2025年如何創建DeFi交易所：加密貨幣創業者全攻略

去中心化金融（DeFi） 已成為金融界其中一股最具顛覆性的力量，為傳統銀行和交易帶來全新選擇。短短幾年間，DeFi平台由區塊鏈小圈子實驗成長為處理數十億美元交易的平行金融生態系統。

與傳統金融不同，DeFi依靠區塊鏈技術運作，無需中央中介機構。結果是用戶能獲得更高的可及性、透明度與持續創新。本文將逐步帶你了解建立DeFi交易所所需的一切——由DeFi的重要性開始，到建設步驟，再到2025年未來趨勢。不論你是對DeFi熱潮感到好奇的加密貨幣愛好者，還是希望打造下一個大型交易所的創業家，本文將為你提供深入且具故事性的全方位指引。

DeFi於金融生態系統中日益重要

在2008年金融危機及數十年來對銀行把關者失望的陰影下，去中心化金融成為一種更公平、包容的金融新範式。傳統金融（俗稱「TradFi」）常被高昂費用、嚴苛要求和不透明流程所困擾，令全球有十五億成年人被排除在銀行體系之外。相比之下，DeFi平台只要有網絡連線，任何人都可進行交易、借貸、儲蓄等服務，毋須銀行或經紀批准。這種開放不僅僅是一種理想，更正在推動全球金融民主化運動。

打破隔閡：DeFi正在拆解傳統金融長久以來的障礙。多得區塊鏈的無需許可和開放特色，用戶不再需面對傳統銀行的重重關卡。想凌晨三點在鄉村買賣資產或申請貸款？ 在DeFi世界，完全可行—不用分行、不用填表。智能合約（區塊鏈上的自動執行代碼）透明且自動處理交易，讓人能夠點對點直接買賣，極大降低成本和延誤。這同時賦權予無銀行戶口的人，沒需要信貸紀錄、政府證件等，也能使用DeFi服務（雖然合規規定下身份認證可能會有，但稍後會討論）。整個金融生態本身就是包容性設計，讓往往被傳統銀行忽略的群體也有機會參與。

推動金融創新：除了包容性，DeFi已成迅速創新的熱點。全球開發者正用區塊鏈重新想像甚至創造所有華爾街曾有或未有過的服務。像Uniswap這種去中心化交易所（DEX）證明，不依賴中央機構也能用自動做市商（AMM）機制來大規模交易加密貨幣。Aave、Compound等平台讓用戶隨時以加密資產作質押即時借貸或賺取利息，這些以前只能靠銀行實現。更有一些前所未見的新概念如流動性挖礦（提供資金換取獎勵）、流動性池和閃電貸款（一個交易中完成的不需抵押貸款），在TradFi毫無現成對應。DeFi的組合性很強——各種協議如「Lego積木」般疊加連接，讓創新者可以創造前所未有的新產品。這股創新浪潮讓用戶自第一天起就參與最新、最高回報的金融實驗。

更公平透明的制度：最重要的是，DeFi證明金融既可高效又可透明。公有區塊鏈上每項交易與合約動作，任何人皆可審核，這種透明度在傳統金融根本無法想像，大部分交易都在密室進行。加上DeFi去中心化，沒任何單一機構或個人有絕對控制權，所有規則都由代碼及網絡共識執行，並非總裁一句話決定。這大大減少了腐敗和單點失效風險。只要設計得當，即使原開發者退場，DeFi交易所都能以自治協議自動運作，有別於股票交易所需要公司不斷日常營運。用戶亦能自行保管資產（透過加密錢包），毋需交託給隨時可凍結戶口的銀行或交易所。這種自主權正正呼應加密信念：「沒你的私匙，就不是你的錢。」整體上，系統比舊有金融基建更公平、更有韌性、利益向用戶傾斜。

正因如此，監管機構、銀行和一般投資者都開始注視。一份最新行業報告指，有超過六成傳統金融公司認真考慮DeFi能解決現存問題。DeFi早已不是潮流一時，而是穩步成為更廣泛金融體系之一部分。一位分析師就說，DeFi不單是在傳統金融門外叩門——「它默默地在隔壁建新房，」長遠或會動搖銀行壟斷。總結來說，DeFi興起標誌著一場典範轉移：金融正變得更開放原始碼、使用者為本和創新。當中最關鍵的，正是DeFi交易所——這個新經濟活動的主要市場。

為何現在是建立DeFi交易所的最佳時機

既然DeFi這麼具顛覆性，也許你會問： 為何要現在建DeFi交易所？ 事實上，現時正值市場條件及技術成熟的完美交匯點，令2024-2025年成為創建DeFi平台的黃金時機。這裡有幾個主要原因：

• 市場爆炸增長：過去幾年，DeFi行業增長驚人，證明長遠潛力。就算經歷加密市場起落，用家仍然湧向去中心化平台。2021年初，DEX交易量創新高，單月超過600億美元，Uniswap就佔了大多數份額。到2025年初，DeFi協議的總鎖倉價值（TVL）已達數千億美元，與幾年前幾乎零基礎相比升幅驚人。用戶和資本持續湧入，說明DeFi不是曇花一現，而是正邁向主流、持續擴大。投資者對DeFi項目投下重本，促進更多創新。對新創業者而言，餅越做越大——新加入者更容易突圍。水漲船高，現時的DeFi大海正大浪推前。

• 技術基礎逐漸成熟：支撐DeFi的區塊鏈技術急速進步，解決了不少早期限制。最新一代區塊鏈及擴容方案面世，令去中心化交易所比以往更快、更便宜、更易用。例如以太坊——DeFi搖籃——已完成重大的升級（如轉用權益證明及不斷推進擴容），支援更高處理量。同時，幣安智能鏈、Solana、Avalanche等其他合約鏈也提供高速低費的用戶環境，可支援百萬級人流。Layer-2網絡與側鏈（如Polygon、Arbitrum、Optimism等）通過借力以太坊安全性，大幅降低成本和擁擠現象。換而言之，基礎設施已追上DeFi需求。作為開發者，你現時可從多條強大公鏈中選擇建設，工具文件配套齊全，還有現成用戶群。2018年建DeFi交易所猶如在沼澤起高樓；2025年則猶如有堅實基石和現成鋼架可用。

• 跨鏈互通實現：另一大趨勢是「互通性」——不同區塊鏈和DeFi平台能無縫合作。早期DeFi應用各自為政，流動性和用戶體驗都被分割。近年跨鏈橋和協議突破，各種障礙開始瓦解。Cosmos的IBC、Polkadot的跨鏈通訊、跨鏈流動性集線器（如Synapse、Stargate）令資產流轉變得更容易。我們正走向一個「網絡之網絡」的局面——用戶一鍵可將以太坊代幣換成Solana代幣，根本不察覺經過多條公鏈。對新DEX來說，這點極重要——能顯著擴大潛在用戶和流動性，因為可連接多個生態圈。亦可支援多鏈自動化市場，打造適應多鏈時代的交易所。2025的DeFi市場再不是一潭潭孤立小池，而是動態連通的大海。

• 建設門檻史上最低：開發DeFi項目門檻從未如此低。DeFi深受開放原始碼文化影響，眾多成功的交易所協議（如Uniswap、Curve）程式碼全公開，可免費研究甚至改造自創版本。區塊鏈開發工具（如Solidity庫、SDK、開發架構）日益成熟，智能合約開發比昔日容易得多，現時根本不用你有博士學位。 cryptography to write a decent smart contract; a competent software developer can learn the basics through online courses and hackathons. Moreover, the cost to deploy contracts has come down on certain networks (for example, deploying on Polygon or testnets costs only a few cents). All of this means a small team with a modest budget can build a functional DeFi exchange prototype. In fact, some of the biggest DeFi protocols began as tiny bootstrapped projects. Uniswap famously was started in 2018 by a single developer with a grant – by 2023, it was handling more trading volume than even Coinbase on some months. There is also a vibrant community of developers and users who are eager to support new innovations. In short, you don’t need millions in venture capital or a large corporation to back you; a good idea and solid execution can still take a DeFi startup far in today’s environment.

cryptography 去寫一份合格嘅智能合約其實唔太困難；有能力嘅軟件開發人員，只需透過網上課程或者黑客松活動，就可以學識基本知識。仲要留意，依家喺某啲網絡上部署智能合約嘅成本大幅降低（例如係 Polygon 或測試網部署只需幾毫子）。所以，即使你係一個細團隊，加埋好有限嘅預算，都有能力整出一個運作到嘅 DeFi 交易所原型。其實，好多最大型嘅 DeFi 協議都係由一啲細到不得了嘅自資項目孵化出嚟。例如 Uniswap 就係 2018 年由一個單人開發同埋一筆資助開始，去到 2023 年，佢某啲月份嘅交易量甚至高過 Coinbase。開發者同用戶社群都好活躍，大家都熱衷支持創新。總結嚟講，你唔需要幾百萬風投或者大型企業喺背後撐你；只要個諗法夠好，執行到位，依家一樣可以帶領 DeFi 初創行得好遠。

The Uniswap logo, emblematic of DeFi’s success. In early 2023, Uniswap’s decentralized exchange surpassed Coinbase in monthly trading volume, highlighting the rise of DEXs.

Uniswap 嘅標誌，代表住 DeFi 成功；2023 年初 Uniswap 去中心化交易所嘅月交易量突破 Coinbase，充分反映 DEXs 起飛。

All these factors combine to make “now” a perfect moment to jump in. The market is big and growing, the tech is ready, and the playing field is surprisingly level. A well-crafted DeFi exchange launched now can attract users by offering something new or better – be it lower fees, unique assets, a smoother user experience, or greater community ownership. Of course, success is not guaranteed (and challenges abound, which we’ll cover later), but the window of opportunity is open. As mainstream awareness of DeFi grows and more traditional players tiptoe into the space, the landscape could become more competitive and regulated in the coming years. Early 2020s were about proving the concept; late 2020s might be about mass adoption. In this in-between lies a sweet spot for entrepreneurs: you have proof that DeFi exchanges can work at scale, but the market isn’t completely saturated or locked down by incumbents yet. In other words, if you have a vision for a DeFi platform, 2025 is the time to build and lead in this fast-paced space.

以上種種因素加埋一齊，其實「依家」就係入場嘅最好時機。市場又大又不斷增長，技術已經相當成熟，而競爭環境竟然都仲比想像中平等。呢刻推出一間設計優秀嘅 DeFi 交易所，可以吸引用戶，只要你提供到新意或者優勢－－例如更低費用、獨特資產、更順暢用戶體驗或者提升社區持份。當然，成功唔係包保（困難同挑戰都會有，呢啲我哋遲啲會講），但機會之窗已經打開。隨住大眾對 DeFi 意識提升，越來越多傳統機構試水溫，呢個領域未來幾年可能會變得更加競爭同規管加強。早期 2020 年代係證明概念階段；去到後期，可能就真係萬眾普及。喺過渡期內，正正就係創業者嘅黃金時段：你已經有證據証明 DeFi 交易所可以大規模運作，而市場又未完全被大玩家霸晒。換句話講，如果你有個 DeFi 平台藍圖，2025 年就係時候起步，領先潮流。

Key Benefits of Operating a DeFi Exchange

Operating your own DeFi exchange isn’t just about hopping on a trend – it offers some fundamentally attractive advantages compared to traditional finance or even centralized crypto businesses. Here are some key benefits that draw entrepreneurs and developers to the idea of launching a decentralized exchange:

營運自己嘅 DeFi 交易所絕對唔只係追風咁簡單－－同傳統金融或者中央化加密平台比較，佢有好多根本性吸引優勢。以下係令唔少創業者同開發者考慮開設去中心化交易所嘅幾大主要好處：

• Multiple Revenue Streams: A DeFi exchange can generate revenue through diverse streams that grow with your user base. The most direct is trading fees: each swap or trade on your platform carries a small fee (for example, 0.3% per trade on Uniswap by default). With sufficient volume, those fees add up to substantial income. Uniquely, decentralized exchanges often share a portion of fees with liquidity providers (the users who stake their assets to facilitate trading), but the platform can still reserve a percentage for its treasury or token holders. Beyond trading fees, many DEXs introduce a native token which can appreciate in value and be sold or held by the founders (more on tokenomics later). Other revenue opportunities include listing fees for new tokens (if your exchange vets and lists projects, they might pay for that service), yield farming programs where your platform mints rewards, or even subscription tiers for advanced analytics on a pro interface. Compared to a single-stream revenue model, a well-designed DeFi exchange can have a robust, multi-pronged business model that includes transaction fees, interest from lending pools, token sale revenue, and more.

• 多元化收入來源：DeFi 交易所可以透過多種渠道賺取收益，隨住用戶人數上升而同步增長。最直接嘅就係交易費：每次喺你平台上進行交易或兌換，都會收取少量手續費（例如 Uniswap 預設每單 0.3%）。只要成交量夠大，呢啲費用累積落嚟可以好可觀。特別嘅地方係，去中心化交易所通常仲會同流動性提供者（即幫平台鎖倉資產去促進交易嘅用戶）分成，平台自己都可以預留一部分收入去金庫或者代幣持有人。除咗交易費，唔少 DEX 仲會推出平台代幣，代幣有機會升值，創辦人亦可以選擇持有或出售（有關代幣經濟學，下文會詳講）。其他收益機會包括新代幣上架費（如果你驗證及上架新項目，對方有機會會付費）、設置收益農務計劃（平台自行發放獎勵），甚至專業界面收費訂閱等。相比單一收益模式，一個設計好嘅 DeFi 交易所，可以有 強勁多元嘅營運模式，包括交易費、借貸池利息、代幣售賣等多條財路。

• Decentralized, Autonomous Operations: Running a DeFi exchange means operating on autopilot through smart contracts. This is a game-changer for efficiency. Once you deploy the core contracts that power your exchange (for trading, liquidity, etc.), these programs execute trades and settlements automatically without needing human intervention. There is no need for a large operations staff to match orders or handle custody – the code does it. This autonomy not only cuts down operational costs, it also reduces human error. The exchange can run 24/7, globally, never taking a holiday, and never dependent on one server (since it lives on the blockchain network). As the founder, you might continue to improve the interface or add features, but the day-to-day trading can essentially run itself. Decentralization also means your exchange can be more resilient. There’s no central server that can be hacked to steal all funds (users hold their own assets), and no single point of failure that can bring the marketplace down. If set up properly, even you as the creator wouldn’t have unilateral power to seize funds or halt trading – which in turn builds user trust that the platform isn’t subject to one operator’s whims. In essence, a DeFi exchange can achieve a degree of trust and accessibility that a centralized platform cannot, simply due to its decentralized architecture.

