{"id":574,"date":"2025-02-02T22:17:19","date_gmt":"2025-02-02T14:17:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=574"},"modified":"2025-02-02T22:17:19","modified_gmt":"2025-02-02T14:17:19","slug":"web3%e9%a1%b9%e7%9b%ae%e6%96%b9%e5%ba%94%e8%af%a5%e5%a6%82%e4%bd%95%e7%9c%8b%e5%be%85%e3%80%8c%e5%af%b9%e9%9f%ad%e5%bd%93%e5%89%b2%e3%80%8d%e7%9a%84%e5%8a%a0%e5%af%86%e5%81%9a%e5%b8%82%e5%95%86","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=574","title":{"rendered":"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546"},"content":{"rendered":"<p>\u52a0\u5bc6\u5e02\u573a\u7684\u66b4\u5bcc\u795e\u8bdd\u6bcf\u5929\u90fd\u5b58\u5728\uff0c\u5927\u90e8\u5206\u73a9\u5bb6\u6765\u5230\u8fd9\u91cc\u5e76\u4e0d\u662f\u4e3a\u4e86\u7ffb\u500d\uff0c\u800c\u662f\u4e3a\u4e86\u7ffb\u8eab\u3002\u5728\u8fd9\u7247\u6697\u9ed1\u68ee\u6797\u4e2d\uff0c\u52a0\u5bc6\u505a\u5e02\u5546\u4f5c\u4e3a\u79bb\u94b1\u6700\u8fd1\u7684\u9876\u5c16\u6355\u98df\u8005\u6108\u53d1\u663e\u5f97\u795e\u79d8\u3002<\/p>\n<p>\u4ef7\u683c\u64cd\u7eb5\uff0c\u62c9\u9ad8\u629b\u552e\uff0c\u5bf9\u97ed\u5f53\u5272\uff0c\u662f\u52a0\u5bc6\u505a\u5e02\u5546\u7684\u4ee3\u540d\u8bcd\uff0c\u4f46\u662f\u5728\u7ed9\u52a0\u5bc6\u505a\u5e02\u5546\u6263\u4e0a\u8fd9\u4e9b\u300c\u8d2c\u4e49\u300d\u7684\u5e3d\u5b50\u4e4b\u524d\uff0c\u6211\u4eec\u9700\u8981\u6b63\u89c6\u5b83\u4eec\u5728\u52a0\u5bc6\u5e02\u573a\u4e2d\u626e\u6f14\u7684\u91cd\u8981\u89d2\u8272\uff0c\u5c24\u5176\u5bf9\u4e8e\u65e9\u671f\u4e0a\u5e01\u9879\u76ee\u3002<\/p>\n<p>\u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u672c\u6587\u5c06\u4ece 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\/ \u77e5\u540d\u5ea6\uff0c\u8fd8\u662f\u4e3a\u4e86\u4fc3\u8fdb\u4ef7\u683c\u53d1\u73b0\uff0c\u8fd9\u4e9b\u9879\u76ee\u9700\u8981\u6709\u8db3\u591f\u7684\u6d41\u52a8\u6027 \/ \u4ea4\u6613\u91cf \/ \u5e02\u573a\u6df1\u5ea6\u3002<\/p>\n<p><strong>2.1 \u63d0\u4f9b\u6d41\u52a8\u6027<\/strong><\/p>\n<p>\u6d41\u52a8\u6027\u662f\u6307\u8d44\u4ea7\u5728\u65e0\u78e8\u635f\u60c5\u51b5\u4e0b\u5feb\u901f\u53d8\u73b0\u7684\u7a0b\u5ea6\uff0c\u63cf\u8ff0\u4e86\u5e02\u573a\u4e2d\u4e70\u5bb6\u548c\u5356\u5bb6\u80fd\u591f\u4ee5\u76f8\u5bf9\u5bb9\u6613\u3001\u8fc5\u901f\u3001\u4f4e\u6210\u672c\u5730\u8fdb\u884c\u4e70\u5356\u7684\u7a0b\u5ea6\u3002\u9ad8\u6d41\u52a8\u6027\u5e02\u573a\u51cf\u5c11\u4e86\u4efb\u4f55\u7279\u5b9a\u4ea4\u6613\u7684\u6210\u672c\uff0c\u4fc3\u8fdb\u4ea4\u6613\u7684\u5f62\u6210\u800c\u4e0d\u5f15\u8d77\u663e\u8457\u7684\u4ef7\u683c\u6ce2\u52a8\u3002<\/p>\n<p>\u672c\u8d28\u4e0a\uff0c\u505a\u5e02\u5546\u901a\u8fc7\u63d0\u4f9b\u9ad8\u6d41\u52a8\u6027\uff0c\u6765\u4fc3\u8fdb\u6295\u8d44\u8005\u5728\u4efb\u4f55\u7ed9\u5b9a\u65f6\u95f4\u66f4\u5feb\u3001\u66f4\u5927\u91cf\u3001\u66f4\u8f7b\u677e\u5730\u4e70\u5356\u4ee3\u5e01\uff0c\u800c\u4e0d\u4f1a\u56e0\u4ef7\u683c\u6ce2\u52a8\u5de8\u5927\u800c\u4e2d\u65ad\u3001\u5f71\u54cd\u64cd\u4f5c\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/037311535b513a3511834a8af76f99a8.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/037311535b513a3511834a8af76f99a8.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><\/figure>\n<p>\u4f8b\u5982\uff0c\u6709\u4e00\u4f4d\u6295\u8d44\u8005\u9700\u8981\u7acb\u5373\u8d2d\u4e70 40 \u4e2a\u4ee3\u5e01\uff0c\u4ed6\u53ef\u4ee5\u5728\u9ad8\u6d41\u52a8\u6027\u5e02\u573a\uff08\u8ba2\u5355\u7c3f A\uff09\u4e2d\uff0c\u7acb\u5373\u4ee5 100 \u7f8e\u5143\u7684\u5355\u4ef7\u8d2d\u4e70 40 \u4e2a\u4ee3\u5e01\u3002\u7136\u800c\uff0c\u5728\u4f4e\u6d41\u52a8\u6027\u5e02\u573a\uff08\u8ba2\u5355\u7c3f B\uff09\u4e2d\uff0c\u4ed6\u4eec\u6709\u4e24\u79cd\u9009\u62e9\uff1a1\uff09\u4ee5 101.2 \u7f8e\u5143\u8d2d\u4e70 10 \u4e2a\u4ee3\u5e01\uff0c\u4ee5 102.6 \u7f8e\u5143\u8d2d\u4e70 5 \u4e2a\u4ee3\u5e01\uff0c\u4ee5 103.1 \u7f8e\u5143\u8d2d\u4e70 10 \u4e2a\u4ee3\u5e01\uff0c\u4ee5 105.2 \u7f8e\u5143\u8d2d\u4e70 15 \u4e2a\u4ee3\u5e01\uff0c\u5e73\u5747\u4ef7\u683c\u4e3a 103.35 \u7f8e\u5143\uff1b\u6216 2) 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40 \u4e2a\u4ee3\u5e01\u540e\uff0c\u8ba2\u5355\u7c3f B \u4e2d\u7684\u4e0b\u4e00\u4e2a\u53ef\u7528\u4ef7\u683c\u662f 105.2 \u7f8e\u5143\uff0c\u8fd9\u8868\u660e\u4e00\u6b21\u4ea4\u6613\u9020\u6210\u4e86\u5927\u7ea6 5% \u7684\u4ef7\u683c\u6ce2\u52a8\u3002\u8fd9\u5728\u5e02\u573a\u6ce2\u52a8\u671f\u95f4\u5c24\u5176\u5982\u6b64\uff0c\u8f83\u5c11\u7684\u53c2\u4e0e\u8005\u53ef\u80fd\u5bfc\u81f4\u4ef7\u683c\u663e\u8457\u6ce2\u52a8\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/b97212f061198a85917eafdd376c21d0.