{"id":2895,"date":"2025-12-16T09:36:29","date_gmt":"2025-12-16T01:36:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=2895"},"modified":"2025-12-16T09:36:29","modified_gmt":"2025-12-16T01:36:29","slug":"%e5%85%a8%e7%90%83%e7%a8%b3%e5%ae%9a%e5%b8%81%e9%a3%8e%e8%b5%b7%e8%83%8c%e5%90%8e%ef%bc%8c%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e5%b7%b2%e4%bb%8a%e9%9d%9e%e6%98%94%e6%af%94","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=2895","title":{"rendered":"\u5168\u7403\u7a33\u5b9a\u5e01\u98ce\u8d77\u80cc\u540e\uff0c\u52a0\u5bc6\u8d27\u5e01\u5df2\u4eca\u975e\u6614\u6bd4"},"content":{"rendered":"<h1 class=\"art_tit\">\u5168\u7403\u7a33\u5b9a\u5e01\u98ce\u8d77\u80cc\u540e\uff0c\u52a0\u5bc6\u8d27\u5e01\u5df2\u4eca\u975e\u6614\u6bd4<\/h1>\n<div class=\"content_text\">\n<div class=\"quote\">                        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Bank Digital Currency\uff0cCBDC\uff09\u548c\u79c1\u4eba\u52a0\u5bc6\u8d27\u5e01\uff08Private Cryptocurrency\uff09\u3002<\/p>\n<p>CBDC\u7531\u4e2d\u592e\u94f6\u884c\u53d1\u884c\u548c\u7ba1\u7406\uff0c\u662f\u56fd\u5bb6\u6cd5\u5b9a\u8d27\u5e01\u7684\u6570\u5b57\u5f62\u5f0f\uff0c\u5982\u7531\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u53d1\u884c\u7684\u6570\u5b57\u4eba\u6c11\u5e01\uff08DCEP\uff09\u3002\u79c1\u4eba\u52a0\u5bc6\u8d27\u5e01\u7531\u975e\u653f\u5e9c\u673a\u6784\u53d1\u884c\uff0c\u4e0d\u53d7\u4efb\u4f55\u4e2d\u592e\u673a\u6784\u63a7\u5236\uff0c\u672c\u6587\u4e3b\u8981\u805a\u7126\u79c1\u4eba\u52a0\u5bc6\u8d27\u5e01\u7684\u76f8\u5173\u5185\u5bb9\u3002<\/p>\n<p>\u81ea2009\u5e74\u6bd4\u7279\u5e01\u8bde\u751f\u4ee5\u6765\uff0c\u76ee\u524d\u5df2\u6709\u6210\u5343\u4e0a\u4e07\u79cd\u52a0\u5bc6\u8d27\u5e01\uff0c\u5e76\u4e14\u53ef\u80fd\u6bcf\u5929\u90fd\u6709\u65b0\u7684\u52a0\u5bc6\u8d27\u5e01\u51fa\u73b0\u3002\u8fd9\u4e9b\u52a0\u5bc6\u8d27\u5e01\u867d\u7136\u90fd\u57fa\u4e8e\u53bb\u4e2d\u5fc3\u5316\u5171\u8bc6\u673a\u5236\u548c\u5206\u5e03\u5f0f\u8d26\u672c\u6280\u672f\uff0c\u4f46\u5728\u5177\u4f53\u5b9e\u73b0\u4e0a\u53c8\u5b58\u5728\u4e00\u4e9b\u5dee\u5f02\u3002\u6839\u636e\u8bbe\u8ba1\u673a\u5236\u548c\u529f\u80fd\uff0c\u79c1\u4eba\u52a0\u5bc6\u8d27\u5e01\u4e3b\u8981\u53ef\u5206\u4e3a\u4e09\u7c7b\uff1a\u4ef7\u503c\u5b58\u50a8\u578b\u52a0\u5bc6\u8d27\u5e01\uff08Store of Value Cryptocurrencies\uff09\u3001\u5b9e\u7528\u578b\u4ee3\u5e01\uff08Utility Tokens\uff09\u3001\u7a33\u5b9a\u5e01\uff08Stablecoin\uff09\u3002<\/p>\n<p>\u9700\u8981\u8bf4\u660e\u7684\u662f\uff0c<strong>\u52a0\u5bc6\u8d27\u5e01\u4f5c\u4e3a\u4e00\u4e2a\u4e0d\u65ad\u6f14\u8fdb\u7684\u521b\u65b0\u9886\u57df\uff0c\u5176\u6982\u5ff5\u548c\u5e94\u7528\u4e0d\u65ad\u62d3\u5c55<\/strong>\uff0c\u56e0\u6b64\u8fd9\u4e9b\u5206\u7c7b\u8fb9\u754c\u5e76\u975e\u7edd\u5bf9\u3002\u4ee5USDT\u4e3a\u4f8b\uff0c\u5b83\u65e2\u662f\u4e00\u79cd\u951a\u5b9a\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\uff0c\u540c\u65f6\u4f5c\u4e3a\u4ee5\u592a\u574a\u7f51\u7edc\u4e0a\u7684\u4ee3\u5e01\uff0c\u4e5f\u5177\u5907\u5b9e\u7528\u578b\u4ee3\u5e01\u7684\u7279\u5f81\u3002<\/p>\n<p><strong>\u7b2cI\u7c7b\uff1a\u4ef7\u503c\u5b58\u50a8\u578b\u52a0\u5bc6\u8d27\u5e01\uff0c\u5178\u578b\u4ee3\u8868\u662f\u6bd4\u7279\u5e01\u3001\u83b1\u7279\u5e01\uff08LTC\uff09\u7b49\u3002<\/strong>\u8fd9\u7c7b\u52a0\u5bc6\u8d27\u5e01\u867d\u7136\u6700\u521d\u8bbe\u8ba1\u76ee\u6807\u662f\u5b9e\u73b0\u70b9\u5bf9\u70b9\u7535\u5b50\u652f\u4ed8\uff0c\u4f46\u53d1\u5c55\u81f3\u4eca\u5df2\u7ecf\u66f4\u591a\u5730\u627f\u62c5\u4e86\u6570\u5b57\u4ef7\u503c\u5b58\u50a8\u7684\u529f\u80fd\u3002\u5b83\u4eec\u5177\u6709\u53bb\u4e2d\u5fc3\u5316\u3001\u65e0\u9700\u4fe1\u4efb\uff08\u4ea4\u6613\u7531\u6574\u4e2a\u7f51\u7edc\u9a8c\u8bc1\u800c\u975e\u4f9d\u8d56\u7279\u5b9a\u673a\u6784\uff09\u3001\u5168\u7403\u6d41\u901a\u3001\u533f\u540d\u6027\u7b49\u7279\u70b9\u3002<\/p>\n<p>\u8fd9\u79cd\u7c7b\u578b\u7684\u52a0\u5bc6\u8d27\u5e01\u901a\u5e38\u6709\u4e00\u4e2a\u4ec5\u652f\u6301\u8be5\u7528\u9014\u7684\u4e13\u7528\u533a\u5757\u94fe\uff0c\u4e0d\u652f\u6301\u667a\u80fd\u5408\u7ea6\u548c\u53bb\u4e2d\u5fc3\u5316\u5e94\u7528\uff08DApps\uff09\u3002\u5b83\u4eec\u901a\u5e38\u91c7\u7528\u56fa\u5b9a\u7684\u4f9b\u5e94\u4e0a\u9650\u6765\u7ef4\u6301\u7a00\u7f3a\u6027\uff0c\u4f8b\u5982\u6bd4\u7279\u5e01\u7684\u603b\u91cf\u7ea62100\u4e07\u4e2a\u3001\u83b1\u7279\u5e01\u5219\u9650\u5236\u57288400\u4e07\u4e2a\u3002\u5176\u4ef7\u683c\u5b8c\u5168\u7531\u5e02\u573a\u4f9b\u9700\u51b3\u5b9a\uff0c\u4e0d\u4e0e\u4efb\u4f55\u5176\u4ed6\u8d44\u4ea7\u6302\u94a9\u3002<\/p>\n<p><strong>\u7b2cII\u7c7b\uff1a\u5b9e\u7528\u578b\u4ee3\u5e01\uff0c\u5178\u578b\u4ee3\u8868\u662f\u4ee5\u592a\u5e01\uff08ETH\uff09\u3001Solana\uff08SOL\uff09\u7b49\u3002<\/strong>\u4ee5\u592a\u574a\u662f\u9996\u4e2a\u652f\u6301\u667a\u80fd\u5408\u7ea6\u7684\u533a\u5757\u94fe\u5e73\u53f0\uff0c\u5141\u8bb8\u5f00\u53d1\u8005\u5728\u5176\u7f51\u7edc\u4e0a\u521b\u5efa\u548c\u90e8\u7f72\u53bb\u4e2d\u5fc3\u5316\u5e94\u7528\u7a0b\u5e8f\uff08DApps\uff09\u53ca\u6570\u5b57\u8d44\u4ea7\u3002\u8fd9\u79cd\u53ef\u7f16\u7a0b\u7684\u7279\u6027\uff0c\u6781\u5927\u5730\u6269\u5c55\u4e86\u533a\u5757\u94fe\u6280\u672f\u7684\u5e94\u7528\u8303\u56f4\uff0c\u66f4\u50ac\u751f\u51fa\u4e86\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08DeFi\uff09\u7b49\u521b\u65b0\u5e94\u7528\u573a\u666f\u3002<\/p>\n<p>\u4ee3\u5e01\uff08Tokens\uff09\u662f\u6307\u5728\u50cf\u4ee5\u592a\u574a\u8fd9\u6837\u7684\u533a\u5757\u94fe\u5e73\u53f0\u4e0a\u8fd0\u884c\u7684\u4efb\u4f55\u52a0\u5bc6\u8d44\u4ea7\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u4ee3\u5e01\u4e0d\u9700\u8981\u5efa\u7acb\u548c\u7ef4\u62a4\u81ea\u5df1\u7684\u533a\u5757\u94fe\u7f51\u7edc\uff0c\u800c\u662f\u201c\u5bc4\u751f\u201d\u5728\u50cf\u4ee5\u592a\u574a\u8fd9\u6837\u7684\u4e3b\u94fe\u4e4b\u4e0a\uff0c\u53d1\u884c\u548c\u8f6c\u79fb\u4ee3\u5e01\u9700\u8981\u652f\u4ed8\u4ee5\u592a\u5e01\u4f5c\u4e3a\u624b\u7eed\u8d39\uff08Gas fee\uff09\u3002<\/p>\n<p>\u6839\u636e\u5b9e\u7528\u578b\u4ee3\u5e01\u5177\u4f53\u7684\u529f\u80fd\uff0c\u5927\u81f4\u53ef\u4ee5\u5c06\u5176\u5206\u4e3a\u4ee5\u4e0b\u4e09\u7c7b\uff1a<\/p>\n<p><strong>\u4e00\u662f\u57fa\u7840\u8bbe\u65bd\u4ee3\u5e01\uff08Infrastructure Tokens\uff09\u3002<\/strong>\u8fd9\u7c7b\u5b9e\u7528\u578b\u4ee3\u5e01\u662f\u652f\u6301\u667a\u80fd\u5408\u7ea6\u7684\u533a\u5757\u94fe\u5e73\u53f0\u7684\u539f\u751f\u4ee3\u5e01\uff0c\u4e3b\u8981\u7528\u4e8e\u7ef4\u6301\u7f51\u7edc\u8fd0\u884c\u548c\u652f\u4ed8\u8ba1\u7b97\u8d44\u6e90\u3002<\/p>\n<p>\u4ee5\u592a\u5e01\u662f\u6700\u5177\u4ee3\u8868\u6027\u7684\u57fa\u7840\u8bbe\u65bd\u4ee3\u5e01\uff0c\u5176\u4f7f\u7528\u573a\u666f\u5305\u62ec\u652f\u4ed8\u7f51\u7edc\u4ea4\u6613\u8d39\u7528\u3001\u4e3a\u53bb\u4e2d\u5fc3\u5316\u5e94\u7528\u63d0\u4f9b\u8fd0\u884c\u73af\u5883\uff0c\u4ee5\u53ca\u901a\u8fc7\u8d28\u62bc\u673a\u5236\u53c2\u4e0e\u7f51\u7edc\u9a8c\u8bc1\u4ee5\u7ef4\u62a4\u7cfb\u7edf\u5b89\u5168\u3002<\/p>\n<p><strong>\u4e8c\u662f\u670d\u52a1\u4ee3\u5e01\uff08Service