CZ vs. Coinbase：加密货币交易所之战愈演愈烈

随着 BNB 上市和生态系统主导地位成为焦点，CZ 和 Coinbase 之间的竞争不断升级。是为了公平还是为了市场份额？

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.

加密世界正因正在进行的“CZ、Coinbase、交易所之战”的最新进展而热闹非凡。从上市费用到生态系统主导地位，币安和 Coinbase 之间的紧张关系显而易见。让我们深入探讨关键事件以及它们对加密货币未来的意义。

The BNB Listing Surprise

BNB上市惊喜

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 将 BNB 添加到其上市路线图中的决定令许多人感到震惊。多年来，币安和 Coinbase 一直是激烈的竞争对手，在交易量、资产多样性和地域扩张方面展开较量。这明显的橄榄枝引起了一些人的注意。 Coinbase表示，BNB的上市将取决于技术准备和做市要求。换句话说，可能需要几个月的时间。这种谨慎与币安整合新代币的速度形成鲜明对比。

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 本人对此次上市的回应既感激又挑战，敦促 Coinbase 上市更多基于 BNB 链的代币。他强调了跨链包容性，表明 Coinbase 与 BNB 生态系统的合作将使平台及其用户受益。 Coinbase 是真正拥抱互操作性，还是这只是一种战略策略？

Listing Fees: A Contentious Issue

上市费用：一个有争议的问题

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.

中心化交易所的商业模式，特别是上市费用，是这场竞争的核心。币安因其高昂的上市费用而受到批评，而 Coinbase 则被认为更青睐以太坊生态系统。 CZ 参与了这场争论，建议项目重点关注价值创造，而不是就费用讨价还价。他认为，有实力的项目自然会吸引交流。

Ecosystem Dominance: TVL Tells a Story

生态系统主导地位：TVL 讲述一个故事

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 一直对 BNB Chain 更强劲的网络活动直言不讳，他指出 DeFiLlama 的数据显示，BNB Chain 的总锁定价值 (TVL) 超过 87.6 亿美元，超过了 Coinbase 的 Base 网络。这种差距引发了人们对 Coinbase 上市理念的质疑，以及它是否优先考虑生态系统协调而不是用户需求。多年来，Coinbase 对支持与直接竞争对手相关的资产一直持谨慎态度，而延迟考虑 BNB 就表明了这种紧张。

A Shift in Stance?

立场转变？

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.”

随着 BNB 跻身市值最高的加密货币之列，Coinbase 的此举可能标志着在日益互联的加密货币领域朝着弥合交易所孤岛迈出了务实的一步。正如 CZ 所说，“这不是竞争，而是公平。”

My Take: More Than Just Fairness

我的看法：不仅仅是公平

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.

虽然公平是一种高尚的情操，但“CZ、Coinbase、交易所之战”无疑是关于市场主导地位的。币安正在彰显其生态系统的实力，挑战 Coinbase 承认其成功。上市费用虽然很重要，但却是次要问题。主要目标是吸引用户和项目到各自的平台。 Coinbase 潜在的立场转变反映出提供更广泛资产以保持竞争力的压力越来越大。数字不会说谎，BNB 链正在蓬勃发展。

The Bottom Line

底线

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.

加密货币交易格局正在不断发展，互操作性和生态系统认可成为关键战场。无论是公平性还是市场份额，CZ 与 Coinbase 的传奇都提醒我们，即使在 2025 年，加密货币最大的交易所仍在争夺意识形态和市场主导地位，一次只上市一个代币。

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，享受这场表演吧！谁知道这场竞争接下来会发生什么波折呢？有一件事是肯定的，加密货币世界永远不会沉闷！