顶级加密货币交易所市值及虚拟估值分析

您是否想知道您最喜欢的加密货币交易所的真正价值？大多数加密货币平台都作为私人实体运营，这意味着它们不公开交易。

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

大多数加密货币交易所都是私人实体，不公开交易。然而，Coinbase 是一个例外，其估值是公开披露的。

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

这就提出了一个有趣的问题：考虑到 Coinbase 的已知市值，我们是否可以通过将其他交易所与 Coinbase 进行比较来推断它们的估值？

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.

首次对这一引人注目的主题进行深入分析，采用精确的算术评估和考虑有形资产和无形因素的综合估计。

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.

本文探讨了一种估计加密货币交易所虚拟资本的潜在方法。虽然该分析依赖于经过验证的数据，包括 Coinbase 的指标，但它也纳入了与非公开交易所的比较，并涉及大量的市场猜测。因此，计算出的估值不应被解释为这些交易所的实际市值或价值。

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

注：下面提供的数据以及交易所信任和价值指数的计算方法截至 2024 年 11 月 20 日是准确的。

Virtual Capitalisation as the Lead Metric

虚拟资本作为主要指标

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

截至 2024 年 11 月 20 日，Coinbase 的市值为 812.6 亿美元。

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:

来自 ÐCryptopolitan 的 Florence Muchai 介绍了一种计算指标的方法，暂时称为加密货币交易所的“虚拟资本化”。这种方法涉及分析最能反映交易所净值的核心指标与 Coinbase 的比率：

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

为了应用该公式，该研究研究了七个流行的加密货币交易所，每个交易所的规模和潜在价值各不相同。

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

根据CoinGlass、SimilarWeb的数据和信息以及交易所官方声明，整理出以下统计数据：

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

每个交易所的估值都是使用单一指标单独计算的，目的是确定估计范围。

The final calculations yield the following results:

最终计算得出以下结果：

Exchanges’ Trust and Value Index

交易所信任与价值指数

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

虽然算术指标为估计交易所的虚拟价值提供了基础，但真正的本质在于其信任和价值。

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

为了对交易所的市场地位进行更全面的评估，引入了交易所信任和价值指数。

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.

该分析框架旨在评估交易所的财务状况和可信度。该方法采用从 1 到 10 的数值范围，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.

该指数基于六个核心指标：透明度、活动、资本、安全性、合规性和储备证明。

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.

“交易所价值和信任指数”中的透明度指标评估交易所运营的公开程度，特别是在披露有关其财务状况、运营和决策流程的信息方面。

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.

活动衡量加密货币交易所的有机流量和用户群，提供对其运营绩效的洞察。该指标源自自我报告的受众数据和网络流量统计数据。

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).

资本指标评估交易所的财务实力和流动性。它考虑了总交易量和期货交易未平仓合约（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.

安全性衡量加密货币交易所保护用户资金、数据和平台完整性的程度。这是通过反洗钱 (AML) 合规性、加密货币安全标准 (CCSS) 遵守情况、安全事件历史记录以及资产托管进行分析。

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.

合规性评估加密货币交易所遵守法律和监管标准的程度。该指标评估运营的合法性、遵守制裁合规性以及与金融行动特别工作组 (FATF) 框架的整合。

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

结果：当通过指数的角度分析加密货币交易时，显着的区别变得显而易见。

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等平台公开披露其高层管理人员并提供储备证明，而OKX等其他平台则通过第三方审计或战略合作伙伴关系来确保透明度。

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.

在活跃度方面，币安凭借超过 2 亿的活跃用户和大量的网络流量而脱颖而出。 Coinbase 紧随其后，拥有 7300 万用户，而 Bybit 则以 1000 万用户落后。 WhiteBIT 虽然规模较小，但据报告拥有 500 万用户。

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.

这些平台上持有和交易的资本也显示出显着差异。 Coinbase（60 亿美元）、OKX（54 亿美元）和 WhiteBIT（51 亿美元）的每日交易量几乎相同。然而，Binance 以 310 亿美元领先，Bybit 以 70 亿美元紧随其后。

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.

合规性是交易所存在差异的另一个关键领域。 OKX、Coinbase 和 Bybit 均遵守 FATF 准则，其中 Coinbase 因其严格遵守美国法规而脱颖而出。

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.

关于储备证明，WhiteBIT 依赖第三方审计，同时保持其储备的私密性。相比之下，币安、OKX 等提供公开透明度。 Bybit、Kraken 和 Coinbase 提供对其储备的个性化访问，在透明度与量身定制的安全措施之间取得平衡。

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

交易所的信任和价值指数对加密货币交易所估值意味着什么

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

交易所信任和价值指数的结果表明，加密货币交易所的价值远远超出了简单的基于比率的计算。

Trust is as

信任就像