Tokens\uff09\u3002<\/strong>\u670d\u52a1\u4ee3\u5e01\u662f\u4e00\u7c7b\u7279\u6b8a\u7684\u5b9e\u7528\u578b\u4ee3\u5e01\uff0c\u6301\u6709\u8005\u53ef\u901a\u8fc7\u5b83\u83b7\u5f97\u7279\u5b9a\u7f51\u7edc\u670d\u52a1\u7684\u8bbf\u95ee\u6743\u9650\u6216\u6267\u884c\u76f8\u5173\u64cd\u4f5c\u3002\u4f8b\u5982\uff0cBasic Attention Token \uff08BAT\uff09\u662f\u57fa\u4e8e\u4ee5\u592a\u574aERC-20\uff08\u4ee5\u592a\u574a\u7f51\u7edc\u4e0a\u6700\u5e38\u7528\u7684\u4ee3\u5e01\u6280\u672f\u6807\u51c6\uff09\u7684\u4ee3\u5e01\uff0c\u5176\u5728Brave\u6d4f\u89c8\u5668\u751f\u6001\u7cfb\u7edf\u4e2d\u4f7f\u7528\uff0c\u7528\u4e8e\u6fc0\u52b1\u7528\u6237\u89c2\u770b\u5e7f\u544a\u3001\u652f\u4ed8\u5e7f\u544a\u8d39\u7528\u4ee5\u53ca\u6253\u8d4f\u5185\u5bb9\u521b\u4f5c\u8005\u7b49\u3002<\/p>\n<p><strong>\u4e09\u662f\u91d1\u878d\u4ee3\u5e01\uff08Finance Tokens\uff09\u3002<\/strong>\u91d1\u878d\u4ee3\u5e01\u7684\u5e94\u7528\u573a\u666f\u5e7f\u6cdb\uff0c\u5305\u62ec\u53bb\u4e2d\u5fc3\u5316\u501f\u8d37\u3001\u4ea4\u6613\u3001\u4f17\u7b79\u7b49\u91d1\u878d\u6d3b\u52a8\uff0c\u6301\u6709\u8005\u901a\u5e38\u53ef\u4ee5\u53c2\u4e0e\u9879\u76ee\u6cbb\u7406\u3001\u5206\u4eab\u5e73\u53f0\u6536\u76ca\u3002\u9879\u76ee\u65b9\u901a\u5e38\u4f1a\u9650\u5236\u53d1\u884c\u603b\u91cf\u3001\u8bbe\u7f6e\u9501\u4ed3\u671f\u3001\u91c7\u7528\u591a\u91cd\u7b7e\u540d\u7b49\u7ba1\u7406\u673a\u5236\u3002\u5e01\u5b89\u5e01\uff08BNB\uff09\u662f\u5178\u578b\u7684\u4ee3\u8868\uff0cBNB\u7684\u6301\u6709\u8005\u53ef\u83b7\u5f97\u4ea4\u6613\u8d39\u7528\u6298\u6263\u3002<\/p>\n<p><strong>\u7b2cIII\u7c7b\uff1a\u7a33\u5b9a\u5e01\uff0c\u5178\u578b\u4ee3\u8868\u662fUSDT\u3001USDC\u7b49\u3002<\/strong>\u7a33\u5b9a\u5e01\u662f\u4e00\u79cd\u65e8\u5728\u76f8\u5bf9\u4e8e\u67d0\u79cd\u7279\u5b9a\u8d44\u4ea7\u6216\u4e00\u7bee\u5b50\u8d44\u4ea7\u4fdd\u6301\u4ef7\u503c\u7a33\u5b9a\u7684\u52a0\u5bc6\u8d27\u5e01\uff0c\u5176\u4e0e\u6bd4\u7279\u5e01\u6700\u5927\u7684\u533a\u522b\u662f\u9700\u8981\u951a\u5b9a\u522b\u7684\u8d44\u4ea7\uff0c\u7531\u53d1\u884c\u673a\u6784\u6839\u636e\u5e02\u573a\u9700\u6c42\u589e\u53d1\u6216\u8005\u9500\u6bc1\uff0c\u4e3b\u8981\u53ef\u4ee5\u5206\u4e3a\u4ee5\u4e0b\u56db\u7c7b\u3002<\/p>\n<p>\u4e00\u662f\u4e0e\u6cd5\u5b9a\u8d27\u5e01\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\uff0c\u8fd9\u662f\u76ee\u524d\u6700\u53d7\u6b22\u8fce\u7684\u7a33\u5b9a\u5e01\u7c7b\u578b\uff0c\u7531\u6cd5\u5b9a\u8d27\u5e01\uff08\u7f8e\u5143\u3001\u6b27\u5143\u7b49\uff091:1\u50a8\u5907\u652f\u6301\uff0c\u7c7b\u4f3c\u4e8e\u8d27\u5e01\u5c40\u5236\u5ea6\uff0c\u4f8b\u5982\u4e0e\u7f8e\u5143\u6302\u94a9\u7684USDT\u3001USDC\u3002<\/p>\n<p>\u4e8c\u662f\u4e0e\u5546\u54c1\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\uff0c\u4e0e\u9ec4\u91d1\u3001\u767d\u94f6\u6216\u5176\u4ed6\u6709\u5f62\u5546\u54c1\u7b49\u5b9e\u7269\u8d44\u4ea7\u7684\u4ef7\u503c\u6302\u94a9\u3002\u4f8b\u5982\uff0cPAX Gold\u662f\u4e00\u79cd\u7531\u9ec4\u91d1\u50a8\u5907\u652f\u6301\u7684\u7a33\u5b9a\u5e01\uff0c\u6bcf\u4e2a\u4ee3\u5e01\u4ee3\u8868\u5b58\u50a8\u5728\u5b89\u5168\u91d1\u5e93\u4e2d\u7684\u4e00\u91d1\u8861\u76ce\u53f8\u9ec4\u91d1\u3002<\/p>\n<p>\u4e09\u662f\u52a0\u5bc6\u8d27\u5e01\u652f\u6301\u7684\u7a33\u5b9a\u5e01\uff0c\u5982DAI\u3001LUSD\uff0c\u8fd9\u4e9b\u7a33\u5b9a\u5e01\u901a\u5e38\u4f7f\u7528\u8d85\u989d\u62b5\u62bc\u6765\u51cf\u8f7b\u5176\u57fa\u7840\u8d44\u4ea7\u7684\u56fa\u6709\u6ce2\u52a8\u6027\u3002\u4ee5DAI\u4e3a\u4f8b\uff0c\u7528\u6237\u9700\u8981\u62b5\u62bc150\u7f8e\u5143\u4ef7\u503c\u7684\u4ee5\u592a\u5e01\u6765\u83b7\u5f97100\u7f8e\u5143\u4ef7\u503c\u7684DAI\uff08150%\u62b5\u62bc\u7387\uff09\u3002<\/p>\n<p>\u56db\u662f\u7b97\u6cd5\u7a33\u5b9a\u5e01\uff0c\u7406\u8bba\u4e0a\u53ef\u901a\u8fc7\u667a\u80fd\u5408\u7ea6\u81ea\u52a8\u8c03\u8282\u4ee3\u5e01\u4f9b\u9700\u6765\u7ef4\u6301\u4ef7\u683c\u7a33\u5b9a\uff0c\u800c\u4e0d\u4f9d\u8d56\u4e8e\u62b5\u62bc\u54c1\uff0c\u4f46\u73b0\u5b9e\u4e2d\u5df2\u6709\u591a\u4e2a\u9879\u76ee\u5931\u8d25\u3002Eichengreen\uff082018\uff09\u6307\u51fa\u7684\u201c\u7b97\u6cd5\u4e2d\u592e\u94f6\u884c\u201d\u5177\u6709\u5185\u5728\u4e0d\u7a33\u5b9a\u6027\uff0c\u4e5f\u57282022\u5e74Terra\/LUNA\u5d29\u6e83\u4e8b\u4ef6\u4e2d\u5f97\u5230\u9a8c\u8bc1\u3002<\/p>\n<p>\u9664\u4e86\u4e0a\u8ff0\u4e09\u79cd\u52a0\u5bc6\u8d27\u5e01\u4ee5\u5916\uff0c\u533a\u5757\u94fe\u6280\u672f\u8fd8\u6709\u4e00\u4e9b\u62d3\u5c55\u6027\u7684\u5e94\u7528\u3002\u6bd4\u5982<strong>\u975e\u540c\u8d28\u5316\u4ee3\u5e01\uff08Non-Fungible Token\uff0cNFT\uff09<\/strong>\uff0c\u5176\u4ee3\u8868\u533a\u5757\u94fe\u4e0a\u67d0\u4e2a\u8d44\u4ea7\u7684\u6570\u5b57\u51ed\u8bc1\uff0c\u6bcf\u4e2aNFT\u90fd\u5177\u6709\u72ec\u7279\u7684\u6807\u8bc6\u7b26\uff0c\u4e0d\u53ef\u5206\u5272\u4e14\u65e0\u6cd5\u76f8\u4e92\u66ff\u4ee3\u3002<\/p>\n<p>NFT\u76ee\u524d\u4e3b\u8981\u5e94\u7528\u4e8e\u6570\u5b57\u827a\u672f\u54c1\u4ea4\u6613\uff08\u5982\u6570\u5b57\u753b\u4f5c\u3001\u97f3\u4e50\u3001\u89c6\u9891\uff09\u3001\u865a\u62df\u623f\u5730\u4ea7\uff08\u5982\u5143\u5b87\u5b99\u4e2d\u7684\u865a\u62df\u5730\u5757\uff09\u3001\u6e38\u620f\u9053\u5177\uff08\u5982\u6e38\u620f\u4e2d\u7684\u7279\u6b8a\u88c5\u5907\u548c\u89d2\u8272\uff09\u4ee5\u53ca\u6570\u5b57\u6536\u85cf\u54c1\uff08\u5982\u8fd0\u52a8\u8d5b\u4e8b\u7eaa\u5ff5\u54c1\uff09\u7b49\u9886\u57df\u3002<\/p>\n<p>\u4f8b\u5982\uff0c2021\u5e743\u6708\uff0c\u6570\u5b57\u827a\u672f\u5bb6Beeple\u7684\u4f5c\u54c1<em>Everydays: The First 5000 