• 去中心化、自動化營運：開 DeFi 交易所即係將營運自動化交俾智能合約實行。呢一點極大地提升效率。一旦你部署好核心智能合約（包括交易、流動性等功能），之後所有交易執行及結算都完全自動，唔需要人手介入。無需請一大班營運人員去撮合訂單或者託管資產－－程式會自動搞掂。呢種自動化唔單只可以降低成本，仲可以減少人為錯誤。交易所可以全年無休，24 小時全球運作，唔會癱瘓，亦唔倚賴單一伺服器（因為所有嘢都喺區塊鏈運作）。作為創辦人，你可以慢慢優化界面或者添加新功能，但 日常交易基本唔需要你理。去中心化亦都令到整個交易所更具抗壓力。唔會有中央伺服器俾黑客一寶搞掂晒（資產自持），又無單一故障點可以令平台一鋪清袋。如果部署得妥當，連創辦人自己都唔可以單方面攞用戶資產或叫停交易－－呢樣反而令用戶更加安心，因為平台唔會受制於某個人。總括而言，DeFi 交易所可以達到中央化平台難以比擬嘅信任同開放性，源於架構本身就係分散。

• Global Reach and Permissionless Access: A DeFi exchange is inherently global. It isn’t limited by borders or banking networks – anyone from any country can tap in, provided they have an Internet connection and some crypto to trade. This means your potential user base is the entire world of crypto holders, not just a region. Moreover, users can participate without jumping through the typical hoops. There’s usually no cumbersome account registration, no waiting for approvals or providing sensitive personal data just to trade small amounts (exceptions apply if you voluntarily integrate compliance which we’ll discuss). This low friction onboarding is a huge draw for many crypto enthusiasts. It’s not just about anonymity; it’s about convenience and empowerment. Users control their experience by simply connecting their wallet. For an operator, this openness can accelerate growth – your exchange can start gaining liquidity and users from day one, without needing local licenses in every jurisdiction (though legal compliance is a nuanced issue we’ll cover separately). Essentially, a DeFi exchange allows you to serve a global market 24/7, something even the largest centralized exchanges struggle to do due to banking hours and regional restrictions.

• 全球覆蓋，免審批即時參與：DeFi 交易所以本身就係全球性，唔受地區或銀行網絡局限－－任何國家只要有上網同啲加密貨幣，就可以隨時參與。意思即係你潛在用戶群體其實係全球所有持幣人士，而唔係淨係某一區域。此外，用戶毋須過五關斬六將註冊戶口，無須等批核或提交大量敏感資料先至可以交易小額（除非你主動設置合規，詳細後講）。呢種 低門檻、低摩擦嘅上車體驗，對好多人嚟講都極之吸引。唔只方便用家追求匿名，其實重點係方便、賦權－－用戶只要一 Connect 錢包就可以全程自主管理。對平台經營者來講，咁強嘅開放性會大大加速增長－－唔使喺各地攞牌都可以第一日就吸納流動性同新用戶（雖然而家法律問題仲複雜，要細細講）。本質上，DeFi 交易所幫你做到 24/7 服務全球客戶，就算最大型中央化交易所都難及－－因為佢哋都要受銀行時間同地區限制。

• Security and Resilience: While cyber-security is a challenge (and smart contract bugs are a risk), a well-audited DeFi exchange can actually be very secure by design. Because transactions are secured by the blockchain’s consensus (e.g., Ethereum’s network security) and users keep custody of their funds, there’s no central honeypot for hackers to attack like in a traditional exchange. There’s also built-in protection against many forms of fraud – for example, trades either execute according to the code or fail, so there’s no such thing as a broker running off with your money or a counterparty reneging on a promise. The system is transparent, so any unusual activity can be spotted by the community quickly. Additionally, decentralization provides resilience: if one front-end website goes down, the smart contracts are still on-chain and trades can continue through other interfaces. The community or other developers can build new front-ends if needed. This makes truly decentralized exchanges not only harder to take down (authorities can’t simply “flip a switch” to turn it off), but also more continuously available. To be clear, robust security requires effort – you must rigorously test and audit your code – yet the payoff is an exchange that users feel safe using, knowing there’s no central vault that could be drained if compromised. Over time, as you implement upgrades and perhaps even community governance, your platform can continuously strengthen its security and reliability, fostering trust among users.

• 安全同抗壓力：雖然網絡安全同智能合約漏洞一向係隱憂，但只要經過嚴格審計，好多 DeFi 交易所在架構上其實非常安全。原因係，交易得到區塊鏈共識保護（譬如 Ethereum 網絡安全），而用戶嘅資產自己保管，唔會似傳統交易所有個中央「蜂蜜罐」俾黑客一網打盡。程式本身仲有好多防詐騙機制－－每單交易只會依足合約條款完成或者即時失敗咁，唔存在經紀「走數」或者對家賴賬之類。系統好透明，一有異常社群好快發現。加上去中心化加強咗抗壓力－－即使某個 UI 網頁落咗，智能合約仍然活喺鏈上，用戶用其他界面一樣可以繼續交易。社群／開發者甚至可以隨時開個新前端。真正分散式交易所唔單只難以被關閉（政府唔係話拍個制就熄得），仲較強持續可用。當然，做足安全要額外工夫－－你要嚴謹測試同審計程式碼－－但帶嚟回報係：用戶放心交易，無後顧之憂。隨住你持續升級，或者引入社區自治，平台安全性可以不斷鞏固，長遠建立信任。

• Community and Governance Benefits: A subtle but powerful benefit of many DeFi exchanges is the ability to build a loyal community that has a stake in the platform’s success. By issuing a governance token or involving users in decision-making (through a DAO – Decentralized Autonomous Organization), your exchange can turn users into partners. This is both a marketing advantage and a practical one. Enthusiastic users help spread the word, provide liquidity, and even contribute improvements. Governance tokens, which often come with voting rights on proposals, give your community a sense of ownership and voice. This kind of engaged user base is rarely seen in traditional finance, where customers have no say in how a stock exchange or bank is run. For your venture, harnessing community governance can lead to collective wisdom guiding the platform’s evolution, and also potentially takes some regulatory pressure off the core team (as the platform becomes more decentralized in governance over time). While managing a community is a challenge of its own, the upside is a self-reinforcing ecosystem where users are economically and emotionally invested in seeing the exchange thrive.

• 社群及治理紅利：好多 DeFi 交易所有個好 subtle 但強大嘅優勢，就係可以建立一個對平台願意投入、同時有實質利益嘅忠實社群。發行治理代幣，甚至以 DAO（去中心化自治組織）方式將用戶參與決策，等於將用戶變做夥伴，無論市場推廣同實際運作都好有著數。熱心用家會幫手宣傳、貢獻流動性、甚至改善平台。治理代幣帶嚟提案表決等權利，俾社區真正有擁有感同發聲機會。呢種參與感喺傳統金融好少見－－銀行或者證券交易所，普通客戶根本冇話語權。對創業者嚟講，利用好社群治理，可以將 集體智慧 引入平台演進之中，同時平台愈分散化，有可能令核心團隊法規壓力減輕。當然管理社群本身都要技術與耐性，但最大好處係經濟同感情都綁住持續發展，形成自我增強生態。

In summary, operating a DeFi exchange can be profitable and rewarding in ways that reinvent financial services. You stand to earn revenue from a variety of sources while providing genuine utility. Your platform can run with a lean operation, scaling effortlessly as usage grows. You can serve a worldwide audience and innovate rapidly, leveraging the latest blockchain tech. And by aligning incentives through decentralization and tokens, you can cultivate a community that helps drive the exchange forward. It’s a potent mix – and it explains why so many entrepreneurs are excited about building in the DeFi space despite the challenges. Of course, these benefits only materialize if you execute well. So, how does one go about creating a DeFi exchange from scratch? Let’s dive into the practical steps.

總結嚟講，經營一間 DeFi 交易所可以帶嚟極高獲利潛力同滿足感，而且幾乎改寫金融服務產業。你可以同時喺多個渠道賺錢，仲真係提供實用服務。你嘅平台可以超精簡營運，隨用戶增長輕鬆擴展。你又可以 24 小時服務全球，快速創新，追貼最新區塊鏈技術。而且靠去中心化同代幣將各方誘因 align 埋，可以建立一個推動平台增長嘅活力社群。呢個組合充滿威力－－正因如此，即使困難重重，愈來愈多創業者都熱衷 DeFi。當然，上述好處得要你執行到先會實現。咁，由零開始點樣整出 DeFi 交易所？不如跟住實戰步驟再講落去。

Step-by-Step Guide to Creating a DeFi Exchange

Building a DeFi exchange from the ground up might sound daunting, but breaking it into clear steps can

由頭打造一個 DeFi 交易所聽落可能會令人卻步，不過只要逐步分解，做落其實……help demystify the process. Below is a step-by-step guide that covers the journey from an initial idea to a live decentralized exchange. Keep in mind this is a high-level roadmap – each step involves substantial work and learning. However, for a common crypto enthusiast or an ambitious founder, understanding these steps provides a narrative of what it takes to bring a DeFi platform to life.

幫助大家釐清建立流程。以下是一份由構思到推出一個去中心化交易所的逐步指南。要留意這是一個高層次的路線圖—每一步都涉及大量工作和學習。不過，對一般加密貨幣愛好者或有抱負的創辦人來說，認識這些步驟，可以理解到要令一個DeFi平台成真，需要經過哪些環節。

1. Research and Define Your Business Model Every successful project starts with a solid plan. In this first phase, research the market and refine your exchange’s concept. Will your DeFi exchange focus solely on token swapping, or will you offer additional DeFi services like lending, borrowing, or yield farming? It’s crucial to define your niche and value proposition. For example, you might decide to build a specialized DEX for a certain asset class (like a stablecoin-focused exchange or an NFT trading platform), or perhaps a general-purpose AMM (Automated Market Maker) competing with the likes of Uniswap but on a different blockchain. Study the existing players: what are Uniswap, SushiSwap, PancakeSwap, Curve, and others doing well, and where are the pain points for users? Engaging with crypto communities (on Reddit, Twitter, Discord) can give insight into what users want. You should also clarify how your exchange will make money – through trading fees, token launches, etc. (we discussed revenue models in the next section). This is the stage to map out the user experience too: imagine the user journey, from connecting a wallet to executing a trade or providing liquidity. Sketch out the features and a basic workflow of your DEX. Defining a clear business model and mission will guide all technical decisions down the line and help when you eventually pitch your platform to users or investors. In short, do your homework and craft a vision that fills a market need while playing to your strengths.

2. 研究及定義你的業務模式
   每一個成功項目都由一個穩健計劃開始。第一階段你要研究市場，並且細化你的交易所概念。你的DeFi交易所有否只是專注於代幣兌換，還是會提供額外的DeFi服務，例如借貸、借入或收益農場？界定你的細分市場和價值主張至為重要。例如，你可以選擇建立一個針對特定資產類別的專門DEX（如專注於穩定幣的交易所，或者NFT交易平台），或者建立一個通用型自動化做市商（AMM），與Uniswap類似但部署在不同區塊鏈上。仔細研究現有競爭者：Uniswap、SushiSwap、PancakeSwap、Curve 等做得好的是甚麼？用戶痛點在哪裡？在Reddit、Twitter、Discord等加密社群交流，可以收集用戶真正想要的功能。你同時要清楚你的交易所如何賺錢—是靠交易費、代幣發行等等（我們已在下一節探討盈利模式）。這個階段同樣要規劃用戶體驗：想像用戶歷程，從連接錢包、執行交易或提供流動性。草擬你的DEX功能與基本操作流程。明確訂立業務模式和使命，將有助你未來所有技術決策，亦能幫你向用戶或投資者推介平台。簡言之，要做足功課，並制定一個符合市場需要而發揮你優勢的願景。

3. Choose the Right Blockchain and Tech Stack With a clear concept in hand, the next major decision is selecting the blockchain platform (or platforms) and the technology stack for your exchange. This choice will impact everything from performance and fees to the user demographic you attract. Consider factors such as: transaction speed (how fast can trades settle?), network fees (will users tolerate the gas costs?), security and decentralization (how battle-tested is the chain?), and ecosystem support (are there existing wallets, developer tools, and users on that chain?). For instance, Ethereum offers the largest DeFi ecosystem and deep liquidity, which is great for interoperability, but Ethereum’s mainnet can be slow and costly during peak times. Alternatives like Binance Smart Chain (BSC) provide faster, cheaper transactions but are more centralized; Solana boasts high throughput (thousands of transactions per second) and very low fees, appealing for a smooth user experience, though it uses a different programming language (Rust) and has had some network stability issues in the past. Polygon and other Layer-2 solutions offer a middle ground: leveraging Ethereum’s security while dramatically boosting speed and lowering costs. You might even choose a multi-chain approach – deploying your exchange contracts on multiple networks to reach more users (several DEXs now operate cross-chain). Alongside the blockchain, decide on your smart contract language (Solidity for Ethereum-compatible chains, Rust for Solana, etc.) and what frameworks you’ll use. Will you write contracts from scratch or fork an existing protocol’s codebase (which can save time, but be sure you understand and adapt it securely)? Also, plan the off-chain components: the front-end web app (typically using Javascript/TypeScript with frameworks like React, plus web3 libraries to interact with contracts), and any back-end services if needed (though a pure DEX can be mostly on-chain with maybe a lightweight backend for analytics or caching). Choosing the right tech stack is like choosing the foundation for a house – it affects everything built on top. It’s wise to consult experienced blockchain developers or even partner with a blockchain development firm for guidance on this choice, especially to ensure that the stack aligns with your scalability and feature goals from step 1.