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/b97212f061198a85917eafdd376c21d0.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><\/figure>\n<p>\u800c\u505a\u5e02\u5546\u63d0\u4f9b\u7684\u5927\u91cf\u6d41\u52a8\u6027\uff0c\u4e3a\u8ba2\u5355\u7c3f\u5f62\u6210\u8f83\u7a84\u7684\u4e70\u5356\u5dee\u4ef7\uff08Spread\uff09\uff0c\u72ed\u7a84\u7684\u4e70\u5356\u5dee\u4ef7\u901a\u5e38\u4f34\u968f\u7740\u575a\u5b9e\u7684\u5e02\u573a\u6df1\u5ea6\uff0c\u6709\u52a9\u4e8e\u7a33\u5b9a\u5e01\u4ef7\uff0c\u7f13\u89e3\u4ef7\u683c\u6ce2\u52a8\u3002<\/p>\n<p>\u5e02\u573a\u6df1\u5ea6\u662f\u6307\u5728\u7ed9\u5b9a\u65f6\u523b\u8ba2\u5355\u7c3f\u4e2d\u4e0d\u540c\u4ef7\u683c\u6c34\u5e73\u7684\u4e70\u5165\u548c\u5356\u51fa\u8ba2\u5355\u7684\u53ef\u7528\u6570\u91cf\u3002\u5e02\u573a\u6df1\u5ea6\u8fd8\u53ef\u4ee5\u8861\u91cf\u8d44\u4ea7\u5728\u4e0d\u53d1\u751f\u91cd\u5927\u4ef7\u683c\u53d8\u52a8\u7684\u60c5\u51b5\u4e0b\u5438\u6536\u5927\u8ba2\u5355\u7684\u80fd\u529b\u3002<\/p>\n<p>\u505a\u5e02\u5546\u901a\u8fc7\u63d0\u4f9b\u6d41\u52a8\u6027\u6765\u5f25\u5408\u8fd9\u4e00\u4f9b\u9700\u7f3a\u53e3\uff0c\u7531\u6b64\u53d1\u6325\u7740\u5e02\u573a\u5173\u952e\u4f5c\u7528\u3002\u8bd5\u60f3\u4e00\u4e0b\u4f60\u5e0c\u671b\u5728\u4e0b\u9762\u54ea\u4e2a\u5e02\u573a\u8fdb\u884c\u4ea4\u6613\uff1f<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/25c37d2851078aa98d7c5e8ca4b2c3fa.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/25c37d2851078aa98d7c5e8ca4b2c3fa.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><\/figure>\n<p>\u52a0\u5bc6\u505a\u5e02\u5546\u7684\u89d2\u8272\uff1a1\uff09\u63d0\u4f9b\u5927\u91cf\u6d41\u52a8\u6027\uff1b2\uff09\u63d0\u4f9b\u5e02\u573a\u6df1\u5ea6\u4ee5\u7a33\u5b9a\u5e01\u4ef7\uff0c\u6700\u7ec8\u90fd\u6709\u52a9\u4e8e\u589e\u5f3a\u6295\u8d44\u8005\u5bf9\u9879\u76ee\u7684\u4fe1\u5fc3\uff0c\u6bd5\u7adf\u6bcf\u4e2a\u6295\u8d44\u8005\u90fd\u5e0c\u671b\u80fd\u591f\u4ee5\u6700\u4f4e\u7684\u4ea4\u6613\u6210\u672c\u5b9e\u65f6\u4e70\u5356\u5176\u6301\u6709\u7684\u8d44\u4ea7\u3002<\/p>\n<p><strong>\u4e09\u3001\u52a0\u5bc6\u505a\u5e02\u5546\u6709\u54ea\u4e9b\u4e3b\u8981\u73a9\u5bb6\uff1f<\/strong><\/p>\n<p>\u505a\u5e02\u5546\u4e1a\u52a1\u4e5f\u53ef\u4ee5\u8bf4\u662f\u98df\u7269\u94fe\u9876\u7aef\u7684\u4e1a\u52a1\u4e4b\u4e00\u4e86\uff0c\u56e0\u4e3a\u4ed6\u4eec\u638c\u63a7\u7740\u9879\u76ee\u4ee3\u5e01\u4e0a\u7ebf\u540e\u7684\u547d\u8109\u3002\u505a\u5e02\u5546\u901a\u5e38\u4f1a\u4e0e\u4ea4\u6613\u6240\u5408\u4f5c\uff0c\u5f88\u5bb9\u6613\u5f62\u6210\u5784\u65ad\u5c40\u9762\uff0c\u5e02\u573a\u7684\u6d41\u52a8\u6027\u88ab\u51e0\u5bb6\u5927\u578b\u5e02\u5546\u4e3b\u5bfc\u3002<\/p>\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"820\" height=\"302\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/image-71.png\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" class=\"wp-image-113279\" \/><img decoding=\"async\" width=\"820\" height=\"302\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/image-71.png\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" class=\"wp-image-113279 j-lazy\" \/><\/figure>\n<p>2023 \u5e74 7 \u6708\uff0c\u7531 OpenAI Sam Altman \u5171\u540c\u6253\u9020\u7684\u52a0\u5bc6\u9879\u76ee\u4e16 Worldcoin \u5728\u6b63\u5f0f\u4e0a\u7ebf\u7684\u65f6\u5019\u5c31\u505a\u5e02\u5546\u8fbe\u6210\u534f\u8bae\uff0c\u5411 5 \u5bb6\u505a\u5e02\u5546\u603b\u8ba1\u51fa\u501f\u4e86 1 \u4ebf\u679a $WLD \u7528\u4e8e\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u5e76\u89c4\u5b9a\u5728 3 \u4e2a\u6708\u540e\u9700\u5f52\u8fd8\u501f\u51fa\u4ee3\u5e01\uff0c\u6216\u4ee5 2~3.12 \u7f8e\u5143\u7684\u4ef7\u683c\u4e70\u4e0b\u4ee3\u5e01\u3002<\/p>\n<p>\u8fd9 5 \u5bb6\u505a\u5e02\u5546\u5305\u62ec\uff1a<\/p>\n<p>A.&nbsp;Wintermute\uff0c\u662f\u4e00\u5bb6\u5728\u82f1\u56fd\u6ce8\u518c\u7684\u516c\u53f8\uff0c\u6295\u8d44\u4ee3\u8868\u4f5c\uff1a$WLD\uff0c$OP\uff0c$PYTH\uff0c$DYDX\uff0c$ENA\uff0c$CFG \u7b49\uff0c\u81ea 2020 \u5e74\u4ee5\u6765\u5df2\u6295\u8d44 100 \u591a\u4e2a\u9879\u76ee\u3002<\/p>\n<p>B.&nbsp;Amber Group\uff0c\u6210\u7acb\u4e8e 2017 \u5e74\uff0c\u662f\u4e00\u5bb6\u9999\u6e2f\u516c\u53f8\uff0c\u8463\u4e8b\u4f1a\u5305\u62ec\u5206\u5e03\u5f0f\u8d44\u672c\u7b49\u56fd\u4eba\u719f\u6089\u7684\u673a\u6784\u3002\u56e2\u961f\u6210\u5458\u4e5f\u57fa\u672c\u6e05\u4e00\u8272\u7684\u534e\u4eba\u9762\u5b54\u3002\u53c2\u4e0e\u9879\u76ee\uff1a$ZKM\uff0c$MERL\uff0c$IO \u7b49\u3002<\/p>\n<p>C.