{"id":4834,"date":"2026-09-19T11:52:21","date_gmt":"2026-09-19T03:52:21","guid":{"rendered":"http:\/\/www.lqhyjs.com\/?p=4834"},"modified":"2026-09-19T11:52:21","modified_gmt":"2026-09-19T03:52:21","slug":"%e6%83%b3%e4%b8%8d%e8%a2%ab%e3%80%8c%e6%8f%92%e9%92%88%e3%80%8d-%e5%8a%a0%e5%af%86%e5%b8%82%e5%9c%ba%e5%8f%af%e8%83%bd%e9%9c%80%e8%a6%81%e8%bf%99%e4%bb%b6%e3%80%8c%e6%b3%95%e5%ae%9d%e3%80%8d","status":"publish","type":"post","link":"http:\/\/www.liaoxiaoha.com\/?p=4834","title":{"rendered":"\u60f3\u4e0d\u88ab\u300c\u63d2\u9488\u300d \u52a0\u5bc6\u5e02\u573a\u53ef\u80fd\u9700\u8981\u8fd9\u4ef6\u300c\u6cd5\u5b9d\u300d"},"content":{"rendered":"
\n

\u4f5c\u8005\uff1aDaii \u6765\u6e90\uff1ayzdxs.eth<\/p>\n<\/section>\n

\n

\u6211\u4e00\u76f4\u8bf4\uff1a\u5f53\u4e0b\u7684\u52a0\u5bc6\u5e02\u573a\u66f4\u50cf\u4e00\u7247\u300c\u72c2\u91ce\u897f\u90e8\u300d\u3002<\/p>\n<\/section>\n

\n

\u6700\u523a\u773c\u7684\u8bc1\u636e\uff0c\u5c31\u662f\u300c\u63d2\u9488\u300d\u3002\u5b83\u4e0d\u662f\u7384\u5b66\uff0c\u800c\u662f\u6df1\u5ea6\u7a00\u8584 + \u6760\u6746\u8fde\u9501\u5f3a\u5e73 + \u573a\u5185\u64ae\u5408\u504f\u597d\u53e0\u52a0\u540e\u7684\u7ed3\u679c\uff1a\u4ef7\u683c\u5728\u5173\u952e\u6beb\u79d2\u88ab\u731b\u7838\u5230\u4f60\u7684\u6b62\u635f\u4f4d\uff0c\u4ed3\u4f4d\u88ab\u626b\u5149\uff0c\u53ea\u7559\u4e0b K \u7ebf\u91cc\u90a3\u6839\u53c8\u957f\u53c8\u7ec6\u7684\u300c\u70db\u82af\u300d\u2014\u2014\u50cf\u4e00\u9488\u51b7\u4e0d\u4e01\u624e\u4e0b\u53bb\u3002<\/p>\n<\/section>\n

\n

\n<\/section>\n

<\/p>\n

\u200c<\/span>
<\/span><\/div>\n

<\/p>\n

\n

\n<\/section>\n

\n

\u5728\u8fd9\u79cd\u73af\u5883\u91cc\uff0c\u7f3a\u7684\u4e0d\u662f\u8fd0\u6c14\uff0c\u662f\u5e95\u7ebf\u3002\u4f20\u7edf\u91d1\u878d\u65e9\u5c31\u628a\u8fd9\u6761\u5e95\u7ebf\u5199\u8fdb\u5236\u5ea6\u2014\u2014\u7981\u6b62\u4ea4\u6613\u7a7f\u900f\uff08Trade-Through Rule\uff09\u3002\u5b83\u7684\u903b\u8f91\u6781\u6734\u7d20\uff0c\u4e5f\u6781\u6709\u529b\uff1a<\/p>\n<\/section>\n

\n

\u5f53\u5e02\u573a\u4e0a\u660e\u660e\u5b58\u5728\u66f4\u597d\u7684\u516c\u5f00\u4ef7\u683c\u65f6\uff0c\u4efb\u4f55\u7ecf\u7eaa\u5546\u6216\u4ea4\u6613\u6240\u90fd\u4e0d\u5f97\u7f6e\u82e5\u7f54\u95fb\uff0c\u66f4\u4e0d\u5f97\u628a\u4f60\u7684\u8ba2\u5355\u4ee5\u66f4\u5dee\u7684\u4ef7\u683c\u6210\u4ea4\u3002<\/p>\n<\/section>\n

\n

\u8fd9\u4e0d\u662f\u9053\u5fb7\u529d\u8bf4\uff0c\u800c\u662f\u53ef\u8ffd\u8d23\u7684\u786c\u7ea6\u675f\u30022005 \u5e74\uff0c\u7f8e\u56fd\u8bc1\u76d1\u4f1a\uff08SEC\uff09\u628a\u8fd9\u6761\u5e95\u7ebf\u660e\u786e\u5199\u8fdb Reg NMS Rule 611\uff1a\u6240\u6709\u5e02\u573a\u53c2\u4e0e\u8005\uff08\u5176\u4e2d\u4ea4\u6613\u4e2d\u5fc3\u4e0d\u5f97\u7a7f\u900f\u53d7\u4fdd\u62a4\u62a5\u4ef7\uff0c\u7ecf\u7eaa\u5546\u53e6\u8d1f\u6709 FINRA 5310 \u7684\u6700\u4f73\u6267\u884c\u4e49\u52a1\uff09\u5fc5\u987b\u5c65\u884c\u300c\u8ba2\u5355\u4fdd\u62a4\u300d\uff0c\u4f18\u5148\u7ed9\u5230\u6700\u4f18\u53ef\u5f97\u4ef7\u683c\uff0c\u5e76\u5bf9\u8def\u7531\u4e0e\u6267\u884c\u7559\u75d5\u3001\u53ef\u6838\u9a8c\u3001\u53ef\u95ee\u8d23\u3002\u5b83\u5e76\u4e0d\u627f\u8bfa\u300c\u5e02\u573a\u4e0d\u6ce2\u52a8\u300d\uff0c\u4f46\u786e\u4fdd\u6ce2\u52a8\u4e4b\u4e2d\u4f60\u7684\u6210\u4ea4\u4e0d\u88ab\u65e0\u7aef\u300c\u52a3\u5316\u300d\u2014\u2014\u66f4\u597d\u7684\u4ef7\u683c\u5728\u522b\u5904\u53ef\u62ff\uff0c\u5c31\u4e0d\u80fd\u8ba9\u4f60\u5728\u672c\u573a\u6240\u88ab\u968f\u610f\u300c\u5c31\u5730\u64ae\u5408\u300d\u3002<\/p>\n<\/section>\n

\n

\u5f88\u591a\u4eba\u4f1a\u95ee\uff1a\u300c\u8fd9\u4e2a\u89c4\u5219\u80fd\u9632\u63d2\u9488\u5417\uff1f\u300d<\/p>\n<\/section>\n

\n

\u76f4\u8bdd\u76f4\u8bf4\uff1a\u5b83\u4e0d\u80fd\u6d88\u706d\u957f\u9488\uff0c\u4f46\u80fd\u5207\u65ad\u300c\u957f\u9488\u5bf9\u4f60\u6210\u4ea4\u300d\u7684\u4f24\u5bb3\u94fe\u3002<\/p>\n<\/section>\n

\n

\u60f3\u8c61\u4e00\u4e2a\u4e00\u773c\u80fd\u61c2\u7684\u573a\u666f\uff1a<\/p>\n<\/section>\n

\n
    \n
  • \n

    \u540c\u4e00\u65f6\u523b\uff0c\u4ea4\u6613\u6240 A \u51fa\u73b0\u4e0b\u63d2\u9488\uff0c\u77ac\u95f4\u628a BTC \u7838\u5230 $59,500\uff1b<\/p>\n<\/li>\n

  • \n

    \u4ea4\u6613\u6240 B \u4ecd\u6709 $60,050 \u7684\u6709\u6548\u4e70\u5355\u6302\u7740\u3002<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

    \n

    \u4f60\u7684\u6b62\u635f\u5e02\u4ef7\u5355\u5982\u679c\u88ab\u300c\u5c31\u5730\u300d\u5728 A \u6210\u4ea4\uff0c\u4f60\u5c31\u6309\u9488\u5c16\u4ef7\u51fa\u5c40\u4e86\uff1b\u6709\u4e86\u8ba2\u5355\u4fdd\u62a4\uff0c\u8def\u7531\u5c31\u5fc5\u987b\u628a\u4f60\u7684\u5355\u5b50\u9001\u53bb B \u7684\u66f4\u4f18\u4e70\u4ef7\uff0c\u6216\u8005\u62d2\u7edd\u5728 A \u7684\u52a3\u4ef7\u6210\u4ea4\u3002<\/p>\n<\/section>\n

    \n

    \u7ed3\u679c\uff1a\u9488\u8fd8\u5728\u56fe\u4e0a\uff0c\u4f46\u5b83\u4e0d\u518d\u662f\u4f60\u7684\u6210\u4ea4\u4ef7\u683c\u3002\u8fd9\u5c31\u662f\u8fd9\u6761\u89c4\u5219\u7684\u4ef7\u503c\u6240\u5728\u2014\u2014\u4e0d\u662f\u706d\u9488\uff0c\u800c\u662f\u8ba9\u9488\u624e\u4e0d\u5230\u4f60\u3002<\/p>\n<\/section>\n

