Coinbase、DEX 交易和 Base Network：加密货币新时代？

Coinbase 通过在其 Base 网络上进行 DEX 交易，更深入地研究 DeFi，但这对加密货币交易所和用户赋权的未来意味着什么？

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

Coinbase、DEX 交易和 Base Network：加密货币新时代？

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有动作了！该平台在其 Base 网络的支持下集成了 DEX 交易，标志着加密货币格局的重大转变。让我们深入了解这对您意味着什么。

Coinbase Embraces Decentralization

Coinbase 拥抱去中心化

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 已正式在其应用程序内为美国用户（不包括纽约，由于监管限制）推出去中心化交易所（DEX）交易。这一激动人心的进展于 2025 年 10 月 8 日得到确认，允许用户在代币推出后立即进行交易。可以将其视为在有前途的新资产进入大型交易所之前就进入其底层。

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 功能最初于 8 月份发布，由 Coinbase 的以太坊第 2 层网络 Base 提供支持。得益于 1inch 和 0x 支持的流动性池，这种集成可以直接在链上进行安全、非托管的代币交换。这意味着您可以保持对加密货币的控制，同时享受去中心化交易的好处。

What Can You Trade?

您可以交易什么？

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.

发布后，您可以交易来自 Virtuals AI Agents、Reserve Protocol DTF、SoSo Value Indices、Auki Labs 和 Super Champs 等项目的各种 Base-native 代币。为您的交易提供资金非常简单 – 使用您现有的 Coinbase 余额或 USDC。 Coinbase 甚至吸收 Gas 费，以换取少量、透明的交易费用。

Why This Matters

为什么这很重要

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.

这一举措是在关键时刻做出的。尽管 Coinbase 2025 年第二季度的交易量为 2370 亿美元（2024 年同期为 2260 亿美元），但该公司的交易量也出现了下降。整合 DEX 是一项战略举措，旨在吸引那些在交易活动中寻求更大控制力和透明度的用户。

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 数据显示，与中心化平台相比，去中心化交易所现在处理很大一部分现货活动。 2025 年第二季度，DEX 交易量跃升超过 25%，而中心化交易场所交易量下降近 30%。人们希望自我托管，Coinbase 正在做出回应。

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 并不孤单。其他中心化交易所，如 Bybit（与 Byreal）、BitMart 和 MEXC 也推出了自己的链上场所。这种趋势被称为“CeDeFi 融合”，旨在将中心化交易所的效率与 DeFi 的透明度结合起来。

Cypher Protocol: A Loyalty Game Changer on Base

Cypher Protocol：Base 上的忠诚度游戏规则改变者

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.

链上支付和忠诚度平台 Cypher Protocol 为 Base 网络生态系统增添了另一层，于 2025 年 10 月 5 日正式推出其原生代币。该代币在 Binance Alpha、KuCoin 和 Aerodrome Finance（Base 领先的 DEX）等主要交易所上市，并迅速在 Dexscreener 上排名第一。在 Y Combinator、Samsung Next 和 Coinbase Ventures 等投资者的支持下，Cypher 旨在通过直接在链上提供奖励、为用户提供所有权和无缝加密货币支出来转变忠诚度计划。

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 的非托管钱包配有 Cypher 卡，方便日常加密货币和稳定币支出。该代币旨在为强大的奖励生态系统提供动力，有可能为用户提供高达 35% 的现金返还奖励。 Cypher 致力于将日常交易转化为加密原生参与机会。

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 进军 DEX 交易是明智之举。通过拥抱去中心化并为用户提供对其资产的更多控制权，Coinbase 正在为加密货币交易的未来做好准备。 Base 的整合以及 Cypher Protocol 等项目的出现正在创建一个充满活力的生态系统，可以吸引新一波用户使用该平台。显然，用户正在寻求更多的控制权、透明度和在加密货币领域赚钱的机会。

The Bottom Line

底线

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 进军 DEX 交易不仅仅是一个新功能；这是时代的标志。中心化金融和去中心化金融之间的界限正在变得模糊，而用户才是受益者。因此，请密切关注 Coinbase、Base 和不断发展的 CeDeFi 格局——这将是一次疯狂的旅程！