Days<\/em>\u4ee56934.6\u4e07\u7f8e\u5143\uff08\u7ea6\u54084.5\u4ebf\u5143\u4eba\u6c11\u5e01\uff09\u7684\u4ef7\u683c\u5728\u4f73\u58eb\u5f97\u62cd\u5356\u4f1a\u4e0a\u6210\u4ea4\uff0c\u6210\u4e3aNFT\u5e02\u573a\u7684\u6807\u5fd7\u6027\u4e8b\u4ef6\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u8fd8\u6709\u4e00\u4e9b<strong>\u57fa\u4e8e\u52a0\u5bc6\u8d27\u5e01\u7684\u884d\u751f\u8d44\u4ea7<\/strong>\uff0c\u50cf\u662f\u6bd4\u7279\u5e01\u671f\u8d27\u3001\u6bd4\u7279\u5e01\u671f\u8d27ETF\u3001\u6bd4\u7279\u5e01\u73b0\u8d27ETF\u7b49\u3002<\/p>\n<p><strong><strong>\uff08\u4e8c\uff09\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5df2\u6784\u5efa\u8d77\u72ec\u7279\u7684\u91d1\u878d\u521b\u65b0\u751f\u6001<\/strong><\/strong><\/p>\n<p><strong>\u7b2c\u4e00\uff0c\u52a0\u5bc6\u8d27\u5e01\u7684\u5e02\u503c\u548c\u4ea4\u6613\u91cf\u5728\u8fc7\u53bb\u5341\u5e74\u95f4\u7ecf\u5386\u4e86\u663e\u8457\u589e\u957f\u3002<\/strong><\/p>\n<p>\u622a\u81f32024\u5e7412\u670828\u65e5\uff0cCoinGecko\u7f51\u7ad9\u7edf\u8ba1\u4e86\u5168\u7403\u8303\u56f4\u51851200\u4e2a\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u768416022\u79cd\u52a0\u5bc6\u8d27\u5e01\uff0c\u5168\u4f53\u52a0\u5bc6\u8d27\u5e01\u7684\u5e02\u503c\u7ea6\u4e3a3.43\u4e07\u4ebf\u7f8e\u5143\uff0c\u8fc7\u53bb24\u5c0f\u65f6\u7684\u4ea4\u6613\u91cf\u7ea6\u4e3a1653\u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u4ece\u76f8\u5bf9\u89c4\u6a21\u6765\u770b\uff0c\u8fd9\u4e00\u5e02\u503c\u76f8\u5f53\u4e8e\u7f8e\u56fd\u80a1\u7968\u5e02\u573a\u603b\u5e02\u503c\u76845%\u3001\u4e2d\u56fd\u80a1\u7968\u5e02\u573a\u768435%\u3002\u800c\u57282014\u5e74\u521d\uff0c\u5168\u7403\u52a0\u5bc6\u8d27\u5e01\u603b\u5e02\u503c\u4ec5\u4e3a106\u4ebf\u7f8e\u5143\uff0c\u5341\u5e74\u95f4\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5b9e\u73b0\u4e86\u8d85\u8fc7300\u500d\u7684\u589e\u957f\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/2cf2c10754212f51ed34530637b58c70.jpg\" \/><\/p>\n<p><span>\u6570\u636e\u6765\u6e90\uff1aCoinGecko\uff0c\u622a\u81f32024\u5e7412\u670828\u65e5<\/span><\/p>\n<p><strong>\u7b2c\u4e8c\uff0c\u52a0\u5bc6\u8d27\u5e01\u591a\u5143\u5316\u53d1\u5c55\uff0c\u6bd4\u7279\u5e01\u5e02\u503c\u4ecd\u7136\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\u3002<\/strong>\u622a\u81f32024\u5e7412\u670828\u65e5\uff0c\u5e02\u503c\u524d\u4e09\u4f4d\u7684\u52a0\u5bc6\u8d27\u5e01\u5206\u522b\u662f\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u5e01\u3001USDT\uff0c\u5206\u522b\u4e3a1.87\u4e07\u4ebf\u7f8e\u5143\u30014033\u4ebf\u7f8e\u5143\u30011386\u4ebf\u7f8e\u5143\uff0c\u5360\u5168\u4f53\u52a0\u5bc6\u8d27\u5e01\u5e02\u503c\u7684\u6bd4\u91cd\u5206\u522b\u7ea6\u4e3a54%\u300112%\u30014%\u3002<\/p>\n<p>\u8fc7\u53bb\u5341\u5e74\uff0c\u52a0\u5bc6\u8d27\u5e01\u7ecf\u5386\u4e86\u4ece\u6bd4\u7279\u5e01\u5355\u4e00\u4e3b\u5bfc\u5230\u591a\u5143\u5316\u53d1\u5c55\u7684\u8fc7\u7a0b\u30022017\u5e74\u4ee5\u524d\uff0c\u6bd4\u7279\u5e01\u5904\u4e8e\u7edd\u5bf9\u4e3b\u5bfc\u5730\u4f4d\uff0c\u5360\u5168\u90e8\u52a0\u5bc6\u8d27\u5e01\u5e02\u503c\u768475%\u4ee5\u4e0a\u30022017-2018\u5e74\uff0c\u968f\u7740\u4ee5\u592a\u574a\u667a\u80fd\u5408\u7ea6\u5e73\u53f0\u7684\u5174\u8d77\uff0c\u4ee5\u592a\u5e01\u5e02\u503c\u5360\u6bd4\u8fbe\u5230\u4e86\u7ea631%\u7684\u5cf0\u503c\uff0c\u6bd4\u7279\u5e01\u5360\u6bd4\u964d\u81f3\u7ea633%\u7684\u5386\u53f2\u4f4e\u70b9\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u5e02\u503c\u6b64\u540e\u7ecf\u5386\u53cd\u5f39\uff0c\u57282020\u5e74\u56de\u5347\u81f370%\u5de6\u53f3\uff0c\u76ee\u524d\u7ef4\u6301\u572850%\u4ee5\u4e0a\u7684\u6c34\u5e73\uff0c\u6301\u7eed\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\u3002\u6b64\u5916\uff0c\u7a33\u5b9a\u5e01\uff08USDT\u548cUSDC\uff09\u7684\u5e02\u573a\u4efd\u989d\u4e5f\u4ece\u96f6\u4e0a\u5347\u81f35%-7%\uff0cBNB\u3001SOL\u7b49\u65b0\u5174\u52a0\u5bc6\u8d27\u5e01\u4e5f\u5360\u636e\u4e00\u5b9a\u5e02\u573a\u4efd\u989d\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/fd91b1b6f6666a99a95396d27acfa046.jpg\" \/><\/p>\n<p><span>\u6570\u636e\u6765\u6e90\uff1aCoinGecko\uff0c\u622a\u81f32024\u5e7412\u670828\u65e5<\/span><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/23fa1bc578146a49f1b06be22b2cae3c.jpg\" \/><\/p>\n<p><span>\u8d44\u6599\u6765\u6e90\uff1aCoinGecko\uff0c\u622a\u81f32024\u5e7412\u670828\u65e5\uff0c\u4f5c\u8005\u6574\u7406<\/span><\/p>\n<p><strong>\u7b2c\u4e09\uff0c2022\u5e74\u4ee5\u6765\u7a33\u5b9a\u5e01\u7684\u4ea4\u6613\u91cf\u5f00\u59cb\u5728\u52a0\u5bc6\u8d27\u5e01\u4e2d\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\u3002<\/strong><\/p>\n<p>\u4e00\u662f\u7a33\u5b9a\u5e01\u5e02\u503c\u89c4\u6a21\u7a33\u6b65\u63d0\u5347\u3002\u7a33\u5b9a\u5e01\u57282019\u5e74\u4e4b\u524d\u53d1\u5c55\u76f8\u5bf9\u7f13\u6162\uff0c2020\u5e74\u4ee5\u540e\u7ecf\u5386\u4e86\u7206\u53d1\u5f0f\u589e\u957f\u3002\u622a\u81f32024\u5e7412\u6708\uff0c\u7a33\u5b9a\u5e01\u603b\u5e02\u503c\u8fbe\u52302110\u4ebf\u7f8e\u5143\uff0c\u5360\u5168\u4f53\u52a0\u5bc6\u8d27\u5e01\u5e02\u503c\u76846.12%\u3002<\/p>\n<p>\u5176\u4e2d\uff0cUSDT\u4ee51386\u4ebf\u7f8e\u5143\u7684\u5e02\u503c\u5360\u636e\u7a33\u5b9a\u5e01\u5e02\u573a69%\u7684\u4e3b\u5bfc\u5730\u4f4d\uff0cUSDC\u5219\u4ee5425\u4ebf\u7f8e\u5143\u7684\u5e02\u503c\u4f4d\u5c45\u7b2c\u4e8c\uff0c\u5360\u6bd422%\u3002\u4e24\u5927\u7a33\u5b9a\u5e01\u5408\u8ba1\u5360\u636e\u8d85\u8fc790%\u7684\u5e02\u573a\u4efd\u989d\uff0c\u5448\u73b0\u9ad8\u5ea6\u96c6\u4e2d\u7684\u683c\u5c40\uff08\u56fe4\uff09\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/a7930f2af03dba9156deb6fd83ed083b.jpg\" \/><\/p>\n<p><span>\u6570\u636e\u6765\u6e90\uff1aCoinMarketCap\uff0c\u622a\u81f32024\u5e7412\u670831\u65e5<\/span><\/p>\n<p>\u4e8c\u662f\u7a33\u5b9a\u5e01\u7684\u5e94\u7528\u573a\u666f\u6b63\u5728\u9010\u6b65\u62d3\u5c55\u3002\u8fd1\u51e0\u4e2a\u6708\uff0c\u7a33\u5b9a\u5e01\u4ee55%-7%\u7684\u5e02\u503c\uff0c\u627f\u62c5\u4e86\u5168\u4f53\u52a0\u5bc6\u8d27\u5e01\u7ea6\u4e09\u5206\u4e4b\u4e8c\u7684\u4ea4\u6613\u91cf\uff08\u56fe5\uff09\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u8fd9\u4e9b\u4ea4\u6613\u53ef\u80fd\u4e3b\u8981\u4f53\u73b0\u4e3a\u8d44\u4ea7\u4ea4\u6613\u6027\u8d28\uff0c\u800c\u975e\u65e5\u5e38\u6d88\u8d39\u652f\u4ed8\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/a3423210fbb80b1cc6231784bf6bb01b.jpg\" \/><\/p>\n<p><span>\u8d44\u6599\u6765\u6e90\uff1aChainalysis<\/span><\/p>\n<p><strong>\u7b2c\u56db\uff0c\u975e\u4e2d\u5fc3\u5316\u91d1\u878d\uff08Decentralized Finance\uff0cDeFi\uff09\u5448\u6ce2\u52a8\u4e0a\u5347\u6001\u52bf<\/strong>\uff08\u56fe6\uff09\u3002DeFi\u63d0\u4f9b\u4e86\u4e0e\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u7c7b\u4f3c\u7684\u91d1\u878d\u670d\u52a1\uff0c\u540c\u65f6\u5b9e\u73b0\u4e86\u91d1\u878d\u8131\u5a92\uff08\u88682\uff09\u3002\u622a\u81f32024\u5e7412\u670828\u65e5\uff0cDeFi\u5e02\u573a\u5e02\u503c\u8fbe\u52301227\u4ebf\u7f8e\u5143\uff0c\u7ea6\u5360\u5168\u4f53\u52a0\u5bc6\u8d27\u5e01\u5e02\u503c\u76843.6%\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/e9968e539b86071b0e6d695c8a8acedc.jpg\" \/><\/p>\n<p><span>\u8d44\u6599\u6765\u6e90\uff1aCoinGecko\uff0c\u622a\u81f32024\u5e7412\u670828\u65e5<\/span><\/p>\n<p>\u65e9\u671f\uff082017-2019\u5e74\uff09DeFi\u5e94\u7528\u76f8\u5bf9\u7b80\u5355\uff0c\u4e3b\u8981\u805a\u7126\u5728\u501f\u8d37\u534f\u8bae\u548c\u7a33\u5b9a\u5e01\uff1b2020\u5e74\uff0c\u5728\u201c\u6d41\u52a8\u6027\u6316\u77ff\u201d\uff08Yield