数字币暴跌三大所现原形：OKEx领跑，火币跟随，币安掉队？
Digital coins fell down three of the way they were: OKEx leads, the gun follows, the coins fall?
过去一周，全球资本市场集体崩溃，石油崩盘，黄金暴跌，美股熔断，比特币一夜腰斩，一度击穿3800美金，跌幅超过60%，创下2014年以来单日最大跌幅，其他主流币也应势下跌。突如其来的瀑布行情，市场遭遇罕见的恐慌性抛售，对数字货币交易所的考验前所未有。
Over the past week, global capital markets have collapsed collectively, oil collapses, gold collapses, American smelts, bitcoin cut-off overnight, one-time hit by $3,800, with a fall of more than 60%, the largest single-day fall since 2014, and other mainstream currencies have fallen as well. As a result, markets have been subjected to rare panic sales, with unprecedented tests on digital currency exchanges.
【交易所合约表现良莠不齐：OKEx交易量稳居第一，火币紧随其后】
极端行情下，比特币期货市场血流成河。币Coin数据显示，3月12日晚暴跌开启24小时内，全网爆仓总金额32.8亿美元，约合229亿元人民币，爆仓人数超11万人。以OKEx、火币、币安三大交易所为主的数字货币交易平台，有的频繁插针、提前爆仓惹争议，投资者陷入二次恐慌；有的风控优势凸显，交易量稳居第一。
Extremely, the Bitcoin futures market is bleeding like a river. Coin data show that, within 24 hours of the start of the crash on the night of March 12, a total of $3.28 billion, or about 22.9 billion yuan, will explode.
3月12日晚，比特币开启暴跌行情。据用户吐槽，“抛压当前，币安近乎崩盘，严重插针再度上演，甚至出现了用户长时间无法提币的现象，一些空单账户遭遇了强行平仓“。提前爆仓、强制减仓、风险准备金等问题引发用户质疑。
On the night of March 12, Bitcoin started a violent fall. According to the user's slurring, “the currency is now punctured, the currency is nearly collapsing, the needle is re-emerged, and even the user is unable to raise the currency for long periods of time.
币安LINK / UDST交易对出现闪崩，LINK短线最低触及0.00001美元。不仅如此，币安更被曝在比特币跌破4000美金时，在3621美元处发生插针行情。币安合约账户用户持仓被自动减仓的现象第二天仍在持续，OTC提币不畅问题依旧。
In addition, when the currency was exposed to a drop of $4,000 in bitcoins, there was a puncture at $3621. The automatic downswing of customers of the currency’s contract account continued the following day, and the problem of OTC’s misalignment persisted.
币价大跌导致用户出逃，平台故障进一步加剧用户恐慌。有数据显示，币安全天流入13549.53BTC，流出21482.54BTC，净流出7933BTC，由于用户大量提币，币安热钱包一度仅剩22枚比特币。
The sharp fall in currency prices has led users to flee, and the platform failure has further exacerbated the user’s panic. There are data showing that the currency flows to 13549.53 BTC, out of 21482.54 BTC, and out of 7933 BTC, with only 22 bits left at one time due to large amounts of coins being raised by users.
而在火币合约上，瀑布来了又踩点宕机，导致用户无法正常操作。根据币Coin数据显示，此次暴跌行情最大的单笔爆仓发生在火币交易所，价值5832万美元的比特币遭爆仓。这也再次引来用户对火币提前爆仓的质疑。
In the tender contract, the waterfall came and stepped on the engine, making it impossible for the user to operate properly. According to Coin, the biggest single-blank explosion occurred on the currency exchange, with $5.832 million worth of bitcoins blown up.
值得一提的是，3月9日，火币发布了《关于调整全品种类型合约调整系数的公告》，疑似坐实一直以来提前爆仓的传闻。
It is worth mentioning that, on 9 March, the tender issued a bulletin on adjusting the contractual adjustment factor for the whole variety type, which appears to have been the subject of rumours of early explosion.
尽管如此，OKEx CEO仍指出，即使火币修改了调整系数，依旧存在提前爆仓的问题。同样开仓1000张，火币要比OKEx提前 $82 爆仓。这就意味着，在保证金固定，同样开20倍杠杆的情况下，火币将提前20%爆仓。
Nevertheless, OKEx CEO points out that even if the tender adjusts, there is still a problem of premature explosion. Similarly, 1,000 of them are opened, with 82 dollars ahead of OKEx.