    \n

    \u5f53\u7136\uff0c\u5408\u7ea6\u7206\u4ed3\u89e6\u53d1\u672c\u8eab\uff0c\u8fd8\u9700\u8981\u6807\u8bb0\u4ef7\/\u6307\u6570\u3001\u6ce2\u52a8\u5e26\u3001\u7ade\u4ef7\u91cd\u542f\u3001\u53cd MEV \u7b49\u914d\u5957\u53bb\u6cbb\u7406\u300c\u9488\u7684\u751f\u6210\u300d\u3002\u4f46\u6210\u4ea4\u516c\u5e73\u8fd9\u5757\uff0c\u300c\u7981\u6b62\u4ea4\u6613\u7a7f\u900f\u300d\u7684\u5e95\u7ebf\u51e0\u4e4e\u662f\u552f\u4e00\u80fd\u7acb\u523b\u63d0\u5347\u4f53\u9a8c\u3001\u53ef\u843d\u5730\u3001\u53ef\u5ba1\u8ba1\u7684\u6293\u624b\u3002<\/p>\n<\/section>\n

    \n

    \u9057\u61be\u7684\u662f\uff0c\u52a0\u5bc6\u5e02\u573a\u81f3\u4eca\u6ca1\u6709\u8fd9\u6837\u7684\u5e95\u7ebf\u3002\u4e00\u8868\u80dc\u5343\u8a00\uff1a<\/p>\n<\/section>\n

    \n

    \n<\/section>\n

    \n

    \n<\/section>\n

    \n

    \u901a\u8fc7\u4e0a\u9762\u8fd9\u5f20 BTC \u7684\u6c38\u7eed\u5408\u7ea6\u62a5\u4ef7\u8868\uff0c\u4f60\u4f1a\u53d1\u73b0\u6210\u4ea4\u91cf\u6700\u5927\u7684\u524d\u5341\u540d\u4ea4\u6613\u6240\u7684\u62a5\u4ef7\u6ca1\u6709\u4e00\u4e2a\u662f\u4e00\u6837\u7684\u3002<\/p>\n<\/section>\n

    \n

    \u5f53\u524d\u7684\u52a0\u5bc6\u5e02\u573a\u683c\u5c40\u662f\u9ad8\u5ea6\u788e\u7247\u5316\u7684\uff1a\u6570\u767e\u5bb6\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u3001\u6570\u4ee5\u5343\u8ba1\u7684\u53bb\u4e2d\u5fc3\u5316\u534f\u8bae\uff0c\u4ef7\u683c\u5f7c\u6b64\u5272\u88c2\uff0c\u518d\u52a0\u4e0a\u8de8\u94fe\u751f\u6001\u7684\u5206\u6563\u548c\u6760\u6746\u884d\u751f\u54c1\u7684\u4e3b\u5bfc\uff0c\u4f7f\u5f97\u6295\u8d44\u8005\u60f3\u8981\u4e00\u4e2a\u900f\u660e\u3001\u516c\u5141\u7684\u6210\u4ea4\u73af\u5883\uff0c\u6bd4\u767b\u5929\u8fd8\u96be\u3002<\/p>\n<\/section>\n

    \n

    \u4f60\u53ef\u80fd\u597d\u5947\uff0c\u6211\u4e3a\u4ec0\u4e48\u73b0\u5728\u63d0\u51fa\u8fd9\u4e2a\u95ee\u9898\u5462\uff1f<\/p>\n<\/section>\n

    \n

    \u56e0\u4e3a 9 \u6708 18 \u65e5\uff0c\u7f8e\u56fd\u8bc1\u76d1\u4f1a\uff08SEC\uff09\u5c06\u53ec\u5f00\u4e00\u6b21\u5173\u4e8e\u7981\u6b62\u4ea4\u6613\u7a7f\u900f\u89c4\u5219\u7684\u5706\u684c\u4f1a\u8bae\uff0c\u8ba8\u8bba\u5b83\u5728\u5168\u56fd\u5e02\u573a\u7cfb\u7edf\uff08NMS\uff09\u91cc\u7684\u5f97\u5931\u4e0e\u53bb\u7559\u3002<\/p>\n<\/section>\n

    \n

    \n<\/section>\n

    \n

    \n<\/section>\n

    \n

    \u8fd9\u4ef6\u4e8b\u770b\u4f3c\u53ea\u4e0e\u4f20\u7edf\u8bc1\u5238\u76f8\u5173\uff0c\u4f46\u5728\u6211\u770b\u6765\uff0c\u5b83\u4e5f\u7ed9\u52a0\u5bc6\u5e02\u573a\u63d0\u4e86\u4e00\u4e2a\u9192\uff1a\u5982\u679c\u5728\u96c6\u4e2d\u5ea6\u6781\u9ad8\u3001\u89c4\u5219\u6210\u719f\u7684\u7f8e\u80a1\u4f53\u7cfb\u91cc\uff0c\u4ea4\u6613\u4fdd\u62a4\u673a\u5236\u90fd\u9700\u8981\u88ab\u53cd\u601d\u548c\u5347\u7ea7\uff0c\u90a3\u4e48\u5728\u66f4\u788e\u7247\u3001\u66f4\u590d\u6742\u7684\u52a0\u5bc6\u5e02\u573a\u91cc\uff0c\u666e\u901a\u7528\u6237\u5c31\u66f4\u9700\u8981\u6700\u57fa\u672c\u7684\u4fdd\u62a4\u7ebf\u4e86\uff1a<\/p>\n<\/section>\n

    \n

    \u52a0\u5bc6\u5e02\u573a\u63d0\u4f9b\u65b9\uff08\u5305\u62ec CEX \u548c DEX\uff09\uff0c\u4efb\u4f55\u65f6\u5019\uff0c\u90fd\u4e0d\u80fd\u65e0\u89c6\u66f4\u4f18\u516c\u5f00\u4ef7\u683c\uff0c\u4e0d\u80fd\u8ba9\u6295\u8d44\u8005\u5728\u672c\u53ef\u907f\u514d\u7684\u60c5\u51b5\u4e0b\u88ab\u52a3\u4ef7\u6210\u4ea4\u3002 \u53ea\u6709\u8fd9\u6837\uff0c\u52a0\u5bc6\u5e02\u573a\u624d\u80fd\u4ece\u300c\u72c2\u91ce\u897f\u90e8\u300d\u8d70\u5411\u771f\u6b63\u7684\u6210\u719f\u4e0e\u53ef\u4fe1\u3002<\/p>\n<\/section>\n

    \n

    \u8fd9\u4e8b\u73b0\u5728\u770b\u8d77\u6765\u50cf\u4e2a\u5929\u65b9\u591c\u8c2d\uff0c\u8bf4\u5b83\u662f\u75f4\u4eba\u8bf4\u68a6\u4e5f\u4e0d\u4e3a\u8fc7\u3002\u4f46\u662f\uff0c\u5f53\u4f60\u4e86\u89e3\u4e86\u7981\u6b62\u4ea4\u6613\u7a7f\u900f\u89c4\u5219\u7684\u5efa\u7acb\u7ed9\u7f8e\u80a1\u5e02\u573a\u5e26\u6765\u7684\u597d\u5904\u5c31\u4f1a\u660e\u767d\uff0c\u8fd9\u4e8b\u5373\u4f7f\u518d\u96be\uff0c\u4e5f\u503c\u5f97\u4e00\u8bd5\u3002<\/p>\n<\/section>\n

    \n

    1. \u7981\u6b62\u4ea4\u6613\u7a7f\u900f\u89c4\u5219\uff08Trade-Through Rule\uff09\u662f\u5982\u4f55\u5efa\u7acb\u7684\uff1f<\/h1>\n<\/section>\n
    \n

    \u56de\u8fc7\u5934\u770b\uff0c\u8fd9\u6761\u89c4\u5219\u7684\u5efa\u7acb\u7ecf\u5386\u4e86\u4e00\u4e2a\u5b8c\u6574\u7684\u94fe\u6761\uff1a\u4ece 1975 \u5e74\u7684\u7acb\u6cd5\u6388\u6743\uff0c\u5230 \u4ea4\u6613\u6240\u9645\u4ea4\u6613\u7cfb\u7edf\uff08ITS\uff09\u7684\u4e92\u8054\u5b9e\u9a8c\uff0c\u518d\u5230 2005 \u5e74\u7684\u5168\u9762\u7535\u5b50\u5316\u8dc3\u8fc1\uff0c\u6700\u540e\u5728 2007 \u5e74\u5206\u9636\u6bb5\u6267\u884c\u3002\u5b83\u5e76\u4e0d\u662f\u8981\u6d88\u706d\u6ce2\u52a8\uff0c\u800c\u662f\u8981\u786e\u4fdd\u5728\u6ce2\u52a8\u91cc\uff0c\u6295\u8d44\u8005\u4f9d\u65e7\u80fd\u62ff\u5230\u5e94\u5f97\u7684\u66f4\u4f18\u4ef7\u683c\u3002<\/p>\n<\/section>\n

    \n

    1.1 \u4ece\u788e\u7247\u5316\u5230\u7edf\u4e00\u5e02\u573a<\/h3>\n<\/section>\n
    \n

    \u5728\u4e0a\u4e16\u7eaa\u516d\u4e03\u5341\u5e74\u4ee3\uff0c\u7f8e\u56fd\u80a1\u5e02\u9762\u4e34\u7684\u6700\u5927\u95ee\u9898\u5c31\u662f\u5272\u88c2\u3002\u4e0d\u540c\u4ea4\u6613\u6240\u3001\u505a\u5e02\u7f51\u8def\u5404\u81ea\u4e3a\u653f\uff0c\u6295\u8d44\u8005\u6839\u672c\u65e0\u6cd5\u786e\u5b9a\u54ea\u91cc\u80fd\u62ff\u5230\u5168\u5e02\u573a\u300c\u5f53\u4e0b\u6700\u4f18\u7684\u4ef7\u683c\u300d\u3002<\/p>\n<\/section>\n

