Coinbase、DEX 交易和 Base Network：加密貨幣新時代？

Coinbase 通過在其 Base 網絡上進行 DEX 交易，更深入地研究 DeFi，但這對加密貨幣交易所和用戶賦權的未來意味著什麼？

Coinbase, DEX Trading, and Base Network: A New Era for Crypto?

Coinbase、DEX 交易和 Base Network：加密貨幣新時代？

Coinbase is making moves! The platform's integration of DEX trading, powered by its Base network, signals a significant shift in the crypto landscape. Let's dive into what this means for you.

Coinbase有動作了！該平台在其 Base 網絡的支持下集成了 DEX 交易，標誌著加密貨幣格局的重大轉變。讓我們深入了解這對您意味著什麼。

Coinbase Embraces Decentralization

Coinbase 擁抱去中心化

Coinbase has officially launched decentralized exchange (DEX) trading within its app for U.S. users (excluding New York, due to regulatory restrictions). This exciting development, confirmed on October 8, 2025, allows users to trade tokens the moment they launch. Think of it as getting in on the ground floor of promising new assets, way before they hit the big exchanges.

Coinbase 已正式在其應用程序內為美國用戶（不包括紐約，由於監管限制）推出去中心化交易所（DEX）交易。這一激動人心的進展於 2025 年 10 月 8 日得到確認，允許用戶在代幣推出後立即進行交易。可以將其視為在有前途的新資產進入大型交易所之前就進入其底層。

The DEX feature, initially teased in August, is powered by Base, Coinbase’s Ethereum layer-2 network. This integration enables secure, non-custodial token swaps directly on-chain, thanks to liquidity pools supported by 1inch and 0x. This means you keep control of your crypto while enjoying the benefits of decentralized trading.

DEX 功能最初於 8 月份發布，由 Coinbase 的以太坊第 2 層網絡 Base 提供支持。得益於 1inch 和 0x 支持的流動性池，這種集成可以直接在鏈上進行安全、非託管的代幣交換。這意味著您可以保持對加密貨幣的控制，同時享受去中心化交易的好處。

What Can You Trade?

您可以交易什麼？

At launch, you can trade a variety of Base-native tokens from projects like Virtuals AI Agents, Reserve Protocol DTFs, SoSo Value Indices, Auki Labs, and Super Champs. Funding your trades is easy – use your existing Coinbase balance or USDC. Coinbase even absorbs gas fees in exchange for a small, transparent trading charge.

發布後，您可以交易來自 Virtuals AI Agents、Reserve Protocol DTF、SoSo Value Indices、Auki Labs 和 Super Champs 等項目的各種 Base-native 代幣。為您的交易提供資金非常簡單 – 使用您現有的 Coinbase 餘額或 USDC。 Coinbase 甚至吸收 Gas 費，以換取少量、透明的交易費用。

Why This Matters

為什麼這很重要

This move comes at a crucial time. While Coinbase saw a trading volume of $237 billion in the second quarter of 2025 (compared to $226 billion in the same period of 2024), the company also experienced declining trading volumes. Integrating a DEX is a strategic play to attract users seeking greater control and transparency in their trading activities.

這一舉措是在關鍵時刻做出的。儘管 Coinbase 2025 年第二季度的交易量為 2370 億美元（2024 年同期為 2260 億美元），但該公司的交易量也出現了下降。整合 DEX 是一項戰略舉措，旨在吸引那些在交易活動中尋求更大控制力和透明度的用戶。

CoinGecko data shows that decentralized exchanges now handle a substantial portion of spot activity compared to centralized platforms. In Q2 2025, DEX volumes jumped over 25%, while centralized venues saw trading fall nearly 30%. People want self-custody, and Coinbase is responding.