Farming\uff09\u6982\u5ff5\u5e26\u52a8\u4e0b\uff0cUniswap\u7b49\u9879\u76ee\u5feb\u901f\u5d1b\u8d77\uff1b2021\u5e74\u5de6\u53f3\uff0c\u7531\u4e8e\u4ee5\u592a\u574a\u7f51\u7edc\u62e5\u5835\uff0c\u90e8\u5206\u9879\u76ee\u5f00\u59cb\u5411Solana\u7b49\u65b0\u5174\u9ad8\u6027\u80fd\u3001\u4f4e\u6210\u672c\u7684\u516c\u94fe\u8fc1\u79fb\uff1b2022\u5e74\uff0cTerra\/LUNA\u751f\u6001\u5d29\u6e83\u5bfc\u81f4DeFi\u5e02\u573a\u5e02\u503c\u5927\u5e45\u4e0b\u8dcc\uff0c\u884c\u4e1a\u8fdb\u5165\u8c03\u6574\u671f\uff0c\u4ece2023\u5e74\u5e02\u573a\u5f00\u59cb\u4f01\u7a33\u56de\u5347\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/e3304b8c25c83e226b85e351d5dd504c.jpg\" \/><\/p>\n<p><span>\u8d44\u6599\u6765\u6e90\uff1aIMF\uff0c\u5728\u539f\u6587\u57fa\u7840\u4e0a\u66f4\u65b0\u4e86\u793a\u4f8b<\/span><\/p>\n<p><strong>\u7b2c\u4e94\uff0c\u52a0\u5bc6\u8d27\u5e01\u7684\u4ef7\u683c\u5448\u73b0\u51fa\u4e0d\u4e00\u6837\u7684\u8d8b\u52bf\u3002<\/strong>\u4e00\u662f\u7a33\u5b9a\u5e01USDT\u3001USDC\u7684\u4ef7\u683c\u81ea2021\u5e74\u4ee5\u6765\uff0c\u5df2\u57fa\u672c\u5b9e\u73b0\u7a33\u5b9a\u57281\u7f8e\u5143\u5de6\u53f3\u7684\u76ee\u6807\uff08\u56fe7\u3001\u56fe8\uff09\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/f9cd505aa4d3e0b24d640b083ec04384.jpg\" \/><\/p>\n<p><span>\u6570\u636e\u6765\u6e90\uff1aCoinMarketCap<\/span><\/p>\n<p>\u4e24\u5927\u7a33\u5b9a\u5e01\u57282021\u5e74\u524d\u7ecf\u5386\u8fc7\u591a\u6b21\u4ef7\u683c\u6ce2\u52a8\uff1a2017\u5e74\u5f00\u59cb\uff0cUSDT\u7684\u53d1\u884c\u516c\u53f8Tether\u56e0\u5173\u8054\u516c\u53f8Bitfinex\u4ea4\u6613\u6240\u7684\u94f6\u884c\u7ea0\u7eb7\u5f15\u53d1\u7f8e\u5143\u50a8\u5907\u8d28\u7591\uff0c\u9891\u906d\u6cd5\u5f8b\u8c03\u67e5\uff1b2020\u5e74\uff0c\u53d7\u65b0\u51a0\u75ab\u60c5\u5f71\u54cd\uff0c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u6050\u614c\u6027\u629b\u552e\u5bfc\u81f4\u4e24\u5e01\u51fa\u73b0\u8131\u951a\uff1b2021\u5e74\u540e\uff0c\u968f\u7740\u53d1\u884c\u65b9\u52a0\u5f3a\u50a8\u5907\u900f\u660e\u5ea6\uff0c\u4ee5\u53ca\u5e02\u573a\u673a\u5236\u7684\u5b8c\u5584\uff0c\u4ef7\u683c\u57fa\u672c\u7a33\u5b9a\u57281\u7f8e\u5143\u6c34\u5e73\u3002<\/p>\n<p>\u4e8c\u662f<strong>\u52a0\u5bc6\u8d27\u5e01\u7684\u4ef7\u683c\u8d70\u52bf\u5177\u6709\u8f83\u5f3a\u7684\u5185\u5728\u8054\u52a8\u6027<\/strong>\uff08\u56fe9\uff09\u3002\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u5e01\u7684\u4ef7\u683c\u53d8\u52a8\u8d8b\u52bf\u9ad8\u5ea6\u76f8\u5173\uff0c\u5b83\u4eec\u7684\u6da8\u8dcc\u5f80\u5f80\u4f1a\u5e26\u52a8\u6574\u4e2a\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u8d70\u52bf\u3002\u800c\u4e14\u5b83\u4eec\u90fd\u53d7\u5230\u5168\u7403\u8d27\u5e01\u653f\u7b56\u73af\u5883\u3001\u76d1\u7ba1\u653f\u7b56\u3001\u91cd\u5927\u884c\u4e1a\u4e8b\u4ef6\u51b2\u51fb\uff08\u59822022\u5e74FTX\u4ea4\u6613\u6240\u7834\u4ea7\uff09\u3001\u901a\u80c0\u9884\u671f\u7b49\u591a\u65b9\u9762\u56e0\u7d20\u7684\u5171\u540c\u5f71\u54cd\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/85c216279fb3809ca91233931f328ac8.jpg\" \/><\/p>\n<p><span>\u6570\u636e\u6765\u6e90\uff1aCoinGecko<\/span><\/p>\n<p>\u4e09\u662f<strong>\u52a0\u5bc6\u8d27\u5e01\u4ef7\u683c\u8f83\u4f20\u7edf\u91d1\u878d\u8d44\u4ea7\u7684\u6ce2\u52a8\u6027\u66f4\u9ad8<\/strong>\uff08\u56fe10\uff09\u3002\u6bd4\u8f83\u5404\u7c7b\u8d44\u4ea7\u4ef7\u683c\u7684\u65e5\u6ce2\u52a8\u7387\u60c5\u51b5\u6765\u770b\uff1a\u57282023\u5e74\uff0c\u6bd4\u7279\u5e01\u7684\u65e5\u6ce2\u52a8\u7387\u4e3a2.27%\uff0c\u662f\u4f20\u7edf\u907f\u9669\u8d44\u4ea7\u9ec4\u91d1\uff080.68%\uff09\u76843.4\u500d\uff0c\u4e5f\u662f\u4f20\u7edf\u98ce\u9669\u8d44\u4ea7\u7eb3\u65af\u8fbe\u514b\u7efc\u5408\u6307\u6570\uff080.91%\uff09\u76842.5\u500d\u3002\u800c2024\u5e74\uff0c\u5404\u7c7b\u8d44\u4ea7\u7684\u6ce2\u52a8\u6027\u90fd\u6709\u6240\u4e0a\u5347\u4e14\u6bd4\u7279\u5e01\u53d8\u5316\u5e45\u5ea6\u66f4\u663e\u8457\uff0c\u6bd4\u7279\u5e01\u7684\u65e5\u6ce2\u52a8\u7387\u4e0a\u5347\u81f32.76%\uff0c\u662f\u9ec4\u91d1\uff080.74%\uff09\u76843.7\u500d\uff0c\u4e5f\u662f\u7eb3\u65af\u8fbe\u514b\u7efc\u5408\u6307\u6570\uff080.93%\uff09\u76843.0\u500d\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/5eb8e7968cb1d8190302c5347d92881d.jpg\" \/><\/p>\n<p><span>\u6570\u636e\u6765\u6e90\uff1aCoinGecko\u3001WIND\uff0c\u4f5c\u8005\u8ba1\u7b97<\/span><\/p>\n<h2><strong>\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u53d1\u5c55\u8f68\u8ff9<\/strong><\/h2>\n<p>\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u53d1\u5c55\u8f68\u8ff9\u7531\u673a\u6784\u53c2\u4e0e\u3001\u76d1\u7ba1\u6f14\u8fdb\u3001\u793e\u4f1a\u8ba4\u77e5\u53d8\u5316\u53ca\u6280\u672f\u521b\u65b0\u7b49\u591a\u65b9\u9762\u56e0\u7d20\u5171\u540c\u5851\u9020\u3002<\/p>\n<p><strong><strong>\uff08\u4e00\uff09\u53d1\u5c55\u521d\u671f\uff082009-2016\u5e74\uff09\uff1a\u6280\u672f\u53d1\u5c55\u65b9\u5174\u672a\u827e\uff0c\u4f20\u7edf\u91d1\u878d\u673a\u6784\u666e\u904d\u6301\u8d1f\u9762\u548c\u89c2\u671b\u6001\u5ea6\uff0c\u76d1\u7ba1\u91cd\u70b9\u5173\u6ce8\u8fdd\u6cd5\u6d3b\u52a8<\/strong><\/strong><\/p>\n<p>2009\u5e74\uff0c\u6bd4\u7279\u5e01\u6b63\u5f0f\u53d1\u884c\uff0c\u6700\u521d\u4e3b\u8981\u5728\u6781\u5ba2\u548c\u5bc6\u7801\u5b66\u7231\u597d\u8005\u7fa4\u4f53\u4e2d\u4f20\u64ad\uff0c\u5927\u5bb6\u4e5f\u4ec5\u5c06\u5176\u770b\u505a\u4e00\u4e2a\u6280\u672f\u5b9e\u9a8c\u3002<\/p>\n<p>2010\u5e745\u6708\uff0c\u7f8e\u56fd\u7a0b\u5e8f\u5458Laszlo Hanyecz\u752810000\u6bd4\u7279\u5e01\u8d2d\u4e70\u4e86\u4e24\u4e2a\u62ab\u8428\uff08\u4ef7\u503c25\u7f8e\u5143\uff0c\u6362\u7b97\u540e\u6bcf\u4e2a\u6bd4\u7279\u5e01\u7ea6\u4e3a0.0025\u7f8e\u5143\uff09\uff0c\u6210\u4e3a\u4e86\u6bd4\u7279\u5e01\u7684\u9996\u4e2a\u73b0\u5b9e\u4e16\u754c\u5e94\u7528\u6848\u4f8b\u3002<\/p>\n<p><strong>2010\u5e74\u81f32013\u5e74\uff0c\u52a0\u5bc6\u8d27\u5e01\u4ece\u65e9\u671f\u5b9e\u9a8c\u9010\u6e10\u8d70\u5411\u5927\u4f17\u89c6\u91ce\u3002<\/strong>\u4e00\u662f\u5e02\u573a\u89c4\u6a21\u5feb\u901f\u6269\u5f20\u3002\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u57282011\u5e742\u6708\u9996\u6b21\u8fbe\u52301\u7f8e\u5143\uff0c\u57282012\u5e7411\u6708\u9996\u6b21\u201c\u51cf\u534a\u201d\u540e\u6301\u7eed\u4e0a\u6da8\uff0c\u6b21\u5e744\u6708\u8fbe\u5230100\u7f8e\u5143\uff0c11\u6708\u9996\u6b21\u7a81\u78341000\u7f8e\u5143\u3002<\/p>\n<p>\u4e8c\u662f\u6280\u672f\u521b\u65b0\u4e0d\u65ad\u6d8c\u73b0\u30022012\u5e74Peercoin\uff08PPC\uff09\u521b\u65b0\u6027\u5730\u91c7\u7528\u6743\u76ca\u8bc1\u660e\uff08Proof of