4. 選擇合適區塊鏈及技術棧
   當你已經有清晰概念，下一步就是選擇你的交易所會部署在哪個區塊鏈平台（或多個平台）及技術棧。這個選擇會影響效能、手續費用、甚至吸引到甚麼類型的用戶。你要考慮：交易速度（成交有多快）、網絡費用（用戶可否接受gas fee）、安全性及去中心化（該鏈經歷多少實戰）、生態支援（該鏈是否已經有錢包、開發工具和用戶）。例如，Ethereum擁有最大DeFi生態和最深流動性，跨鏈兼容性佳，但主網於繁忙時段又慢又貴。Binance Smart Chain (BSC)快速且便宜，但較中心化；Solana主打極高吞吐量（每秒數千交易）和超低費用，用戶體驗順暢，只是語言用Rust並且曾出現網絡穩定性問題。Polygon及其他Layer-2方案在Ethereum基礎上大幅提升速度和減低成本，是中間路線選擇。你亦可以選擇多鏈部署—多鏈部署可觸及更多用戶（現時多個DEX也是跨鏈運作）。除了區塊鏈，還要決定智能合約語言（如Ethereum系是Solidity，Solana用Rust等），決定用甚麼開發框架。合約是由零起步寫，還是fork開源協議（能節省時間，但要確保充分理解和安全改寫）？還要規劃鏈下相關組件：如前端網頁app（多用Javascript/Typescript配React，加上web3 library與智能合約互動）、如有需要之後台服務（一般DEX主要鏈上運作，但可有輕量backend做分析或快取）。揀技術棧就如建屋選地基——上一切都受其影響。建議諮詢有經驗區塊鏈開發者，甚至與專業開發公司合作，確保你的選擇配合從第一步確立的可擴展性和功能要求。

5. Develop and Deploy Smart Contracts Once the platform and stack are chosen, it’s time to start building the smart contracts – the heart and soul of your DeFi exchange. Smart contracts will define how your exchange works: how trades execute, how liquidity is managed, how fees are collected and distributed, and so on. Begin with the core contracts for your exchange type. If you’re building an AMM-style DEX, you’ll need a factory contract to create pools and a pair contract (or pool template) that holds reserves of two tokens and defines the pricing formula (like the constant product formula xy=k* used by Uniswap). You’ll also write contracts for any governance token or reward distribution if you plan to have yield farming incentives. Security is paramount at this stage – any bug can be catastrophic when real funds are at stake. Follow best practices: use well-vetted libraries (OpenZeppelin contracts library for common functionalities like safe math or ERC20 interfaces), and write thorough tests for all contract functions. Simulate trades, adding/removing liquidity, edge cases like price slippage and withdrawal of all funds. Most DeFi protocols also undergo professional audits – hiring experts to review code for vulnerabilities. While audits are expensive, they are strongly recommended if you plan to go live with public money. Keep gas efficiency in mind too; optimize your contract code so that using your DEX isn’t unnecessarily costly for users in terms of transaction fees. Once you feel confident in the contracts, deploy them to a testnet first (like Ethereum’s Goerli testnet or others corresponding to your chosen chain). This lets you and possibly a closed group of testers try out the exchange in a realistic environment without risking real assets. After ironing out any issues on testnet, you’ll deploy to the mainnet of your chosen blockchain. Deployment itself is a notable milestone – it’s essentially publishing your “rules of the game” into the immutable blockchain ledger. At that point, your core exchange logic is live for the world to inspect. Make sure you’ve thought about upgradability: will your contracts be immutable, or do you have a proxy/upgrade pattern allowing improvements? Many DEXs keep core trading contracts immutable (to assure users the rules can’t change arbitrarily) and use governance to introduce new features via new contracts. However you do it, deploying smart contracts is the moment your exchange truly comes to life on the blockchain.

6. 開發及部署智能合約
   確定平台與技術棧後，就到動手寫智能合約——這就是你DeFi交易所的靈魂。智能合約規範了交易所如何運作：交易撮合、流動性管理、收費分配等。由交易所類型切入起步：如果建立AMM型DEX，要先有一個factory合約去建立資金池、以及pair/pool template合約，管理兩種代幣的儲備並定義報價公式（如Uniswap的恆定乘積xy=k）。如設有治理代幣或收益農場，也要設計相關分發合約。這部分安全性極為重要——出錯就是資金損失災難。緊貼最佳實踐：用經過審查的library（如OpenZeppelin的安全數學、ERC20接口）、為所有功能寫足夠測試，包括模擬交易、加減流動性、價差、清倉等邊界情況。大部分DeFi協議亦會進行專業安全審計——雖然頗貴，但如要公測尤其強烈建議。要顧及gas效益，優化合約運行減低用戶成本。自信合約沒大問題後，先部署到測試網（Ethereum’s Goerli 或其他對應鏈的testnet），讓自己和極少數測試用戶以真實環境試用又不用擔心損失。測試完善後再部署主網，這一刻就是將你的「遊戲規則」正式寫入不可逆轉的區塊鏈帳本，讓全世界檢驗。部署時也要想好可否升級：合約是否完全不可更改，還是預留proxy/升級機制？不少DEX核心交易合約會保持不可變（讓用戶安心規則不會亂改），但新功能或由治理投票引入新合約。不論用何方式，部署智能合約一刻，正式讓交易所在區塊鏈誕生！

7. Create a User-Friendly Frontend Interface No matter how brilliant your smart contracts are, a DeFi exchange needs a polished and intuitive frontend for users to actually interact with it. This step is about web or mobile development and design – turning the raw contract functions into a clean, easy-to-use application. Typically, this means building a web application (dApp) that connects to users’ crypto wallets (like MetaMask, WalletConnect, Phantom for Solana, etc.), enabling them to execute trades and manage liquidity with the click of a button. Focus on simplicity and clarity: crypto trading can be confusing to newcomers, so your interface should guide users through the process. For example, when someone wants to swap Token A for Token B, the interface should clearly show the exchange rate, the fee, and any price impact or slippage warnings before they confirm the trade. Use familiar design patterns found in existing popular DEXs – there’s no need to reinvent the wheel on basics like a swap panel, pool list, or analytics dashboard (many users appreciate a degree of consistency across platforms). Ensure the UI is responsive (works well on mobile devices), as an increasing number of users in emerging markets access DeFi via smartphones. If you have features beyond swaps – say staking or governance voting – make sure those are well-integrated into the app’s navigation. User experience also extends to performance; optimize calls to the blockchain so the app feels snappy (for instance, reading cached data or using efficient queries where possible). One of the great challenges in DeFi UX is conveying complex concepts in simple terms, so invest in tooltips, explainers, or an FAQ section for less experienced users. Remember that for common readers and users, overly technical jargon is a turn-off – use plain language where possible (“Earn fees by providing liquidity” is friendlier than “stake LP tokens to farm yield”). Testing is key here too: run a beta with actual users if you can. Watch where they stumble and refine accordingly. A user-friendly frontend can be the difference between a groundbreaking protocol that nobody uses (because it’s too hard) and a breakout success that onboards thousands of people who’ve never used DeFi before. The goal is to make interacting with your exchange as easy and trustworthy as online banking, while still educating users about the decentralized nature of what’s happening under the hood.

8. 打造易用的用戶界面
   無論你的智能合約幾勁，一個DeFi交易所都必須有一個精美、直觀的用戶前端，讓用戶真正用得著。這一步涉及web或手機app開發設計——將生硬的合約功能變成簡潔易用的應用程式。一般會建立一個連結用戶錢包的web應用（dApp），如MetaMask、WalletConnect、Solana用Phantom等，一按就可交易和管理流動性。介面要強調簡單清晰：加密貨幣交易對新手來講已很複雜，所以介面要一步一步引導。例如用戶想swap A->B，應清楚顯示兌換率、手續費、價差影響等等，確認前預先提示。設計要參考現有流行DEX的慣用版面——基本功能如兌換版面、資金池列表、統計dashboard不用重新設計（用戶通常希望平台間操作有點一致）。前端亦要相容手機——愈來愈多新興市場用家用手機上DeFi。如有超越簡單兌換功能，如質押staking或治理投票，記得整合好導航體驗。用戶體驗還包括效能：最佳化區塊鏈查詢，令應用順暢運行（如可用cache或精簡查詢等）。DeFi UX最大挑戰是將複雜概念化繁為簡，所以記得加小工具提示、解說或新手必備FAQ。要記住，一般讀者和用戶不喜歡專業術語—能簡單說明就簡單說（如「提供流動性賺手續費」比「stake LP代幣去farm yield」更易明）。這部分測試都很重要：盡可能找真用戶測試beta版，觀察他們在哪裏卡住，再作調整。一個user-friendly的前端，往往決定協議是無人問津（太難用），還是破圈成功吸引大量新手踏足DeFi。目標係令交易所有如網上銀行一般容易上手和令人放心，同時逐步教育用戶，去明白底層其實是去中心化的。

9. Ensure Security and Compliance Before and during launch, you must double down on two critical aspects: security and compliance. We touched on security in contract development, but it’s worth reiterating: a single exploit can not only drain user funds but irreparably damage your reputation. By 2022, DeFi hacks had stolen over $3 billion in crypto assets from various platforms, underscoring the importance of vigilance. In addition to professional audits of your code, consider launching a bug bounty program to incentivize independent security researchers to report any flaw they find in exchange for a reward. This can crowdsource security and often costs far less than the potential loss from an exploit. Implement best

10. 確保安全與合規
    正式上線前後，有兩大重點要反覆檢查：安全及合規。我們在開發合約階段已經談到安全，但真的要重申：一個漏洞不單已足以令用戶資金悉數被盜，更可以一夜間敗壞多年信譽。去到2022年，DeFi被黑客盜走的加密資產已超過30億美元，這充分證明警覺性非常重要。除了做專業安全審計，也要考慮推行賞金漏洞計劃，鼓勵獨立安全專家報告他們發現的漏洞換取獎金。這能群策群力提升安全，而且通常花費遠比一次漏洞造成的損失低得多。實施最佳...practices like time-locks on admin functions (so any critical change in the protocol has a delay, giving users notice), and perhaps decentralized multi-signature control for any admin keys (so no single person can rug-pull or misuse admin privileges).

像設定管理者功能的時間鎖（即任何協議的重大更改都會設有延遲，以便用戶有時間知悉），亦或者採用去中心化的多重簽名機制管理管理者金鑰（確保冇單一個人可以提走資金或者濫用管理權限）。

On the compliance side, the landscape for DeFi is evolving. It’s a decentralized exchange, yes, but regulators are increasingly looking at DeFi platforms, especially if they become large.

合規方面，DeFi 的監管環境正不斷轉變。雖然話是去中心化交易所，但監管機構對 DeFi 平台越來越多關注，特別是當平台愈做愈大。

Begin by integrating basic compliance measures that make sense for your model: for example, you might require an email signup or a light KYC (Know Your Customer) process if you are targeting certain jurisdictions or planning fiat on-ramps.

可以先融入一些最基本而又適合你業務模式的合規措施：例如，如果針對特定地區或者想開啟法幣入金，可以要求用戶註冊電郵或者做簡單的 KYC（了解你的客戶流程）。

Many DeFi exchanges still operate without KYC for pure crypto-to-crypto swaps; however, even these might implement IP blocks or country restrictions for places where offering such services could be problematic legally.

好多 DeFi 交易所做純加密貨幣兌換都冇 KYC，但就算這些平台，都可能會對某些地區設有 IP 封鎖或者國家限制，因為有些地方法律上做這啲服務會有問題。

It’s a tough balance – DeFi’s ethos is open access, but ignoring regulations entirely can be risky for longevity.

這確實很難平衡——DeFi 精神是開放接入，但完全不理會監管長遠來講會有風險。

At minimum, consult legal advisors on how to adhere to Anti-Money Laundering (AML) norms. This could involve monitoring transactions for suspicious patterns and having a plan to cooperate with law enforcement if something like a sanctioned hacker group tries to use your platform (note that in 2022, 82% of crypto hacks’ proceeds were laundered through DeFi platforms, a statistic that definitely got regulators’ attention).

至少應該搵法律顧問去問一問，點樣配合法洗錢（AML）規範。內裡包括監察可疑交易模式，或者有應變計劃好如果有受制裁的黑客組織想利用你平台洗錢時與執法部門合作（要注意，2022 年有 82% 加密貨幣駭客收益都是經 DeFi 平台清洗，這數字確實引起監管機構高度關注）。

Ensuring security and compliance builds trust. Users are entrusting your code with their money; they need to feel that you’ve done everything possible to protect them from hacks and that the platform won’t suddenly be shut down due to legal issues.

確保安全和合規可以建立信任。用戶將資金託付於你的代碼，佢哋需要相信平台已經做足晒保障，唔會俾人 hack 又或者因為法律風險突然關閉。

Publish transparency reports or audits to show your commitment. In short, before you scale up, lock things down: secure the tech, and cover your legal bases as best as you can in the shifting sands of DeFi regulation.

記得發佈透明報告或者審計結果，展示你的承諾。簡單嚟講，係發圍之前要紮穩馬步：技術要穩妥，法律責任亦要盡量做到足，在這個不斷變動的 DeFi 監管環境做足準備。

6. Launch and Scale Your Exchange

With development complete and security checks in place, it’s time for the exciting part – launching your DeFi exchange to the world!

當開發完成，安全檢查都搞掂，就到最令人興奮的階段——正式向全世界推出你的 DeFi 交易所！

Announce your platform through channels popular in the crypto community: social media (Twitter, Discord, Telegram), crypto news outlets, and perhaps via an “initial launch offering” if you have a token (some exchanges do airdrops or liquidity mining programs at launch to attract users).

可以喺加密圈熱門渠道宣傳你平台：例如社交媒體（Twitter、Discord、Telegram）、加密新聞媒體，如果你有發幣的話仲可以搞「初始發佈活動」（例如有啲交易所會 launch 時做空投或者流動性挖礦計劃吸引用戶）。

When you deploy the mainnet contracts and open the UI for public use, that’s Day 0 of your exchange’s life.

等你部署晒主網合約，同開放前端俾公眾使用，都係你交易所正式運作嘅第一日。

Early on, one critical task is bootstrapping liquidity. New exchanges face a chicken-and-egg problem: traders need liquidity in pools to get good prices, but liquidity providers want trading activity to earn fees.

初期最大嘅挑戰係點令資金池有 liquidity。新 DEX 面對雞同蛋問題：用戶要有流動性先至有好價格交易，但提供流動性的人又想睇下有無交易量先肯入池，賺手續費。

Many projects resolve this by seeding initial liquidity (using some of their own funds or tokens) and/or offering liquidity mining rewards – basically giving your native tokens as extra incentive to LPs who come early. This can kickstart the flywheel.

好多項目會用自己資金或代幣先注入部份初始流動性，或用 liquidity mining 去獎勵早期 LP——即係送原生幣做額外獎勵俾早期流動性提供者，帶動「飛輪效應」。

Pay close attention to user feedback in those initial days and weeks. Are there bugs or usability issues you missed? Fix them fast – in DeFi, a prompt response can make users forgiving of hiccups.

早期日子記住要密切留意用戶回饋。有 bug 或用戶體驗有咩問題？要快手搞掂——DeFi 世界裡，反應快用戶都會包容偶爾失誤。

As you acquire a user base, scaling becomes the focus. Scaling a DeFi exchange can mean a few things: technical scaling (ensuring your contracts and front-end can handle growing load – e.g., caching data or upgrading infrastructure for your website) and feature scaling.

當用戶群開始壯大，就要開始諗點樣擴展。擴展可以有幾個層面：技術上要保證智能合約和前端可以 handle 更多用量（例如 caching 數據、網站升級 infra），功能層面都要不斷加新野。

The DeFi space moves quickly, so to stay competitive you’ll want to iterate with new features: maybe adding support for more token types, launching on additional chains, introducing advanced order types or analytics, etc.

