Memecoins 繞過中心化交易所，在 DeFi 找到歸宿

根據與 CI 分享的最新信息，Solana 的交易量中有 40% 是由 memecoin 驅動的，這一比例令人震驚。

A staggering 40% of Solana’s transaction volume is now driven by memecoins, according to an update shared with CI. And yet, the majority of these assets never even reach centralized exchanges (CEXs).

根據與 CI 分享的最新信息，Solana 的交易量中有 40% 是由 memecoin 驅動的，這一比例令人震驚。然而，這些資產中的大多數甚至從未到達中心化交易所（CEX）。

Memecoins are increasingly bypassing CEXs altogether, launching and thriving in decentralized finance (DeFi) instead. This raises the question: Are CEXs losing their relevance when it comes to early-stage crypto assets?

Memecoin 越來越完全繞過 CEX，轉而在去中心化金融 (DeFi) 中推出並蓬勃發展。這就提出了一個問題：當涉及早期加密資產時，CEX 是否會失去其相關性？

Memecoins are choosing decentralized exchanges (DEXs) as their launchpads, finding far greater success before even considering CEX listings.

Memecoins 選擇去中心化交易所 (DEX) 作為他們的啟動板，甚至在考慮 CEX 上市之前就取得了更大的成功。

Is it because CEXs are becoming stale, bogged down by bureaucracy, and ultimately too slow to adapt? DeFi offers what CEXs can’t—an environment of immediate access, greater liquidity, and a more democratized approach to token growth.

是因為中心化交易所變得陳舊、陷入官僚主義的泥潭，最終適應速度太慢嗎？ DeFi 提供了 CEX 無法提供的東西——即時訪問環境、更大的流動性以及更民主化的代幣增長方式。

Tristan Frizza, Founder of Zeta Markets, a Solana-based perps DEX, delves into why memecoins are turning their backs on CEXs and finding a natural home in DeFi.

位於 Solana 的 Perps DEX Zeta Markets 的創始人 Tristan Frizza 深入探討了為什麼 Memecoin 放棄 CEX 並在 DeFi 中找到了天然的歸宿。

Frizza explains how derivatives trading is shifting toward DEXs, as memecoin traders look for more flexibility and innovation.

Frizza 解釋了隨著 memecoin 交易者尋求更大的靈活性和創新性，衍生性商品交易如何轉向 DEX。

Frizza also covered why CEX fatigue is real—and how DEXs, like Zeta, are seizing this opportunity to redefine token listings.

Frizza 也介紹了為什麼 CEX 疲勞是真實存在的，以及像 Zeta 這樣的 DEX 如何抓住這個機會重新定義代幣清單。

Our conversation with Tristan Frizza is shared below.

我們與特里斯坦·弗里札的對話如下。

Crowdfund Insider: We’re seeing more memecoins launching on decentralized exchanges (DEXs) instead of centralized exchanges (CEXs). What’s driving this trend, and what’s the appeal of DEXs for these types of assets?

Crowdfund Insider：我們看到更多的迷因幣在去中心化交易所（DEX）而不是中心化交易所（CEX）上推出。是什麼推動了這個趨勢？

Tristan Frizza: This shift highlights the evolving dynamics of crypto markets. Memecoins are speculative, community-centric, and move rapidly, making them well-suited for DeFi’s fast, open environment. DEXs provide immediate market access without the regulatory and listing hurdles that often come with CEXs.

Tristan Frizza：這種轉變凸顯了加密貨幣市場不斷變化的動態。 Memecoin 具有投機性、以社區為中心且發展迅速，因此非常適合 DeFi 的快速、開放環境。去中心化交易所提供即時的市場准入，沒有中心化交易所經常出現的監管和上市障礙。

The DEX landscape enables tokens to launch with minimal friction, allowing communities to participate in trading instantly and directly, which is an enormous appeal for developers and investors. This ease of access aligns with the spontaneity and community-driven nature of memecoins.

DEX 格局使代幣能夠以最小的摩擦推出，讓社區能夠即時、直接地參與交易，這對開發商和投資者來說具有巨大的吸引力。這種易於訪問的方式與模因幣的自發性和社區驅動的性質相一致。

Crowdfund Insider: Do you think this preference for DEXs among new tokens like memecoins signals a broader trend, one that could impact CEX relevance?

Crowdfund Insider：您認為 memecoins 這樣的新代幣對 DEX 的偏好是否預示著更廣泛的趨勢，可能會影響 CEX 的相關性？

Tristan Frizza: Absolutely. We’re seeing that DeFi offers advantages that align well with the ethos of crypto—decentralization, accessibility, and speed. This cycle, especially with memecoins and DEX-first tokens, has shown that real opportunities and wealth generation are happening on DEXs, where assets can build momentum from day one.

