原标题:我监测了191家数字货币交易所 才写出了这份交易所生态解读报告
Original title: I've monitored 191 digital money exchanges to write this exchange's eco-reading report.
铅笔道 专栏作者 | 肖业锟
pencils by columnist
DASLink | 研究中心负责人
多年大数据、区块链领域分析研究经验，喜好学习并使用复合调研分析方式，着重关注投融资、大数据、区块链领域。
DASLink > Director of Research Centre
multi-year experience in analysis in the area of big data, block chains, learning and using complex research and analysis methods, focusing on the areas of investment finance, big data, block chains.
“交易所发展大趋势是去中心化交易，目前市场上去中心化交易所的数量明显还占少数，仅占总数的7.33%，在未来的占比会不断上升。
> exchange development trend is towards decentralization, and the number of decentralized exchanges in the market is currently clearly small, accounting for only 7.33% of the total, and will continue to rise in the future.
在整个加密数字货币市场生态当中，作为最重要的流转环节之一，交易所和平台具有着无可替代的重要地位。交易所最为重要的作用就是将项目方加密数字货币的价值输出给所有的投资者，紧紧地将彼此连接起来。自2017年9月份以后，中国官方金融监管机构出台了一系列完整的加密数字货币监管政策，其中交易所和平台方被正式封杀，由此也为加密数字货币市场带来了很大的冲击。
The most important role of an exchange is to export the value of an encrypted digital currency to all investors and to link it closely. Since September 2017, China’s official financial regulators have introduced a complete set of policies for the regulation of encrypted digital money, in which exchanges and platforms are officially blocked, which has also had a significant impact on the market for encrypted digital money.
但在一系列的重要监管政策实施后的近一年时间内，虽说给国内市场带来了不少冲击，但加密数字货币的交易和流转在海外并没有冷却的迹象。本文通过对目前整个交易所生态的解读，将帮助读者看到未来交易所生态的发展方向。
But in the nearly a year after the implementation of a series of important regulatory policies, despite the impact on the domestic market, there is no sign of a cooling of transactions and outflows of encrypted digital money abroad. This paper will help readers see the future direction of the exchange's ecology through an interpretation of the entire exchange's ecology.
本文通过筛选，对DAS.Link数据库内191家主流加密数字货币交易所和83种平台币进行了行为监测。以此为数据基础对交易所平台生态进行数据化的解读，并结合行业的发展模式、投资人喜好和其他要素资源综合得到此次报告内容。数据截止日期：2018年7月31日。
This paper has been screened for behavioural monitoring of 191 mainstream encrypted digital currency exchanges and 83 platform currencies in the DAS.Link database. It uses this as a data base for a digital interpretation of the exchange platform ecology and for a synthesis of industry development models, investor preferences and other factor resources. data cut-off date: 31 July 2018.
报告看点
当前加密数字货币交易所生态层分布
Current encrypted digital currency exchange eco-layer distribution
2017年1月-2017年4月全球比特币市场交易份额
2017 shares of global Bitcoin market transactions January 2017
当前最新加密数字货币交易所30日成交额排行
the current latest encrypted digital currency exchange with a 30-day line
当前最新加密数字货币交易所交易对数量排行前二十
Current state-of-the-art encrypted digital currency exchange transactions top 20 in number
当前最新加密数字货币交易所上币数量排行前二十
current up-to-date encrypted digital currency exchange tops 20.
当前最新加密数字货币交易所地区分布情况
current latest encrypted digital currency exchange area distribution
当前最新加密数字货币交易所成立时间分布
Current state-of-the-art encrypted digital currency exchange start-up time distribution
加密数字货币交易所活跃投资机构
An active investment agency of the encrypted digital currency exchange
平台币生态情况
platform currency ecology
加密数字货币交易所未来发展趋势：去中心化交易
Future trends in encrypted digital currency exchanges: decentralized transactions
以上为目前加密货币交易所的生态分层示意图，交易所以上币、交易伴以空投服务为基础，搭配基本金融杠杆服务来建立底层服务。为进一步强化平台的竞争力会推出共赢机制和平台币来锁定用户，给予数据服务、社区化服务和研究结果，再搭配进阶金融融资、保险服务为用户和项目方保驾护航。
above provides an ecological stratification map of the current encrypted currency exchange, where the exchange and the trading partner are based on air-drop services, coupled with basic financial leverage services to build bottom-line services. To further enhance the platform's competitiveness, win-win mechanisms and platform currencies are introduced to lock users, data services, community-based services and research results, coupled with step-by-step financial financing, insurance services to protect users and project participants.