&nbsp;FlowTraders\uff0c\u4e8e 2004 \u5e74\u6210\u7acb\u5728\u8377\u5170\u6210\u7acb\uff0c\u4e13\u6ce8\u4e8e\u4ea4\u6613\u6240\u4ea4\u6613\u4ea7\u54c1 ETP \u7684\u5168\u7403\u6570\u5b57\u6d41\u52a8\u6027\u63d0\u4f9b\u5546\uff0c\u662f\u6b27\u76df\u6700\u5927\u7684 ETF \u4ea4\u6613\u516c\u53f8\u4e4b\u4e00\uff0c\u57fa\u4e8e\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u521b\u5efa\u4e86\u4ea4\u6613\u6240\u4ea4\u6613\u51ed\u8bc1\uff0c\u5f00\u5c55\u52a0\u5bc6\u8d27\u5e01 ETN \u4ea4\u6613\u4e1a\u52a1\u3002<\/p>\n<p>D.&nbsp;Auros Global\uff0c\u53d7 FTX \u7275\u8fde\uff0c23 \u5e74\u5728\u7ef4\u5c14\u4eac\u7fa4\u5c9b\u7533\u8bf7\u7834\u4ea7\u4fdd\u62a4\uff0c2000 \u4e07\u7f8e\u5143\u7684\u8d44\u4ea7\u88ab\u6ede\u7559\u5728 FTX \u4e0a\uff0c\u6709\u91cd\u7ec4\u6210\u529f\u7684\u6d88\u606f\u7206\u51fa\u3002<\/p>\n<p>E.&nbsp;GSR Markets\uff0c2013 \u5e74\u6210\u7acb\u4e8e\u82f1\u56fd\uff0c\u662f\u4e00\u5bb6\u5168\u7403\u52a0\u5bc6\u505a\u5e02\u5546\uff0c\u4e13\u95e8\u4e3a\u6570\u5b57\u8d44\u4ea7\u884c\u4e1a\u7684\u6210\u719f\u5168\u7403\u6295\u8d44\u8005\u63d0\u4f9b\u6d41\u52a8\u6027\u3001\u98ce\u9669\u7ba1\u7406\u7b56\u7565\u3001\u7a0b\u5e8f\u5316\u6267\u884c\u548c\u7ed3\u6784\u5316\u4ea7\u54c1\u3002<\/p>\n<p><strong>\u56db\u3001DWF \u7f57\u751f\u95e8\u4e8b\u4ef6<\/strong><\/p>\n<p>DWF Labs\uff0c\u662f\u6700\u8fd1\u5e02\u573a\u4e0a\u6700\u706b\u7684\u300c\u7f51\u7ea2\u300d\u505a\u5e02\u5546\u3002DWF \u7684\u4fc4\u7f57\u65af\u5408\u4f19\u4eba Andrei Grachev \u4e8e 2022 \u5e74\u5728\u65b0\u52a0\u5761\u6210\u7acb\u4e86 DWF\u3002\u636e\u62a5\u9053\uff0c\u8be5\u516c\u53f8\u73b0\u5728\u58f0\u79f0\u603b\u5171\u5df2\u7ecf\u6295\u8d44\u4e86 470 \u4e2a\u9879\u76ee\uff0c\u5e76\u5728\u5176\u77ed\u77ed\u7684 16 \u4e2a\u6708\u5386\u53f2\u4e2d\u4e0e\u5360\u636e\u5e02\u503c\u524d 1000 \u540d\u4ee3\u5e01\u4e2d\u5927\u7ea6 35% \u7684\u9879\u76ee\u5c55\u5f00\u4e86\u5408\u4f5c\u3002<\/p>\n<p><em>\uff08Binance Pledged to Thwart Suspicious Trading\u2014Until It Involved a Lamborghini-Loving High Roller\uff09<\/em><\/p>\n<p>\u6211\u4eec\u6765\u56de\u987e\u4e00\u4e0b\u8fd9\u4e2a\u4e8b\u4ef6\uff1a<\/p>\n<p><strong>4.1 \u7206\u6599<\/strong><\/p>\n<p>\u300a\u534e\u5c14\u8857\u65e5\u62a5\u300b5 \u6708 9 \u65e5\u7206\u6599\uff0c\u4e00\u4f4d\u81ea\u79f0\u524d\u5e01\u5b89\u5185\u90e8\u4eba\u58eb\u7684\u533f\u540d\u6d88\u606f\u4eba\u58eb\u8868\u793a\uff0c\u5e01\u5b89\u8c03\u67e5\u4eba\u5458\u5728 2023 \u5e74\u671f\u95f4\u53d1\u73b0\u4e86\u4ef7\u503c 3 \u4ebf\u7f8e\u5143\u7684 DWF Labs \u865a\u5047\u4ea4\u6613\u3002\u4e00\u4f4d\u719f\u6089\u5e01\u5b89\u8fd0\u8425\u60c5\u51b5\u7684\u4eba\u58eb\u4e5f\u8868\u793a\uff0c\u5e01\u5b89\u6b64\u524d\u5e76\u4e0d\u8981\u6c42\u505a\u5e02\u5546\u7b7e\u7f72\u4efb\u4f55\u7ba1\u7406\u5176\u4ea4\u6613\u7684\u5177\u4f53\u534f\u8bae\uff08\u5305\u62ec\u7981\u6b62\u5e02\u573a\u64cd\u7eb5\u7b49\u4efb\u4f55\u7279\u5b9a\u7684\u534f\u8bae\u6765\u89c4\u8303\u5176\u4ea4\u6613\u884c\u4e3a\uff09\u3002<\/p>\n<p>\u8fd9\u610f\u5473\u7740\uff0c\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\uff0c\u5e01\u5b89\u5141\u8bb8\u505a\u5e02\u5546\u6309\u7167\u81ea\u5df1\u7684\u610f\u613f\u8fdb\u884c\u4ea4\u6613\u3002<\/p>\n<p><strong>4.2 DWF \u7684\u5e02\u573a\u63a8\u5e7f<\/strong><\/p>\n<p>\u6839\u636e 2022 \u5e74\u4e00\u4efd\u5411\u6f5c\u5728\u5ba2\u6237\u53d1\u9001\u7684\u63d0\u6848\u6587\u4ef6\u663e\u793a\uff0cDWF Labs \u5e76\u6ca1\u6709\u91c7\u53d6\u4ef7\u683c\u4e2d\u6027\u89c4\u5219\uff0c\u800c\u662f\u63d0\u51fa\u5229\u7528\u5176\u6d3b\u8dc3\u7684\u4ea4\u6613\u5934\u5bf8\u6765\u63a8\u9ad8\u4ee3\u5e01\u4ef7\u683c\uff0c\u5e76\u5728\u5305\u62ec\u5e01\u5b89\u5728\u5185\u7684\u4ea4\u6613\u6240\u4e0a\u521b\u9020\u6240\u8c13\u7684\u300c\u4eba\u4e3a\u4ea4\u6613\u91cf\u300d\uff0c\u4ee5\u5438\u5f15\u5176\u4ed6\u4ea4\u6613\u8005\u3002<\/p>\n<p>\u5728\u5f53\u5e74\u4e3a\u4e00\u4f4d\u4ee3\u5e01\u9879\u76ee\u5ba2\u6237\u51c6\u5907\u7684\u62a5\u544a\u4e2d\uff0cDWF Labs \u751a\u81f3\u76f4\u63a5\u5199\u9053\u8be5\u673a\u6784\u6210\u529f\u5730\u4ea7\u751f\u4e86\u76f8\u5f53\u4e8e\u8be5\u4ee3\u5e01\u4e09\u5206\u4e4b\u4e8c\u7684\u4eba\u5de5\u4ea4\u6613\u91cf\uff0c\u5e76\u4e14\u6b63\u5728\u52aa\u529b\u521b\u9020\u4e00\u79cd\u300c\u53ef\u4fe1\u7684\u4ea4\u6613\u6a21\u5f0f\uff08Believable Trading Pattern\uff09\u300d\uff0c\u5982\u679c\u4e0e DWF Labs \u5408\u4f5c\uff0c\u53ef\u4ee5\u4e3a\u9879\u76ee\u4ee3\u5e01\u5e26\u6765\u300c\u770b\u6da8\u60c5\u7eea\uff08Bullish