Stake, PoS\uff09\u5171\u8bc6\u673a\u5236\uff0c\u5927\u5e45\u964d\u4f4e\u80fd\u6e90\u6d88\u8017\uff0c\u540e\u7eed\u5982\u4ee5\u592a\u574a\u7b49\u533a\u5757\u94fe\u9879\u76ee\u90fd\u91c7\u7528\u4e86\u6539\u8fdb\u540e\u7684PoS\u673a\u5236\u3002\u4ee5\u592a\u574a\u767d\u76ae\u4e66\u4e5f\u5728\u8fd9\u4e00\u65f6\u671f\u53d1\u5e03\u5e76\u63d0\u51fa\u667a\u80fd\u5408\u7ea6\u6982\u5ff5\u3002<\/p>\n<p>\u4e09\u662f\u652f\u4ed8\u7c7b\u5546\u4e1a\u5e94\u7528\u8bd5\u63a2\u6027\u8d77\u6b65\u3002\u7f51\u9875\u5185\u5bb9\u7ba1\u7406\u7cfb\u7edfWordpress\u57282012\u5e7411\u6708\u5ba3\u5e03\u5f00\u59cb\u63a5\u53d7\u6bd4\u7279\u5e01\u652f\u4ed8\uff0c\u4f46\u4e09\u5e74\u540e\u505c\u6b62\u4e86\u8fd9\u4e00\u652f\u4ed8\u9009\u9879\uff0c\u5176\u521b\u59cb\u4eba\u8868\u793a\u52a0\u5bc6\u8d27\u5e01\u7684\u4f7f\u7528\u7387\u592a\u5c0f\uff0c\u8ba4\u4e3a\u52a0\u5bc6\u8d27\u5e01\u7684\u4ea7\u751f\u66f4\u591a\u662f\u51fa\u4e8e\u54f2\u5b66\u89d2\u5ea6\u800c\u975e\u5546\u7528\u30022013\u5e7410\u6708\uff0c\u52a0\u62ff\u5927\u9996\u8bbe\u6bd4\u7279\u5e01ATM\u673a\uff0c\u529e\u7406\u52a0\u62ff\u5927\u5143\u4e0e\u6bd4\u7279\u5e01\u7684\u5151\u6362\u4e1a\u52a1\u3002<\/p>\n<p>\u56db\u662f\u4ea4\u6613\u6240\u7b49\u57fa\u7840\u8bbe\u65bd\u5f00\u59cb\u9646\u7eed\u5efa\u7acb\u3002\u6bd4\u7279\u5e01\u8bde\u751f\u540e\uff0c\u5f88\u957f\u4e00\u6bb5\u65f6\u95f4\u91cc\u5e76\u6ca1\u6709\u4ea4\u6613\u6240\uff0c\u5f53\u65f6\u4eba\u4eec\u4e3b\u8981\u662f\u5728Bitcoin Talk\u8bba\u575b\u4e0a\u4ea4\u6613\u6bd4\u7279\u5e01\u30022009\u5e7410\u6708\uff0c\u65b0\u81ea\u7531\u6807\u51c6\uff08New Liberty Standard\uff09\u5f00\u59cb\u53d1\u5e03\u6839\u636e\u8017\u7535\u91cf\u8ba1\u7b97\u7684\u6bd4\u7279\u5e01\u4ef7\u683c\uff0c\u9996\u6b21\u62a5\u4ef7\u662f1\u7f8e\u5143\u51511309.03\u4e2a\u6bd4\u7279\u5e01\u30022010\u5e747\u6708\uff0c\u6700\u65e9\u7684\u4e3b\u6d41\u4ea4\u6613\u5e73\u53f0Mt.Gox\u4e0a\u7ebf\uff0c\u5f53\u65f6\u627f\u62c5\u4e86\u7ea670%\u7684\u4ea4\u6613\u91cf\uff0c\u6b64\u540eOKCoin\u3001\u706b\u5e01\u3001Coinbase\u7b49\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u76f8\u7ee7\u6210\u7acb\u3002<\/p>\n<p><strong>2014\u5e74\u81f32016\u5e74\uff0c\u52a0\u5bc6\u8d27\u5e01\u8fdb\u5165\u77ed\u6682\u8c03\u6574\u671f\u3002<\/strong>\u4e00\u662f\u6280\u672f\u5b89\u5168\u95ee\u9898\u5f15\u53d1\u5e7f\u6cdb\u5173\u6ce8\u30022014\u5e742\u6708\uff0c\u5f53\u65f6\u5168\u7403\u6700\u5927\u7684\u6bd4\u7279\u5e01\u4ea4\u6613\u6240Mt.Gox\u56e0\u9ed1\u5ba2\u653b\u51fb\u5ba3\u5e03\u7834\u4ea7\uff0c\u635f\u5931\u4e86\u8d85\u8fc785\u4e07\u679a\u6bd4\u7279\u5e01\u3002\u6bd4\u7279\u5e01\u4ef7\u683c\u4ece2013\u5e7412\u6708\u76841000\u7f8e\u5143\u4ee5\u4e0a\u7684\u9ad8\u70b9\u6301\u7eed\u8dcc\u81f32015\u5e741\u6708\u7684200\u7f8e\u5143\u4ee5\u4e0b\u3002<\/p>\n<p>\u4e8c\u662f\u6280\u672f\u521b\u65b0\u6301\u7eed\u63a8\u8fdb\u3002\u4e00\u65b9\u9762\uff0c2015\u5e748\u6708\u4ee5\u592a\u574a\u4e3b\u7f51\u6b63\u5f0f\u4e0a\u7ebf\u5f00\u542f\u4e86\u667a\u80fd\u5408\u7ea6\u65f6\u4ee3\u3002\u667a\u80fd\u5408\u7ea6\u7684\u8bde\u751f\uff0c\u8ba9\u52a0\u5bc6\u8d27\u5e01\u7684\u5e94\u7528\u4e0d\u518d\u5c40\u9650\u4e8e\u7b80\u5355\u7684\u8f6c\u8d26\u5de5\u5177\uff0c\u800c\u662f\u53ef\u4ee5\u6309\u7167\u9884\u8bbe\u7684\u89c4\u5219\u81ea\u52a8\u8fd0\u884c\uff0c\u4e3a\u540e\u7eed\u7684DeFi\u53d1\u5c55\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u6bd4\u7279\u5e01\u57282016\u5e747\u6708\u8fce\u6765\u7b2c\u4e8c\u6b21\u51cf\u534a\uff0c\u5bf9\u4e8e\u5982\u4f55\u201c\u6269\u5bb9\u201d\uff08\u8ba9\u7f51\u7edc\u627f\u8f7d\u66f4\u591a\u4ea4\u6613\uff09\u7684\u6280\u672f\u8ba8\u8bba\u6108\u53d1\u6fc0\u70c8\u3002<\/p>\n<p><strong>\u5728\u53d1\u5c55\u521d\u671f\uff0c\u4f20\u7edf\u91d1\u878d\u673a\u6784\u79ef\u6781\u62e5\u62b1\u533a\u5757\u94fe\u65b0\u6280\u672f\uff0c\u4f46\u5bf9\u52a0\u5bc6\u8d27\u5e01\u666e\u904d\u6301\u89c2\u671b\u3001\u5426\u5b9a\u6001\u5ea6\u3002<\/strong>\u673a\u6784\u503e\u5411\u4e8e\u5c06\u533a\u5757\u94fe\u6280\u672f\u4e0e\u52a0\u5bc6\u8d27\u5e01\u5206\u5f00\u8ba8\u8bba\uff0c\u4f53\u73b0\u4e86\u62e5\u62b1\u6280\u672f\u3001\u8c28\u614e\u5bf9\u5f85\u8d44\u4ea7\u7684\u6001\u5ea6\u3002<\/p>\n<p>\u6469\u6839\u5927\u901a\u9996\u5e2d\u6267\u884c\u5b98Jamie Dimon\u79f0\u6bd4\u7279\u5e01\u662f\u53ef\u6015\u7684\u6295\u8d44\uff0c\u8d1d\u83b1\u5fb7\u9996\u5e2d\u6267\u884c\u5b98Larry Fink\u57282017\u5e74\u79f0\u6bd4\u7279\u5e01\u662f\u201c\u6d17\u94b1\u5de5\u5177\u201d\uff0c\u4ee3\u8868\u4e86\u5f53\u65f6\u7f8e\u56fd\u4e3b\u6d41\u91d1\u878d\u754c\u7684\u666e\u904d\u770b\u6cd5\u3002<\/p>\n<p>\u4f46\u4ece2015\u5e74\u5f00\u59cb\uff0c\u8fd9\u4e9b\u4f20\u7edf\u91d1\u878d\u673a\u6784\u5f00\u59cb\u5173\u6ce8\u548c\u5c1d\u8bd5\u5e94\u7528\u533a\u5757\u94fe\u6280\u672f\u30022015\u5e74\u7eb3\u65af\u8fbe\u514b\u8bc1\u5238\u4ea4\u6613\u6240\u63a8\u51fa\u57fa\u4e8e\u533a\u5757\u94fe\u6280\u672f\u7684\u79c1\u52df\u80a1\u6743\u4ea4\u6613\u5e73\u53f0Linq\uff0c\u652f\u6301\u4f01\u4e1a\u5411\u6295\u8d44\u8005\u79c1\u52df\u53d1\u884c\u201c\u6570\u5b57\u5316\u201d\u7684\u80a1\u6743\u3002R3\u533a\u5757\u94fe\u8054\u76df\u7ec4\u7ec7\u6210\u7acb\u5e76\u5438\u5f15\u4e86\u5305\u62ec\u6469\u6839\u58eb\u4e39\u5229\u3001\u9ad8\u76db\u7b49\u5168\u7403\u7ea650\u5bb6\u91cd\u8981\u91d1\u878d\u673a\u6784\u52a0\u5165\uff0c\u5404\u7c7b\u57fa\u4e8e\u533a\u5757\u94fe\u7684\u521b\u65b0\u9879\u76ee\u4e5f\u4e0d\u65ad\u6d8c\u73b0\u3002<\/p>\n<p>\u7f8e\u8054\u50a8\u8463\u4e8b\u4f1a\u59d4\u5458Lael Brainard\u57282016\u5e74\u56fd\u9645\u91d1\u878d\u534f\u4f1a\uff08IIF\uff09\u7ec4\u7ec7\u7684\u4f1a\u8bae\u4e0a\u8868\u793a\uff0c\u7f8e\u8054\u50a8\u5df2\u6709\u4e00\u4e2a300\u4eba\u7684\u5c0f\u7ec4\u5177\u4f53\u8d1f\u8d23\u7814\u7a76\u548c\u8ddf\u8fdb\u533a\u5757\u94fe\u6280\u672f\uff0c\u5e76\u7d27\u8ddf\u5e02\u573a\u7684\u53d1\u5c55\u3002<\/p>\n<p><strong>2013\u5e74\u81f32016\u5e74\uff0c\u5404\u56fd\u91cd\u70b9\u5173\u6ce8\u6295\u673a\u3001\u53cd\u6d17\u94b1\u548c\u53cd\u6050\u878d\u8d44\u3001\u4ea4\u6613\u5b89\u5168\u7b49\u98ce\u9669\uff0c\u5e76\u5efa\u7acb\u521d\u6b65\u7684\u76d1\u7ba1\u6846\u67b6\u3002<\/strong><\/p>\n<p>\u7f8e\u56fd\u91cd\u70b9\u5173\u6ce8\u6295\u673a\u3001\u6d88\u8d39\u8005\u4fdd\u62a4\u7b49\u95ee\u9898\u3002\u91d1\u878d\u72af\u7f6a\u6267\u6cd5\u7f51\u7edc\uff08FinCEN\uff09\u65e9\u57282013\u5e74\u5c31\u53d1\u5e03\u52a0\u5bc6\u8d27\u5e01\u76d1\u7ba1\u6307\u5357\uff0c\u5c06\u5176\u5b9a\u4e49\u4e3a\u201c\u4e00\u79cd\u652f\u4ed8\u5a92\u4ecb\u201d\uff0c\u5e76\u8981\u6c42\u4ea4\u6613\u6240\u5c65\u884c\u4e86\u89e3\u5ba2\u6237\uff08KYC\uff09\u5c3d\u804c\u8c03\u67e5\u548c\u6ce8\u518c\u4e3a\u8d27\u5e01\u670d\u52a1\u4f01\u4e1a\uff08MSB\uff09\u3002\u7f8e\u56fd\u56fd\u7a0e\u5c40\uff08IRS\uff09\u57282014\u5e74\u53d1\u5e03\u901a\u77e5\uff0c\u5c06\u52a0\u5bc6\u8d27\u5e01\u5b9a\u4e49\u4e3a\u8d22\u4ea7\uff08Property\uff09\u800c\u975e\u8d27\u5e01\uff08Currency\uff09\uff0c\u9002\u7528\u8d44\u672c\u5229\u5f97\u7a0e\u89c4\u5219\uff1b\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a\uff08CFTC\uff09\u5c06\u52a0\u5bc6\u8d27\u5e01\u89c6\u4e3a\u5546\u54c1\uff0c\u6839\u636e\u300a\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\uff08CEA\uff09\u5bf9\u5e02\u573a\u64cd\u7eb5\u548c\u6b3a\u8bc8\u884c\u4e3a\u5b9e\u65bd\u76d1\u7ba1\uff1b\u7