    \n

    1975 \u5e74\uff0c\u7f8e\u56fd\u56fd\u4f1a\u901a\u8fc7\u4e86\u300a\u8bc1\u5238\u6cd5\u4fee\u6b63\u6848\u300b\uff0c\u9996\u6b21\u660e\u786e\u63d0\u51fa\u8981\u5efa\u7acb\u300c\u5168\u56fd\u5e02\u573a\u7cfb\u7edf\uff08NMS\uff09\u300d\uff0c\u5e76\u8981\u6c42 SEC \u4e3b\u5bfc\u642d\u5efa\u4e00\u4e2a\u80fd\u591f\u6253\u901a\u5404\u4e2a\u4ea4\u6613\u573a\u6240\u7684\u7edf\u4e00\u6846\u67b6\uff0c\u76ee\u6807\u662f\u63d0\u5347\u516c\u5e73\u6027\u548c\u6548\u7387\u3010\u56fd\u4f1a\u7f51\u3001sechistorical.org\u3011\u3002<\/p>\n<\/section>\n

    \n

    \n<\/section>\n

    \n

    \n<\/section>\n

    \n

    \u6709\u4e86\u6cd5\u5f8b\u6388\u6743\uff0c\u76d1\u7ba1\u5c42\u548c\u4ea4\u6613\u6240\u63a8\u51fa\u4e86\u4e00\u4e2a\u8fc7\u6e21\u6027\u7684\u300c\u4e92\u8054\u7535\u7f06\u300d\u2014\u2014\u4ea4\u6613\u6240\u9645\u4ea4\u6613\u7cfb\u7edf\uff08ITS\uff09\u3002\u5b83\u50cf\u4e00\u6839\u628a\u4ea4\u6613\u6240\u4e32\u8d77\u6765\u7684\u4e13\u7528\u7f51\u7ebf\uff0c\u8ba9\u4e0d\u540c\u573a\u6240\u4e4b\u95f4\u53ef\u4ee5\u5171\u4eab\u62a5\u4ef7\u548c\u8def\u7531\uff0c\u907f\u514d\u5728\u672c\u573a\u6240\u4ee5\u52a3\u4ef7\u6210\u4ea4\u65f6\uff0c\u9694\u58c1\u66f4\u4f18\u7684\u4ef7\u683c\u88ab\u5ffd\u89c6\u3010SEC\u3001Investopedia\u3011\u3002<\/p>\n<\/section>\n

    \n

    \n<\/section>\n

    \n

    \n<\/section>\n

    \n

    \u867d\u7136 ITS \u968f\u8457\u7535\u5b50\u5316\u4ea4\u6613\u5174\u8d77\u9010\u6e10\u6de1\u51fa\uff0c\u4f46\u300c\u4e0d\u8bb8\u65e0\u89c6\u66f4\u4f18\u4ef7\u300d\u7684\u7406\u5ff5\uff0c\u5df2\u7ecf\u6df1\u6df1\u57cb\u4e0b\u3002<\/p>\n<\/section>\n

    \n

    1.2 Regulation NMS \u4e0e\u8ba2\u5355\u4fdd\u62a4<\/h3>\n<\/section>\n
    \n

    \u8fdb\u5165 90 \u5e74\u4ee3\uff0c\u7f51\u8def\u548c\u5c0f\u6570\u70b9\u5b9a\u4ef7\uff08decimalization\uff09\u8ba9\u4ea4\u6613\u53d8\u5f97\u66f4\u5feb\u3001\u66f4\u788e\u7247\u5316\uff0c\u65e7\u7684\u534a\u4eba\u5de5\u4f53\u7cfb\u5f7b\u5e95\u8ddf\u4e0d\u4e0a\u8282\u594f\u30022004\u20132005 \u5e74\uff0cSEC \u63a8\u51fa\u5386\u53f2\u6027\u7684\u65b0\u89c4\u2014\u2014Regulation NMS\u3002\u5b83\u5305\u542b\u56db\u5927\u6838\u5fc3\u6761\u6b3e\uff1a\u516c\u5e73\u63a5\u5165\uff08Rule 610\uff09\u3001\u7981\u6b62\u4ea4\u6613\u7a7f\u900f\uff08Rule 611\uff09\u3001\u6700\u5c0f\u62a5\u4ef7\u5355\u4f4d\uff08Rule 612\uff09\u3001\u5e02\u573a\u6570\u636e\u89c4\u5219\uff08Rule 603\uff09\u3010SEC\u3011\u3002<\/p>\n<\/section>\n

    \n

    \n<\/section>\n

    \n

    \n<\/section>\n

    \n

    \u5176\u4e2d\uff0cRule 611 \u4e5f\u5c31\u662f\u8457\u540d\u7684\u300c\u8ba2\u5355\u4fdd\u62a4\u89c4\u5219\u300d\uff0c\u767d\u8bdd\u89e3\u91ca\u5c31\u662f\uff1a\u5f53\u522b\u7684\u573a\u6240\u5df2\u7ecf\u6302\u51fa\u4e86\u66f4\u4f18\u7684\u53d7\u4fdd\u62a4\u62a5\u4ef7\uff0c\u4f60\u8fd9\u91cc\u4e0d\u80fd\u7528\u66f4\u5dee\u7684\u4ef7\u683c\u628a\u5355\u5b50\u64ae\u5408\u6389\u3002\u800c\u6240\u8c13\u300c\u53d7\u4fdd\u62a4\u62a5\u4ef7\u300d\uff0c\u5fc5\u987b\u662f\u53ef\u5373\u65f6\u81ea\u52a8\u6267\u884c\u7684\u62a5\u4ef7\uff0c\u4e0d\u80fd\u662f\u4eba\u5de5\u5904\u7406\u7684\u6162\u5355\u3010SEC Final Rule\u3011\u3002<\/p>\n<\/section>\n

    \n

    \u4e3a\u4e86\u8ba9\u8fd9\u4e00\u89c4\u5219\u771f\u6b63\u53ef\u843d\u5730\uff0c\u7f8e\u56fd\u5e02\u573a\u8fd8\u5efa\u7acb\u4e86\u4e24\u5757\u5173\u952e\u300c\u5730\u57fa\u300d\uff1a<\/p>\n<\/section>\n

    \n

    \n<\/section>\n

    \n

    \n<\/section>\n

    \n
      \n
    • \n

      NBBO\uff08National Best Bid and Offer\uff0c\u5168\u56fd\u6700\u4f73\u4e70\u5356\u4ef7\uff09\uff1a\u628a\u6240\u6709\u4ea4\u6613\u6240\u7684\u6700\u4f73\u4e70\u4ef7\u548c\u6700\u4f73\u5356\u4ef7\u7ec4\u5408\u8d77\u6765\uff0c\u6210\u4e3a\u8861\u91cf\u662f\u5426\u300c\u7a7f\u900f\u300d\u7684\u7edf\u4e00\u6807\u5c3a\u3002\u4f8b\u5982\uff0c\u4e0a\u56fe Exchange 3 \u7684 25.27 \u662f\u6700\u4f73\u4e70\u4ef7\uff0cExchange 2 \u7684 25.28 \u662f\u6700\u4f73\u5356\u4ef7\u3002<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

      \n

      \n<\/section>\n

      \n

      \n<\/section>\n

      \n
        \n
      • \n

        SIP\uff08Securities Information Processor\uff0c\u8bc1\u5238\u8d44\u8baf\u5904\u7406\u5668\uff0c\u5982\u4e0a\u56fe\uff09\uff1a\u8d1f\u8d23\u5b9e\u65f6\u6c47\u603b\u5e76\u53d1\u5e03\u8fd9\u4e9b\u6570\u636e\uff0c\u6210\u4e3a\u5168\u5e02\u573a\u7684\u300c\u5355\u4e00\u4e8b\u5b9e\u6765\u6e90\u300d\u3010Federal Register\u3001SEC\u3011\u3002<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

        \n

        Reg NMS\uff08Regulation National Market System\uff09 \u4e8e 2005 \u5e74 8 \u6708 29 \u65e5\u751f\u6548\uff0c\u5e76\u5728 2007 \u5e74 5 \u6708 21 \u65e5\u7387\u5148\u5728 250 \u53ea\u80a1\u7968\u4e0a\u6267\u884c Rule 611\uff0c\u540c\u5e74 7 \u6708 9 \u65e5\u5168\u9762\u63a8\u5e7f\u81f3\u6240\u6709 NMS \u80a1\u7968\uff0c\u6700\u7ec8\u5f62\u6210\u4e86\u884c\u4e1a\u7ea7\u7684\u300c\u4e0d\u5f97\u7a7f\u900f\u66f4\u4f18\u4ef7\u300d\u7684\u64cd\u4f5c\u4e60\u60ef\u3010SEC\u3011\u3002<\/p>\n<\/section>\n

        \n

        \n<\/section>\n

        \n

        \n<\/section>\n

        \n

        1.3 \u4e89\u8bae\u4e0e\u610f\u4e49<\/h3>\n<\/section>\n
        \n

        \u5f53\u7136\uff0c\u8fd9\u5e76\u975e\u4e00\u8def\u987a\u98ce\u987a\u6c34\u3002\u5f53\u5e74 SEC \u59d4\u5458 Glassman \u548c Atkins \u5c31\u63d0\u51fa\u8fc7\u53cd\u5bf9\u610f\u89c1\uff0c\u8ba4\u4e3a\u53ea\u76ef\u663e\u793a\u4ef7\u53ef\u80fd\u5ffd\u89c6\u4ea4\u6613\u7684\u51c0\u6210\u672c\uff0c\u751a\u81f3\u53ef\u80fd\u524a\u5f31\u5e02\u573a\u7ade\u4e89\u3010SEC Dissent\u3011\u3002\u4f46\u5927\u591a\u6570\u59d4\u5458\u4f9d\u65e7\u652f\u6301\u8fd9\u9879\u89c4\u5219\uff0c\u7406\u7531\u5f88\u6e05\u695a\uff1a\u5373\u4fbf\u6709\u6210\u672c\u548c\u6548\u7387\u7684\u4e89\u8bba\uff0c\u300c\u7981\u6b62\u4ea4\u6613\u7a7f\u900f\u300d\u81f3\u5c11\u786e\u4fdd\u4e86\u4e00\u4e2a\u6700\u57fa\u672c\u7684\u5e95\u7ebf\u2014\u2014<\/p>\n<\/section>\n

