{"id":4911,"date":"2026-10-04T21:28:21","date_gmt":"2026-10-04T13:28:21","guid":{"rendered":"http:\/\/www.lqhyjs.com\/?p=4911"},"modified":"2026-10-04T21:28:21","modified_gmt":"2026-10-04T13:28:21","slug":"%e9%a6%96%e4%b8%aa%e7%9c%9f%e6%ad%a3%e7%9a%84%e9%93%be%e4%b8%8a%e7%be%8e%e8%82%a1%ef%bc%9agalaxy%e8%82%a1%e7%a5%a8glxy%e4%bb%a3%e5%b8%81%e5%8c%96%e8%af%a6%e8%a7%a3","status":"publish","type":"post","link":"http:\/\/www.liaoxiaoha.com\/?p=4911","title":{"rendered":"\u9996\u4e2a\u771f\u6b63\u7684\u94fe\u4e0a\u7f8e\u80a1\uff1aGalaxy\u80a1\u7968GLXY\u4ee3\u5e01\u5316\u8be6\u89e3"},"content":{"rendered":"<section style=\"margin-top:30px\">\n<p>\u6765\u6e90\uff1aGalaxy\uff1b\u7f16\u8bd1\uff1a\u91d1\u8272\u8d22\u7ecf<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h2>\u8981\u70b9\u901f\u89c8\uff1a<\/h2>\n<\/section>\n<section style=\"margin-top:20px\">\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>Galaxy \u5df2\u4e0eSuperstate\u5408\u4f5c\uff0c\u5141\u8bb8\u5728Solana\u533a\u5757\u94fe\u4e0a\u5bf9\u5176A\u7c7b\u666e\u901a\u80a1\u8fdb\u884c\u4ee3\u5e01\u5316\u3002<\/p>\n<\/li>\n<li>\n<p>Superstate\u662fGalaxy\u4ee3\u5e01\u5316\u80a1\u7968\u6570\u5b57\u8f6c\u8ba9\u4ee3\u7406\u3002<\/p>\n<\/li>\n<li>\n<p>GLXY\u7684\u94fe\u4e0a\u80a1\u7968\u662f\u7ecfSEC\u6ce8\u518c\u7684Galaxy Digital A\u7c7b\u666e\u901a\u80a1\uff0c\u5176\u4eab\u6709\u4e0e\u4f20\u7edf\u683c\u5f0f\u7684\u80a1\u7968\u76f8\u540c\u7684\u6cd5\u5f8b\u548c\u7ecf\u6d4e\u6743\u5229\u3002<\/p>\n<\/li>\n<li>\n<p>\u52a0\u5165Superstate\u7684\u4eba\u53ef\u4ee5\u6301\u6709\uff08\u81ea\u6211\u4fdd\u7ba1\uff09\u3001\u53d1\u9001\u548c\u63a5\u6536 GLXY \u7684\u94fe\u4e0a\u80a1\u4efd\u3002<\/p>\n<\/li>\n<li>\n<p>\u5c3d\u7ba1\u53ef\u4ee5\u5728\u5141\u8bb8\u4e0a\u5e02\u5b9e\u4f53\u4e4b\u95f4\u53cc\u5411\u8f6c\u79fbGLXY\uff0c\u4f46 Galaxy \u5c1a\u672a\u542f\u7528\u57fa\u4e8e AMM \u7684\u94fe\u4e0a\u80a1\u7968\u4ea4\u6613\u3002<\/p>\n<\/li>\n<li>\n<p>Galaxy\u80a1\u7968\u5728Solana\u4e0a\u7684\u5408\u7ea6\u5730\u5740\uff1a2HehXG149TXuVptQhbiWAWDjbbuCsXSAtLTB5wc2aajK\uff0c\u4efb\u4f55\u6765\u81ea\u5176\u4ed6\u667a\u80fd\u5408\u7ea6\u5730\u5740\u7684\u4ee3\u5e01\uff0c\u53ea\u8981\u58f0\u79f0\u662f GLXY \u80a1\u7968\u7684\u94fe\u4e0a\u80a1\u4efd\uff0c\u6216 Galaxy Digital \u771f\u6b63\u53d1\u884c\u7684\u4ee3\u5e01\uff0c\u90fd\u662f\u6b3a\u8bc8\u6027\u7684\u3002<\/p>\n<\/li>\n<li>\n<p>Galaxy Research \u521b\u5efa\u4e86\u6b64 Dune \u4eea\u8868\u677f\u6765\u8ddf\u8e2a\u94fe\u4e0a GLXY \u7684\u4f9b\u5e94\u60c5\u51b5\uff1ahttps:\/\/dune.com\/glxyresearch_team\/glxy-class-a-common-stock-token<\/p>\n<\/li>\n<\/ul>\n<\/section>\n<section>\n<h2>\u5f15\u8a00<\/h2>\n<\/section>\n<p><!--$--><\/p>\n<div id=\"div-gpt-ad-cnyes_news_article_middle_1\" data-ad-status=\"loading\" class=\"ayopho3\" style=\"--ayopho3-0:728px;--ayopho3-1:90px;--ayopho3-2:728px;--ayopho3-3:90px;--ayopho3-4:32px;--ayopho3-5:32px;--ayopho3-6:auto;--ayopho3-7:auto;--ayopho3-8:block\"><span aria-live=\"polite\"><span class=\"react-loading-skeleton\" style=\"border-radius:6px;width:100%;height:100%\">\u200c<\/span><br \/><\/span><\/div>\n<p><!--\/$--><\/p>\n<section style=\"margin-top:30px\">\n<p>2025\u5e749\u67083\u65e5\uff0cGalaxy\u5ba3\u5e03\u5bf9\u5176A \u7c7b\u666e\u901a\u80a1 GLXY \u8fdb\u884c\u4ee3\u5e01\u5316\u2014\u2014\u8fd9\u662f\u5386\u53f2\u4e0a\u9996\u6b21\u5728\u4e3b\u8981\u516c\u94fe\u4e0a\u5bf9\u516c\u5f00\u4e0a\u5e02\u7684\u7f8e\u56fd\u80a1\u7968\u8bc1\u5238\u8fdb\u884c\u4ee3\u5e01\u5316\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>Galaxy \u5df2\u5141\u8bb8\u5176 SEC \u6ce8\u518c\u7684 A \u7c7b\u666e\u901a\u80a1\u7684\u73b0\u6709\u80a1\u4e1c\u5c06\u5176\u80a1\u4efd\u4ece\u4f20\u7edf\u683c\u5f0f\u8f6c\u79fb\u5230 Solana \u533a\u5757\u94fe\u4e0a\u7684\u94fe\u4e0a\u7248\u672c\u3002\u901a\u8fc7\u5728\u4f20\u7edf\u5e02\u573a\u548c\u94fe\u4e0a\u5e02\u573a\u4e4b\u95f4\u5efa\u7acb\u4e00\u5ea7\u300c\u6865\u6881\u300d\uff0cGalaxy \u4f7f\u5176\u80a1\u4e1c\u80fd\u591f\u4ee5\u4ee3\u5e01\u5316\u7684\u5f62\u5f0f\u4ee3\u8868\u5176\u6240\u6301\u6709\u7684 GLXY \u80a1\u4efd\u3002\u5f53\u7528\u6237\u62e5\u6709\u8fd9\u4e9bGalaxy\u7684\u4ee3\u5e01\u5316\u80a1\u4efd\u65f6\uff0c\u7528\u6237\u7684\u4ee3\u5e01\u5c31\u662f\u516c\u53f8\u7684\u771f\u5b9e\u80a1\u4efd\u3002\u5b83\u4eec\u4e0d\u662f\u300c\u5305\u88c5\u80a1\u7968\u300d\uff1b\u5b83\u4eec\u662f\u771f\u6b63\u7684\u94fe\u4e0a\u80a1\u7968\u3002\u5b83\u4eec\u8d4b\u4e88\u6211\u4eec\u73b0\u6709\u7684\u516c\u5f00\u53d1\u884c\u80a1\u4efd\u76f8\u540c\u7684\u6240\u6709\u8d22\u52a1\u548c\u6cd5\u5f8b\u6743\u5229\uff0c\u56e0\u4e3a\u5b83\u4eec\u5c31\u662f\u73b0\u6709\u7684\u516c\u5f00\u53d1\u884c\u80a1\u4efd\u3002\u8fd9\u662f\u5386\u53f2\u4e0a\u9996\u6b21\u5728\u4e3b\u8981\u7684\u516c\u94fe\u4e0a\u53d1\u884c\u7f8e\u56fd\u516c\u5f00\u4e0a\u5e02\u7684\u80a1\u7968\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6211\u4eec\u5728 Superstate \u7684\u5e2e\u52a9\u4e4b\u4e0b\u5b9e\u73b0\u4e86\u8fd9\u4e00\u76ee\u6807\u3002Superstate \u662f\u4e00\u5bb6\u5728\u7f8e\u56fdSEC\u6ce8\u518c\u7684\u8fc7\u6237\u4ee3\u7406\u673a\u6784\uff0c\u4e5f\u662f\u9886\u5148\u7684\u4ee3\u5e01\u5316\u670d\u52a1\u548c\u94fe\u4e0a\u8425\u8fd0\u63d0\u4f9b\u5546\u3002\uff08\u6ce8\uff1aGalaxy Ventures \u662f Superstate \u7684\u6295\u8d44\u8005\u4e4b\u4e00\uff09\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5b8c\u6210Superstate\u6ce8\u518c\u7684\u7528\u6237\u53ef\u4ee5\u6301\u6709\u5176\u80a1\u4efd\uff08\u81ea\u884c\u4fdd\u7ba1\uff09\uff0c\u5e76\u5c06\u5176\u8f6c\u79fb\u5230\u5141\u8bb8\u540d\u5355\u4e0a\u7684\u5730\u5740\u3002\u56e0\u6b64\uff0c\u5c3d\u7ba1 AMM \u4ea4\u6613\u5c1a\u672a\u542f\u7528\uff0c\u4f46\u53ef\u4ee5\u5728\u5141\u8bb8\u540d\u5355\u4e0a\u7684\u5b9e\u4f53\u4e4b\u95f4\u8fdb\u884c GLXY \u7684\u53cc\u5411\u8f6c\u79fb\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u8fd9\u53ea\u662f\u6211\u4eec\u9884\u671f\u7684\u8d44\u672c\u5e02\u573a\u9769\u547d\u7684\u7b2c\u4e00\u6b65\u3002\u7f8e\u56fdSEC\u4e3b\u5e2d\u8868\u793a\uff0c\u76d1\u7ba1\u673a\u6784\u5c06\u4e3a\u8bc1\u5238\u5e02\u573a\u4e2d\u7684\u53bb\u4e2d\u5fc3\u5316\u7cfb\u7edf\uff08\u5305\u62ec\u81ea\u52a8\u5316\u505a\u5e02\u5546 AMM\uff09\u300c\u5236\u5b9a\u5408\u7406\u53ef\u884c\u7684\u89c4\u5219\u300d\u3002Superstate \u548c Galaxy \u5747\u79ef\u6781\u4e0e\u7f8e\u56fd\u8bc1SEC\u5408\u4f5c\uff0c\u5e2e\u52a9\u5b9a\u4e49\u5408\u89c4\u7684\u516c\u5f00\u80a1\u7968 AMM \u4ea4\u6613\u6a21\u5f0f\uff0c\u6211\u4eec\u76f8\u4fe1\uff0c\u660e\u786e\u7684\u89c4\u5219\u5f88\u5feb\u5c31\u4f1a\u51fa\u53f0\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>Galaxy \u4e00\u76f4\u4ee5\u6765\u90fd\u8d70\u5728\u91d1\u878d\u521b\u65b0\u7684\u524d\u6cbf\u3002\u6211\u4eec\u5c06\u7ee7\u7eed\u81f4\u529b\u4e8e\u4e0e\u884c\u4e1a\u4e3b\u8981\u76d1\u7ba1\u673a\u6784\u548c\u5229\u76ca\u76f8\u5173\u8005\u5408\u4f5c\uff0c\u63a8\u8fdb Galaxy \u7684\u957f\u671f\u6838\u5fc3\u4f7f\u547d\uff1a\u4e3a\u5168\u7403\u7ecf\u6d4e\u6784\u5efa\u66f4\u5feb\u3001\u66f4\u9ad8\u6548\u3001\u66f4\u5177\u5305\u5bb9\u6027\u548c\u66f4\u5b89\u5168\u7684\u4ef7\u503c\u8f6c\u79fb\u3001\u50a8\u5b58\u548c\u521b\u9020\u65b9\u5f0f\u2014\u2014\u800c\u4ee3\u5e01\u5316\u80a1\u7968\u6b63\u662f\u6211\u4eec\u8fc8\u51fa\u7684\u4e0b\u4e00\u6b65\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h2>\u5982\u4f55\u8d70\u5230\u8fd9\u4e00\u6b65\uff1f\u4ee3\u5e01\u5316\u5386\u53f2<\/h2>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4eba\u7c7b\u559c\u6b22\u76f4\u63a5\u3001\u53cc\u8fb9\u3001\u70b9\u5bf9\u70b9\u7684\u4e92\u52a8\u3002\u76f4\u63a5\u5173\u7cfb\u662f\u6211\u4eec\u504f\u597d\u7684\u81ea\u7136\u72b6\u6001\u3002\u4f46\u968f\u8457\u7ec4\u7ec7\u3001\u7cfb\u7edf\u548c\u5e02\u573a\u7684\u89c4\u6a21\u6269\u5927\uff0c\u8fd9\u4e9b\u76f4\u63a5\u8054\u7cfb\u5f80\u5f80\u4f1a\u65ad\u88c2\uff0c\u5e76\u5e38\u5e38\u88ab\u4e2d\u5fc3\u5316\u7684\u653f\u5e9c\u3001\u673a\u6784\u3001\u4ef2\u4ecb\u673a\u6784\u548c\u7ec4\u7ec7\u6240\u53d6\u4ee3\u3002\u7eb5\u89c2\u5386\u53f2\uff0c\u4ece\u5730\u65b9\u5230\u56fd\u5bb6\u653f\u6cbb\u3001\u751f\u4ea7\u548c\u4f9b\u5e94\u94fe\u3001\u8d27\u5e01\u548c\u5e02\u573a\uff0c\u5927\u591a\u6570\u4eba\u7c7b\u7ec4\u7ec7\u5f62\u5f0f\u90fd\u7ecf\u5386\u4e86\u540c\u6837\u7684\u53d1\u5c55\u3002\u4e2d\u5fc3\u5316\u4ee5\u727a\u7272\u81ea\u4e3b\u6027\u4e3a\u4ee3\u4ef7\u6765\u63d0\u9ad8\u6548\u7387\u3002\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u7684\u5386\u53f2\u4e5f\u4e0d\u4f8b\u5916\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>20\u4e16\u7eaa60\u5e74\u4ee3\u672b\uff0c\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u84ec\u52c3\u53d1\u5c55\uff0c\u4f46\u5e02\u573a\u57fa\u7840\u8bbe\u65bd\u5374\u672a\u80fd\u8ddf\u4e0a\uff0c\u6700\u7ec8\u50ac\u751f\u4e86\u6211\u4eec\u5982\u4eca\u6240\u89c1\u7684\u4e2d\u5fc3\u5316\u80a1\u7968\u6e05\u7b97\u548c\u7ed3\u7b97\u7cfb\u7edf\u3002\u7f8e\u56fdSEC\u4e3b\u5e2d\u4fdd\u7f57\u00b7\u963f\u7279\u91d1\u65af\u57282025\u5e747\u670831\u65e5\u5ba3\u5e03\u542f\u52a8\u300cProject Crypto\u300d\u7684\u5f00\u521b\u6027\u6f14\u8bb2\u4e2d\uff0c\u63cf\u8ff0\u4e86\u8fd9\u79cd\u5d29\u6e83\u53ca\u5176\u5bfc\u81f4\u7684\u4e2d\u5fc3\u5316\u73b0\u8c61\u6700\u8457\u540d\u7684\u4f8b\u5b50\u4e4b\u4e00\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u8bc1\u5238\u4e22\u5931\u6216\u88ab\u76d7\u3002\u4ea4\u6613\u5931\u8d25\u7387\u6fc0\u589e\u3002\u8bb8\u591a\u8d44\u672c\u8584\u5f31\u7684\u7ecf\u7eaa\u81ea\u8425\u5546\u56e0\u4ea4\u6613\u5931\u8d25\u800c\u9677\u5165\u56f0\u5883\u3002\u65e0\u5948\u4e4b\u4e0b\uff0c\u4ea4\u6613\u65f6\u95f4\u88ab\u7f29\u77ed\uff0c\u4ea4\u6613\u6240\u6700\u7ec8\u5728\u5468\u4e09\u5173\u95ed\uff0c\u4ee5\u4fbf\u516c\u53f8\u5904\u7406\u5806\u79ef\u5982\u5c71\u7684\u51ed\u8bc1\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u65f6\u4efb\u7f8e\u56fdSEC\u4e3b\u5e2d\u5c06\u56e0\u8fc7\u65f6\u7684\u7cfb\u7edf\u800c\u5bfc\u81f4\u7684\u5d29\u6e83\u63cf\u8ff0\u4e3a\u300c\u8bc1\u5238\u4e1a40\u5e74\u6765\u6301\u7eed\u65f6\u95f4\u6700\u957f\u3001\u6700\u4e3a\u4e25\u91cd\u7684\u5371\u673a\u2026\u2026\u516c\u53f8\u7eb7\u7eb7\u5012\u95ed\uff0c\u6295\u8d44\u8005\u4fe1\u5fc3\u66b4\u8dcc\u3002\u300d \u503c\u5f97\u79f0\u9053\u7684\u662f\uff0c\u7f8e\u56fdSEC\u79ef\u6781\u4e3b\u52a8\u5730\u5e94\u5bf9\u4e86\u6240\u8c13\u7684\u300c\u6587\u4e66\u5de5\u4f5c\u5371\u673a\u300d\u3002\u8be5\u673a\u6784\u5e2e\u52a9\u5e02\u573a\u53c2\u4e0e\u8005\u6210\u7acb\u4e86\u5b58\u7ba1\u4fe1\u6258\u53ca\u6e05\u7b97\u516c\u53f8\uff08DTC\uff09\uff0c\u4ece\u800c\u5f7b\u5e95\u6539\u53d8\u4e86\u8bc1\u5238\u7684\u6301\u6709\u548c\u4ea4\u6613\u65b9\u5f0f\u3002\u80a1\u7968\u6240\u6709\u6743\u4e0d\u518d\u9700\u8981\u901a\u8fc7\u8ba1\u7b97\u673a\u5316\u7684\u8d26\u7c3f\u8bb0\u5f55\u5728\u5ba2\u6237\u548c\u7ecf\u7eaa\u4eba\u4e4b\u95f4\u3001\u7ecf\u7eaa\u4eba\u548c\u7ecf\u7eaa\u4eba\u4e4b\u95f4\u4ee5\u53ca\u7ecf\u7eaa\u4eba\u548c\u5ba2\u6237\u4e4b\u95f4\u4f20\u9012\u7eb8\u8d28\u8bc1\u4e66\u3002\u8bc1\u4e66\u672c\u8eab\u88ab\u56fa\u5b9a\u4e0b\u6765\uff0c\u5b89\u5168\u5730\u50a8\u5b58\u5728\u4fdd\u9669\u5e93\u4e2d\uff0c\u6240\u6709\u6743\u5219\u4ee5\u7535\u5b50\u65b9\u5f0f\u8f6c\u79fb\uff0c\u8fd9\u4e3a\u5ef6\u7eed\u81f3\u4eca\u7684\u73b0\u4ee3\u6e05\u7b97\u548c\u7ed3\u7b97\u7cfb\u7edf\u5960\u5b9a\u4e86\u57fa\u7840\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: right\">\u2014\u2014SEC \u4e3b\u5e2d Paul Atkins\uff0c2025 \u5e74 7 \u6708 31 \u65e5<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5728 20 \u4e16\u7eaa 60 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20 \u4e16\u7eaa 60 \u5e74\u4ee3\uff0c\u5982\u679c\u4e0d\u4f7f\u7528\u4e2d\u5fc3\u5316\u4ef2\u4ecb\u673a\u6784\uff0c\u5c31\u65e0\u6cd5\u6ee1\u8db3\u534e\u5c14\u8857\u65e5\u76ca\u589e\u957f\u7684\u7ed3\u7b97\u548c\u8bb0\u5f55\u4fdd\u5b58\u9700\u6c42\u3002\u4f46\u73b0\u5728\u60c5\u51b5\u5df2\u4e0d\u518d\u5982\u6b64\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5341\u591a\u5e74\u6765\uff0c\u6280\u672f\u4e13\u5bb6\u548c\u91d1\u878d\u4e13\u4e1a\u4eba\u58eb\u90fd\u5df2\u8ba4\u8bc6\u5230\u533a\u5757\u94fe\u4e3a\u8d44\u4ea7\u6240\u6709\u6743\u548c\u8f6c\u79fb\u5e26\u6765\u7684\u900f\u660e\u5ea6\u548c\u6548\u7387\u3002\u65e9\u57282016\u5e74\uff0c\u7f8e\u56fd\u5b58\u7ba1\u4fe1\u6258\u53ca\u6e05\u7b97\u516c\u53f8\uff08DTCC\uff09\u5c31\u9884\u89c1\u5230\u4e86\u53bb\u4e2d\u5fc3\u5316\u516c\u94fe\u7684\u5e02\u573a\u4f18\u52bf\u548c\u98a0\u8986\u6f5c\u529b\uff0c\u5e76\u53d1\u5e03\u4e86\u4e00\u4efd\u91cd\u8981\u7684\u767d\u76ae\u4e66\uff0c\u9898\u4e3a\u300a\u62e5\u62b1\u98a0\u8986\uff1a\u6316\u6398\u5206\u5e03\u5f0f\u8d26\u672c\u7684\u6f5c\u529b\uff0c\u6539\u5584\u4ea4\u6613\u540e\u683c\u5c40\u300b\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u591a\u5e74\u6765\uff0c\u6570\u5341\u5bb6\u516c\u53f8\u81f4\u529b\u4e8e\u5c06\u73b0\u5b9e\u4e16\u754c\u7684\u8d44\u4ea7\u4ee3\u5e01\u5316\uff0c\u5305\u62ec\u623f\u5730\u4ea7\u3001\u5546\u54c1\u3001\u5b9e\u7269\u6536\u85cf\u54c1\u548c\u827a\u672f\u54c1\uff0c\u4f46\u5927\u591a\u5e94\u7528\u6709\u9650\u3002\u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\uff0c\u8fd9\u7c7b\u4ee3\u5e01\u5316\u5c1d\u8bd5\u7684\u963b\u529b\u6765\u81ea\u76d1\u7ba1\uff0c\u4f46\u5728\u5927\u591a\u6570\u60c5\u51b5\u4e0b\uff0c\u5e02\u573a\u672a\u80fd\u5f25\u5408\u8d44\u4ea7\u7684\u5b9e\u7269\u5c5e\u6027\u4e0e\u533a\u5757\u94fe\u7684\u65e0\u5f62\u5c5e\u6027\u4e4b\u95f4\u7684\u5dee\u8ddd\uff0c\u4ee3\u5e01\u5316\u9ec4\u91d1\u662f\u4e00\u4e2a\u663e\u8457\u7684\u4f8b\u5916\u3002\u8fd9\u5b9e\u9645\u4e0a\u662f\u4e00\u4e2a\u6280\u672f\u969c\u788d\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4ee5\u65e0\u5f62\u8d44\u4ea7\u751a\u81f3\u6570\u5b57\u8d44\u4ea7\u4e3a\u5148\u7684\u4ee3\u5e01\u5316\u5e94\u7528\u5219\u66f4\u4e3a\u5e7f\u6cdb\u3002\u7a33\u5b9a\u5e01\u51ed\u501f\u5e7f\u6cdb\u7684\u4ea7\u54c1\u5e02\u573a\u5951\u5408\u5ea6\u800c\u6210\u4e3a\u4e00\u65f6\u7684\u70ed\u9500\u4ea7\u54c1\uff0c\u5b83\u672c\u8eab\u5c31\u662f\u4e00\u79cd\u4ee3\u5e01\u5316\u5f62\u5f0f\u3002\u5982\u4eca\uff0c\u7a33\u5b9a\u5e01\u5df2\u5c55\u73b0\u51fa\u4e09\u79cd\u6e05\u6670\u7684\u7528\u9014\uff0c\u5e76\u6301\u7eed\u4fdd\u6301\u5f3a\u52b2\u589e\u957f\uff1a\u8de8\u5883\u652f\u4ed8\u3001\u65b0\u5174\u7ecf\u6d4e\u4f53\u7684\u6d77\u5916\u7f8e\u5143\u6d41\u901a\uff0c\u4ee5\u53ca\u4f5c\u4e3a\u6bd4\u7279\u5e01\u3001ETH\u548c\u5176\u4ed6\u6570\u5b57\u8d44\u4ea7\u7684\u4ea4\u6613\u5bf9\u3002\u7a33\u5b9a\u5e01\u4ee5\u5916\u7684\u4e00\u4e9b\u4ee3\u5e01\u5316\u7c7b\u522b\u4e5f\u7ecf\u5386\u4e86\u5f3a\u52b2\u7684\u521d\u671f\u589e\u957f\uff0c\u5c24\u5176\u662f\u79c1\u52df\u4fe1\u8d37\u548c\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u3002\u5e02\u573a\u76ee\u524d\u503e\u5411\u4e8e\u5c06\u8fd9\u79cd\u94fe\u4e0a\u4ee3\u5e01\u5316\u9886\u57df\u79f0\u4e3a\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7 (RWA)\uff1b\u8fd9\u4e9b\u8d44\u4ea7\u7684\u4f9b\u5e94\u91cf\u76ee\u524d\u4ec5\u4e3a 250 \u4ebf\u7f8e\u5143\u5de6\u53f3\uff0c\u4e0d\u5230\u7a33\u5b9a\u5e01\u4f9b\u5e94\u91cf\u7684\u5341\u5206\u4e4b\u4e00\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<\/section>\n<section style=\"margin-top:30px\">\n<h2>\u8bc1\u5238\u4ee3\u5e01\u5316<\/h2>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4ee3\u5e01\u5316\u8bc1\u5238\u5e7f\u6cdb\u5e94\u7528\u7684\u9650\u5236\u56e0\u7d20\u4ece\u6765\u90fd\u4e0d\u662f\u6280\u672f\u5c42\u9762\u7684\uff0c\u800c\u662f\u76d1\u7ba1\u5c42\u9762\u7684\u3002\u8bc1\u5238\u4ee3\u5e01\u5316\u5e76\u975e\u6280\u672f\u98de\u8dc3\uff0c\u800c\u662f\u8bb0\u5f55\u4fdd\u5b58\u65b9\u5f0f\u7684\u53d8\u9769\u3002\u4e0e\u9ec4\u91d1\u3001\u827a\u672f\u54c1\u6216\u623f\u5730\u4ea7\u4e0d\u540c\u2014\u2014\u8fd9\u4e9b\u9886\u57df\u4e2d\u7684\u4ee3\u5e01\u5fc5\u987b\u901a\u8fc7\u6258\u7ba1\u548c\u51fa\u5904\u8d44\u8baf\u4e0e\u5b9e\u7269\u8d44\u4ea7\u6302\u94a9\u2014\u2014\u5927\u591a\u6570\u8bc1\u5238\u5df2\u7ecf\u975e\u7269\u8d28\u5316\uff0c\u5e76\u4ee5\u7c3f\u8bb0\u5f62\u5f0f\u8fdb\u884c\u6570\u5b57\u5316\u4fdd\u5b58\u3002\u5728\u7f8e\u56fd\uff0c\u6301\u4ed3\u4f4d\u4e8e DTCC \u95f4\u63a5\u6301\u6709\u7cfb\u7edf\uff08\u4ee5 DTC \u4e3a\u4e2d\u592e\u6258\u7ba1\u673a\u6784\uff09\u5185\uff0c\u5b9e\u9645\u6240\u6709\u6743\u901a\u8fc7\u7ecf\u7eaa\u81ea\u8425\u5546\u548c\u8fc7\u6237\u4ee3\u7406\u4eba\u8fdb\u884c\u8ffd\u8e2a\u3002\u8be5\u7cfb\u7edf\u662f\u4e00\u4e2a\u300c\u4e2d\u5fc3\u5316\u8d26\u672c\u300d\u3002\u8fd9\u91cc\u7684\u300c\u4ee3\u5e01\u5316\u300d\u53ea\u662f\u5c06\u6761\u76ee\u4ece\u4e2d\u5fc3\u5316\u8d26\u672c\u8fc1\u79fb\u5230\u53bb\u4e2d\u5fc3\u5316\u7684\u5206\u5e03\u5f0f\u8d26\u672c\uff1b\u57fa\u672c\u6743\u5229\u548c\u4e49\u52a1\u4fdd\u6301\u4e0d\u53d8\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u80a1\u6743\u4ee3\u5e01\u5316\u7684\u76d1\u7ba1\u963b\u529b<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5386\u53f2\u4e0a\uff0c\u4e16\u754c\u5404\u5730\u7684\u5e02\u573a\u76d1\u7ba1\u673a\u6784\uff0c\u5c24\u5176\u662f\u7f8e\u56fdSEC\uff0c\u51e0\u4e4e\u6ca1\u6709\u4e3b\u52a8\u521b\u9020\u5141\u8bb8\u80a1\u6743\u8bc1\u5238\u4ee3\u5e01\u5316\u7684\u76d1\u7ba1\u73af\u5883\u3002\u7ed3\u679c\uff0c\u521d\u521b\u516c\u53f8\u96be\u4ee5\u5411\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u63d0\u4f9b\u5207\u5b9e\u53ef\u884c\u7684\u516c\u94fe\u670d\u52a1\uff1b\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u516c\u53f8\uff0c\u81f3\u5c11\u662f\u90a3\u4e9b\u613f\u610f\u5c1d\u8bd5\u7684\u516c\u53f8\uff0c\u5219\u5728\u8bb8\u53ef\u578b\u533a\u5757\u94fe\u7684\u4e16\u754c\u91cc\u82e6\u82e6\u6323\u624e\uff1b\u4e24\u5bb6\u516c\u53f8\u90fd\u672a\u80fd\u771f\u6b63\u8de8\u8d8a\u9e3f\u6c9f\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5173\u4e8e\u53d1\u884c\u3001\u8bb0\u5f55\u4fdd\u5b58\u3001\u6258\u7ba1\u3001\u7ed3\u7b97\u3001\u62a5\u544a\u3001\u7ecf\u7eaa\u548c\u4ea4\u6613\u7684\u590d\u6742\u89c4\u5219\u5927\u591a\u5c1a\u672a\u66f4\u65b0\uff0c\u4ee5\u5141\u8bb8\u4ee5\u4ee3\u5e01\u5316\u5f62\u5f0f\u4ea4\u6613\u80a1\u6743\u8bc1\u5238\u3002\u524d\u4efb\u4e3b\u5e2d\u52a0\u91cc\u00b7\u6839\u65af\u52d2\uff08Gary Gensler\uff09\u9886\u5bfc\u4e0b\u7684\u7f8e\u56fdSEC\u8ba4\u4e3a\uff0c\u73b0\u6709\u7684\u8bc1\u5238\u89c4\u5219\u5bf9\u53d1\u884c\u4eba\u3001\u4ef2\u4ecb\u673a\u6784\u548c\u4ea4\u6613\u6240\u6765\u8bf4\u5df2\u7ecf\u8db3\u591f\uff0c\u4f46\u5374\u6ca1\u6709\u8bf4\u660e\u300c\u4ee3\u5e01\u5316\u8fdb\u5165\u5e02\u573a\u5e76\u6ce8\u518c\u300d\u4e3a\u4f55\u7ad9\u4e0d\u4f4f\u811a\u3002\u7b80\u800c\u8a00\u4e4b\uff0c\u65e7\u89c4\u5219\u5728\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u4e2d\u8fd0\u884c\u826f\u597d\uff0c\u4f46\u5e76\u4e0d\u5b8c\u5168\u9002\u7528\u4e8e\u533a\u5757\u94fe\u6280\u672f\u56fa\u6709\u7684\u529f\u80fd\u3002\u8fd9\u79cd\u50f5\u5c40\u5bfc\u81f4\u4e86\u4e24\u4e2a\u91cd\u5927\u540e\u679c\uff1a<\/p>\n<\/section>\n<section style=\"margin-top:20px\">\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u7f8e\u56fd\u76d1\u7ba1\u9014\u5f84\u4e0d\u8db3\u5bfc\u81f4\u4ee3\u5e01\u5316\u505c\u6ede\u4e0d\u524d\u3002\u5c3d\u7ba1\u7a33\u5b9a\u5e01\u4f5c\u4e3a\u4ea4\u6613\u5a92\u4ecb\u548c\u7ed3\u7b97\u8d44\u4ea7\u7684\u4f7f\u7528\u6301\u7eed\u6fc0\u589e\uff0c\u4f46\u81ea2017\u5e74\u548c2018\u5e74\u771f\u6b63\u5f00\u59cb\u7684\u4ee3\u5e01\u5316\u6d6a\u6f6e\u5374\u5728\u968f\u540e\u7684\u51e0\u5e74\u91cc\u672a\u80fd\u53d6\u5f97\u8fdb\u5c55\u3002\u52a0\u5bc6\u8d27\u5e01\u539f\u751f\u516c\u53f8\u548c\u4f20\u7edf\u516c\u53f8\u90fd\u4e0d\u613f\u4f18\u5148\u8003\u8651\u6280\u672f\u548c\u8425\u8fd0\u521b\u65b0\u3002\u76d1\u7ba1\u673a\u6784\u7684\u653f\u7b56\u51b3\u5b9a\u5bfc\u81f4\u4e00\u4e9b\u672c\u5e94\u4e0d\u5e26\u515a\u6d3e\u8272\u5f69\u7684\u590d\u6742\u76d1\u7ba1\u95ee\u9898\u5f97\u4e0d\u5230\u89e3\u51b3\u2014\u2014\u4f8b\u5982\uff0c\u7ecf\u7eaa\u81ea\u8425\u5546\u662f\u5426\u6216\u5982\u4f55\u4e0e\u8bc1\u5238\u578b\u548c\u975e\u8bc1\u5238\u578b\u4ee3\u5e01\u8fdb\u884c\u4e92\u52a8\u3002<\/p>\n<\/li>\n<li>\n<p>\u5e02\u573a\u7ee7\u7eed\u91c7\u7528\u4f4e\u6548\u7684\u4ee3\u5e01\u5316\u7ed3\u6784\u6765\u89c4\u907f\u7f8e\u56fd\u7684\u76d1\u7ba1\u5f00\u9500\u3002\u5c3d\u7ba1\u52a0\u5bc6\u8d27\u5e01\u7684\u76d1\u7ba1\u900f\u660e\u5ea6\u505c\u6ede\u4e0d\u524d\u6216\u51fa\u73b0\u5012\u9000\uff0c\u4f46\u5e02\u573a\u5bf9\u65b0\u578b\u4ee3\u5e01\u5316\u7ed3\u6784\u7684\u9700\u6c42\u5e76\u672a\u51cf\u5f31\u3002\u6536\u76ca\u578b\u7a33\u5b9a\u5e01\u3001\u7528\u4e8e\u4ee3\u5e01\u5316\u80a1\u7968\u655e\u53e3\u7684\u7c7b\u4f3c SPV \u7684\u7ed3\u6784\uff0c\u4ee5\u53ca\u6784\u5efa\u4ea4\u6613\u5e94\u7528\u7a0b\u5e8f\u548c\u5176\u4ed6\u673a\u5236\u7684\u56e2\u961f\u90fd\u8f6c\u79fb\u5230\u4e86\u6d77\u5916\u3002\u4ee3\u5e01\u5316\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u7684\u63a8\u51fa\u4e0d\u5141\u8bb8\u4ee3\u5e01\u8f6c\u79fb\u3002\u5c31\u7f8e\u56fd\u80a1\u7968\u8bc1\u5238\u4ee3\u5e01\u5316\u7684\u7a0b\u5ea6\u800c\u8a00\uff0c\u8fd9\u4e9b\u4ee3\u5e01\u4ee5\u5305\u88c5\u5f62\u5f0f\u5b58\u5728\uff0c\u4ee3\u5e01\u6240\u6709\u8005\u5bf9\u6807\u7684\u516c\u53f8\u80a1\u7968\u6ca1\u6709\u4efb\u4f55\u7279\u5b9a\u7684\u80a1\u6743\u8981\u6c42\uff0c\u6216\u8005\u5b83\u4eec\u88ab\u964d\u7ea7\u5230\u7f3a\u4e4f\u65e0\u9700\u8bb8\u53ef\u7684\u533a\u5757\u94fe\u7684\u900f\u660e\u5ea6\u548c\u5f00\u653e\u6027\u7684\u79c1\u4eba\u5e73\u53f0\u3002\u4e1a\u754c\u8ffd\u5bfb\u8fd9\u4e9b\u7ed3\u6784\uff0c\u5c31\u50cf\u8def\u9762\u4e0a\u7684\u6c34\u4e00\u6837\uff0c\u53d1\u73b0\u4e86\u4e00\u4e9b\u53ef\u884c\u7684\u7ed3\u6784\uff0c\u4f46\u6ca1\u6709\u627e\u5230\u66f4\u597d\u7684\u3002<\/p>\n<\/li>\n<\/ul>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u6280\u672f\u4e0e\u76d1\u7ba1\u643a\u624b<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5c3d\u7ba1\u591a\u5e74\u6765\u9762\u4e34\u8bf8\u591a\u963b\u529b\uff0c\u533a\u5757\u94fe\u6280\u672f\u548c\u8425\u8fd0\u521b\u65b0\u5df2\u53d6\u5f97\u8fdb\u5c55\uff0c\u4f7f\u5f97\u8bc1\u5238\u578b\u4ee3\u5e01\u80fd\u591f\u5728\u516c\u5171\u3001\u65e0\u9700\u8bb8\u53ef\u7684\u533a\u5757\u94fe\u4e0a\u843d\u5730\uff0c\u540c\u65f6\u4ecd\u7136\u9075\u5b88\u8bc1\u5238\u6cd5\u548c\u53cd\u6d17\u94b1\u6cd5\u80cc\u540e\u7684\u539f\u5219\u3002\u6b64\u524d\u5145\u6ee1\u654c\u610f\u548c\u51b7\u6f20\u7684\u76d1\u7ba1\u73af\u5883\uff0c\u5982\u4eca\u5df2\u5448\u73b0\u51fa\u652f\u6301\u548c\u53c2\u4e0e\u7684\u826f\u597d\u52bf\u5934\u30022025\u5e74\uff0c\u7f8e\u56fdSEC\u548c\u603b\u7edf\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u5de5\u4f5c\u7ec4\u5df2\u660e\u786e\u8868\u793a\uff0c\u63a8\u52a8\u516c\u94fe\u5728\u7f8e\u56fd\u7684\u5e94\u7528\u662f\u56fd\u5bb6\u4f18\u5148\u4e8b\u9879\u3002SEC\u4e3b\u5e2d\u963f\u7279\u91d1\u65af\u548c\u59d4\u5458\u76ae\u5c14\u65af\u5df2\u591a\u6b21\u9610\u8ff0\u533a\u5757\u94fe\u521b\u65b0\u80fd\u591f\u4e3a\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u5e26\u6765\u7684\u76ca\u5904\uff0c\u5e76\u627f\u8bfaSEC\u5c06\u5ba1\u67e5\u548c\u4fee\u6539\u73b0\u6709\u89c4\u5219\u6216\u53d1\u5e03\u8c41\u514d\u6761\u6b3e\uff0c\u4ee5\u5141\u8bb8\u80a1\u7968\u4ee3\u5e01\u5316\u9886\u57df\u7684\u521b\u65b0\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u81f3\u5173\u91cd\u8981\u7684\u662f\uff0cSEC \u5df2\u5f00\u59cb\u5411\u5229\u76ca\u76f8\u5173\u8005\u5f81\u6c42\u53cd\u9988\u610f\u89c1\uff0c\u63a2\u8ba8\u5982\u4f55\u4f7f\u5176\u89c4\u5219\u73b0\u4ee3\u5316\uff0c\u4ee5\u6db5\u76d6\u533a\u5757\u94fe\u4ee3\u5e01\uff0c\u5c24\u5176\u5173\u6ce8\u7ecf\u7eaa\u81ea\u8425\u5546\u3001\u53d1\u884c\u4eba\u3001\u4e8c\u7ea7\u5e02\u573a\u3001\u6258\u7ba1\u548c\u501f\u8d37\u3002\u8fd9\u662f\u4e00\u9879\u8270\u5de8\u7684\u4efb\u52a1\uff0c\u5c24\u5176\u8003\u8651\u5230 SEC \u524d\u4efb\u9886\u5bfc\u5c42\u672a\u80fd\u5728\u8fd9\u4e9b\u65b9\u9762\u5f00\u5c55\u6709\u610f\u4e49\u7684\u5de5\u4f5c\u3002\u867d\u7136\u4e3a\u884c\u4e1a\u5236\u5b9a\u65b0\u89c4\u5219\u5bf9\u76d1\u7ba1\u673a\u6784\u800c\u8a00\u610f\u4e49\u91cd\u5927\uff0c\u4f46 Galaxy \u5c06\u7ee7\u7eed\u6210\u4e3a\u76d1\u7ba1\u673a\u6784\u548c\u5229\u76ca\u76f8\u5173\u8005\u503c\u5f97\u4fe1\u8d56\u7684\u8d44\u6e90\uff0c\u5e76\u79c9\u6301\u5171\u540c\u76ee\u6807\uff1a\u9f13\u52b1\u7f8e\u56fd\u91d1\u878d\u5e02\u573a\u8d56\u4ee5\u6210\u540d\u7684\u521b\u65b0\uff0c\u5e76\u786e\u4fdd\u5236\u5b9a\u6e05\u6670\u7684\u6307\u5bfc\u65b9\u9488\uff0c\u4ee5\u7ef4\u62a4\u4f5c\u4e3a\u6211\u4eec\u7ecf\u6d4e\u57fa\u77f3\u7684\u4fe1\u4efb\u548c\u5b89\u5168\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6709\u65f6\u53d8\u5316\u662f\u6e10\u8fdb\u7684\uff0c\u6709\u65f6\u662f\u7a81\u7136\u53d1\u751f\u7684\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u8fc7\u53bb\u5341\u5e74\u7684\u76d1\u7ba1\u6a21\u7cca\u6027\u662f\u6e10\u8fdb\u7684\uff08\u6709\u70b9\u50cf\u300c\u4ec0\u4e48\u90fd\u6ca1\u53d1\u751f\u300d\uff09\uff0c\u4f46\u73b0\u5728\u6211\u4eec\u6b63\u5904\u4e8e\u300c\u7a81\u7136\u53d1\u751f\u300d\u7684\u9636\u6bb5\u3002\u76d1\u7ba1\u673a\u6784\u73b0\u5728\u6709\u673a\u4f1a\u5728\u672a\u6765\u51e0\u5468\u548c\u51e0\u4e2a\u6708\u5185\u4e3a\u672a\u6765\u7684\u91d1\u878d\u4f53\u7cfb\u5236\u5b9a\u89c4\u5219\u3002\u4eca\u5929\u901a\u8fc7 Superstate \u5bf9 GLXY \u8fdb\u884c\u4ee3\u5e01\u5316\uff0c\u6211\u4eec\u5c55\u73b0\u4e86\u4e0e\u76d1\u7ba1\u673a\u6784\u5408\u4f5c\u6301\u7eed\u521b\u65b0\u7684\u51b3\u5fc3\uff0c\u5e76\u671d\u7740\u6211\u4eec\u81ea\u6210\u7acb\u4ee5\u6765\u5c31\u4e00\u76f4\u61a7\u61ac\u7684\u7ecf\u6d4e\u672a\u6765\u8fc8\u8fdb\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h2>Galaxy\u80a1\u7968GLXY\u4ee3\u5e01\u5316<\/h2>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u8fd9\u5f15\u51fa\u4e86GLXY\u7684\u4ee3\u5e01\u5316\uff0c\u76ee\u524d\u8be5\u80a1\u7968\u5728\u90a3\u65af\u8fbe\u514b\u4ea4\u6613\u3002\u5c3d\u7ba1\u5173\u4e8e\u7f8e\u56fd\u4e0a\u5e02\u516c\u53f8\u7684\u80a1\u7968\u4ee3\u5e01\u5316\u5982\u4f55\u5728\u94fe\u4e0a\u4ea4\u6613\u4ecd\u5b58\u5728\u91cd\u5927\u7591\u95ee\uff0c\u4f46\u6211\u4eec\u5df2\u7ecf\u5f00\u53d1\u51fa\u4e00\u5957\u6d41\u7a0b\u548c\u7ed3\u6784\uff0c\u80fd\u591f\u771f\u6b63\u5b9e\u73b0\u6211\u4eec\u73b0\u6709\u7684GLXY\u80a1\u7968\u7684\u4ee3\u5e01\u5316\u2014\u2014\u4e0d\u662f\u5728\u79c1\u6709\u8bb8\u53ef\u533a\u5757\u94fe\u4e0a\uff0c\u4e5f\u4e0d\u662f\u901a\u8fc7SPV\u5305\u88c5\u5668\uff0c\u800c\u662f\u4ee5\u5b9e\u9645\u80a1\u7968\u7684\u5f62\u5f0f\u8fdb\u884c\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6211\u4eec\u4e25\u683c\u9075\u5b88\u73b0\u884c\u7f8e\u56fd\u8bc1\u5238\u6cd5\uff0c\u6784\u5efa\u4e86\u80a1\u6743\u4ee3\u5e01\u5316\u5de5\u4f5c\uff0c\u8fd9\u4e9b\u6cd5\u5f8b\u65bd\u52a0\u4e86\u4e00\u5b9a\u7684\u9650\u5236\u3002\u6211\u4eec\u4e0d\u4f1a\u5077\u5de5\u51cf\u6599\uff0c\u8fd9\u610f\u5473\u8457\u6211\u4eec\u5fc5\u987b\u8c28\u614e\u8d1f\u8d23\u5730\u8fdb\u884c\u521b\u65b0\u3002\u6211\u4eec\u5728\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u548c\u65e0\u9700\u8bb8\u53ef\u7684\u533a\u5757\u94fe\u4e4b\u95f4\u67b6\u8d77\u4e86\u4e00\u5ea7\u6865\u6881\uff0c\u5141\u8bb8\u4efb\u4f55\u80fd\u591f\u52a0\u5165 Superstate \u7684\u80a1\u4e1c\u5728 Solana \u533a\u5757\u94fe\u4e0a\u5c06\u5176\u80a1\u4efd\u8f6c\u6362\u4e3a\u4ee3\u5e01\u5316\u5f62\u5f0f\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u7531\u4e8e\u76d1\u7ba1\u89c4\u5b9a\u5c1a\u4e0d\u660e\u786e\uff0c\u6211\u4eec\u5c1a\u672a\u5728 Solana \u4e0a\u542f\u7528\u81ea\u52a8\u505a\u5e02\u5546 (AMM) \u6216\u5176\u4ed6\u5b8c\u5168\u65e0\u9700\u8bb8\u53ef\u7684\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u673a\u5236\u6765\u76f4\u63a5\u4ea4\u6613\u8fd9\u4e9b\u4ee3\u5e01\u3002\u968f\u8457\u7f8e\u56fd\u8bc1\u5238\u76d1\u7ba1\u673a\u6784\u51fa\u53f0\u66f4\u6e05\u6670\u7684\u6307\u5bfc\u610f\u89c1\uff0c\u6211\u4eec\u7684\u76ee\u6807\u662f\u9010\u6b65\u6269\u5c55\u4ea4\u6613\u573a\u6240\uff0c\u6700\u7ec8\u4f7f\u8fd9\u4e9b\u4ee3\u5e01\u5316\u80a1\u7968\u80fd\u591f\u76f4\u63a5\u5728 AMM \u548c\u5176\u4ed6\u5f62\u5f0f\u7684\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u8fdb\u884c\u4ea4\u6613\u3002\u91cd\u8981\u7684\u662f\uff0c\u5728\u8fd9\u4e9b\u66f4\u6301\u4e45\u3001\u900f\u660e\u3001\u7a33\u5b9a\u7684\u4e8c\u7ea7\u5e02\u573a\u51fa\u73b0\u4e4b\u524d\uff0c\u65e0\u6cd5\u4fdd\u8bc1 GLXY \u7684\u94fe\u4e0a\u80a1\u7968\u5177\u6709\u4efb\u4f55\u94fe\u4e0a\u6d41\u52a8\u6027\uff0c\u5c3d\u7ba1\u53ef\u4ee5\u5728\u5df2\u52a0\u5165 Superstate \u7684\u5730\u5740\u4e4b\u95f4\u8fdb\u884c GLXY \u7684\u53cc\u5411\u4ea4\u6613\u3002\u5728\u8bc4\u4f30\u589e\u52a0\u5bf9\u5176\u4ed6\u533a\u5757\u94fe\u6216\u4ea4\u6613\u573a\u6240\u7684\u652f\u6301\u65f6\uff0c\u6211\u4eec\u5c06\u8003\u8651\u6280\u672f\u3001\u900f\u660e\u5ea6\u3001\u53bb\u4e2d\u5fc3\u5316\u548c\u76d1\u7ba1\u6846\u67b6\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u7f8e\u56fdSEC\u4e5f\u5c1a\u672a\u5145\u5206\u91c7\u7eb3\u6216\u660e\u786e\u5176\u89c4\u5219\uff0c\u5141\u8bb8\u7ecf\u7eaa\u5546\u548c\u4ea4\u6613\u5546\u4e0e\u4efb\u4f55\u7c7b\u578b\u7684\u4ee3\u5e01\uff08\u65e0\u8bba\u662f\u8bc1\u5238\u8fd8\u662f\u5176\u4ed6\uff09\u8fdb\u884c\u4ea4\u6613\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u5c1a\u4e0d\u6e05\u695a\u6709\u54ea\u4e9b\u7f8e\u56fd\u7ecf\u7eaa\u5546\u80fd\u591f\u534f\u52a9 GLXY \u7684\u94fe\u4e0a\u6301\u6709\u8005\u8fdb\u884c\u5173\u952e\u7684\u8425\u8fd0\u6216\u6295\u8d44\u51b3\u7b56\u3002SEC \u5728\u8fc7\u53bb\u56db\u5e74\u4e2d\u5e76\u672a\u53c2\u4e0e\u6b64\u9879\u89c4\u5219\u7684\u5236\u5b9a\uff0c\u8fd9\u4ee4\u4eba\u9057\u61be\uff0c\u4f46\u73b0\u4efb SEC \u6b63\u5728\u5c31\u5982\u4f55\u4f7f\u7ecf\u7eaa\u5546\u548c\u4ea4\u6613\u5546\u80fd\u591f\u5728\u94fe\u4e0a\u8425\u8fd0\u5f81\u6c42\u610f\u89c1\u3002\u8bf7\u6ce8\u610f\uff0c\u5f53\u4f60\u6301\u6709\u6216\u4ea4\u6613\u94fe\u4e0a GLXY \u65f6\uff0c\u6ca1\u6709\u4efb\u4f55\u7ecf\u7eaa\u5546\u4f1a\u8ddf\u8e2a\u4f60\u7684\u6210\u672c\u57fa\u51c6\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4ece\u957f\u8fdc\u6765\u770b\uff0c\u6211\u4eec\u76f8\u4fe1\u94fe\u4e0a\u80a1\u6743\u8d44\u672c\u5e02\u573a\u5c06\u53d8\u5f97\u4e0e\u4f20\u7edf\u5e02\u573a\u4e00\u6837\u5177\u6709\u7279\u8272\uff0c\u751a\u81f3\u66f4\u5177\u7279\u8272\uff0c\u6211\u4eec\u6b63\u5728\u4e0e\u5305\u62ec\u7f8e\u56fdSEC\u5728\u5185\u7684\u4e3b\u8981\u5229\u76ca\u76f8\u5173\u8005\u5bc6\u5207\u5408\u4f5c\uff0c\u4ee5\u5b9e\u73b0\u8fd9\u4e00\u76ee\u6807\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u6d41\u7a0b\u8be6\u89e3\uff1a\u5c06\u4f20\u7edfGLXY\u8f6c\u6362\u4e3a\u4ee3\u5e01\u5316GLXY<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>Galaxy A \u7c7b\u666e\u901a\u80a1\u80a1\u4e1c\u53ef\u4ee5\u5c06\u73b0\u6709\u80a1\u4efd\u8f6c\u6362\u4e3a\u4ee3\u5e01\u5316\u80a1\u4efd\u3002\u867d\u7136\u6211\u4eec\u627f\u8ba4\uff0c\u76ee\u524d\u5c06\u4f20\u7edf\u80a1\u4efd\u8f6c\u6362\u4e3a\u4ee3\u5e01\u5316\u80a1\u4efd\u7684\u6d41\u7a0b\u6709\u4e9b\u7e41\u7410\uff0c\u4f46\u6211\u4eec\u76f8\u4fe1\uff1a1\uff09\u4f20\u7edf\u91d1\u878d\u4e0e\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u4e4b\u95f4\u7684\u6865\u6881\u5c06\u968f\u8457\u65f6\u95f4\u7684\u63a8\u79fb\u800c\u7b80\u5316\uff1b2\uff09\u5927\u591a\u6570\u5e0c\u671b\u4f7f\u7528\u94fe\u4e0a GLXY \u80a1\u6743\u7684\u4eba\u65e0\u9700\u5b9e\u9645\u53c2\u4e0e\u4ece\u4f20\u7edf\u80a1\u4efd\u8f6c\u6362\u4e3a\u4ee3\u5e01\u5316\u80a1\u4efd\u7684\u8fc7\u7a0b\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5982\u4e0a\u56fe\u6240\u793a\uff0c\u8981\u4ece\u4f20\u7edf GLXY \u521b\u5efa\u4ee3\u5e01\u5316 GLXY \u9700\u8981\u4ee5\u4e0b\u6b65\u9aa4\uff1a<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>0. \u8bbf\u95eeSuperstate.com\/Register\u6ce8\u518cSuperstate\u3002\u662f\u7684\uff0c\u8981\u6301\u6709\u6216\u4ea4\u6613 Galaxy \u4ee3\u5e01\u5316 A \u7c7b\u666e\u901a\u80a1\uff0c\u4f60\u5fc5\u987b\u901a\u8fc7\u6211\u4eec\u7684\u6570\u5b57\u8f6c\u8d26\u4ee3\u7406\u8fdb\u884c\u300cKYC\u300d\u8eab\u4efd\u9a8c\u8bc1\u3002\u5373\u4f7f\u4f60\u5c1a\u672a\u6301\u6709 Galaxy \u80a1\u7968\uff0c\u4e5f\u53ef\u4ee5\u968f\u65f6\u5b8c\u6210\u6b64\u6b65\u9aa4\u3002\uff08\u5927\u7ea6\u9700\u8981\u65f6\u95f4\uff1a\u6ce8\u518c\u7ea6 10 \u5206\u949f\uff0c\u9a8c\u8bc1\u7ea6 2 \u5c0f\u65f6\uff09\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4e3a\u4e86\u5c06\u73b0\u6709\u7684 GLXY \u80a1\u7968\u91cd\u65b0\u683c\u5f0f\u5316\u4e3a\u4ee3\u5e01\u5316\u80a1\u7968\uff0c\u4f60\u5fc5\u987b\u5df2\u7ecf\u62e5\u6709 GLXY \u80a1\u7968\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>1. \u6307\u793a\u4f60\u7684\u7ecf\u7eaa\u516c\u53f8\u5c06\u80a1\u7968\u8fc7\u6237\u81f3Galaxy\u7684\u8fc7\u6237\u4ee3\u7406\u3002Galaxy \u4f7f\u7528 Equiniti\uff08\u300cEQ\u300d\uff09\u4f5c\u4e3a\u5176\u4e3b\u8981\u8fc7\u6237\u4ee3\u7406\u3002\u8fc7\u6237\u4ee3\u7406\u662f\u5728\u7f8e\u56fdSEC\u6ce8\u518c\u7684\u5b9e\u4f53\uff0c\u8d1f\u8d23\u4fdd\u5b58\u548c\u7ef4\u62a4\u6211\u4eec\u6bcf\u53ea\u80a1\u7968\u7684\u6b63\u5f0f\u80a1\u4e1c\u8bb0\u5f55\uff0c\u6267\u884c\u65e5\u5e38\u4efb\u52a1\uff0c\u5305\u62ec\u8ddf\u8e2a\u548c\u4fc3\u8fdb\u80a1\u6743\u53d8\u66f4\u3001\u8ba1\u7b97\u548c\u652f\u4ed8\u73b0\u91d1\u80a1\u606f\u3001\u5904\u7406\u80a1\u7968\u5206\u5272\u3001\u90ae\u5bc4\u548c\u9012\u9001\u4ee3\u7406\u6750\u6599\u4ee5\u53ca\u6267\u884c\u5176\u4ed6\u884c\u653f\u4efb\u52a1\u3002\u8981\u6c42\u4f60\u7684\u7ecf\u7eaa\u516c\u53f8\u5c06\u80a1\u7968\u8fc7\u6237\u81f3\u8be5\u80a1\u7968\u7684\u8fc7\u6237\u4ee3\u7406\uff08\u5373\u8f6c\u79fb\u5230\u76f4\u63a5\u6ce8\u518c\u7cfb\u7edf\uff0c\u7b80\u79f0\u300cDRS\u300d\uff09\u53ef\u80fd\u542c\u8d77\u6765\u6bd4\u8f83\u68d8\u624b\uff0c\u4f46\u672c\u6587\u7684\u4e24\u4f4d\u4f5c\u8005\u5206\u522b\u901a\u8fc7\u4e0e\u5bcc\u8fbe (Fidelity) \u548c\u5609\u4fe1\u7406\u8d22 (Charles Schwab) \u8fdb\u884c\u5b9e\u65f6\u7f51\u8def\u804a\u5929\uff0c\u5728\u51e0\u5206\u949f\u5185\u5c31\u5b8c\u6210\u4e86\u8fd9\u9879\u4efb\u52a1\u3002\u53c2\u89c1\u4e0b\u56fe\u3002\uff08\u5927\u7ea6\u9700\u8981 10 \u5206\u949f\uff09\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5904\u7406\u5b8c\u6bd5\u540e\uff0c\u4f60\u7684\u80a1\u7968\u5c06\u4ece\u4f60\u5728\u7ecf\u7eaa\u516c\u53f8\u5728\u5b58\u7ba1\u4fe1\u6258\u516c\u53f8 (DTC) \u7684\u5e10\u6237\u8f6c\u5165\u4f60\u5728 Galaxy \u7684\u540d\u4e0b\uff0c\u5e76\u7531\u6211\u4eec\u7684\u8fc7\u6237\u4ee3\u7406\u673a\u6784 EQ \u8fdb\u884c\u767b\u8bb0\u3002\u4f60\u4ecd\u7136\u62e5\u6709\u8fd9\u4e9b\u80a1\u7968\uff0c\u4f46\u73b0\u5728\u7531 Galaxy \u53ca\u5176\u8fc7\u6237\u4ee3\u7406\u673a\u6784\u8bb0\u5f55\u4f60\u7684\u6240\u6709\u6743\u3002\uff08\u5927\u7ea6\u9700\u8981 3 \u4e2a\u5de5\u4f5c\u65e5\uff09\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<\/section>\n<section style=\"margin-top:30px\">\n<p>2. \u6307\u793aEquiniti\u5c06\u4f60\u7684\u80a1\u7968\u8f6c\u5165 