Sentiment\uff09\u300d\u3002<\/p>\n<p><strong>4.3 \u5e01\u5b89\u7684\u56de\u5e94<\/strong><\/p>\n<p>\u5e01\u5b89\u53d1\u8a00\u4eba\u5c31\u6b64\u8868\u793a\uff0c\u8be5\u5e73\u53f0\u4e0a\u6240\u6709\u7528\u6237\u90fd\u5fc5\u987b\u9075\u5b88\u7981\u6b62\u5e02\u573a\u64cd\u7eb5\u7684\u4e00\u822c\u4f7f\u7528\u6761\u6b3e\u3002<\/p>\n<p>\u5728\u63d0\u4ea4 DWF \u62a5\u544a\u7684\u4e00\u5468\u540e\uff0c\u5e01\u5b89\u89e3\u96c7\u4e86\u76d1\u63a7\u56e2\u961f\u7684\u8d1f\u8d23\u4eba\uff0c\u5e76\u5728\u63a5\u4e0b\u6765\u7684\u51e0\u4e2a\u6708\u91cc\u88c1\u6389\u4e86\u51e0\u540d\u7684\u8c03\u67e5\u5458\uff0c\u4e00\u4f4d\u5e01\u5b89\u9ad8\u7ba1\u5c06\u6b64\u5f52\u56e0\u4e8e\u8282\u7ea6\u6210\u672c\u7684\u63aa\u65bd\u3002<\/p>\n<p>\u5e01\u5b89\u8054\u5408\u521b\u59cb\u4eba\u4f55\u4e00\u8868\u793a\uff1a\u5e01\u5b89\u4e00\u76f4\u5728\u5bf9\u505a\u5e02\u5546\u8fdb\u884c\u5e02\u573a\u76d1\u63a7\uff0c\u800c\u4e14\u5f88\u4e25\u683c\uff1b\u505a\u5e02\u5546\u4e4b\u95f4\u6709\u7ade\u4e89\uff0c\u624b\u6bb5\u5f88\u9634\u6697\uff0c\u4f1a\u901a\u8fc7 PR \u653b\u51fb\u5bf9\u65b9\u3002<\/p>\n<p><strong>4.4 \u53ef\u80fd\u7684\u539f\u56e0<\/strong><\/p>\n<p>\u5728\u5e01\u5b89\u5e73\u53f0\u4e0a\uff0cDWF \u662f\u6700\u9ad8\u7684\u300cVIP 9\u300d\u7ea7\u522b\uff0c\u8fd9\u610f\u5473\u7740 DWF \u6bcf\u6708\u4e3a\u5e01\u5b89\u8d21\u732e\u81f3\u5c11 40 \u4ebf\u7f8e\u5143\u7684\u4ea4\u6613\u989d\u3002\u800c\u505a\u5e02\u5546\u4e0e\u4ea4\u6613\u6240\u4e4b\u95f4\u7c7b\u4f3c\u4e8e\u4e00\u4e2a\u5171\u751f\u7684\u5173\u7cfb\uff0c\u5e01\u5b89\u6ca1\u6709\u7406\u7531\u4e3a\u4e86\u4e00\u4e2a\u5185\u90e8\u8c03\u67e5\u4eba\u5458\u800c\u5f97\u7f6a\u5176\u6700\u5927\u7684\u5ba2\u6237\u4e4b\u4e00\u3002<\/p>\n<p><strong>\u4e94\u3001\u52a0\u5bc6\u505a\u5e02\u5546\u7684\u4e3b\u8981\u8fd0\u4f5c\u6a21\u5f0f<\/strong><\/p>\n<p>\u4e0e\u4f20\u7edf\u505a\u5e02\u5546\u4e00\u6837\uff0c\u52a0\u5bc6\u505a\u5e02\u5546\u4e5f\u662f\u901a\u8fc7\u4e70\u5356\u7684\u4ef7\u5dee\u6765\u83b7\u5f97\u5229\u6da6\u3002\u5b83\u4eec\u8bbe\u7f6e\u4f4e\u4e70\u5165\u4ef7\uff0c\u9ad8\u5356\u51fa\u4ef7\uff0c\u4ece\u4e2d\u83b7\u5f97\u5dee\u4ef7\u5229\u6da6\uff0c\u8fd9\u79cd\u5dee\u4ef7\u901a\u5e38\u88ab\u79f0\u4e3a\u300cSpread\u300d\uff0c\u662f\u505a\u5e02\u5546\u6700\u4e3b\u8981\u7684\u76c8\u5229\u7684\u57fa\u7840\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/5374a3b6c6fd0ad0d7a84e98e50a8a6f.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/5374a3b6c6fd0ad0d7a84e98e50a8a6f.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><\/figure>\n<p>\u5728\u4e86\u89e3\u8fd9\u4e2a\u57fa\u7840\u4e4b\u540e\uff0c\u63a5\u4e0b\u6765\u6211\u4eec\u6765\u770b\u505a\u5e02\u5546\u5bf9\u4e8e\u9879\u76ee\u65b9\u7684\u4e24\u79cd\u4e3b\u8981\u4e1a\u52a1\u6a21\u5f0f\u3002<\/p>\n<p><strong>5.1 \u8ba2\u9605\u670d\u52a1 + \u4ea4\u6613\u63d0\u6210\uff08Retainer + Performance Fee\uff09<\/strong><\/p>\n<p>\u8fd9\u79cd\u6a21\u5f0f\u4e0b\uff0c\u9879\u76ee\u65b9\u4e3a\u505a\u5e02\u5546\u63d0\u4f9b\u4ee3\u5e01\u548c\u5bf9\u5e94\u7684\u7a33\u5b9a\u5e01\uff0c\u505a\u5e02\u5546\u4f7f\u7528\u8fd9\u4e9b\u8d44\u4ea7\u4e3a CEX \u8ba2\u5355\u7c3f\u548c DEX \u6c60\u63d0\u4f9b\u6d41\u52a8\u6027\u3002\u9879\u76ee\u65b9\u6839\u636e\u81ea\u8eab\u7684\u9700\u8981\u4e3a\u505a\u5e02\u5546\u8bbe\u5b9a KPI\uff0c\u4f8b\u5982\u591a\u5c11\u7684\u4ef7\u683c\u4ef7\u5dee\u80fd\u591f\u63a5\u53d7\uff0c\u9700\u8981\u4fdd\u8bc1\u591a\u5c11\u7684\u5e02\u573a\u7684\u6d41\u52a8\u6027\u548c\u6df1\u5ea6\uff08Depth\uff09\u7b49\u7b49\u3002<\/p>\n<p>A. \u9879\u76ee\u65b9\u53ef\u80fd\u9996\u5148\u4f1a\u7ed9\u505a\u5e02\u5546\u4e00\u7b14\u56fa\u5b9a\u7684 Setup Fees\uff0c\u4f5c\u4e3a\u505a\u5e02\u9879\u76ee\u7684\u542f\u52a8\u3002<\/p>\n<p>B. \u4e4b\u540e\u9879\u76ee\u65b9\u9700\u8981\u7ed9\u505a\u5e02\u5546\u652f\u4ed8\u56fa\u5b9a\u7684\u6708\u5ea6 \/ \u5b63\u5ea6\u8ba2\u9605\u670d\u52a1\u8d39\u3002\u6700\u57fa\u7840\u7684\u8ba2\u9605\u670d\u52a1\u8d39\u7528\u901a\u5e38\u4e3a 2,000 \u7f8e\u5143 \/ \u6708\u8d77\uff0c\u9ad8\u7684\u5177\u4f53\u53d6\u51b3\u4e8e\u670d\u52a1\u8303\u56f4\uff0c\u4e0a\u4e0d\u5c01\u9876\u3002\u4f8b\u5982 GSR Markets\uff0c\u6536\u53d6 10 \u4e07\u7f8e\u5143\u7684\u8bbe\u7f6e\u8d39\uff08Setup Fee\uff09\u30012 \u4e07\u7f8e\u5143\u7684\u8ba2\u9605\u8d39 \/ \u6708\uff0c\u5916\u52a0 100 \u4e07\u7f8e\u5143\u7684 BTC \u548c ETH \u8d37\u6b3e\u3002<\/p>\n<p>C. \u5f53\u7136\uff0c\u6709\u7684\u9879\u76ee\u65b9\u4e3a\u4e86\u6fc0\u52b1\u505a\u5e02\u5546\u4e3a\u5229\u6da6\u6700\u5927\u5316\uff0c\u4e5f\u4f1a\u652f\u4ed8 KPI-based \u4ea4\u6613\u63d0\u6210\u8d39\uff08\u505a\u5e02\u5546\u5728\u5e02\u573a\u4e0a\u6210\u529f\u5b8c\u6210 KPI \u76ee\u6807\u800c\u83b7\u5f97\u7684\u6fc0\u52b1\uff09\u3002<\/p>\n<p>\u8fd9\u4e9b KPI \u6307\u6807\u53ef\u80fd\u5305\u62ec\uff1a\u4ea4\u6613\u91cf\uff08\u4f1a\u6d89\u53ca\u975e\u6cd5\u7684 Wash Trading\uff09\uff0c\u4ee3\u5e01\u4ef7\u683c\uff0c\u4e70\u5356\u4ef7\u5dee\uff08Spread\uff09\uff0c\u5e02\u573a\u6df1\u5ea6\u7b49\u3002<\/p>\n<p>\u8fd9\u79cd\u6a21\u5f0f\u4e0b\uff0c\u505a\u5e02\u601d\u8def\u8f83\u4e3a\u6e05\u6670\u900f\u660e\uff0c\u9879\u76ee\u65b9\u66f4\u5bb9\u6613\u628a\u63a7\uff0c\u66f4\u9002\u5408\u90a3\u4e9b\u5df2\u7ecf\u5728\u5404\u4e2a\u5e02\u573a\u6784\u5efa\u597d\u4e86\u6d41\u52a8\u6027\u6c60\uff0c\u4e14\u6709\u660e\u786e\u76ee\u6807\u7684\u6210\u719f\u9879\u76ee\u65b9\u3002<\/p>\n<p><strong>5.2 \u4ee3\u5e01\u501f\u6b3e + \u770b\u6da8\u671f\u6743<\/strong><strong>\uff08Loan\/Options Model\uff09<\/strong><\/p>\n<p>\u76ee\u524d\u5e02\u573a\u4e0a\u6700\u5e7f\u6cdb\u91c7\u7528\u7684\u505a\u5e02\u5546\u6a21\u5f0f\u5c31\u662f\uff1a\u4ee3\u5e01\u501f\u8d37\uff08Token Loan\uff09+ \u770b\u6da8\u671f\u6743\uff08Call Option\uff09\u3002\u8fd9\u79cd\u6a21\u5f0f\u5c24\u5176\u9002\u5408\u65e9\u671f\u7684\u4e0a\u5e01\u9879\u76ee\u65b9\u3002<\/p>\n<p>\u7531\u4e8e\u4e0a\u5e01\u521d\u671f\u9879\u76ee\u65b9\u624b\u5934\u8d44\u91d1\u6709\u9650\uff0c\u96be\u4ee5\u652f\u4ed8\u505a\u5e02\u8d39\u7528\uff0c\u4e14\u5728\u9879\u76ee\u4e0a\u5e01\u521d\u671f\u5e02\u573a\u4e0a\u6d41\u901a\u4ee3\u5e01\u8f83\u5c11\uff0c\u5c06\u65e9\u671f\u4ee3\u5e01\u51fa\u501f\u7ed9\u4e86\u505a\u5e02\u5546\uff0c\u505a\u5e02\u5546\u4e5f\u4f1a\u76f8\u5e94\u627f\u62c5\u4e86\u98ce\u9669\u3002<\/p>\n<p>\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u66f4\u9002\u5408\u505a\u5e02\u5546\u6839\u636e\u9879\u76ee\u60c5\u51b5\u6765\u81ea\u884c\u8bbe\u5b9a KPI\uff0c\u5e76\u4e14\u4e3a\u4e86\u8865\u507f\u505a\u5e02\u5546\uff0c\u9879\u76ee\u65b9\u901a\u5e38\u4f1a\u5728\u505a\u5e02\u5408\u540c\u4e2d\u5d4c\u5165\u4e00\u4e2a\u770b\u6da8\u671f\u6743\uff08Call Option\uff09\u7ed9\u4e88\u505a\u5e02\u5546\u6765\u505a\u4ee3\u5e01\u4ef7\u683c\u98ce\u9669\u7684\u5bf9\u51b2\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/14c0da5df57bacd516104bb7148435dd.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/14c0da5df57bacd516104bb7148435dd.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><\/figure>\n<p>\u8fd9\u79cd\u6a21\u5f0f\u4e0b\uff0c\u505a\u5e02\u5546\u4f1a\u4ece\u9879\u76ee\u65b9\u624b\u4e0a\u501f\u5165\u4ee3\u5e01\uff08Token Loan\uff09\uff0c\u4ee5\u6295\u5165\u5e02\u573a\u4ee5\u786e\u4fdd\u6d41\u52a8\u6027\u53ca\u7a33\u5b9a\u5e01\u4ef7\uff0c\u4e00\u822c\u7ea6\u5b9a 1\u20142 \u5e74\u505a\u5e02\u671f\u9650\u3002<\/p>\n<p>\u770b\u6da8\u671f\u6743\u7ea6\u5b9a\u5728\u5408\u540c\u5230\u671f\u65e5\u524d\uff0c\u505a\u5e02\u5546\u53ef\u4ee5\u9009\u62e9\u6309\u7167\u9884\u5b9a\u7684\u4ef7\u683c\uff08Strike Price\uff09\u4ece\u9879\u76ee\u65b9\u624b\u4e2d\u8d2d\u4e70\u4e4b\u524d\u501f\u5165\u7684\u4ee3\u5e01\u3002\u9700\u8981\u6ce8\u610f\u7684\u662f\uff0c\u8fd9\u4e2a\u671f\u6743\u662f\u7ed9\u4e88\u505a\u5e02\u5546\u7684\u4e00\u4e2a\u9009\u62e9\u7684\u6743\u5229\uff0c\u800c\u975e\u4e49\u52a1\uff08OPTION not Obligation\uff09\u3002<\/p>\n<p>\u8fd9\u4e2a\u770b\u6da8\u671f\u6743\u7684\u4ef7\u503c\u4e0e\u4ee3\u5e01\u7684\u4ef7\u683c\u76f4\u63a5\u76f8\u5173\uff0c\u5c31\u7ed9\u505a\u5e02\u5546\u63d0\u5347\u4ee3\u5e01\u4ef7\u503c\u7684\u52a8\u529b\u3002\u6211\u4eec\u6765\u6a21\u62df\u4e00\u4e2a\u573a\u666f\uff1a<\/p>\n<p>\u6211\u4eec\u5047\u8bbe Mfers \u9879\u76ee\u627e\u4e86\u505a\u5e02\u5546\uff0c\u7b7e\u4e86 Call Option\uff0c\u7ea6\u5b9a\u51fa\u501f 100,000 \u4ee3\u5e01\uff0c\u884c\u6743\u4ef7\u4e3a $1\uff0c\u671f\u9650 1 \u5e74\u3002\u90a3\u4e48\u5728\u8fd9\u671f\u95f4\u5185\uff0c\u505a\u5e02\u573a\u5546\u6709\u4e24\u4e2a\u9009\u62e9\uff1a1\uff09\u5230\u671f\u8fd8 100,000 \u4e2a Mfer \u4ee3\u5e01\uff1b\u6216 2\uff09\u5230\u671f\u652f\u4ed8 $100,000 \u7f8e\u5143\uff08\u6309\u7167 $1 \u884c\u6743\u4ef7\uff09\u3002<\/p>\n<p>\u5982\u679c\u4ee3\u5e01\u4ef7\u683c\u4e0a\u6da8\u4e86 100x \u5230 $100\uff08\u6ca1\u9519\uff0cMfers to the Moon\uff09\uff0c\u505a\u5e02\u5546\u53ef\u4ee5\u9009\u62e9\u6267\u884c\u671f\u6743\uff0c\u5373\u4ee5 $100,000 \u7684\u4ef7\u683c\u4e70\u5230\u4e86\u4ef7\u503c $10,000,000 \u7684\u4ee3\u5e01\uff0c\u83b7\u53d6 100 \u500d\u7684\u6536\u76ca\uff1b\u5982\u679c\u4ee3\u5e01\u4ef7\u683c\u4e0b\u8dcc 50% \u5230 $0.5\uff0c\u505a\u5e02\u5546\u53ef\u4ee5\u9009\u62e9\u4e0d\u6267\u884c\u671f\u6743\uff08$100,000\uff09\uff0c\u800c\u662f\u76f4\u63a5\u5728\u5e02\u573a\u4e0a\u6309\u7167 $0.5 \u4ef7\u683c\u8d2d\u4e70 100,000 \u4ee3\u5e01\u507f\u8fd8\u501f\u6b3e\uff08\u4ef7\u503c\u662f\u884c\u6743\u4ef7\u503c\u7684\u4e00\u534a $50,000\uff09\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/b6c7e13bf4ec602d7d06e85ea83ec2c2.