        \n

        \u6295\u8d44\u8005\u4e0d\u4f1a\u5728\u660e\u660e\u6709\u66f4\u597d\u4ef7\u683c\u7684\u60c5\u51b5\u4e0b\uff0c\u8fd8\u88ab\u8feb\u63a5\u53d7\u52a3\u4ef7\u6210\u4ea4\u3002<\/p>\n<\/section>\n

        \n

        \u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\uff0c\u76f4\u5230\u4eca\u5929\uff0cRule 611 \u4f9d\u7136\u88ab\u8ba4\u4e3a\u662f\u7f8e\u56fd\u8bc1\u5238\u5e02\u573a\u300c\u6700\u4f73\u6267\u884c\u751f\u6001\u300d\u7684\u652f\u70b9\u4e4b\u4e00\u3002\u5b83\u8ba9\u300c\u66f4\u597d\u4ef7\u683c\u4e0d\u80fd\u88ab\u65e0\u89c6\u300d\u4ece\u4e00\u53e5\u53e3\u53f7\uff0c\u53d8\u6210\u4e86\u53ef\u4ee5\u88ab\u76d1\u7ba1\u5ba1\u8ba1\u3001\u53ef\u4ee5\u4e8b\u540e\u8ffd\u8d23\u7684\u73b0\u5b9e\u89c4\u5219\u3002\u800c\u8fd9\u6761\u5e95\u7ebf\uff0c\u4e5f\u6b63\u662f\u52a0\u5bc6\u5e02\u573a\u6240\u7f3a\u5931\u3001\u5374\u6700\u503c\u5f97\u501f\u9274\u7684\u90e8\u5206\u3002<\/p>\n<\/section>\n

        \n

        2. \u4e3a\u4ec0\u4e48\u52a0\u5bc6\u5e02\u573a\u66f4\u9700\u8981\u8fd9\u6761\u300c\u5e95\u7ebf\u89c4\u5219\u300d\uff1f<\/h1>\n<\/section>\n
        \n

        \u5148\u628a\u95ee\u9898\u8bf4\u767d\uff1a\u5728\u52a0\u5bc6\u5e02\u573a\u91cc\uff0c\u4f60\u4e0b\u5355\u7684\u90a3\u4e00\u523b\uff0c\u672a\u5fc5\u6709\u4eba\u66ff\u4f60\u300c\u5f20\u671b\u5168\u573a\u300d\u3002\u4e0d\u540c\u4ea4\u6613\u6240\u3001\u4e0d\u540c\u94fe\u3001\u4e0d\u540c\u64ae\u5408\u673a\u5236\u50cf\u4e00\u5ea7\u5ea7\u5b64\u5c9b\uff0c\u4ef7\u683c\u5404\u5531\u5404\u7684\u8c03\u3002\u7ed3\u679c\u5c31\u662f\u2014\u2014\u660e\u660e\u522b\u5904\u6709\u66f4\u597d\u4ef7\uff0c\u4f60\u5374\u88ab\u300c\u5c31\u5730\u64ae\u5408\u300d\u6210\u4e86\u52a3\u4ef7\u3002\u8fd9\u5728\u7f8e\u80a1\u7531 Rule 611 \u660e\u4ee4\u7981\u6b62\uff0c\u4f46\u5728\u52a0\u5bc6\u4e16\u754c\u5e76\u6ca1\u6709\u7edf\u4e00\u7684\u300c\u515c\u5e95\u7ebf\u300d\u3002<\/p>\n<\/section>\n

        \n

        2.1 \u788e\u7247\u5316\u7684\u4ee3\u4ef7\uff1a\u6ca1\u6709\u300c\u5168\u573a\u89c6\u89d2\u300d\uff0c\u66f4\u5bb9\u6613\u88ab\u52a3\u4ef7\u6210\u4ea4\u3002<\/h3>\n<\/section>\n
        \n

        \u653e\u773c\u5f53\u4e0b\uff0c\u5168\u7403\u88ab\u7edf\u8ba1\u5728\u518c\u7684\u52a0\u5bc6\u4ea4\u6613\u573a\u6240\u52a8\u8f84\u4e0a\u5343\uff1a\u4ec5 CoinGecko \u7684\u300c\u5168\u7403\u56fe\u8868\u300d\u5c31\u663e\u793a\u8ffd\u8e2a 1,300+ \u4ea4\u6613\u6240\uff08\u5982\u4e0b\u56fe\uff09\uff1b\u800c CoinMarketCap \u7684\u73b0\u8d27\u699c\u5355\u4e5f\u957f\u671f\u663e\u793a\u4e24\u767e\u4f59\u5bb6\u5728\u6d3b\u8dc3\u62a5\u91cf\u2014\u2014\u8fd9\u8fd8\u4e0d\u542b\u5404\u7c7b\u884d\u751f\u54c1\u4e0e\u94fe\u4e0a DEX \u7684\u957f\u5c3e\u573a\u6240\u3002\u8fd9\u6837\u7684\u7248\u56fe\uff0c\u610f\u5473\u8457\u6ca1\u6709\u8c01\u80fd\u5929\u7136\u770b\u5230\u300c\u5168\u5e02\u573a\u6700\u4f18\u4ef7\u300d\u3002<\/p>\n<\/section>\n

        \n

        \n<\/section>\n

        \n

        \n<\/section>\n

        \n

        \u4f20\u7edf\u8bc1\u5238\u9760 SIP\/NBBO \u5408\u6210\u300c\u5168\u573a\u6700\u4f73\u4ef7\u5e26\u300d\uff1b\u800c\u5728\u52a0\u5bc6\u91cc\uff0c\u5b98\u65b9\u7684\u5408\u5e76\u4ef7\u5e26\u5e76\u4e0d\u5b58\u5728\uff0c\u8fde\u505a\u6570\u636e\u7684\u673a\u6784\u90fd\u76f4\u8a00\u300c\u52a0\u5bc6\u6ca1\u6709\u300e\u5b98\u65b9 CBBO\u300f\u300d\u3002\u8fd9\u5c31\u8ba9\u300c\u54ea\u91cc\u66f4\u4fbf\u5b9c\/\u66f4\u8d35\u300d\u53d8\u6210\u4e8b\u540e\u624d\u77e5\u9053\u7684\u4e8b\u3002(CoinGecko, CoinMarketCap, coinroutes.com)<\/p>\n<\/section>\n

        \n

        2.2 \u884d\u751f\u54c1\u4e3b\u5bfc\u3001\u6ce2\u52a8\u653e\u5927\uff1a\u63d2\u9488\u66f4\u5bb9\u6613\u53d1\u751f\uff0c\u4e14\u5f71\u54cd\u66f4\u5927\u3002<\/h3>\n<\/section>\n
        \n

        \u52a0\u5bc6\u4ea4\u6613\u91cc\uff0c\u884d\u751f\u54c1\u957f\u671f\u5360\u5927\u5934\u3002<\/p>\n<\/section>\n

        \n

        \u591a\u4efd\u884c\u4e1a\u6708\u62a5\u663e\u793a\uff0c\u884d\u751f\u54c1\u5360\u6bd4\u5e38\u5e74\u5728 ~67%\u201372% \u533a\u95f4\u6ce2\u52a8\uff1a\u4f8b\u5982 CCData \u7cfb\u5217\u62a5\u544a\u5148\u540e\u7ed9\u51fa 72.7%\uff082023\/3\uff09\u3001~68%\uff082025\/1\uff09\u3001~71%\uff082025\/7\uff09 \u7b49\u8bfb\u6570\u3002<\/p>\n<\/section>\n

        \n

        \u5360\u6bd4\u8d8a\u9ad8\uff0c\u8d8a\u5bb9\u6613\u5728\u9ad8\u6760\u6746\u4e0e\u8d44\u91d1\u8d39\u7387\u7684\u63a8\u52a8\u4e0b\u51fa\u73b0\u77ac\u65f6\u6781\u7aef\u4ef7\uff08\u300c\u63d2\u9488\u300d\uff09\uff1b\u4e00\u65e6\u4f60\u7684\u5e73\u53f0\u4e0d\u53bb\u6bd4\u4ef7\u3001\u4e0d\u7b97\u51c0\u4ef7\uff0c\u5c31\u53ef\u80fd\u5728\u66f4\u597d\u4ef7\u53ef\u5f97\u7684\u540c\u4e00\u65f6\u523b\uff0c\u88ab\u52a3\u4ef7\u300c\u5c31\u5730\u6210\u4ea4\u300d\u3002<\/p>\n<\/section>\n

        \n

        \u800c\u5728\u94fe\u4e0a\uff0cMEV\uff08\u6700\u5927\u53ef\u63d0\u53d6\u4ef7\u503c\uff09\u53c8\u53e0\u52a0\u4e86\u4e00\u5c42\u300c\u9690\u6027\u6ed1\u70b9\u300d\uff1a<\/p>\n<\/section>\n

        \n

        \n<\/section>\n

        \n

        \n<\/section>\n

        \n
          \n
        • \n

          \u6b27\u6d32\u8bc1\u76d1\u5c40\uff08ESMA\uff092025 \u5e74\u62a5\u544a\u7edf\u8ba1\uff0c\u4ec5 2024\/12\u20132025\/1 \u7684 30 \u5929\u91cc\uff0c\u5939\u51fb\uff08sandwich\uff09\u4ea4\u6613\u5c31\u8fbe 155 \u4e07\u7b14\u3001\u5229\u6da6 65,880 SOL\uff08\u7ea6 1,340 \u4e07\u7f8e\u5143\uff09\uff1b\uff08esma.europa.eu\uff09<\/p>\n<\/li>\n