Superstate \u7684 Onchain \u5408\u683c\u80a1\u7968\u5e10\u6237\u3002\u8bf7\u53d1\u9001\u7535\u5b50\u90ae\u4ef6\u81f3Investor.Relations@Galaxy.com\uff0c\u8bf4\u660e\u4f60\u5df2\u4f7f\u7528 DRS \u5c06 Galaxy \u80a1\u7968\u8f6c\u5165 EQ\uff0c\u5e76\u5e0c\u671b\u5c06\u5176\u4ee3\u5e01\u5316\u3002Galaxy \u7684\u6295\u8d44\u8005\u5173\u7cfb\u56e2\u961f\u5c06\u4e3a\u4f60\u63d0\u4f9b EQ \u8d26\u53f7\u4ee5\u53ca\u4e00\u4efd\u7b80\u5355\u7684\u8868\u683c\uff0c\u8bf7\u586b\u5199\u5e76\u63d0\u4ea4\u3002\uff08\u5927\u7ea6\u5904\u7406\u65f6\u95f4\uff1a\u7ea6 4 \u5c0f\u65f6\uff09\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>3. Superstate\u968f\u540e\u5c06\u4ee5\u6bcf\u80a11\u4e2aGLXY\u4ee3\u5e01\u7684\u5f62\u5f0f\u94f8\u9020\u4f60\u7684\u80a1\u4efd\uff0c\u4f5c\u4e3a\u5176\u76f4\u63a5\u3001\u5408\u6cd5\u7684\u7248\u672c\u3002\u8fd9\u9700\u8981\u4f60\u5df2\u6210\u529f\u52a0\u5165 Superstate\uff0c\u5e76\u5728\u4f60\u7684 Superstate \u5e10\u6237\u8d44\u6599\u4e2d\u6dfb\u52a0\u4e86 Solana \u5730\u5740\u3002\u4e4b\u540e\uff0c\u4f60\u53ef\u4ee5\u5728 Superstate \u7f51\u7ad9\u4e0a\u70b9\u51fb\u300c\u4ee3\u5e01\u5316\u300d\u6309\u94ae\uff0c\u8fd9\u5c06\u4ee5\u6bcf\u80a1 1 \u4e2a GLXY \u4ee3\u5e01\u7684\u5f62\u5f0f\u94f8\u9020\u3002\uff08\u5927\u7ea6\u9700\u8981 10 \u5206\u949f\uff09\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>4. Superstate\u4f1a\u5c06\u94fe\u4e0aGLXY\u80a1\u4efd\uff08\u4ee3\u5e01\uff09\u4ea4\u4ed8\u5230\u4f60\u7684Solana\u94b1\u5305\uff0c\u4f60\u73b0\u5728\u53ef\u4ee5\u81ea\u7531\u5730\u5c06\u5b83\u4eec\u50a8\u5b58\u5728\u81ea\u4fdd\u7ba1\u94b1\u5305\u4e2d\uff0c\u6216\u8005\u5c06\u5b83\u4eec\u53d1\u9001\u3001\u63a5\u6536\u6216\u8f6c\u79fb\u5230\u5176\u4ed6\u5df2\u6ce8\u518c\u7684\u5730\u5740\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>5. \u8981\u5c06GLXY\u4ee3\u5e01\u91cd\u65b0\u683c\u5f0f\u5316\u56de\u4f20\u7edf\u683c\u5f0f\uff0c\u8bf7\u53cd\u5411\u6267\u884c\u8fd9\u4e9b\u6b65\u9aa4\u3002\u8054\u7cfb Superstate\uff0c\u8981\u6c42\u4ed6\u4eec\u5c06\u4f60\u7684\u80a1\u4efd\u8f6c\u56de EQ\uff0c\u7136\u540e\u8981\u6c42 EQ \u5c06\u80a1\u4efd\u8f6c\u56de\u4f60\u7684\u7ecf\u7eaa\u5e10\u6237\u3002\u81f3\u5173\u91cd\u8981\u7684\u662f\uff0c\u4efb\u4f55\u52a0\u5165 Superstate \u7684 GLXY \u80a1\u6743\u4ee3\u5e01\u6301\u6709\u8005\u90fd\u53ef\u4ee5\u6267\u884c\u6b64\u64cd\u4f5c\uff0c\u65e0\u8bba\u4ed6\u4eec\u662f\u5426\u662f\u6700\u521d\u521b\u5efa\u80a1\u4efd\u7684\u6295\u8d44\u8005\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u8bf7\u6ce8\u610f\uff0c\u6b64\u6d41\u7a0b\u5177\u4f53\u63cf\u8ff0\u4e86\u5c06\u90a3\u65af\u8fbe\u514b\u4e0a\u5e02\u7684\u4f20\u7edfGalaxy\u80a1\u7968\u4e0e\u5df2\u4ee3\u5e01\u5316\u7684\u94fe\u4e0aGLXY\u80a1\u7968\u8fde\u63a5\u7684\u4ee3\u5e01\u5316\u548c\u53bb\u4ee3\u5e01\u5316\u6d41\u7a0b\u3002\u5982\u679c\u4f60\u53ea\u60f3\u8d2d\u4e70\u73b0\u6709\u7684\u94fe\u4e0a GLXY \u80a1\u7968\uff0c\u53ea\u9700\u5728Superstate.com\/Register\u4e0a\u6ce8\u518cSuperstate\uff0c\u5e76\u4ece\u73b0\u6709\u6301\u6709\u4eba\u5904\u8d2d\u4e70\u94fe\u4e0aGLXY\u80a1\u7968\u5373\u53ef\u3002\u968f\u8457\u8d8a\u6765\u8d8a\u591a\u7684GLXY\u80a1\u7968\u88ab\u4ee3\u5e01\u5316\uff0c\u6211\u4eec\u9884\u8ba1\u94fe\u4e0a\u6d41\u52a8\u6027\u5c06\u5f97\u4ee5\u63d0\u5347\uff0c\u5927\u591a\u6570\u94fe\u4e0a\u80a1\u4e1c\u65e0\u9700\u518d\u8fdb\u884c\u6b64\u589e\u6301\u548c\u8d4e\u56de\u6d41\u7a0b\u3002\u4ece\u957f\u8fdc\u6765\u770b\uff0c\u5c3d\u7ba1\u6b64\u589e\u6301\u548c\u8d4e\u56de\u6d41\u7a0b\u5c06\u59cb\u7ec8\u9002\u7528\u4e8e\u6240\u6709\u80a1\u4e1c\uff0c\u65e0\u8bba\u5176\u89c4\u6a21\u6216\u590d\u6742\u7a0b\u5ea6\u5982\u4f55\uff0c\u4f46\u6211\u4eec\u9884\u8ba1\u6b64\u6d41\u7a0b\u4e3b\u8981\u5c06\u7531\u6210\u719f\u7684\u4ea4\u6613\u516c\u53f8\u4f7f\u7528\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>Galaxy\u7684\u65b9\u6cd5 Vs \u300c\u5305\u88c5\u300d\u80a1\u6743\u7ed3\u6784<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6211\u4eec\u575a\u4fe1\uff0c\u4ee3\u5e01\u5316\u80a1\u7968\u5fc5\u987b\u662f\u80fd\u591f\u8d4b\u4e88\u5176\u6807\u7684\u80a1\u7968\u5b9e\u9645\u6240\u6709\u6743\u7684\u4ee3\u5e01\u3002\u5982\u4e0a\u6240\u8ff0\uff0c\u7531\u4e8e\u6280\u672f\u548c\u76d1\u7ba1\u65b9\u9762\u7684\u539f\u56e0\uff0c\u8fd9\u5728\u7f8e\u56fd\u5c1a\u672a\u53d6\u5f97\u4efb\u4f55\u5b9e\u8d28\u6027\u8fdb\u5c55\u3002\u516c\u94fe\u7684\u51fa\u73b0\u548c\u5e94\u7528\u4e0d\u5e94\u62b5\u6d88\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u6570\u5341\u5e74\u6765\u7684\u8fdb\u6b65\uff0c\u800c\u5e94\u5bf9\u5176\u8fdb\u884c\u8865\u5145\u548c\u63d0\u5347\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6211\u4eec\u8ba4\u4e3a\uff0c\u4ee3\u5e01\u5316\u7684\u80a1\u6743\u5305\u88c5\u4f1a\u5272\u88c2\u53d1\u884c\u4eba\u4e0e\u80a1\u4e1c\u4e4b\u95f4\u7684\u5173\u7cfb\uff0c\u5bf9\u53cc\u65b9\u90fd\u4e0d\u5229\u3002\u5982\u679c\u4f60\u8d2d\u4e70\u4e86\u4e00\u5bb6\u516c\u53f8\u7684\u80a1\u7968\uff0c\u4f60\u5c31\u5e94\u8be5\u4fdd\u7559\u4e0e\u6301\u6709\u8be5\u516c\u53f8\u80a1\u7968\u76f8\u5173\u7684\u6240\u6709\u7ecf\u6d4e\u548c\u6cd5\u5f8b\u6743\u5229\uff0c\u65e0\u8bba\u8fd9\u4e9b\u80a1\u7968\u91c7\u53d6\u4f55\u79cd\u5f62\u5f0f\u3002\u9274\u4e8e\u4eba\u4eec\u9700\u8981\u5229\u7528\u516c\u94fe\u7684\u514d\u8bb8\u53ef\u3001\u53ef\u7ec4\u5408\u3001\u9ad8\u6548\u548c\u900f\u660e\u7684\u7279\u6027\u6765\u5904\u7406\u80a1\u6743\u8bc1\u5238\u7b49\u95ee\u9898\uff0c\u8bb8\u591a\u516c\u53f8\u521b\u5efa\u4e86\u89c4\u907f\u7f8e\u56fd\u8bc1\u5238\u6cd5\u7684\u7ed3\u6784\uff0c\u8fd9\u662f\u53ef\u4ee5\u7406\u89e3\u7684\u3002\u7136\u800c\uff0c\u6211\u4eec\u5e76\u4e0d\u8ba4\u4e3a\u5305\u88c5\u80a1\u6743\u4ee3\u5e01\u662f\u957f\u671f\u53ef\u884c\u7684\u6216\u66f4\u53ef\u53d6\u7684\u65b9\u6848\uff0c\u56e0\u6b64\u6211\u4eec\u5bf9\u8be5\u9886\u57df\u7684\u6574\u4e2a\u7814\u7a76\u90fd\u56f4\u7ed5\u7740\u5982\u4f55\u5c06\u771f\u6b63\u7684\u80a1\u7968\u5f15\u5165\u533a\u5757\u94fe\u5c55\u5f00\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u4e3a\u4ec0\u4e48\u9009\u62e9Solana<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>Galaxy\u9009\u62e9Solana\u4f5c\u4e3a\u5176\u4ee3\u5e01\u5316\u80a1\u7968\u7684\u7b2c\u4e00\u4e2a\u516c\u5171\u533a\u5757\u94fe\u6709\u51e0\u4e2a\u539f\u56e0\u3002<\/p>\n<\/section>\n<section style=\"margin-top:20px\">\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>Solana\u662f\u4e00\u4e2a\u53bb\u4e2d\u5fc3\u5316\u7684Layer-1\u533a\u5757\u94fe\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u4ee3\u5e01\u5316\u80a1\u6743\u5fc5\u987b\u5728\u9ad8\u5ea6\u53bb\u4e2d\u5fc3\u5316\u7684\u516c\u5171 Layer-1 \u533a\u5757\u94fe\u4e0a\u4ea4\u6613\uff0c\u800c\u4e0d\u662f\u5728 Layer-2 \u533a\u5757\u94fe\u4e0a\u4ea4\u6613\uff0c\u56e0\u4e3a\u5728 Layer-2 \u533a\u5757\u94fe\u4e2d\uff0c\u4e2a\u522b\u516c\u53f8\u6216\u57fa\u91d1\u4f1a\u53ef\u4ee5\u5355\u65b9\u9762\u63a7\u5236\u4ea4\u6613\u6392\u5e8f\u3001\u4ea4\u6613\u8d39\u7528\u6216\u7ed3\u7b97\u6700\u7ec8\u6027\u7b49\u91cd\u8981\u529f\u80fd\u3002\u4f8b\u5982\uff0c\u867d\u7136\u5982\u4eca\u7684\u4ee5\u592a\u574a Rollup \u53ef\u80fd\u5177\u5907\u5355\u65b9\u9762\u9000\u51fa\u529f\u80fd\uff08\u5047\u8bbe\u76f8\u5173\u8d44\u4ea7\u540c\u65f6\u5b58\u5728\u4e8e Layer-2 \u548c Layer-1 \u4e0a\uff09\uff0c\u4f46\u6709\u4e9b Rollup \u7684\u529f\u80fd\u53ef\u4ee5\u7531\u5355\u4e2a\u516c\u53f8\u6216\u57fa\u91d1\u4f1a\u5b8c\u5168\u8425\u8fd0\u7684\u5355\u4e2a\u6392\u5e8f\u5668\u63a7\u5236\u3002\u867d\u7136\u8fd9\u4e9b\u8425\u8fd0\u8005\u53ef\u80fd\u5229\u4ed6\uff0c\u751a\u81f3\u8bd5\u56fe\u4fdd\u62a4\u94fe\u4e0a\u80a1\u4e1c\u514d\u53d7\u9ad8\u6602\u8d39\u7528\u6216\u5ef6\u8fdf\u7ed3\u7b97\u7b49\u95ee\u9898\u7684\u56f0\u6270\uff0c\u4f46 Rollup 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\u4e0a\u7684\u5e02\u573a\u5fae\u89c2\u7ed3\u6784\u3002\u5728\u5176\u300c\u7f51\u8def\u8d44\u672c\u5e02\u573a\u300d\u6846\u67b6\u4e0b\uff0cSolana \u5f00\u53d1\u8005\u8ba1\u5212\u6dfb\u52a0\u5f02\u6b65\u7a0b\u5e8f\u6267\u884c\u548c\u591a\u4e2a\u5e76\u53d1\u9a8c\u8bc1\u9886\u5bfc\u8005\uff0c\u8fd9\u5c06\u663e\u8457\u63d0\u5347\u5e76\u884c\u5316\u80fd\u529b\u4ee5\u53ca\u5e94\u7528\u7a0b\u5e8f\u63a7\u5236\u7684\u6267\u884c\u80fd\u529b\uff0c\u4ece\u800c\u4e3a\u5e94\u7528\u7a0b\u5e8f\uff08\u5c24\u5176\u662f\u5e02\u573a\u5e94\u7528\u7a0b\u5e8f\uff09\u63d0\u4f9b\u66f4\u7075\u6d3b\u7684\u8bbe\u8ba1\u7a7a\u95f4\u3002\u6211\u4eec\u8fd8\u9884\u8ba1 Solana \u5c06\u7387\u5148\u91c7\u7528 DoubleZero\uff0c\u8fd9\u662f\u4e00\u4e2a\u4e13\u4e3a\u9ad8\u901f\u533a\u5757\u94fe\u7ed3\u7b97\u91cf\u8eab\u5b9a\u5236\u7684\u5168\u65b0\u5168\u7403\u5149\u7ea4\u7f51\u8def\uff0c\u8fd9\u5c06\u8fdb\u4e00\u6b65\u5de9\u56fa Solana \u4f5c\u4e3a\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u771f\u6b63\u7ade\u4e89\u5bf9\u624b\u7684\u5730\u4f4d\u3002\u6700\u540e\uff0cSolana \u73b0\u6709\u9a8c\u8bc1\u8005\u5ba2\u6237\u7aef Anza \u7684\u66f4\u65b0\u53d1\u5e03\u4ee5\u53ca\u65b0\u9a8c\u8bc1\u8005\u5ba2\u6237\u7aef Firedancer \u7684\u63a8\u51fa\u5c06\u8fdb\u4e00\u6b65\u63d0\u5347\u7f51\u8def\u6027\u80fd\u548c\u5f39\u6027\u3002<\/p>\n<\/li>\n<li>\n<p>Solana\u62e5\u6709\u6700\u591a\u7684DEX\u6d3b\u8dc3\u5ea6\u3002\u5c31\u94fe\u4e0a\u73b0\u8d27\u4ea4\u6613\u6d3b\u52a8\u800c\u8a00\uff0c\u81ea 2024 \u5e74 10 \u6708\u4ee5\u6765\uff0cSolana \u6bcf\u6708\u7684\u4ea4\u6613\u91cf\u90fd\u4f4d\u5c45\u699c\u9996\u3002\u867d\u7136 Solana \u5728\u94fe\u4e0a\u4fe1\u8d37\uff08\u53ef\u80fd\u662f\u56e0\u4e3a\u5176\u8f83\u9ad8\u7684\u8d28\u62bc\u5e74\u5229\u7387\u63d0\u4f9b\u4e86\u6709\u7ade\u4e89\u529b\u7684\u66ff\u4ee3\u65b9\u6848\uff09\u6216\u94fe\u4e0a\u6c38\u7eed\u5408\u7ea6\u65b9\u9762\u5c1a\u672a\u9886\u5148\uff0c\u4f46 Solana \u51ed\u501f\u9ad8\u4ea4\u6613\u91cf\u3001\u5feb\u901f\u7ed3\u7b97\u548c\u4f4e\u624b\u7eed\u8d39\uff0c\u5df2\u6210\u4e3a\u73b0\u8d27\u4ea4\u6613\u7684\u9996\u9009 Layer-1 \u533a\u5757\u94fe\u3002\u51ed\u501f\u5e9e\u5927\u7684\u6563\u6237\u7528\u6237\u7fa4\uff0cSolana \u4e5f\u5df2\u6210\u4e3a\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\u6700\u6613\u8bbf\u95ee\u7684\u7f51\u8def\u4e4b\u4e00\uff0c\u4ece\u800c\u63a8\u52a8\u4e86\u5e7f\u6cdb\u3001\u65e0\u6469\u64e6\u7684\u5165\u95e8\u89e3\u51b3\u65b9\u6848\u7684\u5f00\u53d1\u3002<\/p>\n<\/li>\n<\/ul>\n<\/section>\n<section style=\"margin-top:30px\">\n<\/section>\n<section style=\"margin-top:30px\">\n<h2>\u8bc1\u5238\u3001AMM \u548c\u76d1\u7ba1\u95ee\u9898<\/h2>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u94fe\u4e0aGLXY\u4ee3\u5e01\u4f55\u65f6\u5728DEX\u4e0a\u4ea4\u6613\uff1f<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u7f8e\u56fdSEC\u6b63\u5728\u52aa\u529b\u89e3\u51b3\u662f\u5426\u6216\u5e94\u8be5\u5982\u4f55\u76d1\u7ba1\u516c\u94fe\u4e0a\u7684\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u7684\u95ee\u9898\u3002\u7f8e\u56fd\u8bc1\u5238\u6cd5\u7684\u4e3b\u8981\u76ee\u7684\u662f\u4fdd\u62a4\u6295\u8d44\u8005\u514d\u53d7\u7ecf\u7eaa\u5546\u3001\u4ea4\u6613\u5546\u548c\u4ea4\u6613\u6240\u7b49\u4e2d\u5fc3\u5316\u4ef2\u4ecb\u673a\u6784\u7684\u4e0d\u900f\u660e\u6027\u3001\u5229\u76ca\u51b2\u7a81\u548c\u4e13\u65ad\u6743\u529b\u7684\u5f71\u54cd\u3002\u7531\u4e8e\u5176\u4e2d\u4e00\u4e9b\u673a\u6784\u53ef\u80fd\u5355\u65b9\u9762\u63a7\u5236\u7528\u6237\u8d44\u91d1\u3001\u5728\u4ea4\u6613\u4e2d\u72af\u9519\u3001\u81ea\u8eab\u5229\u76ca\u4e0e\u5ba2\u6237\u5229\u76ca\u53d1\u751f\u51b2\u7a81\uff0c\u751a\u81f3\u53ef\u80fd\u5b58\u5728\u6076\u610f\u884c\u4e3a\uff0c\u56e0\u6b64\u5b83\u4eec\u9762\u4e34\u7740\u4e25\u683c\u7684\u76d1\u7763\u3001\u76d1\u7ba1\u548c\u76d1\u7ba1\u8981\u6c42\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u516c\u94fe\u548c\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u5e94\u7528\u7684\u53bb\u4e2d\u5fc3\u5316\u3001\u81ea\u52a8\u5316\u548c\u900f\u660e\u6027\uff0c\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u6d88\u9664\u4e86\u8fd9\u4e9b\u8981\u6c42\u7684\u5fc5\u8981\u6027\u3002\u5176\u4ed6\u6cd5\u5f8b\u6cd5\u89c4\u53ef\u80fd\u9700\u8981\u8fdb\u884c\u8c03\u6574\uff0c\u4ee5\u9002\u5e94\u65b0\u7684\u73b0\u5b9e\uff0c\u5373\u4ef2\u4ecb\u673a\u6784\u3001\u53d1\u884c\u4eba\u548c\u6295\u8d44\u8005\u7684\u89d2\u8272\u4e0e\u73b0\u5728\u6709\u6240\u4e0d\u540c\u3002\u6211\u4eec\u5c1a\u4e0d\u6e05\u695a\u94fe\u4e0aGLXY\u4ee3\u5e01\u4f55\u65f6\u4f1a\u5728\u81ea\u52a8\u505a\u5e02\u5546 (AMM) \u6216\u5176\u4ed6\u5f62\u5f0f\u7684\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u4e2d\u53ef\u7528\uff0c\u4f46\u6211\u4eec\u6b63\u5728\u4e0e\u5305\u62ec SEC \u5728\u5185\u7684\u5229\u76ca\u76f8\u5173\u8005\u5bc6\u5207\u5408\u4f5c\uff0c\u4ee5\u671f\u5b9e\u73b0\u8fd9\u4e00\u76ee\u6807\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>DEX\u4e0d\u662f\u300c\u4ea4\u6613\u6240\u300d\uff0c\u4e0d\u5e94\u53d7\u5230\u76d1\u7ba1<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08\u300cDEX\u300d\uff09\u4e0e\u53d7 1934 \u5e74\u8bc1\u5238\u4ea4\u6613\u6cd5\u76d1\u7ba1\u7684\u4f20\u7edf\u4ea4\u6613\u6240\u6709\u8457\u6839\u672c\u7684\u4e0d\u540c\uff0c\u6211\u4eec\u8ba4\u4e3a\u4e0d\u5e94\u5c06\u5176\u5f52\u7c7b\u4e3a\u8be5\u6cd5\u6848\u6cd5\u5b9a\u6846\u67b6\u5185\u7684\u300c\u4ea4\u6613\u6240\u300d\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u9996\u5148\uff0c\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u7b2c 3(a)(1) \u6761\u5c06\u300c\u4ea4\u6613\u6240\u300d\u5b9a\u4e49\u4e3a\u300c\u63d0\u4f9b\u4ea4\u6613\u5e02\u573a\u6216\u4fbf\u5229\uff0c\u6c47\u805a\u8bc1\u5238\u4e70\u5356\u53cc\u65b9\u7684\u7ec4\u7ec7\u3001\u534f\u4f1a\u6216\u56e2\u4f53\u300d\u3002\u6b64\u5904\uff0c\u300c\u7ec4\u7ec7\u3001\u534f\u4f1a\u6216\u56e2\u4f53\u300d\u5e94\u7406\u89e3\u4e3a\u4ec5\u9002\u7528\u4e8e\u4e2a\u4eba\uff0c\u4e14\u4e0d\u5305\u62ec\u6216\u4e0d\u8003\u8651\u8ba1\u7b97\u673a\u7a0b\u5e8f\u3002DEX \u4e0d\u662f\u300c\u4e2a\u4eba\u7ec4\u7ec7\u300d\uff08\u5b83\u6839\u672c\u4e0d\u662f\u4e00\u4e2a\u7ec4\u7ec7\uff09\uff1b\u4e5f\u4e0d\u662f\u300c\u4e2a\u4eba\u534f\u4f1a\u300d\uff08\u5b83\u6839\u672c\u4e0d\u662f\u4e00\u4e2a\u534f\u4f1a\uff09\uff1b\u5f53\u7136\u4e5f\u4e0d\u662f\u4e00\u4e2a\u56e2\u4f53\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u8fd9\u4e00\u6cd5\u5b9a\u5b9a\u4e49\u660e\u786e\u9884\u8bbe\u4e86\u4e00\u4e2a\u4e2d\u5fc3\u5316\u7684\u3001\u53ef\u8bc6\u522b\u7684\u5b9e\u4f53\uff0c\u8be5\u5b9e\u4f53\u5bf9\u5e02\u573a\u8fd0\u4f5c\u62e5\u6709\u81ea\u4e3b\u63a7\u5236\u6743\u3002\u4e0e\u6b64\u5f62\u6210\u9c9c\u660e\u5bf9\u6bd4\u7684\u662f\uff0c\u8bb8\u591aDEX\u901a\u8fc7\u53bb\u4e2d\u5fc3\u5316\u533a\u5757\u94fe\u7f51\u8def\u4e0a\u7684\u81ea\u52a8\u6267\u884c\u667a\u80fd\u5408\u7ea6\u81ea\u4e3b\u8425\u8fd0\uff0c\u5374\u7f3a\u4e4f\u4efb\u4f55\u65bd\u52a0\u6cbb\u7406\u63a7\u5236\u7684\u4e2d\u5fc3\u5316\u673a\u6784\u3002\u56e0\u6b64\uff0c\u4ec5\u4ece\u6cd5\u5b9a\u89e3\u91ca\u7684\u89d2\u5ea6\u800c\u8a00\uff0c\u6211\u4eec\u8ba4\u4e3aDEX\u4e0d\u7b26\u5408\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u4e2d\u300c\u4ea4\u6613\u6240\u300d\u7684\u5b9a\u4e49\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5176\u6b21\uff0c\u4f20\u7edf\u4ea4\u6613\u6240\u62e5\u6709\u5e76\u884c\u4f7f\u81ea\u4e3b\u76d1\u7ba1\u6743\uff0c\u79ef\u6781\u7ba1\u7406\u5e02\u573a\u8425\u8fd0\uff0c\u5236\u5b9a\u4f1a\u5458\u6807\u51c6\uff0c\u6267\u884c\u76d1\u7ba1\u5408\u89c4\u6027\uff0c\u5e76\u5728\u5fc5\u8981\u65f6\u8fdb\u884c\u5e72\u9884\u4ee5\u8c03\u6574\u6216\u7ea0\u6b63\u4ea4\u6613\u3002\u81ea\u4e3b\u578bDEX\u672c\u8d28\u4e0a\u7f3a\u4e4f\u4e3b\u89c2\u5e72\u9884\u6216\u81ea\u4e3b\u8425\u8fd0\u63a7\u5236\u7684\u80fd\u529b\uff0c\u56e0\u4e3a\u4ea4\u6613\u662f\u901a\u8fc7\u5d4c\u5165\u5728\u4e0d\u53ef\u66f4\u6539\u7684\u667a\u80fd\u5408\u7ea6\u4e2d\u7684\u900f\u660e\u3001\u9884\u7f16\u7a0b\u89c4\u5219\u6765\u786e\u5b9a\u6027\u7684\u8fdb\u884c\u7684\uff0c\u8fd9\u4e9b\u89c4\u5219\u4e00\u65e6\u6267\u884c\uff0cDEX\u5c31\u65e0\u6cd5\u66f4\u6539\u3002\u81ea\u4e3b\u578bDEX\u4e0e\u53d7\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u76d1\u7ba1\u7684\u4f20\u7edf\u4ea4\u6613\u6240\u5b58\u5728\u663e\u8457\u533a\u522b\uff0c\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u5176\u5b8c\u5168\u7f3a\u4e4f\u81ea\u4e3b\u6743\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u7b2c\u4e09\uff0c\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u7684\u76d1\u7ba1\u6846\u67b6\u8d4b\u4e88\u4ea4\u6613\u6240\u7279\u5b9a\u7684\u76d1\u7ba1\u804c\u8d23\uff0c\u4f8b\u5982\u4f1a\u5458\u5ba1\u67e5\u3001\u5408\u89c4\u76d1\u7763\u548c\u7eaa\u5f8b\u5904\u5206\uff0c\u524d\u63d0\u662f\u4ea4\u6613\u6240\u662f\u80fd\u591f\u5c65\u884c\u8fd9\u4e9b\u804c\u80fd\u7684\u4e2d\u5fc3\u5316\u5b9e\u4f53\u3002\u81ea\u6cbb\u578bDEX\u7531\u4e8e\u7f3a\u4e4f\u4e2d\u5fc3\u5316\u6cbb\u7406\u6216\u53ef\u8bc6\u522b\u7684\u76d1\u7ba1\u5b9e\u4f53\uff0c\u5728\u7ed3\u6784\u4e0a\u6392\u9664\u4e86\u8fd9\u4e9b\u804c\u80fd\u3002\u4ea4\u6613\u548c\u5e02\u573a\u529f\u80fd\u662f\u81ea\u52a8\u5316\u3001\u900f\u660e\u4e14\u975e\u81ea\u7531\u88c1\u91cf\u7684\uff0c\u8fd9\u4f7f\u5f97\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u8bbe\u60f3\u7684\u4e2d\u5fc3\u5316\u76d1\u7ba1\u804c\u8d23\u5bf9DEX\u6765\u8bf4\u65e2\u4e0d\u5fc5\u8981\u4e5f\u4e0d\u53ef\u80fd\u5b9e\u73b0\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u7b2c\u56db\uff0c\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u7684\u7acb\u6cd5\u610f\u56fe\u5728\u4e8e\u964d\u4f4e\u7531\u4e2d\u5fc3\u5316\u4ef2\u4ecb\u673a\u6784\u9020\u6210\u7684\u64cd\u7eb5\u3001\u6b3a\u8bc8\u3001\u5229\u76ca\u51b2\u7a81\u3001\u8d44\u8baf\u4e0d\u5bf9\u79f0\u548c\u5176\u4ed6\u6ee5\u7528\u7684\u98ce\u9669\u3002\u81ea\u4e3b\u578bDEX\u901a\u8fc7\u53bb\u4e2d\u5fc3\u5316\u7684\u900f\u660e\u5ea6\u3001\u81ea\u52a8\u5316\u6267\u884c\u548c\u4e0d\u53ef\u7be1\u6539\u7684\u53ef\u5ba1\u8ba1\u6027\uff0c\u4ece\u672c\u8d28\u4e0a\u6d88\u9664\u4e86\u8fd9\u4e9b\u98ce\u9669\u3002\u7531\u4e8e\u6ca1\u6709\u81ea\u7531\u88c1\u91cf\u7684\u4eba\u4e3a\u5e72\u9884\uff0c\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u6709\u6548\u5730\u89e3\u51b3\u4e86\u76d1\u7ba1\u95ee\u9898\uff0c\u4f7f\u5176\u9002\u7528\u4e8eDEX\u53d8\u5f97\u6ca1\u6709\u5fc5\u8981\uff0c\u4e5f\u4e0e\u7acb\u6cd5\u521d\u8877\u76f8\u6096\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6700\u540e\uff0c\u6839\u636e\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u5c06\u81ea\u6cbb\u578bDEX\u5f52\u7c7b\u4e3a\u4ea4\u6613\u6240\uff0c\u5c06\u7834\u574f\u4fc3\u8fdb\u521b\u65b0\u548c\u5e02\u573a\u6548\u7387\u7684\u653f\u7b56\u76ee\u6807\u3002\u4e3a\u4e2d\u5fc3\u5316\u5b9e\u4f53\u8bbe\u8ba1\u7684\u4f20\u7edf\u76d1\u7ba1\u6846\u67b6\u4f1a\u65bd\u52a0\u4e0d\u5fc5\u8981\u7684\u76d1\u7ba1\u8d1f\u62c5\uff0c\u800c\u81ea\u6cbb\u578bDEX\u65e0\u6cd5\u6ee1\u8db3\u8fd9\u4e9b\u8d1f\u62c5\uff0c\u56e0\u6b64\u4f1a\u627c\u6740\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u56fa\u6709\u7684\u6280\u672f\u8fdb\u6b65\uff0c\u800c\u65e0\u6cd5\u63d0\u4f9b\u76f8\u5e94\u7684\u76d1\u7ba1\u4f18\u52bf\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u56e0\u6b64\uff0cDEX\u7531\u4e8e\u5176\u81ea\u4e3b\u6027\u3001\u53bb\u4e2d\u5fc3\u5316\u3001\u900f\u660e\u6027\u548c\u786e\u5b9a\u6027\u7684\u8425\u8fd0\u7279\u6027\uff0c\u4e0d\u7b26\u5408\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u5bf9\u300c\u4ea4\u6613\u6240\u300d\u7684\u6cd5\u5b9a\u5b9a\u4e49\u6216\u57fa\u672c\u653f\u7b56\u539f\u7406\uff0c\u56e0\u6b64\u5e94\u88ab\u6392\u9664\u5728\u5176\u76d1\u7ba1\u6846\u67b6\u4e4b\u5916\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>AMM\u4e2d\u7684\u81ea\u6cbb\u539f\u5219<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6211\u4eec\u5f3a\u70c8\u8ba4\u4e3a\uff0c\u53bb\u4e2d\u5fc3\u5316\u3001\u900f\u660e\u7684\u81ea\u52a8\u5316\u505a\u5e02\u5546 (AMM) \u65e0\u9700\u6ce8\u518c\u4e3a\u4ea4\u6613\u6240\u6216\u53e6\u7c7b\u4ea4\u6613\u7cfb\u7edf (ATS)\uff0c\u800c\u4e14\u8bb8\u591a AMM \u53ef\u80fd\u7531\u4e8e\u7f3a\u4e4f\u53ef\u8bc6\u522b\u7684\u8425\u8fd0\u5b9e\u4f53\u800c\u65e0\u6cd5\u6ce8\u518c\u3002\u539f\u56e0\u5f88\u7b80\u5355\uff1a\u81ea\u4e3b\u3001\u81ea\u52a8\u6267\u884c\u4e14\u6e90\u4ee3\u7801\u516c\u5f00\u7684\u7a0b\u5e8f\u65e0\u9700\u76d1\u7ba1\uff0c\u800c\u76ee\u524d\u7684\u76d1\u7ba1\u5f62\u5f0f\u6b63\u662f\u4e3a\u76d1\u7ba1\u63a7\u5236\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u7684\u4eba\u5458\u800c\u91cf\u8eab\u5b9a\u5236\u7684\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4ece\u76d1\u7ba1\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u5982\u679c\u81ea\u6cbb\u6027\u5c06 DEX \u6392\u9664\u5728\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u89c4\u5219\u7684\u9002\u7528\u8303\u56f4\u4e4b\u5916\uff0c\u90a3\u4e48\u4e0e\u90a3\u65af\u8fbe\u514b\u7b49\u975e\u81ea\u6cbb\u573a\u6240\u76f8\u6bd4\uff0c\u5efa\u7acb\u4e00\u4e2a\u539f\u5219\u6027\u548c\u53ef\u7ba1\u7406\u7684\u6846\u67b6\u6765\u786e\u5b9a\u4ec0\u4e48\u624d\u6709\u8d44\u683c\u6210\u4e3a\u81ea\u6cbb\u7cfb\u7edf\u81f3\u5173\u91cd\u8981\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4e0e\u5176\u4ed6\u76d1\u7ba1\u5206\u6790\u4e00\u81f4\uff0c\u6211\u4eec\u8ba4\u4e3a\u4ee5\u4e0b\u56e0\u7d20\u8868\u660eDEX\u5177\u6709\u81ea\u6cbb\u6027\uff1a<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>1\u3001\u7f3a\u4e4f\u81ea\u7531\u88c1\u91cf\u6743\u3002\u5e73\u53f0\u5fc5\u987b\u6309\u7167\u9884\u5148\u7f16\u7a0b\u7684\u3001\u786e\u5b9a\u6027\u7684\u89c4\u5219\u8fd0\u884c\uff0c\u8fd9\u4e9b\u89c4\u5219\u5d4c\u5165\u5728\u53ef\u81ea\u52a8\u6267\u884c\u7684\u667a\u80fd\u5408\u7ea6\u4e2d\u3002\u4efb\u4f55\u5b9e\u4f53\u3001\u4e2a\u4eba\u6216\u56e2\u4f53\uff08\u5305\u62ec\u5e73\u53f0\u5f00\u53d1\u8005\uff09\u5747\u4e0d\u5f97\u5355\u65b9\u9762\u4fee\u6539\u3001\u505c\u6b62\u6216\u5f71\u54cd\u5df2\u90e8\u7f72\u7684\u4ea4\u6613\u7ed3\u7b97\u3001\u6267\u884c\u3001\u5339\u914d\u6216\u5e95\u5c42\u4ee3\u7801\u7684\u8fd0\u884c\uff0c\u9664\u975e\u9075\u5faa\u4e8b\u5148\u62ab\u9732\u3001\u900f\u660e\u8bb0\u5f55\u4e14\u9700\u8981\u5e7f\u6cdb\u53bb\u4e2d\u5fc3\u5316\u5171\u8bc6\u7684\u6cbb\u7406\u6d41\u7a0b\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>2\u3001\u900f\u660e\u5ea6\u548c\u53ef\u9a8c\u8bc1\u6027\u3002\u6240\u6709\u64cd\u4f5c\u903b\u8f91\uff0c\u5305\u62ec\u4ea4\u6613\u6267\u884c\u3001\u5339\u914d\u7b97\u6cd5\u3001\u6d41\u52a8\u6027\u4f9b\u5e94\u3001\u7ed3\u7b97\u6700\u7ec8\u6027\u4ee5\u53ca\u6cbb\u7406\u6d41\u7a0b\u672c\u8eab\uff0c\u90fd\u5fc5\u987b\u59cb\u7ec8\u5b8c\u5168\u5f00\u6e90\u3001\u900f\u660e\u3001\u53ef\u5ba1\u8ba1\u4e14\u53ef\u516c\u5f00\u9a8c\u8bc1\u3002\u900f\u660e\u5ea6\u5305\u62ec\u4ee3\u7801\u5e93\u7684\u5b8c\u5168\u516c\u5f00\u8bbf\u95ee\u548c\u5f00\u6e90\u53ef\u7528\u6027\uff0c\u786e\u4fdd\u5916\u90e8\u9a8c\u8bc1\u4e0d\u5b58\u5728\u672a\u62ab\u9732\u7684\u81ea\u7531\u88c1\u91cf\u63a7\u5236\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>3\u3001\u81ea\u6211\u6267\u884c\u548c\u786e\u5b9a\u6027\u7ed3\u7b97\u3002\u5e73\u53f0\u5fc5\u987b\u81ea\u4e3b\u6267\u884c\u6240\u6709\u4ea4\u6613\uff0c\u65e0\u9700\u4eba\u5de5\u5e72\u9884\u6216\u5224\u65ad\u3002\u4e00\u65e6\u53d1\u8d77\uff0c\u901a\u8fc7\u534f\u8bae\u8fdb\u884c\u7684\u4ea4\u6613\u5c06\u65e0\u6cd5\u88ab\u4efb\u4f55\u53ef\u8bc6\u522b\u7684\u4e2d\u592e\u4ef2\u4ecb\u673a\u6784\u3001\u7ba1\u7406\u5458\u6216\u5176\u4ed6\u65b9\u963b\u6b62\u3001\u5ba1\u67e5\u6216\u64a4\u9500\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>4\u3001\u4e2d\u7acb\u548c\u975e\u6b67\u89c6\u6027\u51c6\u5165\u3002\u5e73\u53f0\u5fc5\u987b\u5411\u6240\u6709\u7b26\u5408\u6761\u4ef6\u7684\u53c2\u4e0e\u8005\u63d0\u4f9b\u5f00\u653e\u3001\u4e2d\u7acb\u548c\u5e7f\u6cdb\u7684\u8bbf\u95ee\u6743\u9650\u3002\u4e0d\u5f97\u6709\u4efb\u4f55\u4e2d\u592e\u6216\u53ef\u8bc6\u522b\u7684\u884c\u653f\u673a\u6784\u7ed9\u4e88\u4efb\u4f55\u4f18\u60e0\u5f85\u9047\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>5\u3001\u53bb\u4e2d\u5fc3\u5316\u8425\u8fd0\u63a7\u5236\u3002\u8425\u8fd0\u529f\u80fd\u5fc5\u987b\u5206\u5e03\u5728\u4e00\u4e2a\u7531\u72ec\u7acb\u53c2\u4e0e\u8005\u7ec4\u6210\u7684\u7f51\u8def\u4e2d\uff0c\u6bcf\u4e2a\u53c2\u4e0e\u8005\u90fd\u7f3a\u4e4f\u5bf9\u5e73\u53f0\u7ed3\u679c\u8fdb\u884c\u6307\u4ee4\u3001\u5426\u51b3\u6216\u4ee5\u5176\u4ed6\u65b9\u5f0f\u63a7\u5236\u7684\u80fd\u529b\u3002\u534f\u8bae\u8425\u8fd0\u7684\u6cbb\u7406\u548c\u53d8\u66f4\uff08\u5982\u6709\uff09\u5fc5\u987b\u660e\u786e\u5730\u638c\u63e1\u5728\u4e00\u4e2a\u5e7f\u6cdb\u5206\u5e03\u7684\u793e\u533a\u624b\u4e2d\uff0c\u800c\u4e0d\u662f\u4e00\u4e2a\u4e2d\u5fc3\u5316\u7684\u7ba1\u7406\u7ed3\u6784\u6216\u53ef\u8bc6\u522b\u7684\u63a7\u5236\u8005\u624b\u4e2d\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u300c\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08decentralized