DeFi 世界變化好快，為咗保競爭力要不斷迭代，推新功能：可能係支援更多 token、上多幾條鏈、推進階掛單類型、或者數據分析等。

Follow your roadmap but remain agile to incorporate good ideas from the community or adapt to market trends.

記住要循 roadmap 行，但保持靈活，吸納 community 好點子或因應市場即時轉向。

Another aspect of scaling is community building: nurture your user community via forums or governance discussions. If you issued a token, you could progressively move towards decentralizing control – for instance, at some point letting a DAO of token holders vote on protocol changes or fees.

另一個擴展重點係社群營造：經 forum、治理討論去凝聚用戶。如果有發代幣，可以逐步推進 去中心化治理 ——例如將制度改動或收費交俾 token 持有人投票表決。

This not only can enhance the platform’s resilience (truly community-run projects are harder to censor or shut down) but also can be a selling point for users who crave decentralization.

咁樣做除咗令平台更有抗壓性（真·社區自治類項目更難被關閉或審查），亦可以吸引重視去中心化原則的用戶。

Marketing shouldn’t stop at launch either; form partnerships with other DeFi services, appear at blockchain conferences or podcasts, and keep telling your story.

市務推廣唔係 launch 之後就停，可以考慮與其他 DeFi 服務合作，去區塊鏈會議或者 podcast 亮相，繼續宣傳你平台故事。

The goal is to reach a critical mass where your exchange has self-sustaining liquidity and user activity.

最大目標係達到自我循環流動性同活躍度，用戶同資金唔使不斷谷都 keep 到。

With continuous innovation and responsiveness, your platform can grow from a fledgling project to a key piece of DeFi infrastructure.

只要不斷創新、快靚正回應社群，你平台有機會由初創成為 DeFi 基礎設施之一。

The scaling phase is in many ways open-ended – it’s about expanding and strengthening your exchange indefinitely. Keep an eye on your core metrics (trading volume, liquidity depth, number of active users) and strive to improve them.

擴展階段可以話係無盡頭——就是不停加強做大。記住緊貼核心數據（成交量、流動性深度、活躍人數）同努力提升佢哋質素。

And remember, scaling responsibly goes hand-in-hand with maintaining the security and principles that got you this far. In the DeFi world, staying power and trust are as important as rapid growth.

同時要謹記，負責任地擴展，以及一開始建立好的安全同原則，同樣係你長遠立足之本。在 DeFi 世界，持續力同信任感一樣重要過爆發式增長。

By following these steps meticulously, you’ll have gone from concept to a functioning DeFi exchange. It’s a journey that blends finance, technology, and community-building – which is exactly what makes it both challenging and thrilling.

只要細心跟足以上步驟，你就可以由構思去到成功 launch DeFi 交易所。呢個過程融合咗金融、科技、同社群，正正係難同刺激之處。

Next, we’ll discuss specific choices (like which blockchain to build on) in a bit more detail, as well as how to monetize and the hurdles you might face.

下一步我哋會詳細講下（例如揀邊條鏈建設平台）、點樣盈利，同埋可能面對咩困難。

Blockchain Choices for Your DeFi Exchange

When creating a DeFi exchange, one size does not fit all – the choice of blockchain platform is a pivotal decision that will shape your exchange’s performance and reach.

打造 DeFi 交易所，唔可以一招打天下——選擇用邊條區塊鏈平台影響住你 DEX 嘅性能同 reach。

Each blockchain has its own pros, cons, and community. Let’s explore some of the leading blockchain options commonly considered for DEX development, and what each brings to the table:

每條鏈有自己優缺點同用戶群。下面會介紹幾條主流 DEX 常選區塊鏈，各自嘅特性及適合情況：

• Ethereum: The original smart contract powerhouse and the birthplace of DeFi. Ethereum hosts the largest array of decentralized applications and tokens, making it incredibly interoperable. If your exchange is on Ethereum, it can tap into the deepest liquidity and user base in DeFi – most major tokens (ERC-20 standard) exist here, and you’ll be compatible with wallets like MetaMask and protocols like MakerDAO, Yearn, etc. The rich ecosystem means you can easily integrate with other DeFi services (for example, aggregators could route trades through your exchange). However, Ethereum’s popularity has led to network congestion and high gas fees at times. Users have seen simple swaps cost tens or even hundreds of dollars in fees during peak activity (like the DeFi summer of 2020 or bull runs). Ethereum is working on scaling (sharding, rollups), but as of 2025 the mainnet still isn’t as cheap or fast as some rivals. Nonetheless, many projects choose Ethereum for its security (decentralized mining/validation and a long track record) and network effects. If you go with Ethereum, consider also supporting Layer-2 solutions to help users with fees.

• 以太坊（Ethereum）：始祖級智能合約平台，亦係 DeFi 起源地。以太坊上面有最多 DApp 和代幣，互通兼容度最高。如果喺以太坊上開 DEX，可以對接最大流動性同最多用戶——大部分主流代幣（ERC-20 標準）都係呢度，可以無縫支援錢包（如 MetaMask）同生態內協議（如 MakerDAO、Yearn 等）。強大生態圈等於容易與其他 DeFi 服務整合（例如聚合器可以將訂單導流到你平台）。但熱度高亦有負面——網絡有時會極度塞車、Gas fee （交易手續費）貴爆。遇上高峰期（如 2020 DeFi 夏天、牛市）用戶可能要俾幾十甚至幾百美元做 Swap。一啲新技術如分片、Rollup 雖然陸續推出，但到 2025 年主網都未及某啲對手既快又平。即便如此，因安全（去中心化驗證/共識歷史良好）及網絡效應，仲有好多項目寧願揀以太坊。如果用以太坊都可以考慮開啟 Layer-2 解決方案俾用戶慳 Gas。

• Binance Smart Chain (BSC): BSC is a blockchain launched by Binance (a major crypto exchange) and later rebranded as BNB Chain. It became popular in 2021 by offering a similar smart contract environment to Ethereum (it’s EVM-compatible, meaning Ethereum contracts can run on BSC with minimal changes) but with much lower fees and faster block times. For users priced out of Ethereum, BSC was a breath of fresh air – swapping tokens might cost a few cents instead of dollars. BSC’s speed and low cost make it attractive for a consumer-friendly DEX. It quickly gained a large user base, aided by Binance’s backing and easy integration with Binance’s wallet. The trade-off is centralization: BSC achieves performance by having only 21 active validators (versus thousands on Ethereum), which are believed to be closely tied to Binance. This means the chain is not as decentralized or censorship-resistant as Ethereum or some others. That said, for many use cases, BSC’s balance of cost and convenience is compelling. If you prioritize mass-market adoption and micro-trades (where low fees are a must), BSC is worth considering. The ecosystem on BSC (PancakeSwap and others) is also robust, though not as vast as Ethereum’s.

• 幣安智能鏈（BSC）：BSC 由幣安交易所推出，後來改名做 BNB Chain。2021 年起人氣急升，因為佢同 Ethereum EVM 兼容（以太坊合約可基本無修改直接搬過來），但交易費用超低、速度又快。對於被 ETH 高 Gas 費嚇怕的用戶來說，BSC 好似清新空氣——Swap 只需幾分钱。BSC 的速度和低成本好適合做親民型 DEX，加上有幣安支持同 Binance 錢包集成，用戶上手易、用戶群快速壯大。但犧牲咗部分去中心化：BSC 得 21 個活躍驗證節點（以太坊有幾千個），而且據稱多數節點同幣安高度關連。即係話佢冇以太坊/其他鏈咁去中心化或抗審查。不過就好多實際用途而言 BSC 成本同體驗都好吸引，特別係想推廣到大眾、主打細額交易（低費用必須），BSC 絕對值得考慮。BSC 生態（如 PancakeSwap 等）都算旺，雖然規模未及以太坊。

• Solana: Solana is a high-performance Layer-1 blockchain known for its blazing fast transaction throughput and sub-second finality. It uses a unique consensus mechanism called Proof of History, combined with Proof of Stake, enabling it to process thousands of transactions per second. For a DeFi exchange, Solana’s appeal lies in its ability to offer a centralized-exchange-like speed – trades can happen nearly instantly and cost fractions of a penny. This opens up possibilities for more complex trading features like order books and high-frequency trading strategies on-chain, which are hard to do on slower chains. Solana has fostered its own DeFi ecosystem (e.g., Serum, a performant order-book DEX, and others like Raydium). One challenge is that Solana’s programming language (Rust, via the Anchor framework) is different from Solidity, so Ethereum developers face a learning curve. Also, Solana has had some network outages in its early years, raising questions about stability. It is more centralized in terms of node operation cost (running a Solana node requires beefy hardware). But the team and community are actively improving reliability. If you envision your exchange to handle rapid trades or a smooth user experience akin to Robinhood/NYSE but in a decentralized way, Solana might be your go-to. Users won’t have to worry about gas fees much at all. Just be prepared to work within Solana’s ecosystem and constraints, which differ from the EVM-world.

• Solana：高性能 Layer-1 區塊鏈，以極快交易速度（數千 TPS）和秒級最終確認著稱。Solana 用專利 Proof of History 結合權益證明（POS）共識，可幾乎即時處理交易，每次 Gas 費都係極低。對 DeFi 交易所來講，Solana 大吸引力係做到 centralized exchange 般快，同時可支援 order book、on-chain 高频交易等其他鏈難做到的功能。Solana 生態逐漸壯大（例如 Serum，order book 型 DEX，仲有 Raydium 等）。一個難題係 Solana 要用 Rust（一般要 Anchor framework），同 Solidity（以太坊）唔同，ETH 開發者要重新學過。另外初期 Solana 都有多次網絡 outage，穩定性被質疑。還有節點運行門檻高（要較強硬件），系統相對較中心化。但團隊和社群都努力做穩陣。如果你想像成 Robinhood/NASDAQ 般流暢體驗但又堅持去中心化，Solana 可以考慮。又唔使擔心 Gas。記住 Solana 生態屬於另一個 universe，同 EVM/以太坊好唔同，要預左學新工具玩法。

• Polygon (Ethereum Layer 2): Polygon started as a sidechain (sometimes called Matic network) and evolved into a broader scaling solution for Ethereum, including Layer-2 rollup solutions. The idea is to offer a way to use Ethereum’s infrastructure but with far greater speed and negligible fees by

• Polygon（以太坊 Layer 2）：Polygon 一開始係 sidechain（Matic network），而家變成以太坊的擴容解決方案（包括 Layer-2 Rollup 等）。重點係等你用返 ETH 生態所有野，但速度升級、手續費極低……doing transactions off the main Ethereum chain and then anchoring results to it. Polygon’s popular sidechain operates its own validators and has been home to many DeFi projects ported from Ethereum. If you deploy on Polygon, users get a nearly identical experience to Ethereum (same wallets, same tokens, as Polygon is EVM-compatible) but with vastly improved usability – transactions often cost less than a cent and confirm in a second or two. Polygon has attracted major DEXs (like Aave, Uniswap, and Curve have versions on Polygon) and has a growing ecosystem in its own right. The advantage of Polygon is you can leverage Ethereum’s security model indirectly and easily bridge assets from Ethereum, thanks to official bridges. In 2025, Polygon is also rolling out advanced Layer-2 like zkEVM (zero-knowledge proof rollups fully compatible with Ethereum), further solidifying its scaling prowess. For a new DeFi exchange builder, Polygon offers a sweet spot: you’re part of the Ethereum family (which users trust and know), but you can actually offer a usable experience for everyday trades without scaring people off with high fees. The slight downside is, as with any sidechain or L2, there’s some additional complexity in bridging assets and possibly a reliance on a set of validators that’s smaller than Ethereum’s full set. But Polygon has positioned itself as one of the most credible scaling options, and it’s worth considering seriously, especially if you want broad compatibility with Ethereum’s ecosystem.

在主以太坊鏈以外進行交易，然後再將結果錨定返去主鏈。Polygon 嘅熱門 sidechain 由自己設 validator，亦成為好多由以太坊搬過嚟的 DeFi 項目嘅新家。如果你選擇喺 Polygon 發布，user 會獲得幾乎同以太坊一樣嘅體驗（同一 set 錢包、同樣 token，因為 Polygon 完全支援 EVM），但用戶體驗大大提升——交易通常成本少過一毫子而且一兩秒內完成。Polygon 已經吸引咗好多主流 DEXs（例如 Aave、Uniswap、Curve 都有 Polygon 版本），生態系統得以自我發展。Polygon 最大優勢係你可以間接利用以太坊嘅安全模式，又因為有官方橋，可以輕鬆將資產跨鏈。而且 2025 年 Polygon 會推出先進嘅 Layer-2 技術，好似 zkEVM（與以太坊完全兼容的零知識論證 rollup），令佢嘅擴展能力更加堅強。對於一個新DeFi交易所開發者嚟講，Polygon 係個 sweet spot：你係以太坊家族一份子（用戶信賴同熟悉），但又真係可以提供日常交易都用得落手嘅體驗，不會因為高手續費嚇怕人。唯一小缺點係，正如所有 sidechain 或 L2，跨鏈資產會有啲複雜，而且 validator 嘅數量可能會少過以太坊主鏈。不過 Polygon 早已俾人認為係最可靠嘅擴展方案之一，值得認真考慮，尤其你諗住要同以太坊生態高度兼容。

• Alternative Layer-1s (Avalanche, Cardano, etc.): Beyond the ones above, there are other blockchains you might consider. Avalanche, for example, offers fast confirmation and the ability to create application-specific subnets. It’s EVM-compatible on its C-Chain and has its own DeFi activity (like Trader Joe DEX). Avalanche aims to combine speed with decentralization and has been fairly successful in drawing projects. Cardano has smart contracts (using a model called UTXO different from Ethereum’s) and a significant community, though its DeFi ecosystem is younger. Cosmos is an ecosystem of interoperable chains – you could build your exchange as a Cosmos zone or on the Osmosis chain which is purpose-built for DEX functionality within Cosmos’ IBC network. And Polkadot allows projects to launch as parachains that benefit from shared security. Each of these has distinct considerations and maturity levels. If your exchange has a unique angle that aligns with one of these ecosystems (for instance, targeting Cosmos users or leveraging Polkadot’s cross-chain capabilities), they could be the right choice. However, these may require more work on the infrastructure side (running your own chain or parachain) and the user base might be smaller compared to Ethereum or BSC.