        • \n

          \u5b66\u672f\u7edf\u8ba1\u4ea6\u663e\u793a\u5355\u6708\u5341\u4f59\u4e07\u6b21\u5939\u51fb\u3001\u5343\u4e07\u7f8e\u5143\u7ea7\u7684\u76f8\u5173 Gas \u6210\u672c\u3002<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

          \n

          \u5bf9\u666e\u901a\u4ea4\u6613\u8005\u800c\u8a00\uff0c\u8fd9\u4e9b\u90fd\u662f\u771f\u91d1\u767d\u94f6\u7684\u300c\u6267\u884c\u635f\u8017\u300d\u3002(CoinDesk Data, CryptoCompare, The Defiant, CryptoRank, arXiv)<\/p>\n<\/section>\n

          \n

          \n<\/section>\n

          \n

          \n<\/section>\n

          \n

          \u5982\u679c\u4f60\u60f3\u4e86\u89e3 MEV \u653b\u51fb\u662f\u5982\u4f55\u53d1\u751f\u7684\uff0c\u53ef\u4ee5\u770b\u4e00\u4e0b\u6211\u7684\u8fd9\u4e00\u7bc7\u300aMEV \u4e09\u660e\u6cbb\u653b\u51fb\u5168\u89e3\u6790\uff1a\u4ece\u6392\u5e8f\u5230\u95ea\u5151\u7684\u81f4\u547d\u94fe\u6761\u300b\uff0c\u8fd9\u91cc\u8be6\u7ec6\u62c6\u89e3\u4e86\u4e00\u6b21 MEV \u653b\u51fb\u662f\u5982\u4f55\u8ba9\u4ea4\u6613\u8005\u635f\u5931 21.5 \u4e07\u7f8e\u5143\u7684\u3002<\/p>\n<\/section>\n

          \n

          2.3 \u6709\u6280\u672f\uff0c\u5374\u7f3a\u300c\u539f\u5219\u515c\u5e95\u300d\uff1a\u8ba9\u300c\u6700\u597d\u4ef7\u683c\u300d\u53d8\u6210\u53ef\u9a8c\u8bc1\u7684\u627f\u8bfa\u3002<\/h3>\n<\/section>\n
          \n

          \u597d\u6d88\u606f\u662f\uff0c\u5e02\u573a\u5df2\u7ecf\u957f\u51fa\u4e86\u4e00\u4e9b\u300c\u81ea\u6551\u300d\u7684\u539f\u751f\u6280\u672f\uff1a<\/p>\n<\/section>\n

          \n

          \n<\/section>\n

          \n

          \n<\/section>\n

          \n
            \n
          • \n

            \u805a\u5408\u4e0e\u667a\u80fd\u8def\u7531\uff08\u5982 1inch\uff0cOdos\uff09\u4f1a\u626b\u63cf\u591a\u6c60\/\u591a\u94fe\uff0c\u62c6\u5355\u5e76\u628a Gas \u4e0e\u6ed1\u70b9\u7b97\u8fdb\u300c\u771f\u5b9e\u6210\u4ea4\u6210\u672c\u300d\uff0c\u529b\u6c42\u62ff\u5230\u66f4\u597d\u7684\u300c\u51c0\u4ef7\u300d\uff1b(portal.1inch.dev, blog.1inch.io)<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

            \n

            \n<\/section>\n

            \n

            \n<\/section>\n

            \n
              \n
            • \n

              \u79c1\u8425\u300c\u5408\u5e76\u6700\u4f73\u4ef7\u5e26\u300d\uff08\u5982 CoinRoutes \u7684 RealPrice\/CBBO\uff09\u628a\u6570\u5341\u5bb6\u573a\u6240\u7684\u6df1\u5ea6\u4e0e\u8d39\u7528\u5b9e\u65f6\u5408\u6210\u4e3a\u300c\u53ef\u4ea4\u6613\u3001\u5df2\u8ba1\u8d39\u7684\u53c2\u8003\u51c0\u4ef7\u300d\uff0c\u751a\u81f3\u88ab Cboe \u5f15\u5165\u505a\u6307\u6570\u4e0e\u57fa\u51c6\u3002\u8fd9\u4e9b\u90fd\u8bc1\u660e\uff1a\u300c\u627e\u5f97\u5230\u66f4\u597d\u4ef7\u300d\u5728\u6280\u672f\u4e0a\u662f\u53ef\u884c\u7684\u3002(Cboe Global Markets, Cboe, coinroutes.com)<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

              \n

              \u4f46\u574f\u6d88\u606f\u662f\uff1a\u6ca1\u6709\u300c\u7981\u6b62\u7a7f\u900f\u300d\u7684\u5e95\u7ebf\uff0c\u8fd9\u4e9b\u5de5\u5177\u53ea\u662f\u81ea\u613f\u9009\u62e9\uff0c\u5e73\u53f0\u5b8c\u5168\u53ef\u4ee5\u4e0d\u67e5\u4e0d\u6bd4\u5c31\u628a\u4f60\u7684\u5355\u5b50\u300c\u539f\u5730\u64ae\u5408\u300d\u3002<\/p>\n<\/section>\n

              \n

              \u800c\u5728\u4f20\u7edf\u8bc1\u5238\u91cc\uff0c\u6700\u4f73\u6267\u884c\u65e9\u88ab\u5199\u6210\u5408\u89c4\u4e49\u52a1\u2014\u2014\u4e0d\u4ec5\u770b\u4ef7\u683c\uff0c\u8fd8\u8981\u6743\u8861\u901f\u5ea6\u3001\u6210\u4ea4\u53ef\u80fd\u6027\u3001\u8d39\u7528\/\u8fd4\u4f63\uff0c\u5e76\u8fdb\u884c\u300c\u5b9a\u671f\u3001\u4e25\u683c\u300d\u7684\u6267\u884c\u8d28\u91cf\u8bc4\u4f30\uff1b\u8fd9\u6b63\u662f FINRA Rule 5310 \u7684\u7cbe\u795e\u3002\u628a\u8fd9\u6761\u300c\u539f\u5219 + \u53ef\u6838\u9a8c\u300d\u5f15\u5165\u52a0\u5bc6\uff0c\u624d\u662f\u771f\u6b63\u628a\u300c\u66f4\u597d\u4ef7\u4e0d\u80fd\u88ab\u65e0\u89c6\u300d\u4ece\u53e3\u53f7\u53d8\u6210\u627f\u8bfa\u7684\u5173\u952e\u4e00\u6b65\u3002(FINRA)<\/p>\n<\/section>\n

              \n

              \u4e00\u53e5\u8bdd\uff1a<\/p>\n<\/section>\n

              \n

              \u52a0\u5bc6\u5e02\u573a\u8d8a\u788e\u7247\u3001\u8d8a 24\/7\u3001\u8d8a\u884d\u751f\u54c1\u5316\uff0c\u666e\u901a\u4eba\u5c31\u8d8a\u9700\u8981\u4e00\u6761\u300c\u4e0d\u5f97\u65e0\u89c6\u66f4\u4f18\u516c\u5f00\u4ef7\u683c\u300d\u7684\u5e95\u7ebf\u89c4\u5219\u3002<\/p>\n<\/section>\n

              \n

              \u5b83\u4e0d\u4e00\u5b9a\u8981\u590d\u5236\u7f8e\u80a1\u7684\u6280\u672f\u7ec6\u8282\uff1b\u4f46\u81f3\u5c11\u8981\u628a\u300c\u4e0d\u5f97\u7a7f\u900f\u300d\u4e0a\u5347\u4e3a\u660e\u793a\u4e49\u52a1\uff0c\u8981\u6c42\u5e73\u53f0\u8981\u4e48\u7ed9\u51fa\u66f4\u4f18\u51c0\u4ef7\uff0c\u8981\u4e48\u7ed9\u51fa\u53ef\u4ee5\u8986\u6838\u7684\u7406\u7531\u4e0e\u8bc1\u636e\u3002\u5f53\u300c\u66f4\u597d\u4ef7\u300d\u53d8\u6210\u53ef\u9a8c\u8bc1\u3001\u53ef\u8ffd\u8d23\u7684\u516c\u5171\u627f\u8bfa\uff0c\u300c\u63d2\u9488\u300d\u5e26\u6765\u7684\u51a4\u6789\u635f\u5931\uff0c\u624d\u6709\u671b\u88ab\u771f\u6b63\u6309\u4e0b\u53bb\u3002<\/p>\n<\/section>\n

              \n

              3. \u7981\u6b62\u4ea4\u6613\u7a7f\u900f\u89c4\u5219\uff08Trade-Through Rule\uff09\u771f\u7684\u80fd\u5728\u5e01\u5708\u843d\u5730\u5417\uff1f<\/h1>\n<\/section>\n
              \n

              \u77ed\u7b54\u6848\uff1a\u80fd\uff0c\u4f46\u4e0d\u80fd\u751f\u642c\u786c\u5957\u3002<\/p>\n<\/section>\n