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/b6c7e13bf4ec602d7d06e85ea83ec2c2.jpg\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" \/><\/figure>\n<p>\u56e0\u4e3a\u770b\u6da8\u671f\u6743\u7684\u5b58\u5728\uff0c\u5c31\u4f1a\u5bfc\u81f4\u505a\u5e02\u5546\u5b58\u5728\u75af\u72c2\u62c9\u76d8\uff0c\u62c9\u9ad8\u51fa\u8d27\u83b7\u5229\u7684\u52a8\u673a\uff1b\u540c\u65f6\uff0c\u4e5f\u5b58\u5728\u75af\u72c2\u7838\u76d8\uff0c\u4f4e\u4ef7\u8fdb\u8d27\u8fd8\u5e01\u7684\u52a8\u673a\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u5728\u4ee3\u5e01\u501f\u6b3e + \u770b\u6da8\u671f\u6743\uff08Loan\/Options Model\uff09\u6a21\u5f0f\u4e0b\uff0c\u9879\u76ee\u65b9\u53ef\u80fd\u9700\u8981\u5c06\u505a\u5e02\u5546\u5f53\u505a\u4ea4\u6613\u5bf9\u624b\u6765\u770b\u5f85\uff0c\u9700\u8981\u7279\u522b\u6ce8\u610f\uff1a<\/p>\n<p>A. \u505a\u5e02\u5546\u62ff\u5230\u591a\u5c11\u7684\u884c\u6743\u4ef7\uff0c\u4ee5\u53ca\u591a\u5c11\u7684\u4ee3\u5e01\u501f\u6b3e\u6570\u91cf\uff0c\u8fd9\u51b3\u5b9a\u4e86\u505a\u5e02\u5546\u7684\u76c8\u5229\u7a7a\u95f4\u548c\u505a\u5e02\u7684\u9884\u671f\uff1b<\/p>\n<p>B. \u8fd8\u8981\u6ce8\u610f\u8fd9\u4e2a\u770b\u6da8\u671f\u6743\u7684\u671f\u9650\uff08Loan Period\uff09\uff0c\u8fd9\u51b3\u5b9a\u4e86\u5728\u8fd9\u4e2a\u65f6\u95f4\u7ef4\u5ea6\u7684\u505a\u5e02\u7a7a\u95f4\uff1b<\/p>\n<p>C. \u505a\u5e02\u5408\u540c\u7684\u7ec8\u6b62\u6761\u6b3e\uff0c\u4e07\u4e00\u51fa\u73b0\u7d27\u6025\u60c5\u51b5\u4e0b\u7684\u98ce\u9669\u63a7\u5236\u5904\u7406\u65b9\u5f0f\u3002\u5c24\u5176\u662f\u9879\u76ee\u65b9\u5c06\u4ee3\u5e01\u501f\u6b3e\u7ed9\u505a\u5e02\u5546\u540e\uff0c\u5bf9\u4e8e\u4ee3\u5e01\u7684\u53bb\u5904\u662f\u65e0\u6cd5\u628a\u63a7\u7684\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"800\" height=\"416\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/image-72.png\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" class=\"wp-image-113280\" \/><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"416\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/05\/image-72.png\" alt=\"Web3\u9879\u76ee\u65b9\u5e94\u8be5\u5982\u4f55\u770b\u5f85\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u52a0\u5bc6\u505a\u5e02\u5546\" class=\"wp-image-113280 j-lazy\" \/><\/figure>\n<\/div>\n<p class=\"has-text-align-center\">\uff08Paperclip Partners, Founder\u2019s Field Guide to Token Market\u00a0Making\uff09<\/p>\n<p><strong>5.3 \u5176\u4ed6\u4e1a\u52a1\u6a21\u5f0f<\/strong><\/p>\n<p>\u6211\u4eec\u4e5f\u53ef\u4ee5\u770b\u5230\u4f17\u591a\u505a\u5e02\u5546\u90fd\u6709\u4e00\u7ea7\u6295\u8d44\u90e8\u95e8\uff0c\u80fd\u591f\u901a\u8fc7\u6295\u8d44\u4e0e\u5b75\u5316\u66f4\u597d\u5730\u670d\u52a1\u88ab\u6295\u9879\u76ee\uff0c\u4e3a\u9879\u76ee\u63d0\u4f9b\u8d44\u91d1\u7b79\u96c6\u3001\u9879\u76ee\u5ba3\u53d1\u3001\u4e0a\u5e01 listing \u7b49\u670d\u52a1\uff0c\u800c\u4e14\u62e5\u6709\u88ab\u6295\u9879\u76ee\u7684\u4efd\u989d\u4e5f\u6709\u52a9\u4e8e\u505a\u5e02\u5546\u89e6\u8fbe\u6f5c\u5728\u5ba2\u6237\uff08\u6295\u8d37\u8054\u52a8\uff1f\uff09\u3002<\/p>\n<p>OTC \u573a\u5916\u4ea4\u6613\u540c\u7406\uff0c\u4ece\u9879\u76ee\u65b9 \/ \u57fa\u91d1\u4f1a\u624b\u4e2d\u4f4e\u4ef7\u8d2d\u4e70\u4ee3\u5e01\uff0c\u5e76\u901a\u8fc7\u4e00\u7cfb\u5217\u505a\u5e02\u8fd0\u4f5c\u4f7f\u4ee3\u5e01\u4ef7\u503c\u5347\u503c\u3002\u8fd9\u91cc\u5b58\u5728\u66f4\u591a\u7684\u7070\u8272\u7a7a\u95f4\u3002<\/p>\n<p><strong>\u516d\u3001\u98ce\u9669\u4e0e\u76d1\u7ba1<\/strong><\/p>\n<p>\u5728\u4e86\u89e3\u4e86\u52a0\u5bc6\u505a\u5e02\u5546\u7684\u8fd0\u4f5c\u6a21\u5f0f\u4e4b\u540e\uff0c\u6211\u4eec\u5c31\u77e5\u9053\uff0c\u629b\u5f00\u505a\u5e02\u5546\u5728\u52a0\u5bc6\u5e02\u573a\u4e2d\u7684\u79ef\u6781\u610f\u4e49\u4e4b\u5916\uff0c\u5b83\u4eec\u4e0d\u4ec5\u5272\u7684\u662f\u97ed\u83dc\uff0c\u9879\u76ee\u65b9\u4e5f\u662f\u5b83\u4eec\u300c\u5bf9\u97ed\u5f53\u5272\u300d\u7684\u5bf9\u8c61\u3002\u56e0\u6b64\uff0c\u9879\u76ee\u65b9\u5c24\u5176\u9700\u8981\u628a\u63e1\u4e0e\u52a0\u5bc6\u505a\u5e02\u5546\u5408\u4f5c\u7684\u98ce\u9669\u4ee5\u53ca\u76d1\u7ba1\u53ef\u80fd\u9020\u6210\u7684\u969c\u788d\u3002<\/p>\n<p><strong>6.1 \u76d1\u7ba1<\/strong><\/p>\n<p>\u8fc7\u53bb\u5bf9\u4e8e\u505a\u5e02\u5546\u7684\u76d1\u7ba1\u96c6\u4e2d\u5728\u300c\u8bc1\u5238\u300d\u505a\u5e02\u5546\uff0c\u800c\u4e14\u76ee\u524d\u5bf9\u4e8e\u52a0\u5bc6\u8d44\u4ea7\u7684\u5b9a\u4e49\u5c1a\u672a\u660e\u6670\uff0c\u90a3\u4e48\u5c31\u9020\u6210\u4e86\u9488\u5bf9\u52a0\u5bc6\u505a\u5e02\u5546\u4ee5\u53ca\u505a\u5e02\u884c\u4e3a\u7684\u76f8\u5bf9\u76d1\u7ba1\u7a7a\u767d\u3002<\/p>\n<p>\u56e0\u6b64\u5bf9\u4e8e\u52a0\u5bc6\u505a\u5e02\u5546\u800c\u8a00\uff0c\u76ee\u524d\u7684\u5e02\u573a\u73af\u5883\u662f\u4e00\u4e2a\u5929\u9ad8\u4efb\u9e1f\u98de\u7684\u5c40\u9762\uff0c\u4f5c\u6076\u6210\u672c\u6781\u4f4e\uff0c\u8fd9\u4e5f\u662f\u6211\u4eec\u5c06\u4ef7\u683c\u64cd\u7eb5\uff0c\u62c9\u9ad8\u629b\u552e\uff0c\u5bf9\u97ed\u5f53\u5272\u4f5c\u4e3a\u52a0\u5bc6\u505a\u5e02\u5546\u4ee3\u540d\u8bcd\u7684\u539f\u56e0\u3002<\/p>\n<p>\u6211\u4eec\u770b\u5230\u76d1\u7ba1\u5728\u4e0d\u65ad\u89c4\u8303\uff0c\u5982\u7f8e\u56fd SEC \u6b63\u5728\u901a\u8fc7\u76d1\u7ba1\u5f0f\u6267\u6cd5\u7684\u65b9\u5f0f\u5728\u660e\u6670 Broker &amp; Dealer \u7684\u5b9a\u4e49\uff0c\u6b27\u76df MiCA \u6cd5\u6848\u7684\u63a8\u51fa\u4e5f\u5c06\u505a\u5e02\u5546\u4e1a\u52a1\u7eb3\u5165\u76d1\u7ba1\uff1b\u540c\u65f6\u4e5f\u6709\u5408\u89c4\u52a0\u5bc6\u505a\u5e02\u5546\u79ef\u6781\u7533\u8bf7\u76d1\u7ba1\u724c\u7167\uff0c\u5982 GSR Markets \u5411\u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40\u7533\u8bf7\u4e3b\u8981\u652f\u4ed8\u673a\u6784\u724c\u7167\uff08\u5141\u8bb8\u5728\u65b0\u52a0\u5761\u7684\u76d1\u7ba1\u6846\u67b6\u5185\u5f00\u5c55 OTC \u548c\u505a\u5e02\u670d\u52a1\uff09\uff0c\u5e74\u521d\u5b8c\u6210 5000 \u4e07\u7f8e\u5143\u878d\u8d44\u7684 Flowdesk \u4e5f\u83b7\u5f97\u6cd5\u56fd\u76d1\u7ba1\u7684\u724c\u7167\u7533\u8bf7\u3002<\/p>\n<p>\u4f46\u662f\uff0c\u4e3b\u8981\u53f8\u6cd5\u8f96\u533a\u7684\u76d1\u7ba1\u5e76\u4e0d\u59a8\u788d\u4e00\u4e9b\u52a0\u5bc6\u505a\u5e02\u5546\u7684\u79bb\u5cb8\u8fd0\u8425\uff0c\u56e0\u4e3a\u5b83\u4eec\u672c\u8d28\u4e0a\u662f\u5404\u4e2a\u4ea4\u6613\u6240\u91cc\u9762\u7684\u5927\u8d44\u91d1\u8d26\u6237\uff0c\u4e14\u5927\u90e8\u5206\u4e0d\u5b58\u5728\u4efb\u4f55\u5728\u5cb8\u4e1a\u52a1\u3002<\/p>\n<p>\u6240\u5e78\u7531\u4e8e FTX \u4e8b\u4ef6\uff0c\u4ee5\u53ca\u76d1\u7ba1\u5bf9 Binance\uff0cCoinbase \u7b49\u5404\u5927\u4ea4\u6613\u6240\u7684\u4e0d\u65ad\u89c4\u8303\uff0c\u5171\u751f\u4e8e\u4ea4\u6613\u6240\u7684\u52a0\u5bc6\u505a\u5e02\u5546\u4e5f\u4f1a\u53d7\u5230\u4ea4\u6613\u6240\u5185\u63a7\u5408\u89c4\u89c4\u5219\u7684\u9650\u5236\uff0c\u4f7f\u5f97\u884c\u4e1a\u66f4\u52a0\u89c4\u8303\u3002<\/p>\n<p>\u6211\u4eec\u786e\u5b9e\u9700\u8981\u76d1\u7ba1\u53bb\u89c4\u8303\u8fd9\u4e9b\u4e0d\u9053\u5fb7 \/ \u4e0d\u6cd5\u884c\u4e3a\uff0c\u4f46\u662f\u5728\u884c\u4e1a\u7206\u53d1\u4e4b\u524d\uff0c\u6211\u4eec\u53ef\u80fd\u66f4\u9700\u8981\u884c\u4e1a\u53bb\u62e5\u62b1\u6ce1\u6cab\u3002<\/p>\n<p><strong>6.2 \u98ce\u9669<\/strong><\/p>\n<p>\u7531\u4e8e\u7f3a\u4e4f\u76d1\u7ba1\uff0c\u52a0\u5bc6\u505a\u5e02\u5546\u5c31\u4f1a\u6709\u52a8\u673a\u8fdb\u884c\u4e0d\u9053\u5fb7\u7684\u4ea4\u6613\u548c\u64cd\u7eb5\u5e02\u573a\u4ee5\u83b7\u5f97\u6700\u5927\u7684\u5229\u6da6\uff0c\u800c\u4e0d\u662f\u6709\u52a8\u673a\u521b\u9020\u4e00\u4e2a\u5065\u5eb7\u7684\u5e02\u573a\u6216\u4ea4\u6613\u73af\u5883\u3002\u8fd9\u4e5f\u662f\u5b83\u4eec\u81ed\u540d\u662d\u8457\u7684\u539f\u56e0\uff0c\u540c\u65f6\u4e5f\u4f1a\u5e26\u6765\u8bf8\u591a\u98ce\u9669\u3002<\/p>\n<p><strong>A. \u505a\u5e02\u5546\u7684\u5e02\u573a\u98ce\u9669<\/strong><\/p>\n<p>\u505a\u5e02\u5546\u4e5f\u4f1a\u9762\u4e34\u5e02\u573a\u98ce\u9669\u548c\u6d41\u52a8\u6027\u98ce\u9669\uff0c\u5c24\u5176\u662f\u5728\u6781\u7aef\u884c\u60c5\u4e0b\u3002\u6b64\u524d Terra Luna \u7684\u5d29\u76d8\uff0c\u4ee5\u53ca FTX \u7684\u5d29\u6e83\u5e26\u6765\u7684\u8fde\u9501\u53cd\u5e94\u5bfc\u81f4\u505a\u5e02\u5546\u5168\u9762\u6e83\u8d25\uff0c\u6760\u6746\u5d29\u584c\u4ee5\u53ca\u5e02\u573a\u6d41\u52a8\u6027\u67af\u7aed\uff0c\u5176\u4e2d Alameda Research \u4fbf\u662f\u5178\u578b\u4ee3\u8868\u3002<\/p>\n<p><strong>B. \u9879\u76ee\u65b9\u7f3a\u4e4f\u5bf9\u51fa\u501f\u4ee3\u5e01\u7684\u63a7\u5236<\/strong><\/p>\n<p>\u5728\u4ee3\u5e01\u501f\u6b3e\u7684\u6a21\u5f0f\u4e2d\uff0c\u9879\u76ee\u65b9\u7f3a\u4e4f\u5bf9\u51fa\u501f\u4ee3\u5e01\u7684\u63a7\u5236\uff0c\u5e76\u4e0d\u77e5\u9053\u505a\u5e02\u5546\u4f1a\u62ff\u9879\u76ee\u65b9\u7684\u4ee3\u5e01\u53bb\u505a\u4ec0\u4e48\u4e8b\u60c5\uff0c\u8fd9\u91cc\u53ef\u80fd\u662f\u4efb\u4f55\u4e8b\u60c5\u3002<\/p>\n<p>\u56e0\u6b64\u5728\u51fa\u501f\u4ee3\u5e01\u65f6\uff0c\u9879\u76ee\u65b9\u9700\u8981\u5c06\u505a\u5e02\u5546\u60f3\u8c61\u6210\u4ea4\u6613\u5bf9\u624b\uff0c\u800c\u975e\u5408\u4f5c\u4f19\u4f34\uff0c\u53bb\u6784\u601d\u56e0\u4ef7\u683c\u5f71\u54cd\u800c\u53ef\u80fd\u51fa\u73b0\u7684\u60c5\u51b5\u3002\u505a\u5e02\u5546\u80fd\u591f\u901a\u8fc7\u5bf9\u4ef7\u683c\u7684\u8c03\u6574\u6765\u8fbe\u5230\u4f17\u591a\u76ee\u7684\uff0c\u4f8b\u5982\u53ef\u80fd\u901a\u8fc7\u6545\u610f\u538b\u4ef7\uff0c\u6765\u4e3a\u65b0\u7684\u5408\u540c\u5b9a\u4e00\u4e2a\u8f83\u4f4e\u7684\u4ef7\u683c\uff1b\u4e5f\u6709\u53ef\u80fd\u901a\u8fc7\u533f\u540d\u6295\u7968\uff0c\u901a\u8fc7\u5bf9\u5176\u6709\u5229\u7684\u63d0\u6848\u7b49\u7b49\u3002<\/p>\n<p><strong>C. \u505a\u5e02\u5546\u7684\u4e0d\u9053\u5fb7\u884c\u4e3a<\/strong><\/p>\n<p>\u4e0d\u9053\u5fb7\u7684\u505a\u5e02\u5546\u4f1a\u64cd\u7eb5\u4ee3\u5e01\u4ef7\u683c\u3001\u901a\u8fc7\u6d17\u552e\u4ea4\u6613\u5938\u5927\u4ea4\u6613\u91cf\uff0c\u5e76\u8fdb\u884c\u62c9\u9ad8\u548c\u629b\u552e\u3002<\/p>\n<p>\u8bb8\u591a\u52a0\u5bc6\u8d27\u5e01\u9879\u76ee\u8058\u8bf7\u505a\u5e02\u5546\u4f7f\u7528\u6d17\u552e\u4ea4\u6613\u7b49\u7b56\u7565\u6765\u63d0\u9ad8\u7ee9\u6548\u6307\u6807\uff0c\u6d17\u552e\u4ea4\u6613\u662f\u6307\u5b9e\u4f53\u53cd\u590d\u6765\u56de\u4ea4\u6613\u540c\u4e00\u8d44\u4ea7\u4ee5\u5236\u9020\u4ea4\u6613\u91cf\u7684\u5047\u8c61\u3002\u5728\u4f20\u7edf\u5e02\u573a\u4e2d\uff0c\u8fd9\u662f\u975e\u6cd5\u7684\u5e02\u573a\u64cd\u7eb5\uff0c\u8bef\u5bfc\u6295\u8d44\u8005\u5bf9\u7279\u5b9a\u8d44\u4ea7\u7684\u9700\u6c42\u3002<\/p>\n<p>Bitwise \u5728 2019 \u5e74\u53d1\u8868\u4e86\u4e00\u7bc7\u8457\u540d\u7684\u62a5\u544a\uff0c\u79f0\u4e0d\u53d7\u76d1\u7ba1\u7684\u4ea4\u6613\u6240 95% \u7684\u4ea4\u6613\u91cf\u90fd\u662f\u5047\u7684\u3002\u7f8e\u56fd\u56fd\u5bb6\u7ecf\u6d4e\u7814\u7a76\u5c40 (NBER) 2022 \u5e74 12 \u6708\u7684\u4e00\u9879\u6700\u65b0\u7814\u7a76\u53d1\u73b0\uff0c\u8fd9\u4e00\u6570\u5b57\u5df2\u964d\u81f3 70% \u5de6\u53f3\u3002<\/p>\n<p><strong>D. \u80cc\u9505\u7684\u9879\u76ee\u65b9<\/strong><\/p>\n<p>\u7531\u4e8e\u9879\u76ee\u65b9\u5bf9\u51fa\u501f\u4ee3\u5e01\u7f3a\u4e4f\u63a7\u5236\uff0c\u4e14\u96be\u4ee5\u7ea6\u675f\u505a\u5e02\u5546\u7684\u4e0d\u9053\u5fb7\u884c\u4e3a\uff0c\u6216\u8005\u4e5f\u65e0\u4ece\u77e5\u6653\u8fd9\u4e9b\u4e0d\u9053\u5fb7\u884c\u4e3a\uff0c\u90a3\u4e48\u4e00\u65e6\u8fd9\u4e9b\u884c\u4e3a\u843d\u5165\u76d1\u7ba1\u7684\u89c6\u91ce\uff0c\u5b9e\u9645\u8fd0\u8425\u9879\u76ee\u7684\u9879\u76ee\u65b9\u5c31\u96be\u8f9e\u5176\u548e\u3002\u56e0\u6b64\uff0c\u9879\u76ee\u65b9\u5c31\u9700\u8981\u5728\u5408\u540c\u6761\u6b3e\u6216\u8005\u5e94\u6025\u63aa\u65bd\u4e0a\u4e0b\u70b9\u529f\u592b\u3002<\/p>\n<p><strong>\u4e03\u3001\u5199\u5728\u6700\u540e<\/strong><\/p>\n<p>\u901a\u8fc7\u672c\u6587\uff0c\u80fd\u591f\u5e2e\u52a9\u9879\u76ee\u65b9\u660e\u786e\u52a0\u5bc6\u505a\u5e02\u5546\u901a\u8fc7\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u5728\u786e\u4fdd\u9ad8\u6548\u7684\u4ea4\u6613\u6267\u884c\u3001\u589e\u5f3a\u6295\u8d44\u8005\u4fe1\u5fc3\u3001\u4f7f\u5e02\u573a\u8fd0\u4f5c\u66f4\u52a0\u987a\u7545\u3001\u7a33\u5b9a\u5e01\u4ef7\u548c\u964d\u4f4e\u4ea4\u6613\u6210\u672c\u65b9\u9762\u4f5c\u51fa\u4e86\u5de8\u5927\u8d21\u732e\u3002<\/p>\n<p>\u4f46\u662f\u540c\u65f6\u901a\u8fc7\u63ed\u793a\u52a0\u5bc6\u505a\u5e02\u5546\u7684\u4e1a\u52a1\u6a21\u5f0f\uff0c\u63d0\u793a\u9879\u76ee\u65b9\u4e0e\u52a0\u5bc6\u505a\u5e02\u5546\u5408\u4f5c\u800c\u4ea7\u751f\u7684\u8bf8\u591a\u98ce\u9669\uff0c\u9700\u8981\u5728\u4e0e\u505a\u5e02\u5546\u8c08\u5224\u6761\u6b3e\u3001\u5408\u4f5c\u6267\u884c\u7684\u65f6\u5019\u7279\u522b\u6ce8\u610f\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u52a0\u5bc6\u5e02\u573a\u7684\u66b4\u5bcc\u795e\u8bdd\u6bcf\u5929\u90fd\u5b58\u5728\uff0c\u5927\u90e8\u5206\u73a9\u5bb6\u6765\u5230\u8fd9\u91cc\u5e76\u4e0d\u662f\u4e3a\u4e86\u7ffb\u500d\uff0c\u800c\u662f\u4e3a\u4e86\u7ffb\u8eab\u3002\u5728\u8fd9\u7247\u6697\u9ed1\u68ee\u6797\u4e2d\uff0c\u52a0\u5bc6\u505a\u5e02\u5546\u4f5c\u4e3a 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