• 替代 Layer-1（Avalanche、Cardano 等）：除咗之前講嗰幾個，其實仲有其他區塊鏈可以考慮。例如 Avalanche，交易確認快，亦可以建立針對特定應用嘅子網絡（subnets）。佢 C-Chain 兼容 EVM，又有自己 DeFi 生態（例如 Trader Joe DEX）。Avalanche 嘗試結合速度同分散化，成功吸引唔少項目。Cardano 亦有智能合約（用 UTXO 模式，與以太坊唔同），有唔細嘅社群，不過 DeFi 生態仲係初步階段。Cosmos 就係可互通鏈嘅生態——你可以選擇直接喺 Cosmos 開一個 zone，或者直接用專為 DEX 設計嘅 Osmosis 鏈，咁就可以用 Cosmos 嘅 IBC 網絡打通跨鏈。Polkadot 亦容許項目推出 parachain，享受共享安全。每種選擇考慮同成熟程度都唔同。如果你交易所有特別布局（例如針對 Cosmos 用戶或者利用 Polkadot 跨鏈能力），都唔知未必係好選擇。不過呢啲方案通常基建要自己搞多啲（例如開條自己條鏈或者 parachain），同埋 user 基數會比以太坊或者 BSC 細得多。

In deciding, weigh the trade-offs: Do you need the highest possible throughput (pointing to Solana or a Layer-2)? Is ease of development and existing DeFi Legos more important (Ethereum or an EVM chain)? What about user base – perhaps launching where there’s an underserved community can give you a first-mover advantage? You might also pursue a multi-chain strategy, either at launch or later, because the crypto world is no longer zero-sum on a single chain. Many projects maintain versions on several networks to harvest users from each. For example, you could initially deploy on Polygon for cost efficiency and Ethereum mainnet for visibility, and later expand to BSC or others, effectively turning your exchange into a cross-chain platform. Interoperability protocols can help link liquidity between these deployments.

選擇時要平衡唔同權衡：最緊要係追求高吞吐量（要揀 Solana 或 Layer-2）？定係開發方便、已經有好多 DeFi 元素現成用（以太坊或 EVM 鏈）更重要？仲有，點樣把握未被服務到嘅 user 群，有啲市場先發優勢？你仲可以考慮多鏈策略（無論起步定之後），因為加密世界唔再只得一條鍊玩晒。好多項目都會同時喺幾個網絡發行版本，吸納唔同 user。例如起初先用 Polygon 節省成本、以太坊主網主打曝光，之後再拓展去 BSC 或其他，實現跨鏈交易所。有啲互操作協議可以幫你連接唔同部署之間嘅流動性。

Finally, keep an eye on newer developments like Layer-2 rollups (Optimistic or ZK Rollups on Ethereum beyond Polygon), which might offer technical advantages. By 2025, rollups such as Arbitrum and Optimism have gained traction for DeFi as well, with users enjoying Ethereum-level security and much lower fees.

最後都要密切留意新興技術，例如 Layer-2 rollups（以太坊之上嘅 Optimistic 或 ZK Rollups，唔止 Polygon），呢啲都有技術優勢。去到 2025，像 Arbitrum 同 Optimism 嘅 rollup 都已經喺 DeFi 爆紅，用戶可以享受以太坊級數安全，同時手續費低得多。

To sum up, the “best” blockchain for your DeFi exchange depends on your project’s individual needs and target audience. Any of the above choices (or combination thereof) can work, and each offers a unique blend of speed, security, cost, and community. The good news is that blockchain technology has matured to a point where you have multiple viable options – a stark change from the early days when Ethereum was virtually the only game in town for smart contracts. Pick the foundation that lets your exchange shine, and you’ll be set up for success in building a reliable and user-friendly platform.

總結，揀邊條鏈做你 DeFi 交易所個「好選擇」，最終係視乎你項目本身需要同目標用戶群。上面提過嘅方案（甚至組合）都 workable，每種都有各自嘅速度、安全性、成本同社群特色。好消息係，區塊鏈技術已經成熟咗，選擇多到唔同以前得以太坊玩晒智能合約。揀個最適合你交易所發揮嘅基礎，建立一個可靠、易用嘅平台，你就成功一半。

Innovative Revenue Models for DeFi Exchanges

Designing a DeFi exchange isn’t just about tech – it’s also about economics. How will the platform sustain itself and perhaps even turn a profit? Fortunately, DeFi has opened up a toolbox of creative revenue models that can benefit both the platform operators and its community of users. Let’s explore some innovative ways a DeFi exchange can generate income and attract a loyal user base:

要設計一個 DeFi 交易所，唔止係解決技術問題——經濟模式同樣重要。你平台點樣自給自足、甚至賺錢呢？好彩 DeFi 帶嚟咗啲創新賺錢模式，對 operator 同社群都有利。以下介紹幾種 DeFi 交易所可以創造收入、吸引用戶嘅新穎方法：

• Liquidity Provider Fee Sharing: In decentralized exchanges, the typical model is to charge traders a small fee on each swap (for example 0.3% of the trade). A key innovation is to share a portion of these fees with the liquidity providers (LPs) who make the trades possible by staking their tokens in pools. This isn’t just goodwill – it’s crucial for attracting deep liquidity. When LPs earn a cut of every trade proportional to their share of the pool, they have a strong incentive to contribute assets. As the exchange operator, you can still take a slice of the fees for the treasury or for buy-and-burn mechanisms for your token if you have one. The beauty of fee sharing is that it creates a win-win: the platform gains liquidity (which draws more traders), traders get the liquidity (resulting in better prices and less slippage), and LPs earn passive income from fees. For example, Uniswap’s model of 0.3% fee entirely to LPs made it very popular, while other DEXs like SushiSwap introduced a tweak – 0.25% to LPs and 0.05% to a treasury (paid out to SUSHI token stakers). You can choose a competitive fee structure and decide how much to allocate to LPs versus the platform. Fee sharing essentially turns your traders into the revenue source and your LPs into partners in that revenue, fueling an active and dynamic liquidity community on your exchange.

• LP 手續費分成：去中心化交易所常見做法係對每單 swap 收少少手續費（例如 0.3%）。最大創新就係將部分手續費分俾提供流動性嘅 LP（流動性提供者），即係出資擺 token 入池嘅人。呢個唔單止係友好 gesture——實際上係吸引充足流動性嘅關鍵。當 LP 根據佢哋佔池嘅份額賺取每單交易分成時，自然有誘因繼續貢獻資產。你作為交易所營運方，一樣可以抽返部分手續費入庫房，或者用作 buy-and-burn（如果有自家 token）。分成好處係創造三贏：平台多流動性（吸引多啲 trader），trader 得到流動性（價錢好、滑點細），LP 就有被動收入。例如 Uniswap 對 LP 全分 0.3% 因而大受歡迎，SushiSwap 就改良咗——0.25% LP，0.05% 入庫房（派俾 SUSHI 持有人）。手續費比例可以自訂，自己決定 LP 同平台分幾多。手續費分成即係令 trader 成為收入來源，LP 就變成真夥伴，激活整個流動性社群。

• Yield Farming and Staking Rewards: One of the phenomenons that propelled DeFi into public consciousness was yield farming – the practice of platforms distributing their own tokens as rewards to users who provide liquidity or perform other beneficial actions. As a new DeFi exchange, you can allocate a portion of your token supply to reward early adopters and liquidity providers. For instance, you might offer that for every block or every day, a certain number of your governance tokens are given out to all LPs in proportion to their share of liquidity (or weighted by the particular pools you want to boost). This essentially layers an extra yield (on top of trading fees) for participating in your platform. Staking rewards are similar: you could allow users to stake the platform’s native token (if you have one) in return for additional tokens or a share of fees. The goal is to bootstrap network effects – users are more likely to stick around and keep their assets in your exchange if they’re being handsomely rewarded with new tokens, often at high annual percentage yields (APY) in the early days. This drives liquidity and volume, which increases actual fee revenue too. However, it’s important to implement yield farming carefully: astronomical short-term yields can attract “mercenary” capital that leaves as soon as rewards drop. A well-designed program will gradually taper rewards and encourage long-term participation (for example, SushiSwap’s time-locking of rewards for xSUSHI stakers). Nonetheless, when done right, yield farming can be a rocket booster for growth – it not only rewards your users but also creates a sense of ownership and loyalty, as users who farm your token become stakeholders in the exchange’s success.

• Yield Farming 及 Staking 獎勵：DeFi 使到「農耕收益」（yield farming）爆紅——即平台發自己 token 畀出力嘅用戶（例如流動性提供者）做獎勵。你可預留部分 token 俾早期 adopter 及 LP，譬如每個區塊或者每日根據佢哋 pool 份額（或者根據你想主推嘅某幾個 pool 加權）派 governance token，成為額外收益（喺手續費之上）。Staking 獎勵亦類似：你可以讓用戶 stake（鎖定）平台原生 token，換取額外 token 或分紅。目的是要產生網絡效應——有人有新 token 高 APY 作回報，自然唔走，平台流動性同交易量即升。留意要小心設計 yield farming，爆高短期年化會吸引「傭兵資金」，一跌即走。好嘅做法係獎勵逐步收窄，同鼓勵長期參與（例如 SushiSwap 會時間鎖獎勵俾 xSUSHI 持有人）。如果做得好，yield farming 係大推進器——唔單止 reward 用戶，更令用戶有歸屬感同忠誠度，變成你項目的利益攸關人。

• Listing Fees and Launchpad Services: In the centralized exchange world, getting your new token listed often involves paying hefty listing fees or going through a long screening process. Decentralized exchanges are usually permissionless (anyone can list any ERC-20 by creating a pool), so you wouldn’t charge a “listing fee” in the same way. However, there are still opportunities for revenue when new tokens want to attract attention on your platform. One model is to run a “launchpad” or “IDO (Initial DEX Offering) service”, where new projects conduct their token sale or initial offering through your exchange. In return, you could charge a percentage of the funds raised or a flat fee. Even without a formal launchpad, projects may be willing to pay for promotion – for example, being featured on your homepage or included in official social media as a “newly listed” token. Some decentralized platforms have explored token listing fees primarily for filtering quality (charging a fee that is burned or distributed could deter spam tokens). Another angle: if your exchange has its own token, you might require or encourage projects to pay fees in that token, creating buy pressure. While staying away from outright “pay-to-play” listing in a decentralized context, you can still capture some value as the preferred venue for new tokens by offering value-added services (like visibility, simplified token sale mechanisms, or verified badge for the project). This not only gives you a revenue stream but also expands the range of assets on your exchange, attracting users interested in fresh opportunities. It’s a delicate balance – you want to maintain openness, but implementing some curation can both improve user experience (shielding them from scams) and monetize the onboarding of legitimate new assets.

• 上架費及 Launchpad 服務：中介交易所上新 token 通常要畀唔少上架費或者經過漫長審核。DeFi DEX 多數係無需批核（任何人都可以整 pool 上新 ERC-20），所以唔會直接收「上架費」。但其實新 token 要喺你平台發亮點仲有機會收費。例如搞 Launchpad 或 IDO，畀新項目喺你交易所賣 token 或做第一次發售，你可以收籌資數% 或一個定額。就算無正式 Launchpad，一啲項目都可能願意畀錢做曝光——例如喺主頁重點展示，甚至官方社交媒體宣傳「新上架」token。同時，有啲 DEX 會收 token 上架費做品質篩選（例如收費後銷毀/分派，可以減少垃圾 token）。又例如如果你平台有自有 token，可以規定項目要用自有 token 畀費，增加買壓。保持去中心化唔做「入場付費」，但提供增值服務（曝光、IDO 工具、驗證徽章等）就可以收取價值。同時，又可增加交易所資產多樣性，吸引追新機會嘅用戶。要平衡——要開放，但適度篩選可以提升體驗同變現合法新資產上架。

• Native Token and Tokenomics: Perhaps the most powerful (and popular) revenue

• 原生 token 及 Tokenomics：可能係最強大（兼最多項目用）收...（待續）model in DeFi is launching a native token for your exchange and crafting a compelling tokenomics model around it. A well-designed token can turn your entire platform into a self-sustaining economy. Typically, a DEX token (like UNI for Uniswap, CAKE for PancakeSwap, or others) serves multiple purposes: governance (holders can vote on changes, making the platform decentralized in decision-making) and value accrual (holders benefit from the exchange’s success, either indirectly through token price or directly via revenue sharing). For instance, some exchanges use a portion of trading fees to buy back and burn the native token, creating deflationary pressure that could increase its value – effectively sharing profits with token holders. Others allow staking of the token to earn a cut of the fees (SushiSwap did this with xSUSHI, where stakers got the 0.05% fee cut). The revenue for the platform team can come from holding a reserve of these tokens (allocated as team or treasury tokens when you create the token supply). As the platform grows and the token hopefully appreciates, the project’s treasury value grows – which can fund further development, marketing, or be counted as profit. However, launching a token brings responsibility: investors and holders will expect transparency and continued innovation. The upside is huge – a successful token can amplify network effects (users want to use the platform because they have the token and vice versa) and effectively monetize the platform’s growth. We’ve seen governance tokens in top DeFi platforms reach multi-billion dollar market caps, rewarding early builders and users immensely. Keep in mind, tokenomics should be carefully engineered: consider the supply schedule (avoid flooding the market too quickly), the allocation (balance between community, investors, team, etc.), and the actual utility of the token beyond speculation. If your token can meaningfully capture the value being generated (e.g., via fee sharing or unique rights like governance over a revenue treasury), it will underpin a sustainable revenue model. It essentially means the community is funding the platform’s success by valuing and trading its token, aligning everyone’s incentives for growth.

在DeFi領域中，一個重要的模式係為你嘅交易所推出原生代幣，並圍繞住佢設計一套具說服力嘅代幣經濟模型。設計得好嘅代幣有能力令你成個平台變成一個自我運作嘅經濟體。一般嚟講，DEX代幣（如Uniswap嘅UNI、PancakeSwap嘅CAKE等）通常有多重用途：治理（持有人可以投票決定改動，令平台決策更加去中心化）、價值捕捉（持有人可以享受交易所成功帶來嘅好處，可以係代幣升值，又或者直接經分紅受惠）。例如，有啲交易所會用一部分交易費買返同銷毀自己嘅代幣，製造通縮壓力，可能令代幣升值——變相同代幣持有人分紅。又有啲可以質押代幣攞返一部份費用（好似SushiSwap嘅xSUSHI，質押者可以分到0.05%交易費）。平台團隊亦可以靠持有代幣儲備（發行時預留俾團隊或庫房）獲得收入。當平台發展得好，代幣升值，項目庫房價值都水漲船高——呢啲收入可以用作後續開發、推廣，或者當成利潤。 不過，發行代幣都有責任：投資者同持有人會期望透明和不斷創新。好處係一個成功嘅代幣可以放大網絡效應（用戶想用平台因為佢有代幣，或者反過來），同時有效令平台增長變現。我哋見過頂級DeFi平台嘅治理代幣升到數十億美金市值，早期開發者同用戶都受惠極深。要留意，代幣經濟學必須精心設計：要考慮釋放日程（唔好一味將貨淋市）、分配比例（社群、投資者、團隊之間點平衡），同埋代幣有冇真係除咗炒賣之外嘅實際用途。如果你嘅代幣真係可以承載住平台嘅價值（例如分紅、特別治理權等），就真係打穩一條可持續收入模式。換句話講，社群係用資金支持平台成功，大家利益掛鈎，一齊推動增長。

• Value-Added Services (Advanced Trading Tools, APIs): Beyond the core exchange functionalities, you can introduce premium features or services for additional revenue. For example, an advanced analytics dashboard or trading API access could be offered on a subscription basis or as a one-time purchase (perhaps paid in your native token). Professional traders might pay for enhanced charting, algorithmic trading support, or lower latency data feeds if you provide those. Some exchanges also offer white-label services – for instance, you could let others spin up their own branded version of your DEX using your infrastructure for a fee. While these are less common in DeFi (since everything is open-source, people can fork your code instead of paying you), a strong brand and continuous development could justify clients opting to partner rather than DIY. Additionally, consider cross-platform collaborations: if your DEX becomes popular, other projects might pay to advertise or be featured (though be cautious – too much advertising can harm neutrality). Also, if you gather anonymized data about trading trends (without violating user privacy), those insights could be valuable for institutional players or research – potentially another niche revenue stream via data licensing. These value-adds are not the primary engine, but in aggregate they can diversify how your exchange makes money and interacts with the wider crypto market.