              \n

              \u590d\u5236\u7f8e\u80a1\u90a3\u5957\u300cNBBO+SIP+\u5f3a\u5236\u8def\u7531\u300d\u7684\u673a\u68b0\u7248\u672c\uff0c\u5728\u52a0\u5bc6\u91cc\u51e0\u4e4e\u8d70\u4e0d\u901a\uff1b\u4f46\u628a\u300c\u4e0d\u5f97\u65e0\u89c6\u66f4\u4f18\u516c\u5f00\u4ef7\u683c\u300d\u4e0a\u5347\u4e3a\u539f\u5219\u4e49\u52a1\uff0c\u518d\u914d\u4e0a\u53ef\u9a8c\u8bc1\u7684\u6267\u884c\u8bc1\u660e\u4e0e\u5e02\u573a\u5316\u7684\u5408\u5e76\u4ef7\u5e26\uff0c\u662f\u5b8c\u5168\u53ef\u884c\u3001\u800c\u4e14\u5df2\u7ecf\u6709\u300c\u534a\u6210\u54c1\u300d\u5728\u6c11\u95f4\u8dd1\u7740\u7684\u3002<\/p>\n<\/section>\n

              \n

              3.1 \u7b2c\u4e00\u6b65\u770b\u73b0\u5b9e\uff1a\u5e01\u5708\u4e3a\u4ec0\u4e48\u96be\uff1f<\/h3>\n<\/section>\n
              \n

              \u96be\u70b9\u4e3b\u8981\u6709\u4e09\uff1a<\/p>\n<\/section>\n

              \n
                \n
              • \n

                \u6ca1\u6709\u300c\u7edf\u4e00\u5927\u5c4f\u300d\uff08SIP\/NBBO\uff09\u3002\u7f8e\u80a1\u4e4b\u6240\u4ee5\u80fd\u9632\u7a7f\u900f\uff0c\u662f\u56e0\u4e3a\u6240\u6709\u4ea4\u6613\u6240\u628a\u6570\u636e\u5582\u8fdb\u8bc1\u5238\u8d44\u8baf\u5904\u7406\u5668\uff08SIP\uff09\uff0c\u5168\u5e02\u573a\u5c31\u6709\u4e86\u5168\u56fd\u6700\u4f73\u4e70\u5356\u4ef7\uff08NBBO\uff09\u8fd9\u4e2a\u300c\u540c\u4e00\u628a\u5c3a\u300d\u53ef\u7528\uff1b\u800c\u52a0\u5bc6\u6ca1\u6709\u5b98\u65b9\u884c\u60c5\u5e26\uff0c\u4ef7\u683c\u88ab\u5207\u6210\u8bb8\u591a\u300c\u8d44\u8baf\u5b64\u5c9b\u300d\u3002\uff08Reg NMS \u7684\u5e02\u573a\u6570\u636e\u4e0e\u5408\u5e76\u78c1\u5e26\uff0c\u662f 2004\u20132020 \u5e74\u6301\u7eed\u6253\u78e8\u51fa\u6765\u7684\u57fa\u5efa\u3002(Federal Register, \u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a)\uff09<\/p>\n<\/li>\n

              • \n

                \u7ed3\u7b97\u300c\u7ec8\u5c40\u6027\u300d\u4e0d\u4e00\u6837\u3002\u6bd4\u7279\u5e01\u5e38\u7528\u300c6 \u6b21\u786e\u8ba4\u300d\u624d\u76f8\u5bf9\u7a33\u59a5\uff1b\u4ee5\u592a\u574a PoS \u4f9d\u8d56 epoch \u7ec8\u5c40\u6027\uff0c\u9700\u8981\u4e00\u5b9a\u65f6\u95f4\u628a\u533a\u5757\u300c\u9489\u6b7b\u300d\u3002\u5f53\u4f60\u5b9a\u4e49\u300c\u53d7\u4fdd\u62a4\u62a5\u4ef7\u53ef\u5373\u65f6\u6267\u884c\u300d\u65f6\uff0c\u94fe\u4e0a\u300c\u53ef\u6267\u884c\/\u53ef\u6700\u7ec8\u300d\u7684\u542b\u4e49\u548c\u5ef6\u8fdf\uff0c\u5fc5\u987b\u91cd\u65b0\u5199\u660e\u767d\u3002(\u6bd4\u7279\u5e01\u767e\u79d1, ethereum.org)<\/p>\n<\/li>\n

              • \n

                \u6781\u5ea6\u788e\u7247\u5316 + \u884d\u751f\u54c1\u4e3b\u5bfc\u3002\u4ec5 CoinGecko \u5c31\u8ffd\u8e2a 1,300+\u5bb6\u4ea4\u6613\u6240\uff0cCMC \u7684\u73b0\u8d27\u699c\u5e38\u5e74 ~250 \u5bb6\uff1b\u518d\u7b97\u4e0a DEX \u4e0e\u957f\u5c3e\u94fe\uff0c\u4e0a\u4e0b\u6e38\u66f4\u788e\u3002\u884d\u751f\u54c1\u5e38\u5e74\u5360\u4ea4\u6613\u91cf 2\/3\u20133\/4\uff0c\u6ce2\u52a8\u88ab\u6760\u6746\u653e\u5927\uff0c\u300c\u63d2\u9488\u300d\u4e0e\u77ac\u65f6\u504f\u79bb\u66f4\u9891\u7e41\u3002(CoinGecko, CoinMarketCap, Kaiko, CryptoCompare)<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

                \n

                3.2 \u7b2c\u4e8c\u6b65\u770b\u673a\u4f1a\uff1a\u73b0\u6210\u300c\u96f6\u4ef6\u300d\u5176\u5b9e\u5df2\u7ecf\u5728\u8f6c\u3002<\/h3>\n<\/section>\n
                \n

                \u522b\u88ab\u300c\u6ca1\u6709\u5b98\u65b9\u884c\u60c5\u5e26\u300d\u5413\u4f4f\u2014\u2014\u6c11\u95f4\u5df2\u6709\u300c\u5408\u5e76\u4ef7\u5e26\u300d\u7684\u96cf\u5f62\u3002<\/p>\n<\/section>\n

                \n
                  \n
                • \n

                  CoinRoutes RealPrice\/CBBO\uff1a \u628a 40+ \u5bb6\u4ea4\u6613\u6240\u7684\u6df1\u5ea6\u3001\u8d39\u7528\u3001\u6570\u91cf\u7ea6\u675f\u5b9e\u65f6\u5408\u6210\uff0c\u505a\u6210\u53ef\u4ea4\u6613\u7684\u5408\u5e76\u6700\u4f73\u4ef7\uff1bCboe \u65e9\u5728 2020 \u5e74\u5c31\u7b7e\u4e86\u72ec\u5bb6\u6388\u6743\uff0c\u7528\u4e8e\u6570\u5b57\u8d44\u4ea7\u6307\u6570\u548c\u57fa\u51c6\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u300c\u628a\u5206\u6563\u4ef7\u8def\u7531\u5230\u66f4\u4f18\u51c0\u4ef7\u300d\u5728\u5de5\u7a0b\u4e0a\u662f\u6210\u719f\u7684\u3002(Cboe Global Markets, PR Newswire)<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

                  \n

                  \n<\/section>\n

                  \n

                  \n<\/section>\n

                  \n
                    \n
                  • \n

                    \u805a\u5408\u5668\u4e0e\u667a\u80fd\u8def\u7531\uff08\u5982\u4e0a\u56fe\uff09\uff1a\u4f1a\u62c6\u5355\u3001\u8de8\u6c60\/\u8de8\u94fe\u627e\u8def\u5f84\uff0c\u628a Gas \u4e0e\u6ed1\u70b9\u7b97\u8fdb\u771f\u5b9e\u6210\u4ea4\u6210\u672c\uff1bUniswapX \u8fdb\u4e00\u6b65\u7528\u62cd\u5356\/\u610f\u56fe\u805a\u5408\u94fe\u4e0a+\u94fe\u4e0b\u6d41\u52a8\u6027\uff0c\u5e26\u4e0a\u5931\u8d25\u96f6\u6210\u672c\u3001MEV \u4fdd\u62a4\u3001\u53ef\u6269\u5c55\u8de8\u94fe\u7b49\u80fd\u529b\uff0c\u672c\u8d28\u4e0a\u5c31\u662f\u5728\u8ffd\u6c42\u300c\u53ef\u9a8c\u8bc1\u7684\u66f4\u4f18\u51c0\u4ef7\u300d\u3002(blog.1inch.io, portal.1inch.dev, Uniswap \u6587\u6863)<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

                    \n

                    3.3 \u7b2c\u4e09\u6b65\u770b\u89c4\u5219\uff1a\u522b\u786c\u9020\u300c\u4e00\u6839\u603b\u7ebf\u300d\uff0c\u8981\u7acb\u300c\u5e95\u7ebf\u539f\u5219\u300d\u3002<\/h3>\n<\/section>\n
                    \n

                    \u548c\u7f8e\u80a1\u4e0d\u540c\uff0c\u6211\u4eec\u4e0d\u5f3a\u884c\u9020\u5168\u7403 SIP\uff0c\u800c\u662f\u5206\u4e09\u5c42\u63a8\u8fdb\uff1a<\/p>\n<\/section>\n