特里斯坦·弗里扎：當然。我們看到 DeFi 提供的優勢與加密貨幣的精神非常契合——去中心化、可訪問性和速度。這個週期，特別是 memecoin 和 DEX 優先的代幣，已經表明真正的機會和財富的產生正在 DEX 上發生，資產從第一天起就可以建立動力。

For many traders, by the time a token reaches a CEX, it’s often considered “too late” to capture those strong returns. DEXs provide that early access, allowing communities to participate in price discovery and growth without waiting for a centralized listing. As DEXs continue to enhance accessibility and user experience, we may indeed see a shift in relevance, with DEXs becoming the preferred venue for early-stage assets.

對於許多交易者來說，當代幣到達 CEX 時，通常被認為“為時已晚”，無法獲得豐厚的回報。 DEX 提供了早期訪問權限，允許社區參與價格發現和成長，而無需等待集中上市。隨著 DEX 不斷增強可訪問性和用戶體驗，我們確實可能會看到相關性的轉變，DEX 成為早期資產的首選場所。

Crowdfund Insider: What about user experience and liquidity? These are often challenges for DEXs—how does Zeta Markets address them?

Crowdfund Insider：使用者體驗和流動性怎麼樣？這些通常是 DEX 面臨的挑戰——Zeta Markets 如何解決這些挑戰？

Tristan Frizza: User experience and liquidity are crucial for any trading platform, whether a DEX or CEX. At Zeta Markets, we’ve focused on delivering a streamlined experience that matches the quality and familiarity of traditional exchanges while preserving DeFi’s core values.

Tristan Frizza：使用者體驗和流動性對於任何交易平台都至關重要，無論是 DEX 還是 CEX。在 Zeta Markets，我們專注於提供與傳統交易所的品質和熟悉度相符的簡化體驗，同時保留 DeFi 的核心價值。

Our order book model provides price stability and depth, distinguishing us from the automated market makers (AMMs) common on many DEXs. As technology continues to evolve, the differences between DEXs and CEXs will become less noticeable, making liquidity easier to onboard across platforms. By integrating with Solana’s ecosystem and collaborating with professional liquidity providers, we ensure our platform can support both high-demand assets like Bitcoin and Ethereum and niche tokens like memecoins.

我們的訂單簿模型提供了價格穩定性和深度，這將我們與許多 DEX 上常見的自動做市商 (AMM) 區分開來。隨著技術的不斷發展，DEX 和 CEX 之間的差異將變得不那麼明顯，使流動性更容易跨平台注入。透過與 Solana 的生態系統整合並與專業的流動性提供者合作，我們確保我們的平台既可以支援比特幣和以太坊等高需求資產，也可以支援 memecoin 等利基代幣。

Crowdfund Insider: The term “democratized trading” often comes up with DeFi. Can you explain this more broadly in the context of Zeta Markets and DEXs?

Crowdfund Insider：「民主化交易」一詞經常與 DeFi 一起出現。您能否在 Zeta 市場和 DEX 的背景下更廣泛地解釋這一點？

Tristan Frizza: Democratized trading means removing barriers and leveling the playing field. Traditionally, asset launches and early trading access have been controlled by large institutions and accredited investors. With DEXs, retail traders have the same access as institutional players, allowing them to participate from day one. At Zeta, we’re committed to providing a marketplace where individuals can engage with new assets without gatekeeping.

Tristan Frizza：民主化貿易意味著消除障礙並創造公平的競爭環境。傳統上，資產發行和早期交易准入由大型機構和合格投資者控制。透過 DEX，零售交易者擁有與機構參與者相同的訪問權限，允許他們從第一天起就參與其中。在 Zeta，我們致力於提供一個市場，讓個人可以在沒有把關的情況下接觸新資產。

This open-access approach aligns with DeFi’s mission of providing financial opportunities that are accessible to anyone, anywhere.

這種開放取用方式符合 DeFi 的使命，即為任何人、任何地方提供可用的金融機會。

Crowdfund Insider: How does Zeta Markets fit into the broader DeFi ecosystem on Solana, especially regarding derivatives?

Crowdfund Insider：Zeta Markets 如何融入 Solana 上更廣泛的 DeFi 生態系統，特別是在衍生性商品方面？

Tristan Frizza: Solana has proven to be a game-changer for DeFi, particularly in speed and scalability. At Zeta Markets, we’ve built a derivatives-focused DEX that leverages Solana’s robust infrastructure.

Tristan Frizza：事實證明，Solana 是 DeFi 的遊戲規則改變者，特別是在速度和可擴展性方面。在 Zeta Markets，我們建立了一個以衍生性商品為中心的 DEX，利用 Solana 強大的基礎設施。

Derivatives are a cornerstone

衍生性商品是基石