• 增值服務（高階交易工具、API）：除咗基本交易所功能，你可以加添啲高級功能或服務嚟搵額外收入。例如，進階分析儀表板或者交易API，可以用訂閱收費或者一次性付款方式（甚至可以只接受你嘅原生代幣）。專業交易員可能會為咗進階圖表、算法交易支援、或更快嘅數據反饋而俾錢用你啲服務。有啲交易所甚至做到白標服務——即係你可以用你嘅基建收費俾其他人自訂品牌開自己嘅DEX。雖然呢啲服務喺DeFi比較少見（因為開源，人哋可以直接Fork走），但如果你做得品牌夠強、功能不斷升級，仍有客戶願意合作，而唔係自己做。另外，考慮跨平台合作：如果你嘅DEX夠受歡迎，其他項目可能會比錢嚟做廣告或置頂（不過要小心，廣告太多可能有損中立）。再者，如果你收集咗匿名化交易數據（不侵犯用戶私隱），呢啲分析對機構客或研究人員有價值——可以透過數據授權搵錢。呢啲增值服務未必係主要收益來源，但加埋可以令你交易所收入多元化，同時擴展同加密市場嘅互動。

Implementing these revenue models requires careful balancing. DeFi users are extremely sensitive to fees and fairness – lean too heavy on extraction, and they will defect to a more community-friendly alternative (since many protocols can be forked with lower fees, as we saw when SushiSwap famously siphoned liquidity from Uniswap by offering better rewards). The general trend in DeFi has been to “share the wealth” with users as much as possible: platforms that generously reward liquidity providers, early users, and token holders tend to build stronger communities, which in turn makes them more valuable. It’s a symbiotic relationship.

推行呢啲收入模式要好小心平衡。DeFi用戶對收費同公平極度敏感——如果你搵錢搵得太進取，好容易俾人轉晒去社群導向、收費更平嘅對手度（正如當年SushiSwap靠更好獎勵成功吸走Uniswap資金）。而而家DeFi嘅大方向都係將利益盡量同用戶分享：有慷慨回饋流動性提供者、早期用戶同代幣持有者嘅平台，社群通常會更堅實，平台價值自然更高。雙方互惠共生。

By exploring and combining the models above, you can come up with a revenue strategy for your DeFi exchange that not only earns money but also fuels growth. For instance, it’s common to see a mix of fee sharing, a native token with governance rights, and yield farming in the early stages to kickstart liquidity. Over time, as the exchange becomes established, listing fees or premium features might add on once you have leverage and reputation.

你可以靈活結合上面幾種模式，構建一套適合自己DeFi交易所既收入策略，唔止搵錢，仲可以推動增長。例如，早期好多平台都同時用分紅、原生代幣治理權、流動性挖礦包裝一齊搵到起動資金。等平台企穩，可以慢慢加listing費或者提供高級功能收費，利用自己口碑同地位搵錢。

In conclusion, a DeFi exchange can be monetized in innovative ways that align with user incentives. The decentralization aspect means users are also contributors – so when they profit (from fees or token rewards), the platform tends to flourish, and vice versa. This paradigm is very different from traditional exchanges that simply charge users at every step. It’s more sustainable for a fledgling project and fosters an engaged user base. The most successful DeFi exchanges often feel less like companies and more like ecosystems or economies, where revenue flows in multiple directions and everyone has a stake.

總括而言，DeFi交易所其實可以用好多創新方法去賺錢，而這啲方法都可以同用戶利益一齊對齊。去中心化嘅特質令用戶其實都係建設者之一——佢哋賺到錢（無論係分紅定代幣獎勵），平台就興旺，反之亦然。呢種模式同傳統交易所逐級收費完全唔同，更可持續之餘，仲容易塑造一班投入嘅用戶群。最成功嘅DeFi交易所，感覺反而唔似公司，真係成個生態系統/經濟體，收入多路徑流轉，大家都有份參與。

Challenges in Building and Scaling a DeFi Exchange

Launching a DeFi exchange is undoubtedly exciting and potentially rewarding, but it also comes with a set of formidable challenges. It’s important to enter the arena with eyes wide open about these obstacles, so you can plan to mitigate them. Let’s discuss some of the major challenges you’ll face both in the initial build and as you try to scale your platform:

在建立及擴展DeFi交易所時面對嘅挑戰

推出一個DeFi交易所確實又刺激又有機會帶嚟豐厚回報，但同時會有一堆實打實嘅挑戰。入場前最好清楚晒呢啲障礙，先可以有部署應對。以下係你喺初期構建同日後擴展平台時會遇到嘅幾個主要難題：

• Regulatory Uncertainty: The regulatory landscape for DeFi is in flux. Unlike traditional finance, where rules are well established (if sometimes onerous), DeFi exists in a gray zone. Regulators around the world – from the U.S. SEC to European and Asian authorities – are actively evaluating how to handle decentralized exchanges, especially as they grow in size. You might wake up to new guidance or even enforcement that impacts your operation. For example, a regulator could require DEXs to implement KYC for large trades or treat governance token holders as liable parties in some cases. In the U.S., there have been discussions about defining DeFi platform operators or even software developers as “brokers” under certain laws (though as of 2025 there’s pushback and not all such proposals have stuck). The lack of clarity makes it challenging to chart a long-term strategy – one day your platform might be fully open, the next you might consider geo-blocking certain regions or modifying features to comply with a new regulation. This uncertainty can also affect things like getting bank accounts for any fiat-related needs or simply the risk appetite of team members (nobody wants legal trouble). To handle this, it’s wise to take a proactive but flexible approach: stay informed on regulatory discussions, engage with legal counsel who understand crypto, maybe even participate in industry advocacy groups to educate policymakers. If you can build compliance options into your platform (for instance, an ability to turn on identity verification if needed, or at least monitoring tools for illicit activity), you’ll be ahead of the curve. At the same time, part of the ethos of DeFi is resisting overly harsh regulation by being decentralized – it’s a fine line to walk. A realistic view is that some level of regulation in DeFi is inevitable as it grows, so planning for it is a challenge you must embrace rather than ignore. Platforms that navigate this well could gain legitimacy and even attract institutional users, whereas those that don’t may find themselves in regulators’ crosshairs or cut off from certain markets.

• 監管不確定性：DeFi嘅監管環境一片混亂。唔同於傳統金融——即使條例有時繁複，至少有清晰規則——DeFi而家都算逗留係灰色地帶。全球監管機構，包括美國SEC、歐洲、亞洲一啲主管部門，都積極研究點樣處理愈來愈大嘅去中心化交易所。你可能一覺醒來就有新指引甚至執法行動影響你平台，例如有可能要求DEX針對大型交易做KYC、甚至將治理代幣持有人視為有法律責任。美國仲討論過某啲法規下，將DeFi營運者或者軟件開發者都列為「中介人」（雖然到2025都只係部分建議，唔全部落實）。缺乏清晰指引，會搞到你難以作長遠部署——今日你平台可以完全開放，明日有可能要封鎖某啲地區用戶或者更改功能去迎合新法規。呢啲不確定性仲會影響到開設銀行戶口（涉及法幣）、同埋團隊成員嘅風險承受能力（冇人想惹官非）。應對上，最聰明係主動但彈性部署：跟進監管動向，搵識加密行業嘅律師做顧問，必要時加入業界組織，同政策制定者溝通。如果平台設計時預埋彈性（例如可以隨時開關身份認證功能，或則有最基本監控工具防止非法活動），你已經行前晒一大步。同時，DeFi本來就有「抗拒過度監管」呢種理念——點平衡好細微。一刀切，現實睇法係：隨住DeFi逐步成熟，某程度監管一定會出現，所以預早準備，唔好避而不談。識得處理監管挑戰嘅平台，有可能取得合法身份，甚至吸引到機構投資者；相反，唔處理好就好易俾監管針對，甚至被割離某啲市場。

• Scalability and Network Congestion: On the technical front, scalability is an ever-present challenge. If your DeFi exchange becomes popular, can the underlying blockchain and your infrastructure handle the load? We’ve seen even mighty Ethereum buckle under DeFi growth – during high congestion, transactions slow down and fees spike, which can render a DEX practically unusable for average users (imagine $100 fees to make a $50 swap – it doesn’t work). If you chose a high-throughput chain like Solana, you mitigate some of this, but no network is completely future-proof – Solana had to deal with occasional overload and downtime; Layer-2s have their own throughput limits and costs. There’s also off-chain scalability: as your userbase grows, your front-end servers need to handle more traffic, your APIs (if any) might get bombarded, and real-time features like price charts or order history need to update smoothly for potentially thousands of concurrent users. Addressing blockchain scalability might involve adopting second-layer solutions or sharding your user base across multiple chains (e.g., encourage heavy traders to use a Layer-2 version of your DEX). It could also involve implementing gas optimizations in your contracts or even migrating to upgraded versions of a protocol that handle more transactions. For off-chain, using CDNs, load balancers, and efficient query architectures (like indexing blockchain data with a service such as TheGraph) can help. The bottom line is, scaling a DeFi platform is a continuous process – you often have to anticipate issues before they happen. Build flexibility: maybe your DEX can integrate with whatever new scaling tech comes out (we saw many DEXs quickly embrace things like Arbitrum or Optimism networks as they matured). Users generally want fast and cheap trades; the platforms that provide that, either through their choice of chain or tech optimizations, will keep users loyal. Fail to scale, and users will abandon your exchange for a smoother experience elsewhere.

• 可擴展性同網絡擠塞：技術層面，擴展性永遠係一大難題。如果你DeFi交易所受歡迎，底層區塊鏈同你自己嘅系統頂唔頂到咁大負荷？Ethereum都曾經因為DeFi大爆炸塞爆——過咗擁堵期，交易慢到不得了、手續費超貴，一般散戶根本用唔到（試想像swap $50都要俾$100 gas，冇得玩）。你揀高吞吐鏈例如Solana，可以緩解啲，但冇邊條鏈可以百分百未來proof——Solana都受過過載、死機折磨；Layer-2本身都有極限同成本要handle。仲有鏈下擴展：用戶量愈大，前端伺服器頂到唔頂到？API頻爆？即時圖表、訂單歷史係咪可以smooth地俾幾千人同時用？解決鏈上擴展，可以引入二層解決方案、甚至多鏈分流（例如叫大戶去Layer-2池做交易）。合約可以做Gas優化，或者搬去新版協議處理更多交易。鏈下就靠CDN、Load Balancer、高效查詢結構（例如用TheGraph咁嘅索引服務）。重點係：擴展DeFi平台係長期功夫，好多嘢都要預早見步行步。最好base夠彈性：隨時鍾意咩新Scaling技術就可Plug in（好多DEX都快速撐起Arbitrum、Optimism之類Layer-2新網絡）。用戶普遍只想要交易平快——你交到貨，用戶自然留得住。搞唔掂，佢哋轉頭就去其他smooth過你嘅交易所。

• Security Risks and

• 安全風險同......Hacks: 經營一個 DeFi 交易所意味著你成為黑客的高價值目標。即使 DEX 用戶是自持資金，但你嘅智能合約依然控制住大量資金（即流動性池），而只要有漏洞，就會被利用嚟轉走資產。歷史上可惜有唔少例子：由 DEX 專屬嘅 Bug，到相關工具（例如錢包整合）出現問題，影響到用戶。除咗直接嘅黑客攻擊，仲有經濟性嘅利用——例如閃電貸攻擊，攻擊者利用閃電貸拉動價格或流動性，從協議偷走資金（2020 至 2022 年間有唔少 DEX 同借貸平台都中招）。你仲要擔心釣魚詐騙同用戶疏忽——雖然技術上未必你嘅責任，但如果有釣魚網站仿冒你交易所介面、偷取用戶私鑰，都會拖低你聲譽。確保安全係一個永恆都解決唔晒嘅挑戰。你必須持續進行審計、長期監察、同有快速應變計劃。例如，對於你啲流動性池出現異常活動應設置預警系統（有啲特定模式可能顯示攻擊進行中，到時可通知用戶甚至如有最後一著可以暫停協議運作）。鼓勵用戶做好資安（例如使用硬件錢包、將網站加入書籤等，可以喺你文件入面教學）。搞個堅實嘅漏洞獎勵計劃更必不可少——可以讓更廣泛白帽黑客社區幫你搵到你同審計員都miss咗嘅問題。挑戰唔單止係技術，仲係信任：你要贏得用戶對你平台嘅安全信心。一單大型黑客，信任隨時一夜蒸發。而且唔似得銀行，DeFi 永遠冇 FDIC 保險——如果出咗事，用戶會問你點賠，一般嚟講只可能用部分資金庫自由資金賠市少少。咁所以，俗語都有話「量度兩次，先落刀」；推新 code 時一定要慢慢嚟。記住，安全先係金融一切嘅基礎，無論去中心化定中央化都一樣。呢個挑戰，可以話係最關鍵、最需要處理好嘅。