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实际上，在这种罕见的暴跌行情下，对于具备良好风控能力和技术能力的交易所来说，也难免吃不消。以OKEx为例，其CEO透露当晚“每秒订单量是平时的50倍”，冲击量明显，OKEx合约出现短时卡顿。
In fact, in this rare drop-off scenario, it is also inevitable for an exchange with good wind control and technical capabilities. In the case of OKEx, its CEO revealed that the night was “50 times the average number of orders per second” and that the impact was clear, and that the OKEx contract was short in the case of Carton.
众所周知，衍生品市场平均每分钟的交易量要远多于现货市场。根据12日-13日各交易所交易量数据，OKEx以高峰期1分钟内处理98,436笔交易在所有交易所里显著领先，火币合约以1分钟内处理58,711笔交易位列第二。
It is well known that the average volume of transactions in the derivatives market is much higher than in the spot market. According to the exchange volume data for 12-13 days, OKEx handles 98,436 transactions within a peak period of one minute, with a significant lead on all exchanges, while the tender contract handles 58,711 transactions in a single minute.
行情波动期间，OKEx风险准备金依旧平稳，用户没有因为行情大起大落而频繁爆仓穿仓。在后续的杀跌冲击下，OKEx以“全业务、全币种实现0分摊，没有任何一位盈利用户被提前减仓”的成绩顶住了这一轮极端行情的压力。
During the period of volatility, the OKEx risk reserve remained stable, and users did not get caught up in the ground as a result of the surge. In the aftermath of the shock, the OKEx achieved a “one-size-fits-all” rating of zero across the currency, and none of the profit-making users was pre-empted from this round of extreme stress.
经此一役，交易所马太效应加剧，市场选择用真金白银为信任投票。Skew数据显示，OKEx 24小时比特币期货交易量已超过BitMEX40％以上，位居第一。
As a result of this effort, the value of the exchange's Matthews has increased, and the market has chosen to use real silver as a vote of confidence. Skew data show that the 24-hour volume of futures trading in OKEx exceeds 40% of BitMEX, which is in the top position.
各交易所表现在两天后的行情里再次得到印证。根据3月14日爆仓数据，OKEx比特币持仓量3.79亿，爆仓0.8605亿，爆仓约占全网的十分之一。而币安和BitMEX两大平台的爆仓率高达全网79%。
According to the March 14 explosion data, OKExbitco held a warehouse of 379 million, a warehouse of 860.5 million, and a warehouse of about one tenth of the entire network. The rate of blasts on the two main platforms, Général and BitMEX, is as high as 79%.
截至3月15日20时， CoinGecko数据显示，24小时未平仓合约中，OKEx以6.7亿美元居首，火币为3.27亿美元；24小时合约交易量中，OKEx以35.69亿美元排名第一，火币以28.51亿美元排名第二。
As at 2000 hours on 15 March, CoinGecko data showed that out of the 24-hour unsettled contracts, OKEx was at the top of $670 million and the gun was $327 million; out of the 24-hour contract transactions, OKEx was first in the order of $3.569 billion and the gun was second in the range of $2,851 million.
本周，OKEx强势延续上周的优异表现，稳坐比特币期货交易量第一把交椅。skew和CoinGecgo数据显示，截至3月17日，在24小时BTC期货交易量和BTC期货日交易总量上，OKEx均遥遥领先。
This week, the strength of OKEx continued its excellent performance last week, holding the first delivery seat on the Bitcoin futures volume. The skeew and CoinGecgo data show that, as of March 17, at 24-hour BTC futures volume and BTC futures day totals, OKEx was far ahead.
【三大平台币冰火两重天：OKB逆势上涨最抗跌，BNB尴尬掉队？】
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不仅比特币期货表现可圈可点，OKEx更在今年初领衔打响平台币之战，一向价值领涨的OKB在上周的暴跌行情里成最抗跌平台币。
Not only did Bitcoin futures perform reasonably well, but it was also the first time this year that OKEx played the battle of platform money, and the ever-higher value of the ROB became the most resistant to falling platform money during last week’s crash.