现今的加密数字货币交易所，有一种说法称这是加密数字货币的整条产业链当中盈利能力最强的一环，也是最为具有话语权的环节。基本上大部分的人都认为，一个交易所的命脉是流量和交易额。但从目前对市场的监测情况来看，几乎所有的交易所都还没有看到在流量和交易额背后的是用户价值。其实只有紧紧把握用户价值，才能够获得较为稳定的流量。
Today's encrypted digital currency exchange, there is a claim that it is the most profitable and the most vocal link in the entire industry chain of encrypted digital money. Basically, most people believe that the lifeblood of an exchange is the amount of traffic and transactions. But from the current monitoring of the market, virtually all exchanges do not see the value of the user behind the flow and the amount of the transaction. In fact, more stable flows can only be obtained if the user's value is closely captured.
投资者除了在意交易额和流量之外，安全性和用户体验才是最能产生用户粘性的因素，这也是产生用户价值的根本所在。手中掌握着极大话语权的加密数字货币交易所，应该更加好地运用手中的权力，在保证用户体验的同时，确保安全性并从服务端对挖掘用户的需求。
In addition to the amount and flow of transactions, the safety and user experience are the factors most capable of generating user stickyness, which is fundamental to the value of the user. An encrypted digital currency exchange with a great voice in its hands should better use its power to ensure safety and tap user demand from the end of its service while ensuring user experience.
目前，从功能分类来看，加密数字货币交易所主要分为中心化交易所（法币交易所、币币交易所、期货交易所）和去中心化交易所两种。但若要真正地达到绝对的安全性，还需要依靠行业中尚未完全发育成熟的一部分——去中心化交易所。
Currently, in terms of functional classification,
我们首先从加密数字货币交易所的基本情况来解读一下整个生态的运转，包括交易额、分布地区、成立时间、上币币种、交易对情况。
我们以2017年加密数字货币市场最为火爆的市场交易份额来看，当时的火币、OKCoin和BTCC占据了全球比特币交易的很大一部分市场，可见这几大交易所的巨大影响力。背景回溯：2017年1月底中国监管部门禁止数字货币交易所提币，海外交易所抓住了机会进行发展；2017年9月中国监管部门证实禁止ICO，大量交易所关闭。 , based on the share of the hottest market transactions in the crypto-digital currency market in 2017, where the gun, OKCoin, and BTCC occupied a large part of the world’s Bitcoin transactions, shows the enormous influence of these major exchanges. Background retraces: China’s regulatory authorities banned digital currency transactions at the end of January 2017, overseas exchanges seized the opportunity to develop; China’s regulatory authorities confirmed a ban on ICO in September 2017, and a large number of exchanges closed down. 从已监测的当前30日成交额排行来看，成交额最大的交易所可以达到347亿美元。回看2018年以后，30日成交额最大的交易所日均能够超过200亿美元。但24h交易额最大的交易所这个龙头宝座基本上是每天都有变化，显示各大交易所轮番用不同的玩法来冲击自身的交易量新高。 shows that the largest exchange can reach $34.7 billion from the currently monitored 30-day line. Looking back at 2018, the largest 30-day exchange can exceed $20 billion a day. But the flagship of the largest 24h exchange is basically changing every day, showing that major exchanges use different ways to hit their volume. Cryptopia是当今所有加密数字货币交易所当中交易对数量最为丰富的，交易对数量达到了1732对。丰富的交易对对于交易所来说是极大地便利了投资者在币与币的交易流转，减少了无谓二次交易和手续费用的产生，也避免了资金和货币在不同的交易平台当中切换。 Cryptopia is the largest volume of transactions in all encrypted digital money exchanges today, with 1732 pairs of transactions. A wealth of transactions greatly facilitates the flow of transactions between currencies by investors, reduces the costs of unnecessary secondary transactions and formalities, and avoids swaps between funds and currencies in different trading platforms. YoBit是当今世界上上币数量最多的交易所，上币数量达到656个，但其交易对数量并没有排行第二的Cryptopia多。