• 流動性同網絡效應：比較業務層面嘅挑戰，就係要點樣先搵夠多流動性同用戶，先可以維持你嘅交易所生存。流動性吸引更多流動性——交易員會去流動性最大、價差最低嘅地方。對一個新玩家嚟講，要說服人哋將資金存入你啲池，不去老牌池度，好難。所以新 DEX 多數用好進取嘅 yield farming（如前文所述）——但獎勵無咗會點？唔少平台都係獎勵一停水，流動性即刻走晒。所以點建立長遠網絡效應好重要。差異化就係關鍵：你平台有無獨特之處（如新類型資產、跨鏈 swap、更好嘅介面、又或者有 active 嘅社區治理等用戶重視嘅賣點），咁就唔淨係靠獎勵吸引人。不過，起步一定好難。成個 situation 好似搞新社交網絡——阿 friend（或者你想有嘅 trading pair）唔在度，點叫人嚟 join？可以考慮聚焦某個niche（例如成為某個社群或者特定 token 嘅專屬 DEX），或者同其他項目合作（對方提供流動性，鼓勵他哋用戶嚟用你平台，交換福利），又或者確保你用戶體驗一流，咁用過你平台之後就唔捨得走。留意下總鎖倉量 (TVL) 同交易量相對對手平台嘅走勢，睇下自己有冇起勢。都要記得，流動性唔係一成不變：DeFi 資本流動得勁快，去邊度回報好就去邊度。長遠你可以靠有機增長多啲，但初期點保持合理激勵與回報好重要。總之，搵到流動性同用戶基數，係決定生死嘅挑戰；贏得嘅話，網絡效應一路加速增長（多用戶 -> 多流動性 -> 交易質素提升 -> 更多用戶，如是者循環）。做唔到，你 DEX 就只會剩返空池畀人睇。

• 用戶教育同支援：DeFi 仍然係新領域，新手會覺得混亂。經營 DEX 肯定會遇到唔識操作嘅用戶——例如 send 錯 token、add liquidity 唔明 impermanent loss，或者畀假 token呃走錢。表面睇「呢啲唔係平台責任」，但做好用戶教育同支援對聲譽同長遠增長極重要。因為你運作模式去中心化，支援又唔同——你唔會有得 reset password 或者幫用戶倒轉錯誤交易。反而要用設計預防出事（例如明確警告、對高危操作要求多次確認），再加強 accessible 嘅支援資源。要維持 documentation、FAQ，或者 Discord/Telegram support channel 咁，等團隊或者有心社區成員可以指導新手。難處係冇 centralized 客服中心，點樣支援個個？好多 DeFi 項目都靠社區版主或者社區支援 DAO，以獎勵方式吸引識嘢用戶幫手。仲要面對全球用戶帶嚟嘅語言隔閡、加密知識水平唔一樣。要搞掂呢啲問題，溝通方式都要同寫 Code 一樣落苦功，盡量簡化流程。即使提供流動性有 hidden risk（如 impermanent loss），都要用 tooltip 或指南等方式踢醒用戶。有句 DeFi 俗語叫 “DYOR”（自己做 research），但如果你可以幫用戶減輕學習曲線，用戶增長一定快過人。例如當年上網變平民化、人人適用，先爆炸性增長；DeFi 可能都一樣，道理係易用同教育會決定你平台會唔會吸引一批 casual 呢啲非技術型用戶。

雖然一大堆困難（仲有好多野上面冇詳談，例如智能合約可升級性、管理 open-source 貢獻等），但 DeFi 潛力真係好大。每樣解決咗嘅挑戰都係你競爭優勢。例如你有個超穩陣從未被黑嘅 DEX，就自然吸引用戶信任；你解決咗擴容問題，high gas period 一樣 dominate；搞到合規嘅話，更有機會搵到機構投資者或主流用戶，搵到更龐大資本。

仲要一提，DeFi 社群一向都幾合作。好多項目都會互相分享解決方案，生態圈內都出緊唔少新解法（例如去中心化保險解決黑客問題，身份協議攪 compliance、跨鏈橋搞 scalability 等），你唔一定乜都自己慢慢搞。

總結：要建立同推動 DEX 成長，唔係容易事。挑戰包含高端技術問題，亦有動態社會同監管考慮。但回報（唔止經濟仲有影響力）可以超級大。重點係要用「謹慎＋創意」出發：小心風險，同時夠創新提出可行解法，唔失去去中心化精神之下，做到強健同易用。好多而家 DeFi 靈頭都係將困難變成墊腳石；你有正確心態一樣做得到。

Compliance and Regulations in the DeFi Space

由於去中心化交易所（DEX）衝擊傳統金融界線，亦越嚟越多監管機構同政策制定者關注。早期 DeFi「蠻荒時代」啲開發者建平台基本唔理傳統金融法律，但而家有數十億美元流入、又時有黑客或洗黑錢新聞，當局自然唔會再坐視不理。喺 DeFi 領域要處理好 compliance 係好複雜——因為世界設計原本就咪要 anyone 批准。以下係你開平台時要特別留意嘅主要監管範疇，以及點樣可以應對：

• Know Your Customer (KYC)：KYC 即係驗證你嘅用戶身份。銀行同中心化交易所都必須收集身份證明、核對個人信息，有時仲要追查資金來源。但做 DeFi，全民 KYC 就違反開放原則，所以大部分 DEX 都冇 universal KYC——任何人只要接個 wallet 就可以 trade。不過，監管機構就怕冇 KYC 容易畀壞分子（例如資助恐怖主義、受制裁對象等）用呢啲平台。其實有啲項目已嘗試自願合規：例如某啲 DeFi 借貸池（如 Aave Arc）會整 “permissioned” 池，只畀 whitelist（已做 KYC 嘅 address）用，主打機構投資者。部份 DEX 介面都開始 geo-block 美國 IP 地址以避開 unregistered securities 風險。你做新平台可以考慮分級做法：細額 trade 保持開放匿名，大額或者某啲新功能（如整入法幣入金的話）就要用戶做 KYC。或者可以用去中心化身份方案——例如用 NFT 或 soulbound token 去證明某 wallet 已由第三方做咗 KYC，咁個 DEX 就唔需要自己存住用戶個人資料。咁做可以取得部份私隱同 compliance 之間平衡。依家相關方案發展得好快；可以預見到，到 2025 年尾之前，主流 DeFi 平台都會有一定程度嘅 KYC/AML 措施，特別...to cater to institutional money. So, plan for how your exchange could implement KYC if required. Being proactive here could make your platform more attractive for certain user groups (like big investors or users in jurisdictions that are cracking down on anonymity).

為了迎合機構資金，你應考慮你的交易所如果有需要時可以如何實施KYC（認識你的客戶）程序。主動出擊，預早準備，會令你的平台對某些用戶群體（例如大型投資者或一些打擊匿名性的司法管轄區的用戶）更具吸引力。

• Anti-Money Laundering (AML) and Transaction Monitoring: AML laws go hand-in-hand with KYC. They require financial services to monitor transactions and report suspicious activities (like patterns that suggest money laundering or sanctions evasion). On a DEX, users could potentially swap illicit funds (say from a hack) into other assets to “clean” them. While you cannot freeze a blockchain transaction, you can use tools to monitor activity. Blockchain analytics firms (Chainalysis, Elliptic, etc.) provide services to flag addresses involved in crimes or on sanctions lists. Some DeFi front-ends have started incorporating these – for example, not serving or giving a warning if a wallet is directly linked to sanctioned funds. As an exchange operator, you might consider using such services to screen transactions in real-time. There’s also research into AI-driven compliance bots that could live on-chain, automatically halting or flagging suspicious transfers. Implementing AML compliance can boost your reputation with regulators and even users (some users don’t want to accidentally take tainted funds either). The trade-off is the purity of decentralization vs. regulatory acceptance. But practically, if you aspire for longevity, having AML controls – at least on your official user interface – is wise. You might maintain the contracts permissionless but the main website uses an API to filter out bad actors. This way, the protocol stays decentralized, but you show a good-faith effort to mitigate crime. Also, be aware of specific regulations: for instance, the FATF Travel Rule could compel even DeFi transactions above a threshold to carry identifying info in the future; how a DEX would adhere to that is still up for debate, but solutions might involve attached identity tokens. A recent trend shows global regulators aligning on stricter crypto AML rules, and DeFi won’t remain exempt forever.

• 反洗黑錢（AML）及交易監察：反洗黑錢法例與KYC息息相關。法例要求金融服務監控交易並舉報可疑活動（例如疑似洗錢或逃避制裁的交易模式）。在去中心化交易所（DEX），用戶有機會將非法資金（例如被駭走的資產）兌換成其他資產以「洗白」。雖然你無法凍結區塊鏈上的交易，但你可以使用工具來監察相關活動。區塊鏈數據分析公司（例如Chainalysis、Elliptic等）有提供標記涉案或受制裁錢包地址的服務。有些DeFi前端已經開始應用這類服務，例如直接拒絕、或者警告與受制裁資金有關連的錢包。作為交易所營運者，你可以考慮用這類服務即時篩查交易。現時也有研究投入AI驅動的合規機械人，可以在鏈上自動暫停或標記可疑轉賬。實施AML合規措施有助你提升在監管機構甚至用戶之間的聲譽（有些用戶也不想無意中接收「染污」資金）。這其中的權衡是去中心化的純粹性，和接受監管之間的取捨。但實際上，如果你想平台長遠經營，最少在官方用戶介面照AML政策執行會比較明智。你可以保持合約本身無需許可，但主站網站通過API過濾不良用戶。這方法下，協議依然去中心化，但你已展示善意，希望減少罪案。另外，你要留意例如FATF Travel Rule等具體規定——這可能會令某些較大金額的DeFi交易日後須附帶身份資料；至於DEX會如何達標，仍有待討論，或許會以身份代幣等方案實現。最近趨勢見到全球監管機構正逐步嚴格加強加密貨幣AML規則，DeFi最終也不可能永遠豁免。

• Data Privacy: If you do collect any user information (email sign-ups, KYC data, etc.), you then have to comply with data protection laws like GDPR (in Europe) or others. This is somewhat ironic – DeFi at its core doesn’t require personal data, which in a way is very privacy-friendly to users. But the moment you add any centralized component (even just Google Analytics on your site, or an optional user account system), privacy laws kick in. GDPR, for example, gives EU citizens rights over their personal data, including deletion upon request. If your exchange ends up storing user data, you’ll need privacy policies, perhaps an option for users to request deletion, and strong security for that data (data breaches of personal info can lead to fines). It might be simpler to minimize data collection from the start. Many DEXs let you interact without even an email; consider sticking to that if possible. If you do KYC through a third-party provider, maybe they handle the data custody so you don’t have to. Also, be transparent about what data you collect – users in crypto value privacy highly. On the blockchain itself, all transactions are public, but pseudonymous. New regulations might push to deanonymize certain transactions, but also emerging are privacy-enhancing technologies like zero-knowledge proofs (which could allow verification of compliance without revealing identities to everyone). Navigating between compliance and user privacy is tricky – however, the rise of “RegDeFi” suggests that solutions will emerge to satisfy regulators without completely sacrificing privacy. As a platform, keeping user trust means handling whatever data you have with care and being upfront about how it’s used.

• 資料私隱：如果你收集任何用戶資料（例如註冊電郵、KYC資料等），你就需要遵守資料保障法例，如歐盟GDPR或其他地區的規例。有點諷刺的是，DeFi的本質其實並不要求個人資料，因此本應更保障用戶私隱。不過，一旦你加插任何中央化的組件（哪怕只是網頁上的Google Analytics追蹤，或者可選的用戶賬戶系統），私隱法就要適用。例如GDPR就賦予歐盟市民有關個人資料的權利，包括應要求刪除資料。如果你的交易所最終儲存了用戶資料，就要訂立私隱政策、或讓用戶可申請刪除，以及保障資料安全（個資外洩可被罰款）。所以能夠的話，最簡單是由頭到尾都盡量不收集用戶資料。許多DEX現時都允許你完全毋須輸入電郵即時互動，如果可行你可繼續採用這方式。如果KYC是交給第三方處理，資料保管權由他們持有，你本身也可不用儲存。還要開誠布公，向用戶說明你會收集什麼資料——加密用戶極重視私隱。區塊鏈本身交易全是公開的，但帶有假名。新法規可能要求某些交易去匿名化，但同時也有新興私隱技術（如零知識證明），可以讓合規驗證在不公開身份情況下進行。在合規與用戶私隱之間取捨極為複雜——不過「RegDeFi」崛起都顯示，未來會有平衡方案實現監管需要但不至於犧牲所有私隱。作為平台，維繫用戶信任，就是你手上任何資料都要小心處理並清楚說明其用途。

• Licensing and Legal Structure: Traditional exchanges need licenses (like money transmitter licenses, exchange licenses, etc.) in many jurisdictions. For a DeFi exchange, what is it legally? Is it just a piece of software (often the stance of developers)? Or are the developers and governance token holders collectively an unincorporated association providing financial services? These questions are being tested. Some DeFi projects have chosen to establish legal entities (typically a foundation or a company in a crypto-friendly jurisdiction) to handle certain aspects like developing the software and interacting with regulators. Others remain anonymous or decentralized. There’s a trend of major DeFi protocols engaging more with regulators – for example, MakerDAO has talked about real-world asset integration and legal structures; Uniswap Labs (the dev company behind Uniswap) is certainly in dialogue with lawmakers. When building your exchange, decide if you will operate it under a company (which could limit personal liability and allow formal partnerships) or try to fully decentralize from day one. A fully decentralized project might avoid needing a license by having no central operator – but some laws might still apply (some regulators argue that even providing a website interface could bring obligations). If you incorporate, consider jurisdictions like Switzerland, Singapore, or others with clearer crypto regulations. Also, pay attention to securities laws: if your exchange’s token is deemed a security, or if tokens traded on your platform are securities, regulators like the SEC might expect you to register or cease certain activities. This happened with some crypto projects where tokens were considered unregistered securities in the U.S. Having good legal counsel to navigate these waters is worth its weight in gold (or ETH). While DeFi is new, there are now law firms specializing in it. They can help, for instance, in drafting terms of service for your front-end that clarify you don’t take custody, etc., or in making sure your token distribution doesn’t run afoul of laws.