exchange\uff09\u300d\u8fd9\u4e00\u672f\u8bed\u7528\u8bcd\u4e0d\u5f53\uff0c\u81f3\u5c11\u5b58\u5728\u5c06\u529f\u80fd\u4e0e\u76d1\u7ba1\u5730\u4f4d\u6df7\u4e3a\u4e00\u8c08\u7684\u98ce\u9669\u3002\u5c3d\u7ba1\u540d\u79f0\u5982\u6b64\uff0c\u4f46\u4ece\u6cd5\u5f8b\u610f\u4e49\u4e0a\u8bb2\uff0cDEX \u5e76\u975e\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u6240\u5b9a\u4e49\u7684\u300c\u4ea4\u6613\u6240\u300d\u3002\u76f8\u53cd\uff0c\u5b83\u66f4\u5e94\u8be5\u88ab\u7406\u89e3\u4e3a\u4e00\u79cd\u81ea\u4e3b\u6258\u7ba1\u673a\u5236\uff0c\u65e8\u5728\u4fc3\u8fdb\u81ea\u613f\u4ea4\u6613\u5bf9\u624b\u4e4b\u95f4\u8fdb\u884c\u53cc\u8fb9\u3001\u70b9\u5bf9\u70b9\u7684\u4ea4\u6613\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u8fd9\u4e00\u533a\u522b\u81f3\u5173\u91cd\u8981\uff0c\u56e0\u4e3a\u7f8e\u56fd\u8bc1\u5238\u6cd5\u5e76\u4e0d\u7981\u6b62\u4e2a\u4eba\u4e4b\u95f4\u81ea\u613f\u3001\u975e\u6b3a\u8bc8\u6027\u7684\u76f4\u63a5\u8bc1\u5238\u4ea4\u6613\u3002\u4ef2\u4ecb\u673a\u6784\u53d7\u5230\u76d1\u7ba1\uff0c\u4f46\u5e76\u975e\u5f3a\u5236\u8981\u6c42\u3002\u76f4\u63a5\u4f1a\u9762\u5e76\u540c\u610f\u4ea4\u6613\u81ea\u8eab\u8bc1\u5238\u7684\u53cc\u65b9\uff0c\u53ea\u8981\u5176\u81ea\u8eab\u4e0d\u300c\u8425\u8fd0\u300d\u4ea4\u6613\u6240\u6216\u5145\u5f53\u6cd5\u5f8b\u5b9a\u4e49\u7684\u7ecf\u7eaa\u4eba\u6216\u4ea4\u6613\u5546\uff0c\u5c31\u53ef\u4ee5\u81ea\u7531\u5730\u8fdb\u884c\u6b64\u7c7b\u4ea4\u6613\uff0c\u800c\u65e0\u9700\u89e6\u53d1\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u7684\u6ce8\u518c\u548c\u8425\u8fd0\u8981\u6c42\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u8fd9\u79cd\u4eba\u9645\u4ea4\u6613\u7684\u5386\u53f2\u95ee\u9898\u5728\u4e8e\u4fe1\u4efb\u548c\u5b9a\u4ef7\u3002\u5728\u7ed3\u7b97\u65f6\uff0c\u4efb\u4f55\u4e00\u65b9\u90fd\u4e0d\u613f\u5148\u4ea4\u4ed8\u73b0\u91d1\u6216\u51ed\u8bc1\uff0c\u56e0\u4e3a\u62c5\u5fc3\u5bf9\u65b9\u53ef\u80fd\u65e0\u6cd5\u5c65\u7ea6\u3002\u4f20\u7edf\u4e0a\uff0c\u8fd9\u4e2a\u95ee\u9898\u662f\u901a\u8fc7\u8058\u8bf7\u503c\u5f97\u4fe1\u8d56\u7684\u6258\u7ba1\u4ee3\u7406\u6216\u6e05\u7b97\u673a\u6784\u6765\u89e3\u51b3\u7684\u3002\u5bf9\u4e8e\u6258\u7ba1\u4ee3\u7406\uff0c\u5356\u65b9\u5c06\u62c5\u4fdd\u4ea4\u4ed8\u7ed9\u6258\u7ba1\u4ee3\u7406\uff0c\u4e70\u65b9\u4ea4\u4ed8\u73b0\u91d1\uff0c\u7136\u540e\u6258\u7ba1\u4ee3\u7406\u540c\u65f6\u5c06\u6bcf\u7b14\u6b3e\u9879\u4ea4\u4ed8\u7ed9\u53e6\u4e00\u65b9\u3002\u5bf9\u4e8e\u6e05\u7b97\u673a\u6784\uff0c\u4ef2\u4ecb\u673a\u6784\u4e3a\u4ea4\u6613\u53cc\u65b9\u63d0\u4f9b\u62c5\u4fdd\uff0c\u5e76\u81ea\u884c\u627f\u62c5\u5c65\u7ea6\u98ce\u9669\u3002\u8fd9\u4e9b\u6a21\u5f0f\u867d\u7136\u6709\u6548\uff0c\u4f46\u4e5f\u5b58\u5728\u4e24\u4e2a\u5173\u952e\u9650\u5236\uff1a<\/p>\n<\/section>\n<section style=\"margin-top:20px\">\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u4e2d\u592e\u4ef2\u4ecb\u4f9d\u8d56\u2014\u2014\u6bcf\u4e2a\u6d41\u7a0b\u90fd\u4f9d\u8d56\u4e8e\u53ef\u4fe1\u7684\u3001\u96c6\u4e2d\u7684\u7b2c\u4e09\u65b9\u3002<\/p>\n<\/li>\n<li>\n<p>\u9759\u6001\u5b9a\u4ef7\u98ce\u9669\u2014\u2014\u4ea4\u6613\u4e00\u65e6\u53d1\u751f\uff0c\u4ef7\u683c\u5373\u56fa\u5b9a\uff0c\u5373\u4f7f\u5927\u76d8\u53ef\u80fd\u6ce2\u52a8\u3002\u56e0\u6b64\uff0c\u5356\u65b9\u5728\u4ea4\u6613\u7ed3\u7b97\u65f6\u6536\u5230\u7684\u6536\u76ca\u53ef\u80fd\u4f4e\u4e8e\u5f53\u65f6\u7684\u5e02\u573a\u4ef7\u503c\uff08\u6216\u8005\u4e70\u65b9\u652f\u4ed8\u7684\u4ef7\u683c\u9ad8\u4e8e\u5f53\u65f6\u7684\u5e02\u573a\u4ef7\u683c\uff09\uff0c\u8fd9\u4e9b\u98ce\u9669\u672c\u8eab\u4f1a\u901a\u8fc7\u4fdd\u8bc1\u91d1\u5236\u5ea6\u8fdb\u4e00\u6b65\u590d\u6742\u5316\u3002<\/p>\n<\/li>\n<\/ul>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>AMM \u7684\u67b6\u6784\u89e3\u51b3\u4e86\u8fd9\u4e24\u4e2a\u95ee\u9898\u3002\u300c\u6258\u7ba1\u300d\u6216\u6e05\u7b97\u673a\u6784\u5e76\u975e\u4eba\u5de5\u4ef2\u4ecb\uff0c\u800c\u662f\u4e00\u4e2a\u4e0d\u53ef\u7be1\u6539\u7684\u94fe\u4e0a\u7a0b\u5e8f\uff0c\u5b83\u5c06\u8d44\u4ea7\u50a8\u5b58\u5728\u667a\u80fd\u5408\u7ea6\u4e2d\uff0c\u6267\u884c\u7ea6\u5b9a\u7684\u5b9a\u4ef7\u51fd\u6570\uff0c\u5e76\u4ee5\u539f\u5b50\u65b9\u5f0f\u6267\u884c\u7ed3\u7b97\uff0c\u4ece\u800c\u6d88\u9664\u4e86\u4ea4\u6613\u5bf9\u624b\u98ce\u9669\u3002\u6b64\u5916\uff0c\u4e0e\u4f20\u7edf\u6258\u7ba1\u4e0d\u540c\uff0cAMM \u53ef\u4ee5\u6839\u636e\u7b97\u6cd5\u5b9a\u4ef7\u51fd\u6570\u6301\u7eed\u66f4\u65b0\u4ef7\u683c\uff0c\u786e\u4fdd\u4ea4\u6613\u4ef7\u683c\u66f4\u80fd\u53cd\u6620\u5f53\u524d\u5e02\u573a\u72b6\u51b5\u3002\u7531\u4e8e\u4ea4\u6613\u51e0\u4e4e\u5b9e\u65f6\u7ed3\u7b97\uff0c\u56e0\u6b64\u65e0\u9700\u6e05\u7b97\u673a\u6784\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5f53\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u5411 DEX \u6c60\u8d21\u732e\u8d44\u4ea7\u65f6\uff0c\u4ed6\u4eec\u5b9e\u9645\u4e0a\u662f\u5c06\u8fd9\u4e9b\u8d44\u4ea7\u5b58\u5165\u4e00\u4e2a\u81ea\u4e3b\u6258\u7ba1\u5e10\u6237\uff0c\u5e76\u6307\u793a\u7a0b\u5e8f\u5c06\u8fd9\u4e9b\u8d44\u4ea7\u63d0\u4f9b\u7ed9\u4efb\u4f55\u613f\u610f\u4ee5\u5408\u7ea6\u52a8\u6001\u4ef7\u683c\u8fdb\u884c\u4ea4\u6613\u7684\u4ea4\u6613\u5bf9\u624b\u3002\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u65e0\u9700\u76f4\u63a5\u4e0e\u4ea4\u6613\u5bf9\u624b\u8fdb\u884c\u8c08\u5224\uff1b\u76f8\u53cd\uff0c\u4ed6\u4eec\u4e0e\u534f\u8bae\u4e2d\u9884\u5148\u8bbe\u5b9a\u7684\u5b9a\u4ef7\u548c\u7ed3\u7b97\u903b\u8f91\u8fdb\u884c\u4ea4\u4e92\u3002\u672c\u8d28\u4e0a\uff0c\u8fd9\u662f\u4e00\u79cd\u81ea\u52a8\u5316\u7684\u573a\u5916\u4ea4\u6613 (OTC) \u6258\u7ba1\u5b89\u6392\u2014\u2014\u65e0\u9700\u4f9d\u8d56\u4e2d\u5fc3\u5316\u8425\u8fd0\u5546\uff0c\u4e5f\u4e0d\u5177\u5907\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u89c4\u5b9a\u7684\u300c\u4ea4\u6613\u6240\u300d\u7279\u5f81\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h2>\u94fe\u4e0a\u8bc1\u5238\u7684\u5927\u672a\u6765<\/h2>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6bcf\u9694\u51e0\u5341\u5e74\uff0c\u5c31\u4f1a\u51fa\u73b0\u4e00\u9879\u65b0\u6280\u672f\uff0c\u5b83\u4e0d\u4ec5\u80fd\u6539\u5584\u4e00\u4e2a\u884c\u4e1a\u6216\u5b9e\u8df5\uff0c\u8fd8\u80fd\u5f7b\u5e95\u6539\u53d8\u5b83\u3002\u4ee3\u5e01\u5316\u5c06\u5bf9\u80a1\u7968\u548c\u66f4\u5e7f\u6cdb\u7684\u91d1\u878d\u4f53\u7cfb\u4ea7\u751f\u540c\u6837\u7684\u5f71\u54cd\u3002\u6211\u4eec\u76f8\u4fe1\uff0c\u4ee3\u5e01\u5316\u5bf9\u4ef7\u503c\u7684\u5f71\u54cd\u5c06\u5982\u540c\u7f51\u8def\u5bf9\u8d44\u8baf\u7684\u5f71\u54cd\u4e00\u6837\u3002\u867d\u7136\u4eca\u5929 GLXY \u7684\u4ee3\u5e01\u5316\u53ef\u80fd\u53ea\u662f\u8fd9\u573a\u6f2b\u957f\u6f14\u53d8\u4e2d\u7684\u4e00\u5c0f\u6b65\uff0c\u4f46\u6211\u4eec\u76f8\u4fe1\uff0c\u672c\u6587\u63d0\u51fa\u7684\uff08\u5e76\u5728\u94fe\u4e0a\u5b9e\u65bd\u7684\uff09\u7ed3\u6784\u6709\u53ef\u80fd\u6210\u4e3a\u80a1\u7968\u7684 HTTPS\uff1a\u4e00\u4e2a\u5728\u65b0\u578b\u6570\u5b57\u5a92\u4ecb\u4e2d\u5efa\u7acb\u4fe1\u4efb\u7684\u5b89\u5168\u6807\u51c6\uff0c\u4ece\u800c\u4f7f\u5176\u5f97\u5230\u5e7f\u6cdb\u91c7\u7528\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5c3d\u7ba1\u5728\u5927\u591a\u6570\u4eba\u770b\u6765\uff0c\u4f20\u7edf\u7684\u652f\u4ed8\u7cfb\u7edf\u548c\u8d44\u672c\u5e02\u573a\u57fa\u7840\u8bbe\u65bd\u4f3c\u4e4e\u9ad8\u6548\uff0c\u4f46\u5b83\u4eec\u4ecd\u7136\u5927\u591a\u662f\u4e00\u7cfb\u5217\u590d\u6742\u7684\u7ba1\u9053\uff0c\u5982\u540c\u5de8\u5927\u7684\u8ff7\u5bab\uff0c\u7531\u4f17\u591a\u4ef2\u4ecb\u673a\u6784\u64cd\u4f5c\uff0c\u5f7c\u6b64\u4e4b\u95f4\u901a\u8fc7\u4e0d\u540c\u7684\u5b9a\u5236\u8fde\u63a5\u76f8\u4e92\u4ea4\u7ec7\uff0c\u5e76\u4e14\u901a\u5e38\u4f7f\u7528\u8fc7\u65f6\u7684\u4ee3\u7801\u7f16\u5199\u3002\u73b0\u4ee3\u5e02\u573a\u548c\u652f\u4ed8\u57fa\u7840\u8bbe\u65bd\u5efa\u7acb\u5728\u6570\u5341\u5e74\u5386\u53f2\u7684\u65e7\u7248\u672c\u4e4b\u4e0a\uff0c\u9700\u8981\u9ad8\u7ea7\u5b66\u4f4d\u624d\u80fd\u7406\u89e3\u3002\u5982\u679c\u8fd9\u4e9b\u7cfb\u7edf\u662f\u4f7f\u7528\u73b0\u4ee3\u6280\u672f\u4ece\u96f6\u5f00\u59cb\u8bbe\u8ba1\u7684\uff0c\u5b83\u4eec\u51e0\u4e4e\u80af\u5b9a\u4e0d\u4f1a\u662f\u4eca\u5929\u7684\u6837\u5b50\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6beb\u65e0\u7591\u95ee\uff0c\u4e0e\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u76f8\u6bd4\uff0c\u516c\u5171\u7684\u3001\u53bb\u4e2d\u5fc3\u5316\u7684\u533a\u5757\u94fe\u662f\u66f4\u9ad8\u6548\u3001\u66f4\u900f\u660e\u3001\u66f4\u6301\u4e45\u3001\u66f4\u5177\u97e7\u6027\u7684\u8bb0\u5f55\u548c\u7ed3\u7b97\u7cfb\u7edf\u3002\u5982\u679c\u6211\u4eec\u8981\u4ece\u5934\u5f00\u59cb\u91cd\u5efa\u8fd9\u4e9b\u7cfb\u7edf\uff0c\u516c\u94fe\u65e0\u7591\u5c06\u53d1\u6325\u5173\u952e\u4f5c\u7528\u3002\u4f46\u7531\u4e8e\u6211\u4eec\u5e76\u975e\u4ece\u5934\u5f00\u59cb\u91cd\u5efa\uff0c\u56e0\u6b64\u9700\u8981\u4e00\u79cd\u6a21\u578b\u6765\u8fde\u63a5\u8fd9\u4e24\u4e2a\u7cfb\u7edf\uff0c\u800c\u6211\u4eec\u76f8\u4fe1\uff0c\u6211\u4eec\u7684\u6a21\u578b\u662f\u6700\u9ad8\u6548\u3001\u5408\u89c4\u3001\u900f\u660e\u4e14\u521b\u65b0\u7684\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u8bc4\u4f30\u94fe\u4e0a\u8bc1\u5238\u7684\u673a\u4f1a<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6211\u4eec\u76f8\u4fe1\uff0c\u4e00\u65e6\u80a1\u6743\u8bc1\u5238\u4ee5\u6211\u4eec\u521b\u5efa\u7684\u7ed3\u6784\u7b49\u5b9e\u9645\u5f62\u5f0f\u5b9e\u73b0\u5927\u89c4\u6a21\u53d1\u884c\u548c\u94fe\u4e0a\u4ea4\u6613\uff0c\u5927\u89c4\u6a21\u91c7\u7528\u5c31\u4f1a\u5f00\u59cb\u3002\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u7ed3\u6784\u5c06\u88ab\u8ba4\u4e3a\u6bd4\u4f20\u7edf\u65b9\u5f0f\u66f4\u52a0\u516c\u5e73\u3001\u5feb\u6377\u3001\u6210\u672c\u66f4\u4f4e\u3001\u66f4\u5b89\u5168\u3002\u5c4a\u65f6\uff0c\u94fe\u4e0a\u8bc1\u5238\u5c06\u8fce\u6765\u300cUniswap\u65f6\u523b\u300d\uff0c\u4e2d\u5fc3\u5316\u4ea4\u6613\u4e16\u754c\u5c06\u5f00\u59cb\u5927\u91cf\u6d8c\u5165\u94fe\u4e0a\u4ea4\u6613\u3002\u6211\u4eec\u6a21\u62df\u4e86\u8fd9\u4e00\u65f6\u523b\u4e4b\u540e\u94fe\u4e0a\u5e02\u573a\u7684\u589e\u957f\u60c5\u51b5\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4e3a\u4e86\u4f30\u8ba1\u94fe\u4e0a\u80a1\u7968\u5e02\u573a\u7684\u6f5c\u5728\u89c4\u6a21\uff0c\u6211\u4eec\u4f7f\u7528\u5386\u53f2\u57fa\u51c6\u6765\u9884\u6d4b\u7f8e\u56fd\u80a1\u7968\u5e02\u503c\u548c\u603b\u80a1\u7968\u4ea4\u6613\u6d3b\u52a8\uff1a\u5728\u6570\u5341\u5e74\u7684\u7535\u5b50\u5316\u548c\u81ea\u52a8\u5316\u63a8\u52a8\u4e0b\uff0c\u540d\u4e49\u589e\u957f\u7387\u7ea6\u4e3a 