虽然上币数量丰富，但这家位于俄罗斯的加密数字货币交易所的上币质量并没有其他交易所的高。其交易所内的大部分币种都趋向于破发与归零。 Yobit is the world's largest upper-currency exchange, with 656 in number, but it's not the second-largest Cryptopia. Although the upper-currency is abundant, the upper-currency quality of the Russian encrypted digital currency exchange is not higher than that of the other exchanges. Most of the currencies in the exchange tend to fall apart and fall to zero. 中国香港是目前已监测的交易所当中，分布地区最多的地区。在中国内地严格的监管政策实施下，中国香港成为了一个交易所栖身的便捷之地。但随着时间的推移及监管手段进一步的强化，我们已经看到了更多中国的交易所出海求生的现象。 Hong Kong, China, is one of the most heavily monitored exchanges in the region. Hong Kong, China, has become an easy place for exchanges under the strict regulatory policy of the Mainland. But, with the passage of time and further strengthening of the regulatory instruments, we have seen more exchanges out of China for survival. 从目前已知的情况来看，2017年是成立加密数字货币交易所最多的年份，共录得42家交易所成立。但在进入2018年以后，截至目7月30日为止就已经有37家交易所，预计全年交易所成立数量将再创新高。只有2015年是交易所成立数量回落的一年。 According to what is known, 2017 was the year in which an encrypted digital currency exchange was established, with a total of 42 exchanges recorded. However, as of 30 July, there were 37 exchanges in 2018, and it is expected that the number of exchanges will be re-innovated throughout the year. Only 2015 will be the year in which the exchange was established. 2017年是加密数字货币交易所成立最多的一年，占已监测交易所的近30%。随着市场的降温，预计2018年交易所的成立数量会有所下滑，但会维持在与2015、2016年相当的量级上。 2017 was the largest year of an encrypted digital currency exchange, accounting for nearly 30% of the monitored exchange. As the market cools, the number of exchanges is expected to decline in 2018, but to remain at the same level as in 2015 and 2016. 通过对于加密数字货币交易所投资机构的观察，我们发现盈科资本、硬币资本、真格基金和海外的Andreessen Horowitz是最为热衷于投资交易所的机构。 By looking at the investment agencies of the encrypted digital currency exchange, we find that the capital of the exchange, coin capital, the true capital fund and the offshoreressen Horowitz are the institutions most interested in the exchange. 其实对于交易所来说，主要的盈利方式为交易所手续费、项目上币费和项目做市带来的差价。其他的服务对于交易所来说都是辅助及附加手段。 is actually, for the exchange, the main profit-making method is the difference between exchange fees, project fees and project sales. 对于投资者来说，提供金融杠杆交易服务是交易所差异化打法一种主要表现。较之传统的证券市场，加密数字货币市场的金融杠杆设定限制更加地少，用户可以根据自身的需求来搭配交易。但自身资金流不太健康的交易所会减少这方面带来的压力，在这种情况下投资者只能借助场外杠杆服务。在期望带来更大获益的同时，用户也背负着更大的平仓风险。 The provision of financial leverage services is one of the main manifestations of exchange differentialization for investors. Financial leverage in encrypted digital money markets is less limited than in traditional stock markets, where users can match transactions according to their own needs. But unhealthy exchanges of their own capital flows reduce the pressure, in which case investors can only resort to off-site leverage services. 进入到了2018年我们也会注意到不少平台会推出自身的积分体系或Token化服务，这实际上说明了许多交易所在整个加密数字货币链条当中同时作为币端和交易端的赛跑者与对手竞争。与此同时，交易所挖矿分红、交易分红、持币分红、空投分红等激进揽客方式也是会通过积分或Token化的形式兑现。 