ebd\u7ea6\u5dde\u4e8e2015\u5e74\u63a8\u51faBitLicense\u76d1\u7ba1\u6846\u67b6\uff0c\u8981\u6c42\u4f01\u4e1a\u5fc5\u987b\u83b7\u5f97\u8bb8\u53ef\u8bc1\u65b9\u53ef\u5728\u5dde\u5185\u8fd0\u8425\u3002\u65e5\u672c\u5c06\u52a0\u5bc6\u8d27\u5e01\u8ba4\u5b9a\u4e3a\u5408\u6cd5\u652f\u4ed8\u624b\u6bb5\u3002<\/p>\n<p>\u65e5\u672c\u91d1\u878d\u5385\uff08FSA\uff09\u4e8e2016\u5e745\u6708\u5728\u300a\u652f\u4ed8\u670d\u52a1\u6cd5\u300b\u4e2d\u65b0\u589e\u201c\u6570\u5b57\u8d27\u5e01\u201d\u4e00\u7ae0\uff0c\u6b63\u5f0f\u627f\u8ba4\u5176\u4e3a\u5408\u6cd5\u652f\u4ed8\u624b\u6bb5\uff0c\u4e3a\u6570\u5b57\u8d27\u5e01\u4ea4\u6613\u6240\u63d0\u4f9b\u6cd5\u5f8b\u4fdd\u969c\u3002\u4f5c\u4e3a\u914d\u5957\u89c4\u5b9a\uff0c\u65e5\u672c\u653f\u5e9c\u8fd8\u4e8e2017\u5e743\u670824\u65e5\u516c\u5e03\u300a\u8d44\u91d1\u7ed3\u7b97\u6cd5\u65bd\u884c\u4ee4\u300b\uff0c\u5bf9\u8d44\u91d1\u8f6c\u79fb\u548c\u6e05\u7b97\u4f5c\u4e86\u8be6\u5c3d\u89c4\u5b9a\u3002<\/p>\n<p>\u6b27\u6d32\u65b9\u9762\uff0c\u6b27\u6d32\u94f6\u884c\u7ba1\u7406\u5c40\uff08EBA\uff09\u57282013\u5e74\u53d1\u5e03\u62a5\u544a\u8b66\u793a\uff0c\u6bd4\u7279\u5e01\u53ef\u80fd\u5b58\u5728\u4ea4\u6613\u5e73\u53f0\u5d29\u6e83\u5bfc\u81f4\u65e0\u6cd5\u63d0\u73b0\u3001\u9ed1\u5ba2\u653b\u51fb\u3001\u4ef7\u683c\u6ce2\u52a8\u7b49\u98ce\u9669\u30022016\u5e74\uff0c\u6b27\u76df\u59d4\u5458\u4f1a\u5f00\u59cb\u63d0\u8bae\u5c06\u52a0\u5bc6\u8d27\u5e01\u53ca\u5176\u4ea4\u6613\u5e73\u53f0\u7eb3\u5165\u53cd\u6d17\u94b1\/\u53cd\u6050\u878d\u8d44\u6307\u4ee4\uff08AMLD4\uff09\u7684\u76d1\u7ba1\u8303\u56f4\u3002\u7ecf\u8fc7\u4e24\u5e74\u7684\u6df1\u5165\u8ba8\u8bba\uff0c\u6b27\u76df\u6700\u7ec8\u4e8e2018\u5e746\u6708\u6b63\u5f0f\u53d1\u5e03\u7b2c\u4e94\u7248\u53cd\u6d17\u94b1\/\u53cd\u6050\u878d\u8d44\u6307\u4ee4\uff08AMLD5\uff09\uff0c\u9996\u6b21\u5c06\u52a0\u5bc6\u8d27\u5e01\u7eb3\u5165\u76d1\u7ba1\u4f53\u7cfb\u3002<\/p>\n<p><strong><strong>\uff08\u4e8c\uff09ICO\u6ce1\u6cab\u65f6\u671f\uff082017-2018\u5e74\uff09\uff1aICO\u70ed\u6f6e\u63a8\u52a8\u52a0\u5bc6\u8d27\u5e01\u53d1\u5c55\uff0c\u5927\u91cf\u7b79\u8d44\u548c\u6b3a\u8bc8\u3001\u9a97\u5c40\u5171\u751f\u5f15\u53d1\u5f3a\u76d1\u7ba1<\/strong><\/strong><\/p>\n<p>\u52a0\u5bc6\u8d27\u5e01\u57282017-2018\u5e74\u6709\u4e00\u6bb5\u8f83\u77ed\u6682\u7684\u725b\u5e02\uff08\u56fe11\uff09\uff0c\u57282018\u5e74\u9636\u6bb5\u6027\u5730\u8fbe\u5230\u4e86\u5e02\u503c\u9ad8\u5cf0\uff0c\u8fd9\u4e00\u65f6\u671f\u4e3b\u8981\u662f\u7531ICO\u70ed\u6f6e\u63a8\u52a8\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/5915c7e3e2ab798422d08a735aaf8f72.jpg\" \/><\/p>\n<p><span>\u6570\u636e\u6765\u6e90\uff1aCoinGecko<\/span><\/p>\n<p>\u9996\u6b21\u4ee3\u5e01\u53d1\u884c\uff08Initial Coin Offering\uff0cICO\uff09\u662f\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\u53d1\u5c55\u51fa\u7684\u4e00\u79cd\u521b\u65b0\u878d\u8d44\u673a\u5236\uff0c\u5176\u57fa\u672c\u539f\u7406\u662f\u9879\u76ee\u65b9\u901a\u8fc7\u5728\u533a\u5757\u94fe\u4e0a\u53d1\u884c\u65b0\u7684\u52a0\u5bc6\u8d27\u5e01\uff0c\u6765\u52df\u96c6\u6d41\u52a8\u6027\u8f83\u597d\u7684\u52a0\u5bc6\u8d27\u5e01\uff08\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u5e01\uff09\u3002<\/p>\n<p>2013\u5e74Mastercoin\u9996\u6b21\u5c1d\u8bd5ICO\uff0c2014\u5e74\u4ee5\u592a\u574aICO\u6210\u529f\u7b79\u96c61800\u4e07\u7f8e\u5143\u540e\u5f15\u53d1\u5e7f\u6cdb\u5173\u6ce8\u3002\u4ee5\u592a\u574a\u4f5c\u4e3a\u4e3b\u8981ICO\u53d1\u884c\u5e73\u53f0\uff0c\u5176\u4ef7\u683c\u4e5f\u968f\u4e4b\u4e0a\u6da8\uff0c\u52a0\u5bc6\u8d27\u5e01\u9010\u6e10\u5f15\u53d1\u5a92\u4f53\u70ed\u8bae\uff0c\u201c\u533a\u5757\u94fe\u201d\u6210\u4e3a\u70ed\u8bcd\uff0c\u5438\u5f15\u5927\u91cf\u6563\u6237\u6295\u8d44\u8005\u5165\u5e02\u3002<\/p>\n<p>\u4f46<strong>\u56e0\u7f3a\u4e4f\u76d1\u7ba1\u3001\u6295\u673a\u60c5\u7eea\u9ad8\u6da8\u3001\u6280\u672f\u6f0f\u6d1e\u7b49\u95ee\u9898\uff0cICO\u7684\u6ce1\u6cab\u6700\u7ec8\u57282018\u5e74\u7834\u706d<\/strong>\u3002\u65e9\u57282016\u5e745\u6708\uff0c\u57fa\u4e8e\u4ee5\u592a\u574a\u7684\u9879\u76eeThe DAO\u901a\u8fc7ICO\u7b79\u96c6\u4e86\u7ea61.523\u4ebf\u7f8e\u5143\uff0c\u5374\u56e0\u667a\u80fd\u5408\u7ea6\u6f0f\u6d1e\u5728\u4e00\u4e2a\u6708\u540e\u906d\u9ed1\u5ba2\u653b\u51fb\uff0c\u635f\u5931\u4e86\u7ea6360\u4e07\u679a\u4ee5\u592a\u5e01\u3002\u5927\u91cf\u4f4e\u8d28\u91cf\u9879\u76ee\u7684\u5931\u8d25\u548c\u6b3a\u8bc8\u884c\u4e3a\u9891\u53d1\uff0c\u4f7fICO\u4e00\u5ea6\u88ab\u89c6\u4e3a\u201c\u5e9e\u6c0f\u9a97\u5c40\u201d\u7684\u4ee3\u540d\u8bcd\u3002<\/p>\n<p>\u636e\u7f8e\u56fd\u7f51\u7edc\u5b89\u5168\u516c\u53f8CipherTrace\u7edf\u8ba1\uff0c2018\u5e74\u56e0ICO\u9000\u51fa\u9a97\u5c40\u3001\u4f2a\u9020\u4ea4\u6613\u3001\u9ed1\u5ba2\u653b\u51fb\u548c\u5e9e\u6c0f\u9a97\u5c40\u5bfc\u81f4\u7684\u635f\u5931\u9ad8\u8fbe7.5\u4ebf\u7f8e\u5143\u3002\u636e\u4fc4\u7f57\u65af\u52a0\u5bc6\u8d27\u5e01\u548c\u533a\u5757\u94fe\u534f\u4f1a\uff08RACIB\uff09\u7edf\u8ba1\uff0c\u4fc4\u7f57\u65af2017\u5e74\u5171\u5438\u5f15\u4e863\u4ebf\u7f8e\u5143\u7684ICO\u8d44\u91d1\uff0c\u4f46\u662f\u5176\u4e2d\u4e00\u534a\u5c5e\u4e8e\u5e9e\u6c0f\u9a97\u5c40\u3002<\/p>\n<p><strong>\u5404\u56fd\u52a0\u5f3a\u5bf9\u52a0\u5bc6\u8d27\u5e01\u7684\u91cd\u65b0\u5ba1\u89c6\u548c\u5bf9ICO\u8fdb\u884c\u76d1\u7ba1\u3002<\/strong>\u4e2d\u56fd\u592e\u884c\u7b49\u4e03\u90e8\u95e8\u57282017\u5e744\u6708\u8054\u5408\u53d1\u5e03\u516c\u544a\uff0c\u8981\u6c42\u5404\u7c7b\u4ee3\u5e01\u53d1\u884c\u878d\u8d44\u6d3b\u52a8\u7acb\u5373\u505c\u6b62\uff0c\u5e76\u5b89\u6392\u6e05\u9000\u5de5\u4f5c\u30022017\u5e747\u6708\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u53d1\u5e03\u58f0\u660e\uff0c\u4ee5The DAO\u9879\u76ee\u4e3a\u4f8b\u5f3a\u8c03ICO\u9700\u52a0\u5f3a\u5408\u89c4\u7ba1\u7406\u3002SEC\u660e\u786e\u90e8\u5206ICO\u53ef\u80fd\u6784\u6210\u8bc1\u5238\u53d1\u884c\uff0c\u5fc5\u987b\u9075\u5b88\u76f8\u5173\u89c4\u5b9a\uff0c\u5e76\u8b66\u544aICO\u5b58\u5728\u8bc8\u9a97\u3001\u5e02\u573a\u64cd\u7eb5\u7b49\u9ad8\u98ce\u9669\uff0c\u63d0\u9192\u6295\u8d44\u8005\u8b66\u60d5\u9ad8\u56de\u62a5\u4f4e\u98ce\u9669\u7684\u865a\u5047\u627f\u8bfa\uff0c\u5c24\u5176\u6ce8\u610f\u672a\u6ce8\u518c\u6216\u65e0\u724c\u8fd0\u8425\u7684\u884c\u4e3a\u3002\u6b64\u5916\uff0cSEC\u8fd8\u6682\u505c\u4e86CIAO\u3001First Bitcoin Capital\u7b49\u591a\u9879\u95ee\u9898ICO\u4ea4\u6613\u3002\u5728\u9879\u76ee\u8d28\u91cf\u548c\u76d1\u7ba1\u7684\u53cc\u91cd\u538b\u529b\u4e0b\uff0c\u8fd9\u8f6e\u4e0a\u6da8\u6700\u7ec8\u4ee5\u6295\u673a\u8d44\u91d1\u64a4\u79bb\u548c\u5e02\u573a\u5927\u5e45\u56de\u8c03\u544a\u7ec8\u3002<\/p>\n<p><strong>\u622a\u81f3\u6b64\u9636\u6bb5\uff0c\u52a0\u5bc6\u8d27\u5e01\u4f5c\u4e3a\u652f\u4ed8\u5de5\u5177\u6765\u770b\uff0c\u4f7f\u7528\u9891\u7387\u4e0d\u9ad8\u4e14\u4e0e\u975e\u6cd5\u6d3b\u52a8\u6302\u94a9\u3002<\/strong>Athey et al.