CZ vs. Coinbase：加密貨幣交易所之戰愈演愈烈

隨著 BNB 上市和生態系統主導地位成為焦點，CZ 和 Coinbase 之間的競爭不斷升級。是為了公平還是為了市場份額？

The crypto world is buzzing with the latest developments in the ongoing 'CZ, Coinbase, Exchange Battle'. From listing fees to ecosystem dominance, the tension between Binance and Coinbase is palpable. Let's dive into the key events and what they mean for the future of crypto.

加密世界正因正在進行的“CZ、Coinbase、交易所之戰”的最新進展而熱鬧非凡。從上市費用到生態系統主導地位，幣安和 Coinbase 之間的緊張關係顯而易見。讓我們深入探討關鍵事件以及它們對加密貨幣未來的意義。

The BNB Listing Surprise

BNB上市驚喜

Coinbase's decision to add BNB to its listing roadmap was a move that shocked many. For years, Binance and Coinbase have been fierce competitors, battling it out on trading volume, asset diversity, and geographic expansion. This apparent olive branch raises some eyebrows. Coinbase specified that the listing of BNB would depend on technical preparation and market-making requirements. In other words, it might take months. This caution contrasts sharply with Binance’s speed in integrating new tokens.

Coinbase 將 BNB 添加到其上市路線圖中的決定令許多人感到震驚。多年來，幣安和 Coinbase 一直是激烈的競爭對手，在交易量、資產多樣性和地域擴張方面展開較量。這明顯的橄欖枝引起了一些人的注意。 Coinbase表示，BNB的上市將取決於技術準備和做市要求。換句話說，可能需要幾個月的時間。這種謹慎與幣安整合新代幣的速度形成鮮明對比。

CZ himself responded to the listing with a mix of gratitude and challenge, urging Coinbase to list more BNB Chain-based tokens. He emphasized cross-chain inclusivity, suggesting Coinbase's engagement with the BNB ecosystem would benefit both platforms and their users. Is Coinbase truly embracing interoperability, or is this just a strategic play?

CZ 本人對此次上市的回應既感激又挑戰，敦促 Coinbase 上市更多基於 BNB 鏈的代幣。他強調了跨鏈包容性，表明 Coinbase 與 BNB 生態系統的合作將使平台及其用戶受益。 Coinbase 是真正擁抱互操作性，還是這只是一種戰略策略？

Listing Fees: A Contentious Issue

上市費用：一個有爭議的問題

The business model of centralized exchanges, particularly listing fees, is at the heart of this rivalry. Binance has faced criticism for its high listing fees, while Coinbase is perceived to favor the Ethereum ecosystem. CZ has weighed in on the debate, advising projects to focus on value creation rather than haggling over fees. He suggests that strong projects will naturally attract exchanges.

中心化交易所的商業模式，特別是上市費用，是這場競爭的核心。幣安因其高昂的上市費用而受到批評，而 Coinbase 則被認為更青睞以太坊生態系統。 CZ 參與了這場爭論，建議項目重點關注價值創造，而不是就費用討價還價。他認為，有實力的項目自然會吸引交流。

Ecosystem Dominance: TVL Tells a Story

生態系統主導地位：TVL 講述一個故事

CZ has been vocal about BNB Chain's stronger network activity, pointing to data from DeFiLlama that shows BNB Chain holding over $8.76 billion in total value locked (TVL), outpacing Coinbase’s Base network. This gap raises questions about Coinbase’s listing philosophy and whether it prioritizes ecosystem alignment over user demand. For years, Coinbase has been cautious about supporting assets tied to direct competitors, and the delayed consideration of BNB shows that tension.

CZ 一直對 BNB Chain 更強勁的網絡活動直言不諱，他指出 DeFiLlama 的數據顯示，BNB Chain 的總鎖定價值 (TVL) 超過 87.6 億美元，超過了 Coinbase 的 Base 網絡。這種差距引發了人們對 Coinbase 上市理念的質疑，以及它是否優先考慮生態系統協調而不是用戶需求。多年來，Coinbase 對支持與直接競爭對手相關的資產一直持謹慎態度，而延遲考慮 BNB 就表明了這種緊張。

A Shift in Stance?

立場轉變？

With BNB ranked among the top cryptocurrencies by market capitalization, Coinbase’s move could mark a pragmatic step toward bridging exchange silos in an increasingly interconnected crypto landscape. As CZ put it, “This isn’t about rivalry — it’s about fairness.”

隨著 BNB 躋身市值最高的加密貨幣之列，Coinbase 的此舉可能標誌著在日益互聯的加密貨幣領域朝著彌合交易所孤島邁出了務實的一步。正如 CZ 所說，“這不是競爭，而是公平。”

My Take: More Than Just Fairness

我的看法：不僅僅是公平

While fairness is a noble sentiment, the 'CZ, Coinbase, Exchange Battle' is undoubtedly about market dominance. Binance is asserting its ecosystem's strength, challenging Coinbase to acknowledge its success. Listing fees, while important, are a secondary concern. The primary goal is to attract users and projects to their respective platforms. Coinbase's potential shift in stance reflects the growing pressure to offer a wider range of assets to stay competitive. The numbers don't lie, BNB Chain is thriving.

雖然公平是一種高尚的情操，但“CZ、Coinbase、交易所之戰”無疑是關於市場主導地位的。幣安正在彰顯其生態系統的實力，挑戰 Coinbase 承認其成功。上市費用雖然很重要，但卻是次要問題。主要目標是吸引用戶和項目到各自的平台。 Coinbase 潛在的立場轉變反映出提供更廣泛資產以保持競爭力的壓力越來越大。數字不會說謊，BNB 鏈正在蓬勃發展。

The Bottom Line

底線

The crypto exchange landscape is evolving, with interoperability and ecosystem recognition becoming key battlegrounds. Whether it's about fairness or market share, the CZ vs. Coinbase saga is a reminder that even in 2025, crypto's biggest exchanges are still fighting for ideological and market dominance, one token listing at a time.

加密貨幣交易格局正在不斷發展，互操作性和生態系統認可成為關鍵戰場。無論是公平性還是市場份額，CZ 與 Coinbase 的傳奇都提醒我們，即使在 2025 年，加密貨幣最大的交易所仍在爭奪意識形態和市場主導地位，一次只上市一個代幣。

So, grab your popcorn and enjoy the show! Who knows what twists and turns this rivalry will take next? One thing's for sure, it's never a dull moment in the world of crypto!

所以，拿起你的爆米花，享受這場表演吧！誰知道這場競爭接下來會發生什麼波折呢？有一件事是肯定的，加密貨幣世界永遠不會沉悶！