                    \n

                    \n<\/section>\n

                    \n

                    \n<\/section>\n

                    \n
                      \n
                    • \n

                      \u539f\u5219\u5148\u884c\uff08\u540c\u4e00\u5408\u89c4\u5708\u5c42\uff09\uff1a \u5728\u5355\u4e00\u53f8\u6cd5\u8f96\u533a\u7684\u5408\u89c4\u5e73\u53f0\/\u7ecf\u7eaa\/\u805a\u5408\u5668\u4e4b\u95f4\uff0c\u786e\u7acb\u300c\u4e0d\u5f97\u7a7f\u900f\u66f4\u4f18\u516c\u5f00\u4ef7\u683c\/\u51c0\u4ef7\u300d\u7684\u660e\u786e\u4e49\u52a1\u3002\u4ec0\u4e48\u53eb\u300c\u51c0\u4ef7\u300d\uff1f\u4e0d\u53ea\u770b\u5c4f\u5e55\u4e0a\u7684\u540d\u4e49\u4ef7\uff0c\u8fd8\u8981\u628a\u8d39\u7528\u3001\u8fd4\u4f63\u3001\u6ed1\u70b9\u3001Gas\u3001\u5931\u8d25\u91cd\u8bd5\u6210\u672c\u90fd\u7b97\u8fdb\u53bb\u3002\u6b27\u76df MiCA \u7b2c 78 \u6761 \u5df2\u7ecf\u628a\u300c\u6700\u4f73\u7ed3\u679c\u300d\u5199\u6210\u6cd5\u5b9a\u6e05\u5355\uff08\u4ef7\u683c\u3001\u6210\u672c\u3001\u901f\u5ea6\u3001\u6267\u884c\u4e0e\u7ed3\u7b97\u53ef\u80fd\u6027\u3001\u89c4\u6a21\u3001\u6258\u7ba1\u6761\u4ef6\u7b49\uff09\uff1b\u8fd9\u4e00\u539f\u5219\u6027\u53e3\u5f84\uff0c\u5b8c\u5168\u53ef\u4ee5\u6210\u4e3a\u300c\u52a0\u5bc6\u7248\u9632\u7a7f\u900f\u300d\u7684\u951a\u3002(esma.europa.eu, wyden.io)<\/p>\n<\/li>\n

                    • \n

                      \u5e02\u573a\u5316\u5408\u5e76\u4ef7\u5e26 + \u62bd\u67e5\u6821\u9a8c\uff1a \u76d1\u7ba1\u8ba4\u53ef\u591a\u5bb6\u79c1\u8425\u300c\u5408\u5e76\u4ef7\u5e26\/\u53c2\u8003\u51c0\u4ef7\u300d\u4f5c\u4e3a\u5408\u89c4\u57fa\u7ebf\u4e4b\u4e00\uff0c\u6bd4\u5982\u524d\u8ff0 RealPrice\/CBBO\uff1b\u5173\u952e\u4e0d\u662f\u6307\u5b9a\u300c\u552f\u4e00\u6570\u636e\u6e90\u300d\uff0c\u800c\u662f\u8981\u6c42\u65b9\u6cd5\u5b66\u900f\u660e\u3001\u8986\u76d6\u62ab\u9732\u3001\u51b2\u7a81\u8bf4\u660e\uff0c\u5e76\u8fdb\u884c\u968f\u673a\u6bd4\u5bf9\/\u5916\u90e8\u62bd\u67e5\u3002\u8fd9\u6837\u65e2\u907f\u514d\u300c\u4e00\u5bb6\u72ec\u5927\u300d\uff0c\u53c8\u7ed9\u4e86\u4ece\u4e1a\u8005\u6e05\u6670\u7684\u53ef\u9a8c\u8bc1\u6807\u5c3a\u3002(Cboe Global Markets)<\/p>\n<\/li>\n

                    • \n

                      \u300c\u6700\u4f73\u6267\u884c\u8bc1\u660e\u300d\u4e0e\u5468\u671f\u6027\u5bf9\u8d26 \uff1a\u5e73\u53f0\u4e0e\u7ecf\u7eaa\u5fc5\u987b\u7559\u75d5\uff1a\u5f53\u65f6\u641c\u8fc7\u54ea\u4e9b\u573a\u6240\/\u8def\u5f84\u3001\u4e3a\u4ec0\u4e48\u653e\u5f03\u67d0\u6761\u66f4\u4f18\u540d\u4e49\u4ef7\uff08\u6bd4\u5982\u7ed3\u7b97\u4e0d\u786e\u5b9a\u3001Gas \u8fc7\u9ad8\uff09\u3001\u6700\u7ec8\u6210\u4ea4\u51c0\u4ef7\u4e0e\u9884\u4f30\u5dee\u5f02\u3002\u53c2\u8003\u4f20\u7edf\u8bc1\u5238\uff0cFINRA Rule 5310 \u8981\u6c42\u300c\u9010\u5355\u6216\u300e\u5b9a\u671f\u4e14\u4e25\u683c\u300f\u300d\u7684\u6267\u884c\u8d28\u91cf\u8bc4\u4f30\uff08\u81f3\u5c11\u6309\u5b63\u5ea6\u3001\u6309\u54c1\u7c7b\uff09\uff0c\u52a0\u5bc6\u4e5f\u5e94\u91c7\u7eb3\u540c\u7b49\u7ea7\u7684\u81ea\u8bc1\u4e0e\u62ab\u9732\u3002(FINRA)<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

                      \n

                      3.4 \u7b2c\u56db\u6b65\u770b\u8fb9\u754c\uff1a\u521b\u65b0\u4e0d\u8be5\u88ab\u300c\u5361\u6b7b\u300d\u3002<\/h3>\n<\/section>\n
                      \n

                      \u539f\u5219\u662f\u300c\u4e0d\u5f97\u65e0\u89c6\u66f4\u4f18\u516c\u5f00\u4ef7\u683c\u300d\uff0c\u4f46\u5b9e\u73b0\u8def\u5f84\u8981\u6280\u672f\u4e2d\u7acb\u3002\u8fd9\u4e5f\u662f\u7f8e\u56fd\u8fd9\u6b21\u91cd\u5f00 Rule 611 \u5706\u684c\u7684\u542f\u793a\uff1a\u8fde\u5728\u96c6\u4e2d\u5ea6\u5f88\u9ad8\u7684\u7f8e\u80a1\uff0c\u8ba2\u5355\u4fdd\u62a4\u90fd\u5728\u88ab\u53cd\u601d\u5982\u4f55\u5347\u7ea7\uff0c\u66f4\u4e0d\u80fd\u5728\u52a0\u5bc6\u91cc\u641e\u300c\u4e00\u5200\u5207\u300d\u3002(\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a, Sidley)<\/p>\n<\/section>\n

                      \n

                      \u90a3\u4e48\uff0c\u843d\u5730\u4f1a\u957f\u4ec0\u4e48\u6837\uff1f\u7ed9\u4f60\u4e00\u5f20\u300c\u64cd\u4f5c\u611f\u300d\u5f88\u5f3a\u7684\u56fe\u666f\uff08\u60f3\u8c61\u4e00\u4e0b\uff09\uff1a<\/p>\n<\/section>\n

                      \n
                        \n
                      • \n

                        \u4f60\u5728\u5408\u89c4 CEX\/\u805a\u5408\u5668\u4e0b\u4e00\u7b14\u5355\u3002\u7cfb\u7edf\u5148\u67e5\u8be2\u591a\u5bb6\u573a\u6240\/\u591a\u94fe\/\u591a\u6c60\uff0c\u8c03\u7528\u79c1\u8425\u5408\u5e76\u4ef7\u5e26\u4f5c\u53c2\u8003\uff0c\u5bf9\u6bcf\u6761\u5019\u9009\u8def\u5f84\u90fd\u8ba1\u5165\u8d39\u7387\u3001\u6ed1\u70b9\u3001Gas\u3001\u9884\u671f\u7ec8\u5c40\u65f6\u95f4\uff1b\u82e5\u67d0\u8def\u5f84\u540d\u4e49\u4ef7\u66f4\u597d\u4f46\u7ec8\u5c40\u6027\/\u8d39\u7528\u4e0d\u8fbe\u6807\uff0c\u7cfb\u7edf\u660e\u786e\u5199\u5165\u7406\u7531\u5e76\u4fdd\u7559\u8bc1\u636e\u3002<\/p>\n<\/li>\n

                      • \n

                        \u7cfb\u7edf\u9009\u62e9\u7efc\u5408\u51c0\u4ef7\u66f4\u4f18\u4e14\u53ef\u53ca\u65f6\u6210\u4ea4\u7684\u8def\u7ebf\uff08\u5fc5\u8981\u65f6\u62c6\u5355\uff09\u3002\u82e5\u5b83\u6ca1\u6709\u628a\u4f60\u8def\u7531\u5230\u5f53\u65f6\u66f4\u4f18\u51c0\u4ef7\uff0c\u4e8b\u540e\u62a5\u8868\u4f1a\u4eae\u7ea2\u706f\uff0c\u6210\u5408\u89c4\u98ce\u9669\u70b9\uff0c\u88ab\u62bd\u67e5\u5230\u5c31\u8981\u89e3\u91ca\u751a\u81f3\u8d54\u4ed8\u3002<\/p>\n<\/li>\n

                      • \n

                        \u4f60\u80fd\u770b\u5230\u7b80\u660e\u7684\u6267\u884c\u62a5\u544a\uff1a\u6700\u4f18\u53ef\u5f97\u51c0\u4ef7 vs \u5b9e\u9645\u51c0\u4ef7\uff0c\u8def\u5f84\u5bf9\u6bd4\uff0c\u9884\u4f30\u4e0e\u5b9e\u9645\u6ed1\u70b9\/\u8d39\u7528\uff0c\u6210\u4ea4\u65f6\u95f4\u4e0e\u94fe\u4e0a\u7ec8\u5c40\u6027\u3002\u5bf9\u300c\u63d2\u9488\u300d\u6700\u654f\u611f\u7684\u5c0f\u767d\uff0c\u4e5f\u80fd\u636e\u6b64\u5224\u65ad\uff1a\u6211\u662f\u4e0d\u662f\u88ab\u300c\u5c31\u5730\u52a3\u4ef7\u300d\u4e86\uff1f<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

                        \n

                        \u6700\u540e\uff0c\u518d\u628a\u300c\u62c5\u5fc3\u70b9\u300d\u8bf4\u900f\uff1a<\/p>\n<\/section>\n