\uff082016\uff09\u53d1\u73b0\uff0c\u622a\u81f32015\u5e74\u5e74\u4e2d\uff0c\u6bd4\u7279\u5e01\u7684\u6d3b\u8dc3\u4f7f\u7528\u589e\u957f\u901f\u5ea6\u4e0d\u5feb\uff0c\u4e5f\u5c31\u662f\u8bf4\u771f\u6b63\u7ecf\u5e38\u4f7f\u7528\u6bd4\u7279\u5e01\u8fdb\u884c\u65e5\u5e38\u652f\u4ed8\u7684\u7528\u6237\u5e76\u4e0d\u591a\uff0c\u5927\u90e8\u5206\u6bd4\u7279\u5e01\u88ab\u5f53\u4f5c\u6295\u8d44\u54c1\u6301\u6709\u3002<\/p>\n<p>Foley et al.\uff082019\uff09\u7814\u7a76\u53d1\u73b0\uff0c2009\u5e741\u6708\u52302017\u5e744\u6708\uff0c\u975e\u6cd5\u6d3b\u52a8\u5728\u6bd4\u7279\u5e01\u7528\u6237\u548c\u4ea4\u6613\u6d3b\u52a8\u4e2d\u5360\u5f88\u5927\u6bd4\u4f8b\uff0c\u5927\u7ea6\u56db\u5206\u4e4b\u4e00\u7684\u7528\u6237\uff0826\uff05\uff09\u548c\u63a5\u8fd1\u4e00\u534a\u7684\u6bd4\u7279\u5e01\u4ea4\u6613\uff0846\uff05\uff09\u4e0e\u975e\u6cd5\u6d3b\u52a8\u76f8\u5173\uff1b\u5982\u679c\u6309\u4ea4\u6613\u91d1\u989d\u8ba1\u7b97\uff0c\u7ea6\u4e94\u5206\u4e4b\u4e00\uff0823%\uff09\u7684\u4ea4\u6613\u603b\u989d\u548c\u7ea6\u4e00\u534a\uff0849%\uff09\u7684\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u4e0e\u975e\u6cd5\u6d3b\u52a8\u76f8\u5173\u3002<\/p>\n<p>\u6839\u636e\u4ed6\u4eec\u7684\u4f30\u7b97\uff0c\u622a\u81f32017\u5e744\u6708\uff0c\u7ea6\u67092700\u4e07\u7684\u6bd4\u7279\u5e01\u5e02\u573a\u53c2\u4e0e\u8005\u4e3b\u8981\u5c06\u6bd4\u7279\u5e01\u7528\u4e8e\u975e\u6cd5\u76ee\u7684\uff0c\u4ed6\u4eec\u5408\u8ba1\u6301\u670970\u4ebf\u7f8e\u5143\u7684\u6bd4\u7279\u5e01\uff0c\u6bcf\u5e74\u8fdb\u884c\u7ea63700\u4e07\u7b14\u4ea4\u6613\uff0c\u4ef7\u503c\u7ea6760\u4ebf\u7f8e\u5143\u3002<\/p>\n<p><strong>\u52a0\u5bc6\u8d27\u5e01\u4f5c\u4e3a\u8d44\u4ea7\u6765\u770b\uff0c\u5176\u4e0e\u4f20\u7edf\u91d1\u878d\u8d44\u4ea7\u76f8\u5173\u6027\u4e0d\u5927\uff0c\u4e3b\u8981\u53d7\u81ea\u8eab\u548c\u5e02\u573a\u4e0d\u786e\u5b9a\u6027\u9a71\u52a8\u3002<\/strong>Bianchi\uff082020\uff09\u5206\u6790\u4e8614\u79cd\u4e3b\u8981\u52a0\u5bc6\u8d27\u5e01\u57282016\u5e744\u6708\u81f32017\u5e749\u6708\u4e4b\u95f4\u7684\u4ea4\u6613\u6570\u636e\uff0c\u53d1\u73b0\u52a0\u5bc6\u8d27\u5e01\u7684\u6536\u76ca\u7387\u4e0e\u80a1\u5e02\u3001\u503a\u5e02\u7b49\u5e76\u65e0\u660e\u663e\u5173\u8054\uff0c\u52a0\u5bc6\u8d27\u5e01\u7684\u4ea4\u6613\u91cf\u4e3b\u8981\u662f\u7531\u5386\u53f2\u4ef7\u683c\u8d70\u52bf\u548c\u5e02\u573a\u4e0d\u786e\u5b9a\u6027\u9a71\u52a8\u3002<\/p>\n<p>2017\u5e74\u672b\uff0c\u829d\u52a0\u54e5\u671f\u6743\u4ea4\u6613\u6240\uff08CBOE\uff09\u3001\u829d\u52a0\u54e5\u5546\u54c1\u4ea4\u6613\u6240\u96c6\u56e2\uff08CME\uff09\u76f8\u7ee7\u63a8\u51fa\u4e86\u6bd4\u7279\u5e01\u671f\u8d27\u5408\u7ea6\uff0c\u4ee5\u7f8e\u5143\u73b0\u91d1\u7ed3\u7b97\uff0c\u6709\u52a9\u4e8e\u63d0\u5347\u6bd4\u7279\u5e01\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u548c\u5b9e\u73b0\u4ef7\u683c\u53d1\u73b0\u529f\u80fd\u3002<\/p>\n<p><strong><strong>\uff08\u4e09\uff09\u673a\u6784\u6295\u8d44\u671f\uff082019-2021\u5e74\uff09\uff1a\u5728\u5168\u7403\u6d41\u52a8\u6027\u6cdb\u6ee5\u80cc\u666f\u4e0b\uff0c\u90e8\u5206\u673a\u6784\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u52a0\u5bc6\u8d27\u5e01\u7eb3\u5165\u6295\u8d44\u7ec4\u5408<\/strong><\/strong><\/p>\n<p>\u4e8b\u5b9e\u4e0a\uff0c\u65e9\u57282018\u5e74\u5de6\u53f3\uff0c\u673a\u6784\u6295\u8d44\u8005\u7684\u6001\u5ea6\u5c31\u5df2\u7ecf\u5f00\u59cb\u51fa\u73b0\u5fae\u5999\u53d8\u5316\u3002<\/p>\n<p>\u5bcc\u8fbe\uff08Fidelity\uff09\u4e8e2018\u5e74\u6210\u7acb\u4e86\u5b50\u516c\u53f8\u5bcc\u8fbe\u6570\u5b57\u8d44\u4ea7\uff08Fidelity Digital Assets\uff09\uff0c\u5f00\u59cb\u7b79\u5907\u9762\u5411\u673a\u6784\u6295\u8d44\u8005\u7684\u6570\u5b57\u8d44\u4ea7\u6258\u7ba1\u548c\u4ea4\u6613\u670d\u52a1\u30022019\u5e74\uff0c\u6469\u6839\u5927\u901a\u63a8\u51fa\u52a0\u5bc6\u6570\u5b57\u8d27\u5e01\u6469\u6839\u5e01\uff08JPM Coin\uff09\uff0c\u7528\u4e8e\u5ba2\u6237\u4e4b\u95f4\u652f\u4ed8\u4ea4\u6613\u7684\u5373\u65f6\u7ed3\u7b97\uff08\u4e0d\u8fc7\uff0c\u5176\u9996\u5e2d\u6267\u884c\u5b98 Jamie Dimon\u52302024\u5e74\u4ecd\u5728\u62a8\u51fb\u6bd4\u7279\u5e01\uff09\u3002<\/p>\n<p>\u673a\u6784\u6295\u8d44\u8005\u7684\u6001\u5ea6\u53d1\u751f\u6839\u672c\u6027\u8f6c\u53d8\u662f\u4ece2020\u5e74\u5f00\u59cb\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u4f20\u7edf\u91d1\u878d\u673a\u6784\u5f00\u59cb\u5bf9\u52a0\u5bc6\u8d27\u5e01\u8fdb\u884c\u6b63\u9762\u8bc4\u4ef7\u5e76\u5f00\u59cb\u8fdb\u884c\u6218\u7565\u5e03\u5c40\u3002<\/p>\n<p><strong>\u7b2c\u4e00\uff0c\u65b0\u51a0\u75ab\u60c5\u89e6\u53d1\u7684\u5168\u7403\u91cf\u5316\u5bbd\u677e\u653f\u7b56\u52a0\u5267\u4e86\u901a\u80c0\u62c5\u5fe7\uff0c\u4fc3\u4f7f\u673a\u6784\u6295\u8d44\u8005\u5bfb\u6c42\u65b0\u7684\u5bf9\u51b2\u5de5\u5177\u3002<\/strong>\u6bd4\u7279\u5e01\u4ef7\u683c\u4ece2020\u5e743\u6708\u201c\u9ed1\u8272\u661f\u671f\u56db\u201d\u76843800\u7f8e\u5143\u66b4\u8dcc\u70b9\u4f4d\u9010\u6b65\u56de\u5347\uff0c\u5e76\u57282020\u5e74\u5e95\u7a81\u783420000\u7f8e\u5143\u3002\u8fd9\u4e00\u9636\u6bb5\uff0c\u6258\u7ba1\u3001\u4ea4\u6613\u3001\u7ed3\u7b97\u7b49\u673a\u6784\u7ea7\u57fa\u7840\u8bbe\u65bd\u9010\u6b65\u5b8c\u5584\uff0c\u884c\u4e1a\u5408\u89c4\u6027\u548c\u5b89\u5168\u6027\u6709\u6240\u63d0\u5347\uff0c\u4e3a\u540e\u7eed\u673a\u6784\u6295\u8d44\u8005\u8fdb\u5165\u5e02\u573a\u5960\u5b9a\u4e86\u57fa\u7840\u3002<\/p>\n<p><strong>\u7b2c\u4e8c\uff0c\u673a\u6784\u6295\u8d44\u8005\u4ece\u6b64\u524d\u7684\u5168\u9762\u5426\u5b9a\u8f6c\u5411\u5ba1\u614e\u53c2\u4e0e\uff0c\u5e76\u6301\u7eed\u52a0\u5927\u53c2\u4e0e\u6df1\u5ea6\u3002<\/strong>2020\u5e745\u6708\uff0c\u8457\u540d\u6295\u8d44\u4ebaPaul Tudor Jones\u5ba3\u5e03\u5c06\u6bd4\u7279\u5e01\u4f5c\u4e3a\u5bf9\u51b2\u901a\u80c0\u5de5\u5177\u3002\u8d1d\u83b1\u5fb7\u7b49\u6295\u8d44\u5de8\u5934\u76f8\u7ee7\u5e03\u5c40\u52a0\u5bc6\u8d44\u4ea7\u4e1a\u52a1\uff0c\u8d1d\u83b1\u5fb7\u9996\u5e2d\u6267\u884c\u5b98Larry Fink\u5bf9\u6bd4\u7279\u5e01\u7684\u89c2\u70b9\u4ece2017\u5e74\u7684\u201c\u6d17\u94b1\u5de5\u5177\u201d\u8f6c\u4e3a\u201c\u5168\u7403\u8d44\u4ea7\u201d\uff1b2021\u5e743\u6708\uff0c\u6469\u6839\u58eb\u4e39\u5229\u6210\u4e3a\u9996\u5bb6\u4e3a\u5176\u9ad8\u51c0\u503c\u5ba2\u6237\u63d0\u4f9b\u6bd4\u7279\u5e01\u57fa\u91d1\u6295\u8d44\u6e20\u9053\u7684\u5927\u578b\u7f8e\u56fd\u94f6\u884c\uff0c\u5176\u62e5\u67094\u4e07\u4ebf\u7f8e\u5143\u7684\u5ba2\u6237\u8d44\u4ea7\uff0c\u9ad8\u76db\u7d27\u968f\u5176\u540e\u4e5f\u5ba3\u5e03\u5c06\u4e3a\u9ad8\u51c0\u503c\u5ba2\u6237\u63d0\u4f9b\u52a0\u5bc6\u8d27\u5e01\u6295\u8d44\u9009\u9879\u3002<\/p>\n<p>\u652f\u4ed8\u5de8\u5934\u9646\u7eed\u63a5\u5165\u52a0\u5bc6\u751f\u6001\uff0cPayPal\u57282020\u5e7410\u6708\u5ba3\u5e03\u652f\u6301\u7528\u6237\u8d2d\u4e70\u3001\u6301\u6709\u548c\u9500\u552e\u52a0\u5bc6\u8d27\u5e01\uff0c\u5e76\u5728\u6b21\u5e74\u521d\u5c06\u670d\u52a1\u6269\u5c55\u81f3Venmo\u7528\u6237\uff1b\u6570\u5b57\u652f\u4ed8\u516c\u53f8Square\u4e0d\u4ec5\u5728\u5176Cash 