据BeatleNews数据，上周OKB的跌幅为-23.4%，仅次于ETC的-22.65%，成为第二抗跌的主流币，最坚挺的平台币。而上周收复跌幅最高的币种同样也是OKB，以55.29%的优异表现稳居榜首，尤其是3月15日，OKB以18%的24小时涨幅领涨平台币，表现明显优于HT的3.8%，以及BNB的-0.09%。
According to BeatleNews, the fall last week of OKB was 23.4%, followed only by 22.65% of the ETC, and became the second most resilient mainstream currency, the strongest platform currency. And last week’s recovery of the largest currency was also the same, with the highest performance of 55.29%, especially on March 15, when it rose with 18% of the 24-hour rise in the platform currency, which clearly outperformed HT by 3.8%, and BNB by -0.09%.
期间，仅3月13日-3月15日的短短两天内，OKB价格由2美元逆势上涨至3.88美元，几乎翻倍。
During this period, in just two days from 13 March to 15 March, the price of OKB rose from $2 to $3.88, almost doubling.
2 月 10 日，OKEx主动破局，宣布销毁尚未发行的全部 7 亿 OKB，价值人民币约200多亿元，开启“极致通缩”，让平台币回归价值投资。与此同时，OKChain 测试网及 DEX 同步上线，公链创始区块通证 OKT 将 100% 映射给 OKB 的持有者。
On February 10, OKEx took the initiative and announced the destruction of the entire undistributed amount of 700 million KMB, valued at more than 20 billion yuan, and the launch of the “extreme deflation” to bring the platform currency back into value investment. At the same time, the OKChain test network and DEX are synchronized online, and the Public Chain Founding Block General Certificate OKT will map 100% of the total amount of KOB to its holders.
宣布销毁当日，OKB 最高涨幅 50%，并在 6 天后创下6.86 美元新高。
On the day the destruction was announced, the maximum increase of OKB was 50 per cent, and $6.86 was created six days later.
OK这个大动作令币圈始料未及，火币率先跟进。2 月 29 日，火币交易所跟随宣布永久销毁 14741.79 万个 HT，不再增发，也仿效喊出了“绝对通缩”的口号。另一边，HT也启动上涨行情，但相较OKB仍显疲软，最高涨幅仅有20%。
On February 29, the Exchange announced the permanent destruction of 147,479,000 HTs, no more, and followed the slogan “absolute deflation.” On the other side, the HT also started the upturn, but it was still weak compared to the OKB, with a peak of only 20%.
然而，这次上涨并未让投资者从中获益，反而暴露了HT老鼠仓并非空穴来风。就在火币宣布紧随OKEx宣布销毁1.5亿枚HT后，HT价格快速上扬突破5美元，但随后迅速回落，“一边喊单一边跌”成了HT的真实写照，最终实际涨幅仅有2%。
The rise, however, did not benefit investors, but rather revealed that the HT rat warehouse was not empty. Just after the fire price announced close to OKEx’s announcement of the destruction of 150 million HTs, the price of HT rose rapidly by $5, but then fell quickly, and the “single-side fall” became a true picture of HT, with an eventual real increase of only 2%.
这还没有结束，其后更是连续补跌，将这波刺激下的涨幅回吐得所剩无几，令很多散户在利好消息的追高中损失惨重。
This has not yet come to an end and has been followed by successive drops, leaving little to return to this wave of stimulus, which has taken a heavy toll on many scattered households in their pursuit of good news in high schools.
据HT持仓用户爆料，5美元以上的HT成交量就超过500万个，交易额超过2亿，几乎全部来自散户的追高操作。
According to HT warehouse users, there were more than 5 million HT transactions above $5, with transactions exceeding 200 million, almost all of which came from high-level operations in the diaspora.
值得注意的是，根据AlCoin显示，HT发布销毁公告后，共计挂出134笔大单，其中有262万的HT大单挂出。HT利好配合老鼠仓出货，有人利用内部消息赚得盆满钵满，散户们已经被套得欲哭无泪。
It is worth noting that, according to AlCoin, after the HT issued its destruction announcement, a total of 134 large lists were issued, of which 2.62,000 were registered. HTli was able to co-operate with the rat warehouse, and some people used internal information to make their profits, and the swarms were made to cry.
有币圈人士分析认为，三大交易所里的币安，“似乎大势已去“。自去年 7 月，币安发布官方公告称，从第八次销毁开始，将币安团队所持份额加入到 BNB 季度销毁计划之后，BNB实质上已不再是通缩经济模型，退回到用户使用的实用性代币功能，二级市场上回购销毁的增长逻辑不再。
Currency circles have analysed currency security in the three major exchanges as “seeming to have gone.” Since last July, when the official announcement was issued that starting with the eighth destruction, the shares of the currency security team had been added to the BNB quarterly destruction plan, the BNB was virtually no longer a deflationary economic model, returning to the functional monetic function used by its users, and the growth logic of repurchase destruction in the secondary market was no longer the same.
