公平訪問的途徑。

While centralized exchanges offer liquidity, reach, and visibility, many in the community argue that their influence over project success may be overreaching. The ongoing debate highlights a need for change, whether through increased transparency from CEXs, the adoption of decentralized alternatives, or an industry-wide shift toward fairer practices.

雖然中心化交易所提供流動性、覆蓋範圍和可見性，但社區中的許多人認為它們對專案成功的影響可能過度。持續不斷的爭論凸顯了變革的必要性，無論是透過提高中央交易所的透明度、採用去中心化替代方案，或是全產業轉向更公平的做法。