7%\uff0c\u603b\u80a1\u7968\u4ea4\u6613\u91cf\u589e\u957f\u7387\u7ea6\u4e3a 3%\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u7136\u540e\uff0c\u6211\u4eec\u5728\u718a\u5e02\u3001\u57fa\u51c6\u5e02\u548c\u725b\u5e02\u60c5\u666f\u4e0b\uff0c\u4ee5 S \u66f2\u7ebf\u4e3a\u4ee3\u5e01\u5316\u80a1\u7968\u5efa\u7acb\u6a21\u578b\uff0c\u5e76\u6839\u636e\u4e09\u4e2a\u5148\u4f8b\u8fdb\u884c\u6821\u51c6\uff1a\u81ea 1990 \u5e74\u4ee3\u4ee5\u6765 ETF \u7684\u6570\u5341\u5e74\u5d1b\u8d77\u3001\u8fd1\u671f\u73b0\u8d27\u52a0\u5bc6 ETF \u4e2d\u51fa\u73b0\u7684\u66f4\u5feb\u7684\u66f2\u68cd\u7403\u68d2\u5f0f\u589e\u957f\uff0c\u4ee5\u53ca\u4ee3\u5e01\u5316\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u7684\u589e\u957f\uff0c\u4ee3\u5e01\u5316\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u9a8c\u8bc1\u4e86\u5bf9\u94fe\u4e0a\u5305\u88c5\u5668\u7684\u9700\u6c42\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4e3a\u4e86\u5c06\u4ef7\u503c\u8fc1\u79fb\u8f6c\u5316\u4e3a\u6d41\u91cf\u8fc1\u79fb\uff0c\u6211\u4eec\u5047\u8bbe\u4ee3\u5e01\u5316\u8f68\u9053\u6bd4\u4f20\u7edf\u8f68\u9053\u5177\u6709\u66f4\u9ad8\u7684\u5468\u8f6c\u7387\uff0c\u56e0\u4e3a\u5b83\u4eec\u662f\u5168\u5929\u5019\u7684\u3001\u5373\u65f6\u7ed3\u7b97\u7684\u3001\u8d44\u91d1\u5145\u8db3\u7684\uff0c\u56e0\u6b64\u968f\u8457\u91c7\u7528\u7387\u7684\u63d0\u9ad8\uff0c\u4ea4\u6613\u91cf\u5e02\u5360\u7387\u7684\u589e\u957f\u901f\u5ea6\u5c06\u5feb\u4e8e\u5e02\u503c\u5e02\u5360\u7387\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6211\u4eec\u8fd8\u4ee5\u52a0\u5bc6\u5e02\u573a\u4ece CEX \u5230 DEX \u7684\u8f6c\u53d8\uff08\u4e94\u5e74\u5185\u603b\u4ea4\u6613\u91cf\u4ece 0% \u5230\u8fd1 20%\uff09\u4f5c\u4e3a\u8bc1\u636e\uff0c\u8bc1\u660e\u4e00\u65e6\u65b0\u8f68\u9053\u4e0a\u7684\u6d41\u52a8\u6027\u548c\u7528\u6237\u4f53\u9a8c\u8fbe\u5230\u5e73\u4ef7\uff0c\u8ba2\u5355\u6d41\u5c31\u53ef\u4ee5\u5feb\u901f\u8fc1\u79fb\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u603b\u5e02\u503c\u548c\u603b\u65e5\u5747\u4ea4\u6613\u91cf (ADV) \u5728\u6bcf\u4e2a\u65f6\u95f4\u6bb5\u7684\u60c5\u666f\u4e0b\u4fdd\u6301\u4e00\u81f4\uff0c\u6211\u4eec\u6839\u636e\u8fd9\u4e9b\u91c7\u7528\u7387\u548c\u6210\u4ea4\u91cf\u5047\u8bbe\u63a8\u5bfc\u51fa\u4ee3\u5e01\u5316\u5e02\u503c\u3001\u4ee3\u5e01\u5316\u4ea4\u6613\u5e02\u5360\u7387\u548c\u4ee3\u5e01\u5316\u65e5\u5747\u4ea4\u6613\u91cf\u3002\u4e0e\u4efb\u4f55\u6a21\u578b\u4e00\u6837\uff0c\u8be5\u6a21\u578b\u4e5f\u5b58\u5728\u5c40\u9650\u6027\uff0c\u5c24\u5176\u662f\u5bf9\u6210\u4ea4\u91cf\u5dee\u8ddd\u3001S \u66f2\u7ebf\u6821\u51c6\u3001\u76d1\u7ba1\u65f6\u673a\u4ee5\u53ca\u4ee3\u5e01\u5316\u548c\u4f20\u7edf\u7fa4\u7ec4\u4e4b\u95f4\u7684\u4ef7\u683c\u7ec4\u5408\u5dee\u5f02\u7684\u654f\u611f\u6027\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h2>\u98ce\u9669\u4e0e\u62ab\u9732<\/h2>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>Galaxy \u548c Superstate \u4e00\u76f4\u52aa\u529b\u6d88\u9664\u6216\u964d\u4f4e\u6295\u8d44\u8005\u548c\u5e02\u573a\u9762\u4e34\u7684\u98ce\u9669\u3002\u7136\u800c\uff0c\u9274\u4e8e\u8fd9\u79cd\u80a1\u6743\u6295\u8d44\u6a21\u5f0f\u7684\u65b0\u9896\u6027\uff0c\u6295\u8d44\u8005\u4e86\u89e3\u5404\u79cd\u98ce\u9669\u81f3\u5173\u91cd\u8981\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4ee3\u5e01\u5316 GLXY \u7684\u6301\u6709\u8005\u53ef\u80fd\u4f1a\u5931\u53bb\u5bf9\u5176\u94b1\u5305\u7684\u8bbf\u95ee\u6743\u9650\u3002&nbsp;\u4e0e\u4e22\u5931\u5b89\u5168\u8bc1\u4e66\u7c7b\u4f3c\uff0c\u5982\u679c\u5bc6\u94a5\u4e22\u5931\uff0cSuperstate \u53ef\u4ee5\u5c06\u4ee3\u5e01\u91cd\u65b0\u53d1\u884c\u5230\u80a1\u4e1c\u63a7\u5236\u7684\u65b0\u94b1\u5305\u4e2d\u3002\u7531\u4e8e Superstate \u4f1a\u8ffd\u8e2a\u80a1\u4e1c\u4e4b\u95f4\u4ee3\u5e01\u5316 GLXY \u7684\u6240\u6709\u94fe\u4e0a\u6d41\u52a8\u60c5\u51b5\uff0c\u5e76\u4e14\u6240\u6709\u80a1\u4e1c\u8d44\u8baf\u5747\u5df2\u516c\u5f00\uff0c\u56e0\u6b64 Superstate \u53ef\u4ee5\u5c06\u4ee3\u5e01\u5316\u80a1\u4efd\u91cd\u65b0\u53d1\u884c\u5230\u80a1\u4e1c\u63a7\u5236\u7684\u65b0\u94b1\u5305\u4e2d\uff0c\u540c\u65f6\u53d6\u6d88\u65e0\u6cd5\u6062\u590d\u7684\u80a1\u4efd\u3002\u6ce8\u610f\uff1a\u5982\u679c\u94b1\u5305\u5bc6\u94a5\u4e22\u5931\uff0cGLXY \u80a1\u4efd\u53ef\u4ee5\u6062\u590d\uff0c\u4f46\u5176\u4ed6\u8d44\u4ea7\uff08\u4f8b\u5982 SOL \u7b49\u65e0\u9700\u8bb8\u53ef\u7684\u8d44\u4ea7\uff09\u5728\u94b1\u5305\u5bc6\u94a5\u4e22\u5931\u540e\u5c06\u65e0\u6cd5\u6062\u590d\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4f20\u7edf GLXY \u7684\u4ef7\u683c\u53ef\u80fd\u4e0e\u4ee3\u5e01\u5316 GLXY \u7684\u4ef7\u683c\u51fa\u73b0\u5dee\u5f02\u3002Galaxy\u5c06\u5168\u529b\u652f\u6301\u5176\u94fe\u4e0a\u80a1\u7968\u5728\u672a\u6765 DeFi \u5e94\u7528\u4e2d\u4ea4\u6613\uff0c\u524d\u63d0\u662f\u76d1\u7ba1\u8db3\u591f\u6e05\u6670\u3002\u521b\u5efa\u4e00\u4e2a\u9f13\u52b1 DeFi \u548c\u4f20\u7edf\u4ea4\u6613\u6240\u5e02\u573a\u4ef7\u683c\u4fdd\u6301\u53ef\u6bd4\u6027\u7684\u5e02\u573a\u7ed3\u6784\u662f\u8be5\u516c\u53f8\u7684\u9996\u8981\u4efb\u52a1\u3002\u4f46\u94fe\u4e0a\u8bc1\u5238\u5e02\u573a\u5c1a\u5904\u4e8e\u840c\u82bd\u9636\u6bb5\uff0c\u5373\u4f7f\u542f\u7528\u81ea\u52a8\u505a\u5e02\u5546 (AMM) \u4ea4\u6613\uff0c\u4e5f\u65e0\u6cd5\u4fdd\u8bc1\u4ee3\u5e01\u5316 GLXY \u7684\u6d41\u52a8\u6027\u548c\u6709\u5e8f\u5e02\u573a\u80fd\u591f\u53d1\u5c55\u6216\u6301\u7eed\u3002\u6b64\u5916\uff0c\u5982\u679c\u4ee3\u5e01\u5316 GLXY \u5f00\u59cb\u5728\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u4ea4\u6613\uff0c\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e0e\u90a3\u65af\u8fbe\u514b\u7b49\u56fd\u5bb6\u7ea7\u8bc1\u5238\u4ea4\u6613\u6240\u76f8\u6bd4\uff0c\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u7684\u6d41\u52a8\u6027\u3001\u4ea4\u6613\u91cf\u3001\u900f\u660e\u5ea6\u6216\u76d1\u7ba1\u529b\u5ea6\u53ef\u80fd\u663e\u8457\u4e0d\u8db3\u3002\u8fd9\u53ef\u80fd\u4f1a\u5206\u6563\u8de8\u5e73\u53f0\u7684\u6d41\u52a8\u6027\uff0c\u635f\u5bb3\u4ef7\u683c\u53d1\u73b0\uff0c\u6269\u5927\u4e70\u5356\u4ef7\u5dee\uff0c\u5e76\u5bfc\u81f4\u4ee3\u5e01\u5316 GLXY \u548c\u4f20\u7edf GLXY \u4e4b\u95f4\u7684\u4ef7\u683c\u5dee\u5f02\u6301\u7eed\u5b58\u5728\u2014\u2014\u5c24\u5176\u662f\u5728\u5957\u5229\u53d7\u5230\u8425\u8fd0\u6216\u76d1\u7ba1\u9650\u5236\u7684\u60c5\u51b5\u4e0b\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6b64\u5916\uff0c\u4e13\u4e1a\u4ea4\u6613\u5458\u5728\u4e0e\u4ee3\u5e01\u5316GLXY\u7b49\u94fe\u4e0a\u8bc1\u5238\u4e92\u52a8\u65f6\uff0c\u53ef\u80fd\u9762\u4e34\u4e0d\u660e\u786e\u6216\u4e0d\u65ad\u53d8\u5316\u7684\u4e49\u52a1\uff0c\u800c\u4e14\u7f8e\u56fd\u8054\u90a6\u8bc1\u5238\u6cd5\u548c\u5176\u4ed6\u6cd5\u89c4\u5bf9\u4ee3\u5e01\u5316\u8bc1\u5238\u4ea4\u6613\u7684\u9002\u7528\u6027\u4ecd\u5b58\u5728\u4e0d\u786e\u5b9a\u6027\u3002\u8fd9\u53ef\u80fd\u4f1a\u963b\u6b62\u6216\u6253\u51fb\u8fd9\u4e9b\u516c\u53f8\u6301\u6709\u3001\u4ea4\u6613\u6216\u4fc3\u6210\u4ee3\u5e01\u5316GLXY\u7684\u4ea4\u6613\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u9650\u5236\u6d41\u52a8\u6027\u3002\u4ee3\u5e01\u5316GLXY\u7684\u6d41\u52a8\u6027\u4e0b\u964d\uff0c\u65e0\u8bba\u662f\u7531\u4e8e\u666e\u901a\u6295\u8d44\u8005\u4e0d\u719f\u6089\u3001\u9700\u6c42\u4e0d\u786e\u5b9a\u3001\u8425\u8fd0\u6469\u64e6\u3001\u4ee3\u5e01\u5316GLXY\u5e02\u573a\u4e0e\u4f20\u7edfGLXY\u5e02\u573a\u4e4b\u95f4\u8054\u7cfb\u4e0d\u7545\u6216\u5176\u4ed6\u539f\u56e0\uff0c\u90fd\u53ef\u80fd\u5bfc\u81f4\u4ee3\u5e01\u5316GLXY\u7684\u4ea4\u6613\u4ef7\u683c\u4e0b\u8dcc\uff0c\u800c\u4ee3\u5e01\u5316GLXY\u5e02\u573a\u53d1\u51fa\u7684\u6b64\u7c7b\u8d1f\u9762\u4ef7\u683c\u4fe1\u53f7\u53ef\u80fd\u4f1a\u5bf9\u4f20\u7edfGLXY\u7684\u4ea4\u6613\u4ef7\u683c\u4ea7\u751f\u4e0d\u5229\u5f71\u54cd\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u9f13\u52b1\u8de8\u5e73\u53f0\u5b9a\u4ef7\u4e00\u81f4\u7684\u4e00\u4e2a\u6838\u5fc3\u65b9\u6cd5\u662f\u5efa\u7acb\u5e76\u7b80\u5316\u4f20\u7edf\u91d1\u878d\u4e0e\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u4e4b\u95f4\u7684\u6865\u6881\u3002\u5728\u7b2c\u4e00\u9636\u6bb5\uff0cGalaxy \u642d\u5efa\u4e86\u8fd9\u5ea7\u300c\u6865\u6881\u300d\uff0c\u4f7f\u52a0\u5165 Superstate \u7684\u80a1\u4e1c\u80fd\u591f\u5c06\u4f20\u7edf\u80a1\u7968\u4ea4\u4ed8\u7ed9 Superstate \u4ee5\u300c\u521b\u5efa\u300d\u4ee3\u5e01\u5316\u80a1\u7968\uff0c\u6216\u5c06\u4ee3\u5e01\u5316\u80a1\u7968\u4ea4\u4ed8\u7ed9 Superstate \u5e76\u5c06\u5176\u300c\u5151\u6362\u300d\u4e3a\u4f20\u7edf\u80a1\u7968\u3002\u5982\u679c\u5e73\u53f0\u4e4b\u95f4\u51fa\u73b0\u4ef7\u683c\u5dee\u5f02\uff0c\u6211\u4eec\u9884\u8ba1\u80a1\u4e1c\uff0c\u5c24\u5176\u662f\u7ecf\u9a8c\u4e30\u5bcc\u7684\u80a1\u4e1c\uff0c\u5c06\u5229\u7528\u8fd9\u5ea7\u6865\u6881\u6765\u7f29\u5c0f\u4efb\u4f55\u51fa\u73b0\u7684\u4ef7\u5dee\u3002\u7136\u800c\uff0c\u6865\u6881\u7684\u4f7f\u7528\u53ef\u80fd\u9700\u8981\u4e00\u6bb5\u65f6\u95f4\u624d\u80fd\u6b63\u5e38\u5316\uff0c\u56e0\u6b64\u5e02\u573a\u53c2\u4e0e\u8005\u5957\u5229\u4ef7\u5dee\u7684\u80fd\u529b\u53ef\u80fd\u4f1a\u53d7\u5230\u963b\u788d\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u7f8e\u56fdSEC\u53ef\u80fd\u4f1a\u88c1\u5b9a\u6211\u4eec\u4e0d\u5f97\u4ee5\u6b64\u65b9\u5f0f\u5c06\u666e\u901a\u80a1\u4ee3\u5e01\u5316\u3002\u867d\u7136\u6211\u4eec\u8ba4\u4e3a\u8fd9\u79cd\u4ee3\u5e01\u5316\u6d41\u7a0b\u4e0d\u4ec5\u5728\u8303\u56f4\u4e0a\u5177\u6709\u9769\u547d\u6027\uff0c\u800c\u4e14\u8bbe\u8ba1\u7cbe\u5de7\uff0c\u7b26\u5408\u73b0\u884c\u8bc1\u5238\u6cd5\u5f8b\u6cd5\u89c4\uff0c\u4f46 SEC \u4e5f\u6709\u53ef\u80fd\u505a\u51fa\u4e0d\u540c\u7684\u88c1\u5b9a\u3002\u5982\u679c\u76d1\u7ba1\u673a\u6784\u8ba4\u5b9a\u53c2\u4e0e\u4ee3\u5e01\u5316 GLXY \u4e8c\u7ea7\u5e02\u573a\u4ea4\u6613\u7684\u5e73\u53f0\u3001\u673a\u5236\u6216\u53c2\u4e0e\u8005\u4e0d\u9075\u5b88\u9002\u7528\u6cd5\u5f8b\uff0c\u6211\u4eec\u6216\u5e02\u573a\u53c2\u4e0e\u8005\u53ef\u80fd\u4f1a\u9762\u4e34\u6267\u6cd5\u884c\u52a8\u6216\u7f5a\u6b3e\uff0c\u6216\u88ab\u8981\u6c42\u64a4\u9500\u6216\u91cd\u7ec4\u8be5\u9879\u76ee\u7684\u67d0\u4e9b\u90e8\u5206\u3002\u5982\u679c Galaxy \u88ab\u52d2\u4ee4\u64a4\u9500\u5176\u94fe\u4e0a\u80a1\u7968\u8ba1\u5212\uff0cSuperstate \u53ef\u4ee5\u6682\u505c\u4ee3\u5e01\u5408\u7ea6\uff0c\u53ec\u56de\u6240\u6709\u4ee3\u5e01\u5316\u80a1\u7968\uff0c\u7136\u540e\u4e0e\u94fe\u4e0a\u80a1\u4e1c\u5408\u4f5c\uff0c\u5c06\u4ee3\u5e01\u5316\u80a1\u7968\u91cd\u65b0\u683c\u5f0f\u5316\u4e3a\u4f20\u7edf\u683c\u5f0f\uff0c\u4ee5\u4fbf\u91cd\u65b0\u4ea4\u4ed8\u5230\u4f20\u7edf\u5e02\u573a\u751f\u6001\u7cfb\u7edf\u3002\u7136\u800c\uff0c\u6b64\u8fc7\u7a0b\u53ef\u80fd\u9700\u8981\u65f6\u95f4\uff0c\u5e76\u4e14\u5728\u8fdb\u884c\u8fc7\u7a0b\u4e2d\uff0c\u80a1\u4e1c\u53ef\u80fd\u96be\u4ee5\u4e70\u5356\u5176\u4ee3\u5e01\u5316 Galaxy \u80a1\u7968\u3002\u8fd9\u4e9b\u98ce\u9669\u53ef\u80fd\u5bfc\u81f4\u6295\u8d44\u8005\u4fe1\u5fc3\u4e0b\u964d\u3001\u4ee3\u5e01\u5316 GLXY \u4ea4\u6613\u53c2\u4e0e\u5ea6\u964d\u4f4e\uff0c\u5e76\u5bf9\u4f20\u7edf GLXY \u7684\u4ea4\u6613\u4ef7\u683c\u3001\u6ce2\u52a8\u6027\u548c\/\u6216\u6d41\u52a8\u6027\u4ea7\u751f\u76f8\u5e94\u7684\u8d1f\u9762\u5f71\u54cd\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h2>\u5e38\u89c1\u95ee\u9898 (FAQ)<\/h2>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u4efb\u4f55\u4eba\u90fd\u53ef\u4ee5\u5728\u94fe\u4e0a\u8d2d\u4e70\u3001\u51fa\u552e\u6216\u6301\u6709 GLXY \u5417\uff1f<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>Galaxy \u548c Superstate \u8981\u6c42\u6240\u6709\u94fe\u4e0a GLXY \u6301\u6709\u8005\u90fd\u5fc5\u987b\u5728 Superstate \u4e0a\u8fdb\u884c\u6ce8\u518c\uff0c\u5305\u62ec\u8eab\u4efd\u9a8c\u8bc1\uff08\u300cKYC\u300d\uff09\u548c\u5730\u5740\u300c\u767d\u540d\u5355\u300d\u3002\u4efb\u4f55\u80fd\u591f\u6ce8\u518c Superstate \u7684\u4eba\u90fd\u53ef\u4ee5\u6301\u6709\u94fe\u4e0a GLXY\uff0c\u8fd9\u51e0\u4e4e\u6db5\u76d6\u4e86\u4e16\u754c\u4e0a\u6240\u6709\u4eba\uff0c\u9664\u4e86\u67d0\u4e9b\u653f\u5e9c\u62d2\u7edd\u540d\u5355\u4e0a\u7684\u4eba\uff0c\u4f8b\u5982\u7f8e\u56fd\u5916\u56fd\u8d44\u4ea7\u63a7\u5236\u529e\u516c\u5ba4\uff08\u300cOFAC\u300d\uff09\u7684\u7279\u522b\u6307\u5b9a\u56fd\u6c11\uff08\u300cSDN\u300d\uff09\u540d\u5355\uff0c\u4e5f\u79f0\u4e3a\u300c\u5236\u88c1\u540d\u5355\u300d\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u53ea\u6709\u5df2\u52a0\u5165 Superstate \u5e76\u88ab\u6dfb\u52a0\u5230\u4ee3\u5e01\u5408\u7ea6\u300c\u5141\u8bb8\u5217\u8868\u300d\u7684\u5730\u5740\u624d\u80fd\u6301\u6709 GLXY \u7684\u4ee3\u5e01\u5316\u5e02\u5360\u7387\u3002\u5c1d\u8bd5\u5c06\u94fe\u4e0a GLXY \u5e02\u5360\u7387\u8f6c\u79fb\u5230\u4e0d\u5728\u5141\u8bb8\u5217\u8868\u4e0a\u7684\u5730\u5740\u5c06\u5728\u667a\u80fd\u5408\u7ea6\u5c42\u9762\u5931\u8d25\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6211\u4eec\u7684\u6570\u5b57\u8f6c\u8d26\u4ee3\u7406\u5fc5\u987b\u77e5\u6653\u6240\u6709\u5730\u5740\u548c\u8eab\u4efd\uff0c\u4e3b\u8981\u6709\u4e24\u4e2a\u539f\u56e0\uff1a1\uff09\u4e3a\u4e86\u786e\u4fdd Galaxy \u7684\u8d26\u7c3f\u548c\u8bb0\u5f55\u51c6\u786e\u53cd\u6620\u80a1\u6743\u72b6\u51b5\uff0c\u4ee5\u7528\u4e8e\u76d1\u7ba1\u548c\u8425\u8fd0\u76ee\u7684\uff0c\u5305\u62ec\u5728\u4ee3\u7406\u6295\u7968\u3001\u80a1\u606f\u6216\u5176\u4ed6\u516c\u53f8\u884c\u52a8\u65f6\u4fdd\u6301\u4e0e\u80a1\u4e1c\u7684\u8054\u7cfb\uff1b2\uff09\u4e3a\u4e86\u9075\u5b88\u91cd\u8981\u7684\u53cd\u6d17\u94b1\u548c\u53cd\u6050\u878d\u8d44\u6cd5\u5f8b\u6cd5\u89c4\u3002\u94fe\u4e0a\u80a1\u6743\u4ee3\u5e01\u5316\u7ed3\u6784\u5982\u679c\u672a\u5305\u542b\u8eab\u4efd\u9a8c\u8bc1\uff08\u5c24\u5176\u662f\u53d1\u884c\u4eba\u81ea\u8eab\u7684\u8eab\u4efd\u9a8c\u8bc1\uff09\uff0c\u5219\u6709\u53ef\u80fd\u5141\u8bb8\u4e0d\u826f\u884c\u4e3a\u8005\u6301\u6709\u516c\u53f8\u80a1\u6743\uff0c\u5e76\u4f7f\u4ee3\u5e01\u6301\u6709\u8005\u96be\u4ee5\u771f\u6b63\u83b7\u5f97\u6216\u884c\u4f7f\u516c\u53f8\u771f\u6b63\u7684\u80a1\u6743\u6240\u6709\u6743\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u5982\u679c\u6211\u4e22\u5931\u4e86\u94b1\u5305\u94a5\u5319\u600e\u4e48\u529e\uff1f<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4f5c\u4e3a Galaxy \u7684\u6570\u5b57\u8f6c\u8d26\u4ee3\u7406\uff0cSuperstate \u4f1a\u7ef4\u62a4\u8d26\u7c3f\u548c\u8bb0\u5f55\uff0c\u5176\u4e2d\u5305\u542b\u94fe\u4e0a GLXY \u7684\u6240\u6709\u6240\u6709\u6743\u8d44\u8baf\uff0c\u5305\u62ec\u6301\u6709\u4eba\u3001\u8f6c\u8d26\u8bb0\u5f55\u548c\u4efb\u4f55\u4ea4\u6613\u8bb0\u5f55\u3002\u5982\u679c\u94fe\u4e0a GLXY \u7684\u6301\u6709\u4eba\u65e0\u6cd5\u8bbf\u95ee\u5176\u94b1\u5305\uff0c\u8be5\u6295\u8d44\u8005\u53ef\u4ee5\u8bf7\u6c42\u6570\u5b57\u8f6c\u8d26\u4ee3\u7406\u53d6\u6d88\u5e76\u5c06\u4ee3\u5e01\u5316\u80a1\u4efd\u91cd\u65b0\u53d1\u884c\u5230\u65b0\u7684\u94b1\u5305\u3002\u6ce8\u610f\uff1a\u5982\u679c\u4f60\u65e0\u6cd5\u8bbf\u95ee\u94b1\u5305\u548c\u5bc6\u94a5\uff0cSuperstate \u53ef\u4ee5\u6062\u590d\u94fe\u4e0a GLXY \u80a1\u4efd\uff1b\u4f46\u5982\u679c\u94b1\u5305\u5bc6\u94a5\u4e22\u5931\uff0c\u5176\u4ed6\u8d44\u4ea7\uff08\u4f8b\u5982 SOL \u7b49\u65e0\u9700\u8bb8\u53ef\u7684\u8d44\u4ea7\uff09\u5219\u65e0\u6cd5\u7531 Superstate \u6216 Galaxy \u6062\u590d\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u4ee3\u5e01\u5316\u7684 GLXY \u4e0e\u5176\u4ed6\u94fe\u4e0a\u80a1\u7968\u6709\u4f55\u4e0d\u540c\uff1f<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u636e\u6211\u4eec\u6240\u77e5\uff0cGLXY \u662f\u9996\u53ea\u5728\u516c\u94fe\u4e0a\u5b58\u5728\u5e76\u4ea4\u6613\u7684\u7f8e\u56fd\u80a1\u7968\u3002\u94fe\u4e0a GLXY \u4ee3\u5e01\u4ee3\u8868 Galaxy A \u7c7b\u666e\u901a\u80a1\uff0c\u4eab\u6709\u4e0e\u5176\u4ed6\u5f62\u5f0f\u80a1\u7968\uff08\u4f8b\u5982\u4f20\u7edf\u7ecf\u7eaa\u5e10\u6237\u4e2d\u7684\u80a1\u7968\uff09\u76f8\u540c\u7684\u6240\u6709\u6743\u5229\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5176\u4ed6\u7ed3\u6784\uff0c\u4f8b\u5982\u4f9d\u8d56\u4e8e\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53 (SPV) \u5305\u88c5\u6216\u5408\u6210\u6a21\u578b\u7684\u7ed3\u6784\uff0c\u5927\u591a\u4e0d\u4ee3\u8868\u5bf9\u6807\u7684\u80a1\u7968\u53d1\u884c\u4eba\u7684\u76f4\u63a5\u503a\u6743\uff0c\u800c\u662f\u67d0\u79cd\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53 (SPV) \u7684\u884d\u751f\u54c1\u6216\u80a1\u4efd\uff0c\u800c SPV \u672c\u8eab\u53ef\u80fd\u6301\u6709\u6807\u7684\u80a1\u7968\u7684\u80a1\u4efd\u3002\u8fd9\u4e9b\u300c\u5305\u88c5\u80a1\u6743\u4ee3\u5e01\u300d\u901a\u5e38\u7531\u79bb\u5cb8 SPV \u53d1\u884c\uff0c\u4e14\u4e0d\u53d7\u7f8e\u56fd\u8bc1\u5238\u6cd5\u5f8b\u6cd5\u89c4\u6846\u67b6\u7684\u7ea6\u675f\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5982\u679c\u5305\u88c5\u80a1\u6743\u4ee3\u5e01\u6301\u6709\u8005\u5bf9\u53d1\u884c\u4eba\u62e5\u6709\u6743\u5229\uff0c\u4f8b\u5982\u516c\u53f8\u6cbb\u7406\u6295\u7968\u6743\u3001\u80a1\u606f\u6536\u53d6\u6743\u6216\u53c2\u4e0e\u5176\u4ed6\u516c\u53f8\u884c\u52a8\u7684\u6743\u5229\uff0c\u5219\u8fd9\u4e9b\u6743\u5229\u53ef\u80fd\u4ec5\u9650\u4e8e\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53\u672c\u8eab\uff0c\u800c\u975e\u6807\u7684\u53d1\u884c\u4eba\u3002\u5305\u88c5\u80a1\u6743\u4ee3\u5e01\u6301\u6709\u8005\u662f\u5426\u5bf9\u6807\u7684\u53d1\u884c\u4eba\u4fdd\u7559\u4efb\u4f55\u6301\u7eed\u6743\u5229\uff0c\u53d6\u51b3\u4e8e\u8be5\u4ee3\u5e01\u53d1\u884c\u4eba\u4e0e\u4ee3\u5e01\u6301\u6709\u8005\u4e4b\u95f4\u7b7e\u8ba2\u6216\u7ea6\u5b9a\u7684\u4efb\u4f55\u5408\u7ea6\u6216\u4e49\u52a1\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u4ee3\u5e01\u5316\u7684 GLXY \u4f55\u65f6\u53ef\u4ee5\u5728 DeFi \u5e94\u7528\u7a0b\u5e8f\u4e2d\u8fdb\u884c\u4ea4\u6613\uff1f<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6211\u4eec\u76f8\u4fe1\uff0c\u8fd9\u662f\u7f8e\u56fd\u4e0a\u5e02\u516c\u53f8\u9996\u6b21\u5141\u8bb8\u5176\u80a1\u7968\u4ee5\u4ee3\u5e01\u5f62\u5f0f\u5b58\u5728\u4e8e\u516c\u94fe\u4e0a\u3002\u8fd9\u4e00\u6210\u5c31\u5f97\u76ca\u4e8e Galaxy \u548c Superstate \u5728\u6280\u672f\u548c\u76d1\u7ba1\u65b9\u9762\u7684\u5de8\u5927\u52aa\u529b\uff0c\u4f46\u8fd9\u4ec5\u4ec5\u662f\u7b2c\u4e00\u6b65\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u867d\u7136\u76ee\u524d Superstate \u7684\u7528\u6237\u53ef\u4ee5\u901a\u8fc7\u70b9\u5bf9\u70b9\u7684\u65b9\u5f0f\u5728\u94fe\u4e0a\u4ea4\u6613 GLXY\uff0c\u4f46\u6211\u4eec\u5c1a\u672a\u5b9e\u73b0\u5728 DeFi \u5e94\u7528\uff08\u4f8b\u5982\u81ea\u52a8\u505a\u5e02\u5546 AMM\uff09\u4e0a\u4ea4\u6613 GLXY\u3002\u6b63\u5982 Galaxy \u53ef\u4ee5\u8ffd\u8e2a\u5e76\u9650\u5236\u5c06\u94fe\u4e0a GLXY \u8f6c\u79fb\u7ed9 Superstate \u7528\u6237\u4e00\u6837\uff0cGalaxy \u4e5f\u53ef\u4ee5\u963b\u6b62\u6216\u63a7\u5236\u8fd9\u4e9b\u4ee3\u5e01\u53ef\u4ee5\u4e0e\u54ea\u4e9b AMM \u8fdb\u884c\u4ea4\u4e92\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6211\u4eec\u9884\u8ba1\uff0c\u4e00\u65e6\u76d1\u7ba1\u673a\u5236\u8db3\u591f\u660e\u786e\uff0c\u6211\u4eec\u5c06\u5141\u8bb8\u5c06\u6211\u4eec\u7684\u4ee3\u5e01\u5b58\u5165\u548c\u63d0\u53d6\u5230AMM\u6c60\u4e2d\u3002\u7531\u4e8e\u8fd9\u4e9b\u662fGalaxy A\u7c7b\u666e\u901a\u80a1\u7684\u771f\u5b9e\u80a1\u4efd\uff0c\u56e0\u6b64\u5b58\u5728\u5b9e\u9645\u7684\u76d1\u7ba1\u8003\u91cf\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u4ee3\u5e01\u5316 GLXY \u7684\u94fe\u4e0a\u80a1\u4e1c\u662f\u5426\u4f1a\u53d7\u5230\u6700\u5927\u53ef\u63d0\u53d6\u4ef7\u503c (MEV) \u7684\u9650\u5236\uff1f<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u7531\u4e8e Galaxy \u7684\u4ee3\u5e01\u5408\u7ea6\u8981\u6c42\u6240\u6709\u5730\u5740\u90fd\u5fc5\u987b\u4f4d\u4e8e\u300c\u5141\u8bb8\u5217\u8868\u300d\u4e2d\u624d\u80fd\u6301\u6709\u6211\u4eec\u7684\u94fe\u4e0a\u5e02\u5360\u7387\uff0c\u56e0\u6b64\u5305\u62ec MEV \u673a\u5668\u4eba\u5728\u5185\u7684\u672a\u77e5\u7b2c\u4e09\u65b9\u65e0\u6cd5\u4e0e\u4ee3\u5e01\u8fdb\u884c\u4ea4\u4e92\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u7684\u94fe\u4e0a\u5e02\u5360\u7387\u4e0d\u4f1a\u53d7\u5230\u672a\u77e5\u7b2c\u4e09\u65b9\u8fdb\u884c\u7684\u62a2\u5148\u4ea4\u6613\u3001\u5012\u5356\u3001\u4e09\u660e\u6cbb\u653b\u51fb\u6216\u5176\u4ed6 MEV \u653b\u51fb\u7684\u5f71\u54cd\uff0c\u9664\u975e\u4ed6\u4eec\u4e0e Superstate \u5408\u4f5c\u5e76\u901a\u8fc7\u4e86 Superstate \u7684 KYC \u5ba1\u6838\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u6211\u7684\u7ecf\u7eaa\u4eba\u53ef\u4ee5\u5e2e\u52a9\u6211\u4e0e\u4ee3\u5e01\u5316\u7684 GLXY \u80a1\u7968\u8fdb\u884c\u4e92\u52a8\u5417\uff1f<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>Galaxy \u4e0d\u9650\u5236\u4efb\u4f55\u4e00\u65b9\u52a0\u5165 Superstate \u4e70\u5356\u3001\u6301\u6709\u6216\u8f6c\u8ba9\u5176\u4ee3\u5e01\u5316\u80a1\u4efd\uff0c\u9664\u975e\u8be5\u65b9\u65e0\u6cd5\u6210\u529f\u901a\u8fc7 Superstate \u7684\u8eab\u4efd\u9a8c\u8bc1\u6d41\u7a0b\uff08\u5982\u4e0a\u6240\u8ff0\uff09\u3002\u4e0e\u4efb\u4f55\u5b9e\u4f53\u4e00\u6837\uff0c\u5e02\u573a\u4ef2\u4ecb\u673a\u6784\uff08\u5305\u62ec\u7ecf\u7eaa\u81ea\u8425\u5546\uff09\u4e5f\u53ef\u4ee5\u52a0\u5165 Superstate\u3002\u7136\u800c\uff0c\u9274\u4e8e\u76d1\u7ba1\u6307\u5bfc\u6709\u9650\uff0c\u6211\u4eec\u76ee\u524d\u5c1a\u4e0d\u6e05\u695a\u6709\u54ea\u4e9b\u6ce8\u518c\u7ecf\u7eaa\u81ea\u8425\u5546\u6216\u8d22\u52a1\u987e\u95ee\u5e7f\u6cdb\u5f00\u5c55\u6d89\u53ca\u4ee3\u5e01\uff08\u65e0\u8bba\u662f\u8bc1\u5238\u8fd8\u662f\u975e\u8bc1\u5238\uff09\u7684\u6d3b\u52a8\uff0c\u56e0\u6b64\u76ee\u524d\u53ef\u80fd\u6ca1\u6709\u4efb\u4f55\u673a\u6784\u53ef\u4ee5\u63d0\u4f9b\u4e0e\u94fe\u4e0a\u8bc1\u5238\u76f8\u5173\u7684\u670d\u52a1\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u5728\u6ca1\u6709\u7ecf\u7eaa\u81ea\u8425\u5546\u7684\u60c5\u51b5\u4e0b\uff0c\u94fe\u4e0a\u80a1\u7968\u5e02\u573a\u5c06\u4e3b\u8981\u7531\u6295\u8d44\u8005\u81ea\u884c\u6258\u7ba1\uff0c\u5e76\u6700\u7ec8\u5b9e\u73b0\u65e0\u9700\u4ef2\u4ecb\u673a\u6784\u5373\u53ef\u76f4\u63a5\u4e0e\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u534f\u8bae\u8fdb\u884c\u4ea4\u4e92\u3002\u6211\u4eec\u6b63\u5728\u4e0e\u7f8e\u56fdSEC\u5408\u4f5c\uff0c\u63a8\u52a8\u73b0\u884c\u8bc1\u5238\u6cd5\u7684\u5b8c\u5584\uff0c\u4f7f\u73b0\u6709\u4ef2\u4ecb\u673a\u6784\u80fd\u591f\u4e0e\u516c\u94fe\u8fdb\u884c\u4ea4\u4e92\uff0c\u4f46\u76ee\u524d\u5c1a\u4e0d\u6e05\u695a\u4f55\u65f6\u80fd\u591f\u5b9e\u73b0\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h3>\u5982\u679c\u6211\u7684\u4ee3\u5e01\u51fa\u73b0\u95ee\u9898\u600e\u4e48\u529e\uff1f\u6211\u8be5\u8054\u7cfb\u8c01\uff1f<\/h3>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u4ee3\u5e01\u5316 GLXY 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