再加上此前媒体报道的币安CEO疑私自挪用用户资产贿选一事闹得沸沸扬扬，深陷信任危机，难怪有分析认为“BNB已经彻底失去了领跑能力”，只得尾随OKB和HT，涨时跟随小幅上扬，跌时却一路延续领跌。
In addition to earlier media reports that the currency CEO suspected of misappropriation of the user's assets for bribes, which plunged into a crisis of trust, it is no wonder that analysis suggests that “BNB has completely lost its ability to lead” and has to follow OKB and HT, following a small ups and downs and downs.
3月17日数据显示，过去7天，BNB以-38.6%的跌幅令人大跌眼镜，而OKB和HT的跌幅分别为-19.8%、-25.2%。
According to data dated 17 March, for the past seven days, the decline in BNB by 38.6 per cent has caused a significant drop in glasses, compared with the decline in OKB and HT by 19.8 per cent and -25.2 per cent, respectively.
跟随和复制向来是币圈交易所竞争的必备手段，继OKEx宣布全部销毁 7 亿OKB之后，ZB、Fcoin、MX等其他交易所也陆续跟上，非但市场没有买账，更让这些平台背负了严重的资金压力，Fcoin一次性销毁7亿FT直接导致平台兑付危机，就是鲜活的血的教训。
Following the announcement by OKEx of the total destruction of 700 million kB, other exchanges, such as ZB, Fcoin and MX, have been following, but the market has not bought them, putting the platform under severe financial pressure, and the one-time destruction of 700 million FT, which has led directly to the platform's cash-for-money crisis, is a lesson of living blood.
很大原因在于，这些交易所充其量只复制到“全部销毁”的表象，却忽略了“极致通缩”背后价值投资的本质。
Much of this is due to the fact that these exchanges reproduce, at best, the appearance of “total destruction”, while ignoring the nature of the value investment behind “extreme deflation”.
【交易所生态大战：火币动作不多，币安偃旗息鼓，OKEx先声夺人】
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从年初至今，OKEx在三大交易所里的表现有些“不安分”。风头强劲的OKB，“绝对通缩”的全销毁利好，刺激了OKB逆势领涨，市值跻身全球前十。一同上线的还有OKChain 测试网及 DEX，作为区块链的基石，以OKChain为核心的OKEx生态战略蓝图清晰可见。
From the beginning of the year to the present, OKEx's performance on the three major exchanges has been somewhat “unsettled.” The strong, “absolute deflation” of the wind’s total destruction profit has stimulated the rise in the reverse position of the OKB, which is ranked among the top 10 in the world. The same line also includes the OK Chain Test Network and DEX, which are the cornerstones of the block chain, with the OKEx eco-strategy blueprint with the core of the OK Chain visible.
而在自己始终保持领先的衍生品市场上，OKEx也大刀阔斧地开拓疆域，特别是刚上线不久的期权上线，成绩不俗。
And in the derivatives market, which has always kept itself in the lead, OKEx has also made great strides, especially with regard to the fast-online options, with good results.
skew数据显示，OKEx期权日成交量突破1500万美元，大量客户都积极采用straddle期权策略。基于该种期权策略，让用户在币价出现大幅波动时，也能够产生稳定盈利。用户受益的同时，OKEx期权合约交易量屡破新高，上线不久便稳居全球第二。
The skew data show that the number of OKEx options passed $15 million on a daily basis, with a large number of clients actively adopting a straddle option strategy. Based on this option, users can also generate steady profits when currency prices fluctuate significantly.
据知情人透露，OKEx还会推出组合保证金，打通永续、交割、现货、杠杆、期权的账户，按照整体账户计算风险头寸收取保证金，进一步提高用户的资金利用率。
According to the sources, OKEx will also roll out a portfolio bond to open accounts that are sustainable, deliverable, off-the-shelf, leverage and options, and collect a bond based on the risk position based on the overall account, further increasing the user's fund utilization rate.