CoinGecko 數據顯示，與中心化平台相比，去中心化交易所現在處理很大一部分現貨活動。 2025 年第二季度，DEX 交易量躍升超過 25%，而中心化交易場所交易量下降近 30%。人們希望自我託管，Coinbase 正在做出回應。

The Rise of CeDeFi

CeDeFi 的崛起

Coinbase isn't alone. Other centralized exchanges like Bybit (with Byreal), BitMart, and MEXC are also launching their own on-chain venues. This trend, dubbed "CeDeFi convergence," aims to combine the efficiency of centralized exchanges with the transparency of DeFi.

Coinbase 並不孤單。其他中心化交易所，如 Bybit（與 Byreal）、BitMart 和 MEXC 也推出了自己的鏈上場所。這種趨勢被稱為“CeDeFi 融合”，旨在將中心化交易所的效率與 DeFi 的透明度結合起來。

Cypher Protocol: A Loyalty Game Changer on Base

Cypher Protocol：Base 上的忠誠度遊戲規則改變者

Adding another layer to the Base network ecosystem, Cypher Protocol, an on-chain payment and loyalty platform, officially launched its native token on October 5, 2025. The token secured listings across major exchanges, including Binance Alpha, KuCoin, and Aerodrome Finance (Base’s leading DEX), and quickly trended #1 on Dexscreener. Backed by investors like Y Combinator, Samsung Next, and Coinbase Ventures, Cypher aims to transform loyalty programs by delivering rewards directly on-chain, offering users ownership and seamless crypto spending.

鏈上支付和忠誠度平台 Cypher Protocol 為 Base 網絡生態系統增添了另一層，於 2025 年 10 月 5 日正式推出其原生代幣。該代幣在 Binance Alpha、KuCoin 和 Aerodrome Finance（Base 領先的 DEX）等主要交易所上市，並迅速在 Dexscreener 上排名第一。在 Y Combinator、Samsung Next 和 Coinbase Ventures 等投資者的支持下，Cypher 旨在通過直接在鏈上提供獎勵、為用戶提供所有權和無縫加密貨幣支出來轉變忠誠度計劃。

Cypher's Non-custodial wallet with Cypher Card facilitates everyday crypto and stablecoin spending. The token is designed to power a robust rewards ecosystem, potentially offering users up to 35% cashback in rewards. Cypher seeks to turn everyday transactions into crypto-native engagement opportunities.

Cypher 的非託管錢包配有 Cypher 卡，方便日常加密貨幣和穩定幣支出。該代幣旨在為強大的獎勵生態系統提供動力，有可能為用戶提供高達 35% 的現金返還獎勵。 Cypher 致力於將日常交易轉化為加密原生參與機會。

My Take

我的看法

Coinbase's move into DEX trading is a smart one. By embracing decentralization and offering users more control over their assets, Coinbase is positioning itself for the future of crypto trading. The integration of Base and the emergence of projects like Cypher Protocol are creating a vibrant ecosystem that could attract a new wave of users to the platform. It is clear that users are looking for more control, transparency and opportunities to earn in the crypto space.

Coinbase 進軍 DEX 交易是明智之舉。通過擁抱去中心化並為用戶提供對其資產的更多控制權，Coinbase 正在為加密貨幣交易的未來做好準備。 Base 的整合以及 Cypher Protocol 等項目的出現正在創建一個充滿活力的生態系統，可以吸引新一波用戶使用該平台。顯然，用戶正在尋求更多的控制權、透明度和在加密貨幣領域賺錢的機會。

The Bottom Line

底線

Coinbase's foray into DEX trading is more than just a new feature; it's a sign of the times. The lines between centralized and decentralized finance are blurring, and users are the ones who stand to benefit. So, keep an eye on Coinbase, Base, and the evolving CeDeFi landscape – it's gonna be a wild ride!

Coinbase 進軍 DEX 交易不僅僅是一個新功能；這是時代的標誌。中心化金融和去中心化金融之間的界限正在變得模糊，而用戶才是受益者。因此，請密切關注 Coinbase、Base 和不斷發展的 CeDeFi 格局——這將是一次瘋狂的旅程！