In 2018, we will also notice that a number of platforms will launch their own numeric systems or tokenization services, which in fact suggests that many exchanges compete as competitors at the end of the entire encrypted digital money chain, both as competitors at the end of the currency and at the end of the transaction. At the same time, radical forms of exchange-digging, trade-dimension, currency-sharing, air drop-diggers, etc., are also delivered through credits or tokenization. FCoin、火币、OKex等主流交易所都推出了自己的平台币。以FCoin为例，当时推出挖矿交易的这种方式之后，交易额在短时间内就迅速上升超过了其他几大交易所，其平台币FT的价格较之于私募价格也一度上涨近百倍。这样的话，平台币的作用就凸现出来了，他们代表的就是交易所平台的价值。 Key exchanges like 以上为DAS.Link数据库所监测的83种主流平台币，在他们之中有上涨百倍的神话，也有惨近归零的币种。随着时间的推进，投资者也在渐渐地了解平台币背后的运行机制和所代表的价值。 The 83 mainstream platform coins monitored by the DAS.Link database, above, have hundreds of times more myths and close to zero currency. As time progresses, investors are becoming aware of the operating mechanisms behind and the values they represent. 根据DAS.Link数据库所监测的主流平台币，没有跌破过发行价的平台币在少数，占总数的12.2%。大部分的平台币都曾经破发，这也是在提示投资者在投资平台币的过程当中应当更加注意其背后的生成机制及运行逻辑，是否会因阶段性分红及活动影响币价波动。 目前来说，市场上大多数的加密数字货币交易所都为中心化交易所，那么资产的安全性对于交易所来和投资者来说都是至关重要的。因涉及资产数额巨大，交易所极其容易成为黑客攻击的对象，技术能力不足和缺乏经验的团队会让交易所的安全系数极大的降低。加密数字货币交易所的安全体系主要由冷热钱包、多重签名和验证、密匙保存、以及第三方密码审核机制来组合而成。其中的任何一环受到攻击都有可能造成投资者和交易所的资产损失。在这时去中心化交易所的出现就带来了解决方案。 At present, most of the encrypted digital currency exchanges in the market are centralized, so the security of assets is crucial for both the exchange and investors. Because of the size of the assets involved, the exchange is extremely vulnerable to hacking, and the lack of technological capacity and inexperienced teams can make the exchange much less secure. The secure system of the encrypted digital currency exchange is largely a combination of cold wallets, multiple signatures and authentications, key preservation, and third-party password clearance mechanisms. 去中心化交易所与中心化交易所相比较具有高效性、易用性的特点，而且还不容易被攻击，加密数字货币资产无需像中心化交易所般在冷热钱包储存，与此同时还不集权（上币权和定价权）。这些先天性的巨大优势也都实实在在地吸引着用户。但诚然，去中心化交易所的生态仍然还没发育成熟。从成交额以及交易币种的丰富程度来看都还不是很乐观。 原因有二。一在于区块链行业技术体系的发展比较受行情的影响，从业人员数量与质量还没跟上，使得撮合效率差。二在于去中心化交易所的交易流程在区块链上直接交换，资产会直接发回钱包或保存在区块链上的智能合约，在底层链的选择上行业还没有共识，智能合约的执行标准也还没标准化，用户体验较差。 There are two reasons for 去中心化交易已被认为是未来主要的交易方式，目前币安等交易所已着手去中心化的交易转型。 decentralised transactions are considered to be the main mode of future transactions, and now currency and other exchanges are engaged in a transformation of centralized transactions. 去中心化交易所能规避中心化交易所的许多弊端，保证交易过程和用户财产安全，是数字货币交易所的未来形态，随着技术的不断成熟，数字货币交易所的去中心化趋势将不可避免。 目前市场上去中心化交易所的数量明显还占少数，仅占总数的7.33%，在未来的占比会不断上升。 The number of decentralized exchanges in the current market is clearly still a minority, accounting for only 7.33 per cent of the total, and will continue to rise in the future. 编辑 | 丹丹 Editor Dandan >/span 优质项目"融资首发绿色通道"：创业者请加微信shoujiyezi5415，务必注明项目名称；或发送BP至xueting@pencilnews.cn。 Quality Project &quat; Finance Launch Green Channel &quat; ; ; ; for entrepreneurs please send a micro-mail shoujiyezi5415, indicating the name of the project; or send BP to xeating@pencilnews.cn > /strong 本文为铅笔道专栏作者“肖业锟”的原创作品，转载请注明作者以及原文出处，未按照要求转载者，铅笔道保留追究相应责任的权利。本文仅代表作者本人观点，不代表铅笔道观点，内容仅供读者参考。
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