在衍生品交易市场上，尽管火币、币安以及其他交易平台陆续拓展各自的合约业务，试图蚕食OKEx份额，但不可否认，OKEx的先发优势令其更快地加筑护城河，以创新立于不败。对于交易所来说，这注定是一场“得用户者得天下”的厮杀。
In the derivatives trading market, although the gun, currency, and other trading platforms continue to expand their contractual operations in an attempt to encroach on the shares of OKEx, there is no denying that the pre-emptive advantage of OKEx has made it possible to build the moat faster and to create innovation. For the exchange, it is bound to be a “one-size-fits-all” killing.
另一方面，为拓展更大的市场空间，OKEx也加快了围绕OKB应用的全球化生态步伐。官方披露，OKB的全球生态合作伙伴达到35个，开通包括美元、欧元、韩元、卢比、越南盾等在内的8大法币入金渠道，覆盖了全球141个地区和国家的百万用户。
On the other hand, to expand the larger market space, OKEx has also accelerated the pace of globalization around the application of OKB. Officially, the number of OKB’s global ecological partners has reached 35, opening up eight major channels of gold, including the United States dollar, the euro, the Korean won, the rupees, the Vietnamese shield, and so on, covering millions of users in 141 regions and countries around the world.
与OKEx的开年破局不同，另外两家交易所略显冷清。币安，仍笼罩在贿选的阴霾之下，虽然事态在币安创始人公开道歉后逐渐平息，但这次信任危机着实给币安以重创，连带火币也被卷入其中。尽管此前，币安宣布从中心化向开放式平台、再到去中心化的战略节奏，但几次中心化的权力游戏下，让这一战略看上去愈发立不住脚，而从BNB上涨乏力的表现看，市场反应也多是雷声大雨点小。
Unlike the beginning of OKEx’s year, two other exchanges were somewhat uncooled. The currency was still under the shadow of a bribe, and, although the situation had subsided after its founder’s public apology, the crisis of trust had been a severe blow to the currency, with the involvement of the coin. Although the currency had announced a strategic rhythm from centralization to open platforms and then to centralization, several centralized power games had made the strategy seem less robust, and market responses, judging by BNB’s weak upturn, had been a bit of a thunderstorm.
再看火币，今年来的动作虽不多，但无论是平台币销毁，还是公链测试网上线，火币都在跟进OKEx，不免有受制于OKEx的节奏，不得不采取跟随策略的失焦感。
When you look at it again, not much has happened this year, but whether the platform money has been destroyed or the public chain has been tested online, it is following up OKEx, subject to the rhythm of OKEx and has had to follow the strategy with a sense of inflammation.
2020年全球大变局下，是区块链产业和数字货币资产领域的一次划时代机遇，谁能提前布局，抓住这次动荡下潜藏的机会，谁就能在这次洗牌后真正立上潮头，将其他竞争者远远甩在身后。相较于其他两家交易所，OKEx正在构建的生态护城河已不再拘泥愿景，蓝图更具象，步伐更清晰，用户能直观地看到以OKB为载体的交易所和平台币的价值前景。
In 2020, under a landmark opportunity in the area of block-chain industries and digital monetary assets, who can pre-position and seize the potential hidden from the turmoil, and who can really stand up after this shuffle and leave other competitors far behind. Compared to the other two exchanges, the ecological mound that is being built by OKEx is no longer a magnified vision, the blueprint is more like, and the pace is clearer, and users can visually see the future of the value of the OkB-based exchange and platform currency.
从OKB成为全球第一个全流通的平台币开始，OKEx是一众交易所里最先意识到，平台币一味走回购销毁模式只能刺激短期的虚假繁荣，其长期价值最终还是要反映到交易所价值上。这对用户来说无疑有一种莫大的吸引力。
Starting with OKB becoming the world’s first fully circulating platform currency, OKEx was the first to realize that a platform currency buy-back destruction model can only stimulate short-term false prosperity, and that its long-term value is ultimately reflected in the value of the exchange. There is no doubt that there is a great attraction for users.
如上市公司的选股逻辑，一方面，看得懂的东西、看得见的未来可以让投资者愿以更低风险地成为公司股东；另一方面，OKEx加速布局透露的是其对加密经济未来的野心，抢占更多全球市场份额，成为当之无愧的行业龙头股。
As in the case of the stock selection logic of listed companies, on the one hand, what can be understood and what can be seen in the future can make investors willing to become shareholders in the company at lower risk; on the other hand, the accelerated layout of OKEx reveals its ambitions for the future of the crypto-economy, taking a larger share of the global market and becoming a well-deserved industry leader.
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