Matt Ye

It is exciting to announce that the testnet of @curated_ex is under internal test and will be facing public very soon. The product is an App Store allowing anyone to publish their financial app on top of shared liquidity for markets. The underlying infrastructure is a blockchain with an embedded verifiable 200K tps trading engine. Anyone could create assets on it and anyone could register trading markets on it, FOR FREE. And curators could choose to list any assets on their trading entry and present the assets to the audience within their apps, earn fees from every trade through it. Any builders having great product ideas feel free to DM me, we’d love to support you in our ecosystem. This is the next chapter of financial freedom, stay tuned!

This week, @star_okx's launch of Exchange OS turned "anyone can build an exchange" into an industry-wide conversation. It's a new model genuinely worth taking seriously. Some friends from the developer community and I have been exploring the same direction for a while now, and we've built an experimental implementation of it: Site: curated.exchange X: @curated_ex Curated goes to testnet in June, and we'll open-source it once it's stable. The structure behind "anyone can build an exchange" actually has a name in market microstructure research: Decentralized Market Formation (DMF). The core problem it addresses is this — why has the long tail of assets (tens of thousands of tokens, RWAs, niche instruments) never had effective price discovery or liquidity? I recently wrote up the full methodology as a paper, posted on SSRN: papers.ssrn.com/sol3/papers.… The core difference between Curated's approach and Exchange OS comes down to the nature of the gate. Exchange OS uses stake and cost as the gate to open a market — each venue's liquidity is isolated, bound to its own chain and token. Curated uses knowledge as the gate. Many independent Curators can operate at near-zero cost — think of running a storefront on an e-commerce platform. Each Curator uses their own expertise to select assets, competing with one another and earning fees, while sharing the same liquidity and the same decentralized, verifiable infrastructure. The ones who curate well keep their users; the ones who don't get replaced. Liquidity is shared across the whole network, instead of every exchange being its own island. A Curator's client can take the familiar exchange form, or any variant with trading built in — a game, a media platform, an AI app, and so on. In one line: gate by judgment, not by money. Step back, and this is a path crypto has been walking all along. I once wrote an essay, "Crypto doesn’t have a technology problem. It has a civilisation problem": First came the black market (pure on-chain) — no rules, where rug-pulling is the game-theoretic optimum. Then the feudal empire (CEX) — where listing taste dictates where the entire industry's resources flow. Then the Wall Street colony — where sovereign capital arrives to extract, and good assets are imported rather than grown from within. Every one of these forms pays a price for trust and order, and every one of them concentrates power in the hands of a few. What we want to explore is a democratic republic of crypto capital markets — where the power to open an exchange belongs not to some exchange, some committee, or some capital giant, but to every ordinary person with the judgment to curate, and the willingness to stand behind the assets they list. The black market fills the institutional vacuum with predation; idealists fill it with faith. We want to try filling the vacuum itself — with something neutral, transparent, and open to everyone. The world belongs to every ordinary person.

这两天 @star_okx 发布的 Exchange OS 让 “人人都能开交易所” 成了全行业的话题，这是一个非常值得认真对待的新模式。 我和一些开发社区的朋友过去一段时间也在摸索这个方向，也和一些朋友们做了一个实验性的实现： 网站：curated.exchange X：@curated_ex Curated会在六月上测试网，将在测试稳定后开源。 “人人开交易所” 这个结构，在我们市场微观结构学术讨论中一般被称为：Decentralized Market Formation（DMF）。它要解决的核心问题是——长尾资产（成千上万的代币、RWA、小众资产）为什么从来没有过有效的价格发现和流动性。我前段时间把DMF完整的方法论写成了一篇 paper,发在 SSRN 上: papers.ssrn.com/sol3/papers.… Curated实现方法和 Exchange OS 的核心区别,简单说是门槛的性质不同。 Exchange OS 用质押和成本作为开市场的门槛，每个 venue 各自流动性隔离，绑定自家的链和代币。 Curated 用知识作为门槛——许多独立Curator可以接近零门槛运营，类似经营电商网店。Curator各自凭借自己的专业知识筛选资产、彼此竞争，赚取手续费，但共享同一套流动性和去中心化可验证基础设施。筛得好的留住用户,筛得差的被取代。流动性全网共享,而不是每个交易所一座孤岛。Curator的客户端可以是典型的交易所形态，也可以是带有交易功能的变体，比如游戏、资讯平台、AI应用等等。 一句话：用判断筛选，而不是用钱筛选。 退一步看,这是加密行业一直在走的一条路。我曾经写过一篇《币圈文明进化史》: 最早是黑市(纯链上),没有规则,rugpull 是博弈论最优解; 然后是封建帝国(CEX),上币审美决定整个行业的资源流向; 再然后是华尔街殖民地,主权资本进场收割,好资产靠进口而非内生。 每一种形态都在为信任和秩序付费，但每一种都把权力集中在了少数人手里。 我们想摸索的，是加密资本市场的民主共和——开交易所的权力不属于某个交易所、某个委员会、某个资本巨头,而是属于每一个有判断力、愿意为自己上架的资产负责的普通人。 黑市靠掠夺填补制度的真空,理想主义者靠信仰填补。我们想试着把真空本身填上——中立、透明、人人可参与。 世界属于平凡的每一个人。

金融是服务业：在不同产业和板块之间搬运资金。Crypto 的房中大象是——并没有任何一个真实行业在用crypto当金融底座。所以整个市场像楚门的世界：看似什么角色都有，但都只是现实的虚拟倒影。

The rise of ☝️

We got☝️more job to do, trading with USD1 on Binance