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Research\u88ab\u66dd\u5b58\u5728\u4e25\u91cd\u8d22\u52a1\u95ee\u9898\uff0c\u5305\u62ec\u632a\u7528\u5ba2\u6237\u8d44\u91d1\u3001\u5c06\u81ea\u5bb6\u53d1\u884c\u7684FTT\u4ee3\u5e01\u4f5c\u4e3a\u4e3b\u8981\u8d37\u6b3e\u62b5\u62bc\u7269\u7b49\u3002\u8fd9\u4e9b\u95ee\u9898\u7684\u66dd\u5149\u5f15\u53d1\u4e86\u5e02\u573a\u6050\u614c\uff0c\u5bfc\u81f4FTX\u5728\u77ed\u77ed\u4e00\u5468\u5185\u4ece\u4f30\u503c320\u4ebf\u7f8e\u5143\u8dcc\u81f3\u7834\u4ea7\u3002<\/p>\n<p>\u8fd9\u4e9b\u4e8b\u4ef6\u66b4\u9732\u4e86\u4e2d\u5fc3\u5316\u673a\u6784\u5728\u98ce\u9669\u7ba1\u7406\u3001\u8d44\u91d1\u9694\u79bb\u548c\u516c\u53f8\u6cbb\u7406\u7b49\u65b9\u9762\u5b58\u5728\u7684\u7f3a\u9677\uff0c\u5305\u62ec\u8fc7\u5ea6\u6760\u6746\u3001\u671f\u9650\u9519\u914d\u3001\u5185\u90e8\u63a7\u5236\u7f3a\u5931\u7b49\u95ee\u9898\u3002<\/p>\n<p><strong>\u7b2c\u4e09\uff0c\u5e02\u573a\u52a8\u8361\u5bfc\u81f4\u673a\u6784\u6295\u8d44\u8005\u53c2\u4e0e\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u51fa\u73b0\u5206\u5316\u3002<\/strong>\u90e8\u5206\u673a\u6784\u9009\u62e9\u6536\u7f29\u4e1a\u52a1\uff0c\u7279\u65af\u62c9\u57282022\u5e74\u4e8c\u5b63\u5ea6\u51fa\u552e75%\u6bd4\u7279\u5e01\u6301\u4ed3\uff08\u7ea69.36\u4ebf\u7f8e\u5143\uff09\uff0c\u7406\u7531\u662f\u9700\u8981\u4fdd\u6301\u6d41\u52a8\u6027\uff1b\u591a\u5bb6\u94f6\u884c\u5728FTX\u4e8b\u4ef6\u540e\u6682\u505c\u6216\u7f29\u51cf\u52a0\u5bc6\u8d27\u5e01\u76f8\u5173\u670d\u52a1\u3002<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u90e8\u5206\u5c06\u52a0\u5bc6\u8d27\u5e01\u89c6\u4e3a\u957f\u671f\u6218\u7565\u5e03\u5c40\u7684\u673a\u6784\u5219\u7ee7\u7eed\u6295\u5165\u3002MicroStrategy\u5728\u5e02\u573a\u4e0b\u8dcc\u671f\u95f4\u7ee7\u7eed\u589e\u6301\u6bd4\u7279\u5e01\uff1b\u5bcc\u8fbe\u6570\u5b57\u8d44\u4ea7\u57282022\u5e7410\u6708\u5e95\u6b63\u5f0f\u4e3a\u673a\u6784\u5ba2\u6237\u63d0\u4f9b\u4ee5\u592a\u5e01\u8d2d\u4e70\u3001\u51fa\u552e\u548c\u8f6c\u8d26\u670d\u52a1\u3002<\/p>\n<p><strong>\u7b2c\u56db\uff0c\u6280\u672f\u57fa\u7840\u6301\u7eed\u592f\u5b9e\uff0c\u5173\u952e\u6280\u672f\u5347\u7ea7\u6309\u8ba1\u5212\u63a8\u8fdb\u3002<\/strong>2022\u5e749\u6708\uff0c\u4ee5\u592a\u574a\u6210\u529f\u5b8c\u6210\u201cThe Merge\u201d\u5347\u7ea7\uff0c\u5c06\u5176\u5171\u8bc6\u673a\u5236\u4ece\u5de5\u4f5c\u91cf\u8bc1\u660e\uff08PoW\uff09\u8fc7\u6e21\u5230\u6743\u76ca\u8bc1\u660e\uff08PoS\uff09\u3002\u8fd9\u6b21\u5347\u7ea7\u4f7f\u4ee5\u592a\u574a\u7f51\u7edc\u7684\u80fd\u8017\u964d\u4f4e\u4e86\u8d85\u8fc799.9%\uff0c\u5c06\u533a\u5757\u751f\u4ea7\u4ece\u4f9d\u8d56\u80fd\u6e90\u5bc6\u96c6\u578b\u6316\u77ff\u8f6c\u53d8\u4e3a\u57fa\u4e8e\u8d28\u62bc\u7684\u9a8c\u8bc1\u673a\u5236\u3002\u5b8c\u6210\u5347\u7ea7\u540e\uff0c\u4ee5\u592a\u574a\u9a8c\u8bc1\u8005\u7684\u6570\u91cf\u548c\u8d28\u62bc\u9700\u6c42\u90fd\u5728\u589e\u52a0\uff0c\u53cd\u6620\u4e86\u793e\u533a\u5bf9\u6743\u76ca\u8bc1\u660e\uff08PoS\uff09\u673a\u5236\u7684\u4fe1\u5fc3\u3002<\/p>\n<p>\u4ee5\u592a\u574a\u7684\u7b2c\u4e8c\u5c42\u6269\u5bb9\u7f51\u7edc\uff08Layer 2\uff09\u53d6\u5f97\u660e\u663e\u8fdb\u5c55\uff0c\u4e3b\u8981\u9879\u76eeArbitrum\u548cOptimism\u901a\u8fc7\u5728\u4e3b\u7f51\u4e4b\u4e0a\u5904\u7406\u4ea4\u6613\uff0c\u964d\u4f4e\u4e86\u7528\u6237\u6210\u672c\u5e76\u63d0\u5347\u4e86\u7f51\u7edc\u6027\u80fd\u3002\u6b64\u5916\uff0c\u968f\u7740\u8de8\u94fe\u6865\u5b89\u5168\u6027\u7684\u63d0\u5347\u3001\u53bb\u4e2d\u5fc3\u5316\u8eab\u4efd\uff08DID\uff09\u6807\u51c6\u7684\u786e\u7acb\u4ee5\u53ca\u96f6\u77e5\u8bc6\u8bc1\u660e\u7b49\u9690\u79c1\u4fdd\u62a4\u6280\u672f\u7684\u53d1\u5c55\uff0cWeb3\u57fa\u7840\u8bbe\u65bd\u9010\u6b65\u5b8c\u5584\u3002<\/p>\n<p><strong>\u7b2c\u4e94\uff0c\u884c\u4e1a\u4e8b\u4ef6\u51b2\u51fb\u52a0\u5feb\u76d1\u7ba1\u7acb\u6cd5\u8fdb\u7a0b\u3002<\/strong>\u65e5\u672c\u65e9\u57282019\u5e74\u5c31\u5f00\u59cb\u8ba8\u8bba\u7a33\u5b9a\u5e01\u76d1\u7ba1\uff0c2022\u5e745\u6708Terra\/LUNA\u4e8b\u4ef6\u540e\uff0c\u65e5\u672c\u52a0\u5feb\u4e86\u7acb\u6cd5\u8fdb\u7a0b\uff0c\u4e8e2022\u5e746\u6708\u901a\u8fc7\u300a\u8d44\u91d1\u7ed3\u7b97\u6cd5\u300b\u4fee\u6b63\u6848\uff0c\u5bf9\u7a33\u5b9a\u5e01\u7684\u53d1\u884c\u3001\u6d41\u901a\u3001\u8d4e\u56de\u7b49\u73af\u8282\u8fdb\u884c\u5168\u9762\u89c4\u8303\u3002\u6b27\u76df\u57282022\u5e74\u6b63\u5f0f\u901a\u8fc7MiCA\u6cd5\u6848\uff0c\u8fd9\u662f\u5168\u7403\u9996\u4e2a\u7efc\u5408\u6027\u52a0\u5bc6\u8d44\u4ea7\u76d1\u7ba1\u6846\u67b6\uff0c\u6db5\u76d6\u53d1\u884c\u6807\u51c6\u3001\u670d\u52a1\u63d0\u4f9b\u8005\u89c4\u8303\u548c\u5e02\u573a\u884c\u4e3a\u76d1\u7ba1\u7b49\u3002<\/p>\n<p><strong><strong>\uff08\u4e94\uff09\u7a33\u5065\u53d1\u5c55\u65f6\u671f\uff082023-2024\u5e74\uff09\uff1a\u5e02\u573a\u4f01\u7a33\uff0c\u76d1\u7ba1\u6846\u67b6\u57fa\u672c\u6210\u578b\uff0c\u6bd4\u7279\u5e01\u73b0\u8d27ETF\u83b7\u6279\u7b49\u62d3\u5bbd\u53c2\u4e0e\u52a0\u5bc6\u5e02\u573a\u6e20\u9053<\/strong><\/strong><\/p>\n<p>\u7b2c\u4e00\uff0c\u5e02\u573a\u5728\u7ecf\u5386\u91cd\u5927\u98ce\u9669\u4e8b\u4ef6\u540e\u9010\u6b65\u590d\u82cf\u30022022\u5e74FTX\u7834\u4ea7\u7b49\u4e8b\u4ef6\u7684\u8d1f\u9762\u5f71\u54cd\u9010\u6e10\u6d88\u9000\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u4ece2022\u5e74\u672b\u76841.6\u4e07\u7f8e\u5143\u7a33\u6b65\u56de\u5347\uff0c\u5e76\u57282024\u5e743\u6708\u7a81\u78347\u4e07\u7f8e\u5143\u521b\u65b0\u9ad8\u3002\u5e02\u573a\u7ed3\u6784\u8fdb\u4e00\u6b65\u4f18\u5316\uff0c\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08CEX\uff09\u900f\u660e\u5ea6\u63d0\u5347\uff0c\u4e3a\u4e86\u6062\u590d\u5e02\u573a\u4fe1\u4efb\u5e76\u6ee1\u8db3\u76d1\u7ba1\u8981\u6c42\uff0c\u8bb8\u591a\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08\u5982\u5e01\u5b89\u3001Coinbase\u7b49\uff09\u5f00\u59cb\u5b9e\u65bd\u66f4\u900f\u660e\u7684\u8d44\u4ea7\u8bc1\u660e\u673a\u5236\uff08Proof of 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decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/769e4fd67270506ecebaa0fce5b4a6ad.jpg\" \/><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250604\/040047329a0faf84d99a29fa99b95dcf.jpg\" \/><\/p>\n<p>\u6b64\u524d\u4e5f\u6709\u4e00\u4e9b\u7814\u7a76\u8ba4\u4e3a\uff0c\u6bd4\u7279\u5e01\u5177\u6709\u4e0e\u9ec4\u91d1\u7c7b\u4f3c\u7684\u98ce\u9669\u5bf9\u51b2\u80fd\u529b\uff08Dyhrberg\uff0c2016\uff09\u3001\u53ef\u4ee5\u7528\u4f5c\u901a\u80c0\u5bf9\u51b2\u5de5\u5177\uff08Blau et al.\uff0c2021\uff1bChoi and 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