                        \n
                          \n
                        • \n

                          \u300c\u6ca1\u6709\u5168\u7403 NBBO \u5c31\u5e72\u4e0d\u4e86\uff1f\u300d \u5e76\u4e0d\u9700\u8981\u3002MiCA \u5df2\u7ecf\u628a\u300c\u6700\u4f73\u6267\u884c\u300d\u539f\u5219\u843d\u5230\u52a0\u5bc6\u670d\u52a1\u5546\uff08CASP\uff09\u8eab\u4e0a\uff0c\u5f3a\u8c03\u4ef7\u683c\u3001\u6210\u672c\u3001\u901f\u5ea6\u3001\u6267\u884c\/\u7ed3\u7b97\u53ef\u80fd\u6027\u7b49\u591a\u7ef4\uff1b\u7f8e\u80a1\u7684\u81ea\u8bc1+\u62bd\u67e5\u4f20\u7edf\u4e5f\u80fd\u62ff\u6765\u7528\u3002\u7528\u591a\u5bb6\u5408\u5e76\u4ef7\u5e26 + \u5ba1\u8ba1\u5bf9\u8d26\u5c31\u80fd\u5efa\u7acb\u300c\u5171\u8bc6\u4ef7\u5e26\u300d\uff0c\u800c\u4e0d\u662f\u903c\u51fa\u4e00\u4e2a\u300c\u4e2d\u592e\u78c1\u5e26\u300d\u3002(esma.europa.eu, FINRA)<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

                          \n

                          \n<\/section>\n

                          \n

                          \n<\/section>\n

                          \n
                            \n
                          • \n

                            \u300c\u94fe\u4e0a\u6709 MEV\u3001\u4f1a\u4e0d\u4f1a\u4ecd\u88ab\u5403\u6ed1\u70b9\uff1f\u300d \u8fd9\u6b63\u662f UniswapX \u4e4b\u7c7b\u534f\u8bae\uff08\u5982\u4e0a\u56fe\uff09\u8981\u89e3\u51b3\u7684\u95ee\u9898\uff1aMEV \u4fdd\u62a4\u3001\u5931\u8d25\u96f6\u6210\u672c\u3001\u8de8\u6e90\u7ade\u4ef7\uff0c\u628a\u539f\u672c\u300c\u77ff\u5de5\/\u6392\u5e8f\u8005\u300d\u62ff\u8d70\u7684\u8fb9\u9645\uff0c\u5c3d\u53ef\u80fd\u8fd4\u8fd8\u4e3a\u4ef7\u683c\u6539\u8fdb\u3002\u4f60\u53ef\u4ee5\u628a\u5b83\u7406\u89e3\u4e3a\u300c\u6280\u672f\u7248\u7684\u8ba2\u5355\u4fdd\u62a4\u300d\u3002(Uniswap \u6587\u6863, Uniswap)<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

                            \n

                            \u7ed3\u8bba\u4e00\u53e5\u8bdd\uff1a<\/p>\n<\/section>\n

                            \n

                            \u5728\u5e01\u5708\u843d\u5730\u300c\u9632\u7a7f\u900f\u300d\uff0c\u8def\u5f84\u4e0d\u662f\u590d\u5236\u7f8e\u80a1\u7684\u673a\u5668\u89c4\u5219\uff0c\u800c\u662f\u4ee5MiCA\/FINRA \u7ea7\u522b\u7684\u539f\u5219\u4e49\u52a1\u4e3a\u951a\uff0c\u7ed3\u5408\u79c1\u8425\u5408\u5e76\u4ef7\u5e26\u4e0e\u94fe\u4e0a\u53ef\u9a8c\u8bc1\u7684\u300c\u6700\u4f73\u6267\u884c\u8bc1\u660e\u300d\uff0c\u5148\u4ece\u540c\u4e00\u76d1\u7ba1\u56f4\u680f\u5185\u8d77\u6b65\uff0c\u518d\u9010\u6b65\u5916\u6269\u3002\u53ea\u8981\u628a\u300c\u66f4\u4f18\u516c\u5f00\u4ef7\u683c\u4e0d\u80fd\u88ab\u65e0\u89c6\u300d\u53d8\u6210\u53ef\u5ba1\u8ba1\u3001\u53ef\u8ffd\u8d23\u7684\u627f\u8bfa\uff0c\u54ea\u6015\u6ca1\u6709\u4e00\u6839\u300c\u5168\u7403\u603b\u7ebf\u300d\uff0c\u6211\u4eec\u4e5f\u80fd\u628a\u300c\u63d2\u9488\u300d\u7684\u4f24\u5bb3\u538b\u4e0b\u53bb\uff0c\u628a\u6563\u6237\u8be5\u62ff\u7684\u90a3\u4e00\u5206\u94b1\uff0c\u5c3d\u91cf\u4ece\u7cfb\u7edf\u91cc\u627e\u56de\u6765\u3002<\/p>\n<\/section>\n

                            \n

                            \n<\/section>\n

                            \n

                            \n<\/section>\n

                            \n

                            \u7ed3\u8bed\uff5c\u628a\u300c\u6700\u597d\u4ef7\u683c\u300d\u4ece\u53e3\u53f7\u53d8\u6210\u5236\u5ea6<\/h2>\n<\/section>\n
                            \n

                            \u52a0\u5bc6\u5e02\u573a\u4e0d\u7f3a\u806a\u660e\u7684\u4ee3\u7801\uff0c\u7f3a\u7684\u662f\u4e00\u6761\u6240\u6709\u4eba\u90fd\u5fc5\u987b\u9075\u5b88\u7684\u5e95\u7ebf\u3002<\/p>\n<\/section>\n

                            \n

                            \u7981\u6b62\u4ea4\u6613\u7a7f\u900f\u5e76\u4e0d\u662f\u8981\u628a\u5e02\u573a\u62f4\u4f4f\uff0c\u800c\u662f\u8981\u628a\u6743\u8d23\u634b\u987a\uff1a\u5e73\u53f0\u8981\u4e48\u628a\u4f60\u9001\u5230\u66f4\u4f18\u51c0\u4ef7\uff0c\u8981\u4e48\u62ff\u51fa\u53ef\u6838\u9a8c\u7684\u7406\u7531\u4e0e\u8bc1\u636e\u3002\u8fd9\u4e0d\u662f\u300c\u9650\u5236\u521b\u65b0\u300d\uff0c\u6070\u6070\u662f\u7ed9\u521b\u65b0\u94fa\u8def\u2014\u2014\u5f53\u4ef7\u683c\u53d1\u73b0\u66f4\u516c\u5e73\u3001\u6267\u884c\u66f4\u900f\u660e\uff0c\u771f\u6b63\u6709\u6548\u7387\u7684\u6280\u672f\u548c\u4ea7\u54c1\u624d\u4f1a\u88ab\u653e\u5927\u3002<\/p>\n<\/section>\n

                            \n

                            \u522b\u518d\u628a\u300c\u63d2\u9488\u300d\u5f53\u6210\u884c\u60c5\u7684\u5bbf\u547d\u3002\u6211\u4eec\u9700\u8981\u7684\uff0c\u662f\u4e00\u5957\u6280\u672f\u4e2d\u7acb\u3001\u7ed3\u679c\u53ef\u8bc1\u3001\u5206\u5c42\u63a8\u8fdb\u7684\u52a0\u5bc6\u7248\u300c\u8ba2\u5355\u4fdd\u62a4\u300d\u3002\u628a\u300c\u66f4\u4f18\u4ef7\u683c\u300d\u4ece\u53ef\u80fd\u6027\uff0c\u53d8\u6210\u53ef\u5ba1\u8ba1\u7684\u627f\u8bfa\u3002<\/p>\n<\/section>\n

                            \n

                            \u53ea\u6709\u66f4\u4f18\u4ef7\u683c\u300c\u4e0d\u5f97\u88ab\u65e0\u89c6\u300d\uff0c\u52a0\u5bc6\u5e02\u573a\u624d\u7b97\u6210\u5e74\u3002<\/p>\n<\/section>\n

                            \n

                            \u6765\u6e90\uff1a\u91d1\u8272\u8d22\u7ecf<\/p>\n<\/section>\n

                            \n

                            \u53d1\u5e03\u8005\u5bf9\u672c\u6587\u7ae0\u7684\u5185\u5bb9\u627f\u62c5\u5168\u90e8\u8d23\u4efb
                            \u5728\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u524d\uff0c\u8bf7\u52a1\u5fc5\u6df1\u5165\u7814\u7a76\uff0c\u7406\u89e3\u76f8\u5173\u98ce\u9669\uff0c\u5e76\u8c28\u614e\u8bc4\u4f30\u81ea\u5df1\u7684\u98ce\u9669\u627f\u53d7\u80fd\u529b\u3002\u4e0d\u8981\u56e0\u4e3a\u77ed\u671f\u9ad8\u56de\u62a5\u7684\u8bf1\u60d1\u800c\u5ffd\u89c6\u6f5c\u5728\u7684\u91cd\u5927\u635f\u5931\u3002<\/p>\n<\/section>\n

                            <\/main><\/p>\n","protected":false},"excerpt":{"rendered":"

                            \u4f5c\u8005\uff1aDaii \u6765\u6e90\uff1ayzdxs.eth \u6211\u4e00\u76f4\u8bf4\uff1a\u5f53\u4e0b\u7684\u52a0\u5bc6\u5e02\u573a\u66f4\u50cf\u4e00\u7247\u300c\u72c2\u91ce\u897f\u90e8\u300d\u3002 \u6700\u523a\u773c\u7684\u8bc1\u636e\uff0c\u5c31\u662f\u300c […]<\/p>\n","protected":false},"author":2,"featured_media":3457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/posts\/4834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4834"}],"version-history":[{"count":1,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/posts\/4834\/revisions"}],"predecessor-version":[{"id":6797,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/posts\/4834\/revisions\/6797"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/media\/3457"}],"wp:attachment":[{"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4834"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}