CEX 与 DEX：币安和 Coinbase 上市实践受到审查

最近有关著名中心化交易所（CEX）（尤其是币安和 Coinbase）上市行为的指控引发了加密货币社区的热议。

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.

最近的指控在加密货币社区内引发了关于币安和 Coinbase 等著名中心化交易所 (CEX) 所采用的上市做法的激烈争论。

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.

这场争议始于 Moonrock Capital 首席执行官 Simon Dedic 在 X（前身为 Twitter）上分享了与“一级”项目对话的细节，据报道该项目与币安进行了一年多的尽职调查。据 Dedic 称，交易所最终要求提供该项目总代币供应量的 15%，以换取上市要约。

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 继续估计，上市成本可能在 5000 万美元到 1 亿美元之间，他将此类需求描述为项目“无法承受”的，也是出现“出血图表”（指 CEX 上市后价格下跌）的一个关键原因。

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 创始人安德烈·克罗涅 (Andre Cronje) 对 Dedic 关于币安的说法提出了质疑。在 X 上的另一篇帖子中，Cronje 透露，Coinbase（而不是币安）此前曾要求支付大量上市费用（可能是 Fantom 的 FTM 代币），金额从 3000 万美元到 3 亿美元不等。

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 的爆料将人们的注意力转移到了 Coinbase 上，突显出人们越来越担心上市要求可能会给旨在在主要交易所获得知名度的项目带来障碍。

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 首席执行官布莱恩·阿姆斯特朗 (Brian Armstrong) 很快就解决了这一争议，旨在澄清事实。阿姆斯特朗在 X 上的一篇帖子中表示，“Coinbase 上的资产上市是免费的”，同时推广去中心化交易所（DEX）作为可行的替代方案。

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.

阿姆斯特朗的帖子得到了 Coinbase 博客文章的支持，该博文解释了资产中心，旨在简化上市流程。据 Coinbase 称，资产中心还确保透明度和公平性，据称对代币发行者来说是免费的。

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 创始人孙宇晨分享了他在两家交易所的经历，这加剧了争论。 Sun 在 X 的一份声明中表示，虽然币安没有向 TRON 收取任何上市费用，但 Coinbase 要求在 TRX 中存入 8000 万美元，在 Coinbase Custody 中存入 2.5 亿美元的 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.

孙还表示，这样的要求有些过分，为不同规模的项目收取挂牌费是否合理的讨论又增加了一层。

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

这场争议引发了社区反应浪潮，许多人对 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.

“有点让我不想再购买币安上列出的任何东西了。知道他们花了数千万美元才到达那里，这样他们就可以获得尽可能多的退出流动性，这表明也许它不值那么多钱。 Collector Crypt 创始人兼首席执行官 Tuomas Holmberg 表示：“真正的平台不需要在币安上发布。”

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

Tenset 首席执行官兼 Tenset Security 联合创始人 Mat Millbury 也表达了同样的观点，批评了币安上市对代币价格的不利影响。

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

一些人认为这个问题表明中央交易所对新项目拥有过度权力。

“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.

“交易所拥有太多的权力，”Animoca Brands 的 Mo Ezeldin 评论道，他表示上市费用和代币需求会形成一个不健康的循环，最终损害项目并消耗积极的势头。

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

与此同时，Mavryck Network 创始人 Alex Davis 表达了对 DEX 的支持，认为它们可以为未来提供更可持续的模式。

“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.

“所有围绕 CEX 的戏剧性事件都强调了对（订单簿）DEX 和进一步透明度的需求。明确列表规则，并适当列表。加密货币的目的是摆脱第三方的中介，而不是创建新的第三方来赚取自己的费用，”戴维斯表示。

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.

币安前首席执行官赵长鹏（CZ）也对这种强烈反对做出了回应，敦促该行业远离“报价攻击”。在 X 的一份声明中，CZ 声称，最著名的数字资产比特币从未支付过上市费用，建议项目专注于自身发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.

同样，币安的联合创始人何一补充说，币安的上市流程是透明的，并且基于项目的优点。她鼓励公众“自己做研究”（DYOR），并将这些指控斥为“八卦”，并解释说，空投或促销的高代币分配并不能保证上市。

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.

随着指控和反驳不断流传，去中心化交易所（DEX）的作用越来越受到人们的关注。与 CEX 不同，DEX 允许项目直接上市，无需中介要求或大量代币分配，这可能提供一条通向更公平访问的途径。

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.

虽然中心化交易所提供流动性、覆盖范围和可见性，但社区中的许多人认为它们对项目成功的影响可能过度。持续不断的争论凸显了变革的必要性，无论是通过提高中央交易所的透明度、采用去中心化替代方案，还是全行业转向更公平的做法。