• 發牌及法律架構：傳統交易所在很多司法區都需要申領牌照（如資金轉移牌、交易所牌照等）。而DeFi交易所，法律上算是什麼呢？單純一個軟件？（開發者常稱是這立場）還是開發者與治理代幣持有人共同組成一個實際向公眾提供金融服務的非法人團體？這些問題現時正在各地測試和審視。有些DeFi項目選擇成立法律實體（通常是在較友善的司法管轄區成立基金會或公司），專責軟件開發及與監管者打交道；有些則選擇保持匿名或徹底去中心化。近年主要DeFi協議與監管對話漸多，例如MakerDAO已討論實體資產對接及法律架構問題；Uniswap Labs（Uniswap背後開發商）也多次與政策制定者交流。你設計平台時要決定：以公司持有經營（可減低個人法律責任，方便承接合作），還是從一開始就全程去中心化。全去中心化項目未必需要牌照，因為沒中央操作人員——但某些法規依然可能適用（有些監管機構認為只要提供網頁介面已經有責任）。如果要註冊公司，可以考慮瑞士、新加坡等對加密友善且法規清晰的司法區。同時要留意證券法規：萬一你平台的代幣被界定為證券、或平台交易的代幣被當作證券，美國SEC等監管會要求你註冊或直接停止某些業務。已經有些項目在美國因發行未註冊證券被勒令停售。懂得處理這些法律灰色地帶的律師價值可比黃金/ETH更高。即使DeFi仍算新事物，現今已經有專門法律事務所可以幫忙，例如草擬用戶服務條款（例如聲明你平台不托管任何資產等），又或確保你代幣發行沒踩界。

• Regulatory Engagement: Finally, consider actively engaging with regulators and industry bodies. This could mean joining DeFi advocacy groups, contributing to public consultations on crypto laws, or even building optional compliance features that lawmakers would approve of. For example, showing that your DEX can block sanctioned addresses if required (even if it’s rarely used) might go a long way in discussions. Some DeFi leaders have argued that collaboration is better than confrontation – ultimately, to bring DeFi to a wider audience, some regulatory integration is needed, and it’s better if the industry helps shape those rules. By being at the table, you can make sure policymakers understand the benefits of DeFi and perhaps adopt a lighter touch. A real-world development: in 2023, a U.S. Treasury official praised the idea of “regulated DeFi” and pilot programs where DeFi protocols built in compliance while keeping the advantages of blockchain. By 2025, we might see regulatory sandboxes specifically for DeFi projects to experiment under oversight. If your exchange is forward-thinking, you could participate in such pilots, possibly gaining early approval or at least goodwill that sets you apart. It’s a strategic decision – some crypto purists avoid any interaction with regulators, but that path is getting harder for projects that reach any significant size.

• 監管互動：最後，可以主動與監管者和業界組織溝通。例如加入DeFi倡議組織、參與加密行業公開諮詢，甚至設計一些立法者樂於見到的自選合規功能。例如示範你的DEX確實可以阻擋受制裁地址（即使極少用上），討論時都有幫助。有些DeFi領袖強調合作勝於對抗——要讓DeFi主流化，某程度的監管融合不可避免，由業界主導制定規範往往較佳。這樣你可確保政策制定者了解DeFi的好處，或更願意採用較寬鬆手法。現實例子：2023年美國財政部官員公開讚賞「受管監DeFi」及沙盒試點，行業可在守法同時保有區塊鏈優勢。2025年我們或會見到監管沙盒專為DeFi項目而設。若你的交易所目光長遠，可參與這類試點——可能更快獲批，建立業界口碑。這是一個策略性選擇——有些加密純粹主義者完全拒絕與監管接觸，但項目如規模一大，這條路越難走。

In conclusion, compliance in DeFi is not a clear-cut checklist but an evolving challenge. The guiding principle should be “adapt without losing what makes DeFi great.” That means finding ways to satisfy legal requirements (or reasonable policy goals like preventing crime) while preserving user autonomy, privacy, and global accessibility as much as possible. The exchanges that manage this balance will not only avoid legal troubles but likely tap into a huge wave of new users (think institutional capital or just everyday people who currently are held back by lack of legal clarity).

總結來說，DeFi的合規不是簡單清單，而是不斷演變的挑戰。最重要的指導原則是「適應變化但不要失去DeFi的精髓」。意思就是要找到既能符合法律要求（例如防止犯罪的政策目標），又能保存用戶自主、私隱、全球可及的方式。能夠在這方面取得平衡的交易所，除了能避免法律風險，更能吸引一大批新用戶（無論機構資金還是因欠缺法律清晰度而一直裹足不前的普羅大眾）。

It’s a tall order – essentially translating decades of financial regulation into a new decentralized context – but it’s underway. As you build your platform, keep one eye on the code and one eye on the law. With good design, you can implement compliance measures in a decentralized way, setting a template for the industry. Remember, being compliant doesn’t have to mean being centralized; it can simply mean being responsible and proactive. By doing so, your DeFi exchange stands a better chance of thriving in the long run, rather than getting stifled by enforcement actions or unable to grow past a certain point.

這確實極具挑戰性——就是要將數十年來的金融監管經驗移植到全新去中心化環境——不過已經陸續展開。你搭建平台的同時，要一隻眼盯住程式碼，一隻眼盯住法律。設計得好的話，合規措施一樣可以去中心化執行，成為全行業典範。記住，合規未必等於中央化；重點是要負責任和主動。有這心態，你的DeFi交易所長遠而言會更有生存空間，不會輕易被執法收緊拖垮或限制發展。

The Future of DeFi Exchanges: Trends in 2025

DeFi交易所的未來展望：2025年的趨勢

The world of DeFi is constantly evolving, and to ensure your exchange remains relevant, you need to anticipate where things are headed. By 2025, decentralized exchanges will likely look and feel different from those of today, shaped by emerging technologies and market trends. Let’s explore some of the key trends and developments expected to influence the future of DeFi exchanges – from integration with traditional finance to technological enhancements and new user experiences:

DeFi世界不斷演變，交易所如要保持競爭力，就必須預計未來趨勢。去到2025年，去中心化交易所（DEX）的面貌和操作方式將與今日大為不同——會受到新興科技和市場潮流的極大影響。以下就讓我們一同探討，將會影響DeFi交易所未來發展的一些主要趨勢和變革——由傳統金融的融合、技術升級，到全新用戶體驗：

1. Integration with Traditional Finance (TradFi): The once stark line between crypto DeFi and traditional finance is beginning to blur. We’re seeing early signs of TradFi dipping toes into DeFi – banks experimenting with tokenized assets, fintech apps offering DeFi yield to customers, and even governments discussing digital currencies interacting with DeFi protocols. By 2025, this trend is set to accelerate. What might this look like for your exchange? For one, DeFi platforms could partner with traditional institutions to offer fiat on-ramps/off-ramps seamlessly within the exchange. A user might trade from dollars to crypto on your DEX in one step, because a regulated provider is integrated to handle the fiat side. We could also see hybrid products: for example, a decentralized exchange offering trading of tokenized stocks or bonds alongside

2. 融合傳統金融（TradFi）：加密DeFi同傳統金融之間的界線，已漸漸模糊。我們已見到銀行試驗將資產代幣化、金融科技應用向客戶提供DeFi收益、甚至有政府討論數碼貨幣如何與DeFi協議結合。到2025年，這趨勢只會更明顯。對你的交易所有什麼啟示？簡單來說，DeFi平台可以與傳統金融機構合作，令法幣入金/出金直接在交易所一站式完成。用戶甚至可以直接在DEX一個操作由美元轉去加密貨幣，因為背後已有受監管的提供者負責法幣部分。我們亦會見到混合型產品：例如，有些去中心化交易所同時提供代幣化股票、債券等資產的買賣，以及cryptocurrencies – effectively bringing real-world assets into DeFi. In Singapore’s Project Guardian pilot, major banks like J.P. Morgan executed foreign exchange trades using a DeFi protocol (Aave and Uniswap) with tokenized deposits. This “institutional DeFi” suggests that even large players desire the efficiency of DeFi markets. As a result, DeFi exchanges might implement features to accommodate them: think permissioned pools for KYC’ed institutions, or compliance-friendly versions of the DEX that TradFi systems can plug into. Another integration point is custody – some users may access DeFi through custodial intermediaries (like their bank’s crypto wallet that then routes to your DEX). So, ensuring your platform has APIs or can interface with such services will be important. The bottom line: DeFi won’t exist in a vacuum. The exchanges that find ways to connect with TradFi can unlock huge liquidity and user growth. Imagine your liquidity pools being tapped by a pension fund seeking yield, or your exchange rates feeding into pricing for a neobank’s app – these collaborations could become normal. Rather than “DeFi vs TradFi,” experts predict a convergence where each learns from the other. For your strategy, keeping an open mind to partnerships and possibly regulatory accommodations will position your DEX to ride this wave of integration rather than get bypassed by it.

加密貨幣 —— 實際上將現實世界資產帶入DeFi領域。在新加坡的 Project Guardian 試點計劃，像摩根大通等大型銀行利用 DeFi 協議（Aave 及 Uniswap）以代幣化存款進行外滙交易。這種「機構級DeFi」顯示，即使是大型參與者都渴望DeFi市場的效率。因此，DeFi 交易所可能會加設新功能去迎合這類客戶：例如為已完成 KYC 的機構專設授權池，或者開發符合監管要求、方便傳統金融（TradFi）系統對接的 DEX 版本。另一個整合點是託管——有些用戶或會透過託管中介（例如銀行持有的加密錢包，再轉駁到你的DEX）來接入 DeFi。所以，確保你的平台有API或能對接這類服務會十分重要。總結而言：DeFi 絕不會孤立運作。那些找到方法同 TradFi 互通的交易所，可以釋放大量流動性及帶來用戶增長。想像你嘅流動池被年金基金用來追求收益，或者你嘅匯率數據直接成為新型網上銀行App的定價參考——這類協作日後可能成為常態。其實，唔應該再係「DeFi vs TradFi」咁簡單，專家預計未來會係一個互相學習、互補融合的局面。對你策畫而言，保持開放態度及願意考慮合作同監管妥協，可以令你的DEX主動融入這波整合潮流，而唔會被淘汰。

2. Greater Emphasis on Regulatory Compliance: Hand-in-hand with integration comes a stronger focus on compliance by design. By 2025, DeFi platforms that have implemented certain compliance measures could gain an edge in legitimacy. We might see an industry standard emerge for how DEXs handle KYC/AML for large transactions or known suspicious addresses. For example, the Uniswap community in 2023 funded the creation of an “on-chain KYC” system using zero-knowledge proofs – allowing verification of user credentials without exposing their identity to the public. If successful, such tools might become commonplace. As a trend, expect on-chain identity and reputation to mature. Decentralized identity (DID) systems or soulbound tokens could carry information like “verified accredited investor” or “clean address” which smart contracts (including your exchange) can check before allowing certain actions. This preserves decentralization (no single company owns identity) but meets regulatory requirements. Also, regulators are more likely to craft DeFi-specific rules by 2025. Europe’s MiCA regulation in 2024 left DeFi largely untouched, but indicated that truly decentralized projects might be exempt from some rules, whereas those with identifiable operators might not. So depending on where the law settles, your approach might adjust: fully decentralize governance if needed to avoid being a legal entity, or register and comply if you want to directly serve certain markets with blessing. We already discussed the steps to be compliant; the future trend is that doing so will become more necessary, not less. The Wild West era is ending – but that’s not a bad thing if managed well. It can pave the way for big money inflows (some institutional investors only can use platforms that are compliant). By adopting a compliance-forward approach, DeFi exchanges will attract a wider audience and perhaps even see higher trading volumes as a result. Of course, this has to be balanced – the platforms that over-regulate might lose the crypto-native users. The likely outcome is more smart, automated compliance that works in the background rather than clunky centralized rules. Your exchange might, for instance, automatically block a trade that would violate sanctions, while everything else flows freely. Such “invisible compliance” aided by AI and blockchain analytics might be a hallmark of 2025 DeFi. The DEXs that master this will be the ones welcoming both the crypto anarchist and the Wall Street trader on the same platform, each getting what they need.

3. 更加重視合規監管：隨著整合步伐加快，設計時更要著重合規。去到 2025，那些落實咗指定監管措施的 DeFi 平台，在合法性方面將有明顯優勢。我哋可能會見到業內標準出現，例如 DEX 如何處理大額交易或可疑地址的 KYC/AML。舉個例子，Uniswap 社群喺2023年曾資助開發一套運用零知識證明嘅「鏈上KYC」系統——在不公開用戶身份的情況下驗證用戶資料。如果成功，這種工具可能成為新常態。隨住發展，鏈上身份同信譽會越來越成熟。去中心化身份（DID）系統或Soulbound Token可以記錄「認證合資格投資者」或「潔淨地址」等資訊，智能合約（包括你的交易所）可以先檢查這啲信息，然後先俾人執行特定操作。這樣做可以保持去中心化（無單一公司控制身份），同時又符合監管要求。同時，監管機構去到2025年更可能針對 DeFi 訂立專屬規例。歐洲喺2024年推出的MiCA監管對DeFi相對採取觀望，但亦暗示真正去中心化的項目可以獲豁免某些規則，反而有實體負責人的則未必得。所以你嘅策略要隨法律發展調整：需要時可以徹底去中心化治理，避免成為法律主體；如果希望得到監管許可直接服務某些市場，就需註冊及守規。我哋之前討論過如何合規，未來大勢係「更有需要合規，而唔係更少」。狂野西部時代將會結束——但如果管理得當，對業界長遠係好事，因為可以吸引機構資金入場（好多大機構只會用合規的平台）。採取主動合規態度，DeFi 交易所可以吸引更廣泛受眾，交易量有機會上升。當然，亦要取得平衡——過份監管的平台可能會流失原本的加密用戶。未來應該會見到更聰明、自動化的合規方案，在後台默默運作，而唔係苦悶繁瑣的中心化規則。譬如你的交易所會自動攔截違反制裁要求的交易，其他正常操作則無阻。這種「隱形合規」，配合AI和區塊鏈數據分析，可能係2025年DeFi的標誌。能夠掌握這套玩法的DEX，未來可以同時吸納加密狂人和華爾街交易員，大家都攞到自己想要的東西。

4. AI-Driven and Automated Platforms: Artificial Intelligence (AI) is making its mark across industries, and DeFi is no exception. In 2025, we anticipate many DeFi exchanges will incorporate AI-driven features to enhance user experience and platform efficiency. This could range from AI-powered trading assistants for users, to AI algorithms optimizing the platform’s operations like market making and risk management. For example, an AI could help users by providing personalized insights: imagine your exchange’s interface has a chatbot or advisor that can analyze your wallet’s holdings and suggest optimal trades or yield strategies, all based on real-time market data and the user’s risk profile. On the backend, AI can optimize parameters of your liquidity pools – adjusting fee levels or rebalancing incentives dynamically in response to market conditions without human intervention. We might also see AI being used for fraud detection and security (spotting suspicious patterns faster than any human) and for automated customer support. The term “DeFAI” has even been coined to describe the fusion of DeFi and AI. Exchanges that leverage AI could offer smarter routing of trades (finding the best price across multiple pools or chains in a split-second) and even predictive analytics (perhaps alerting users if an asset they hold is likely to be volatile soon, based on AI models). Another angle is automation and modularity: Many believe the future is a set of “money Legos” – modular DeFi pieces that can automatically combine for complex tasks. Your DEX might not just be a standalone app but a set of smart contracts that can be plugged into by others, and AI manages those connections. Users could create automated strategies (like providing liquidity when fees are high and pulling out when they drop, all triggered by AI agents). In essence, by 2025, a DeFi exchange might feel less like a static tool and more like a living organism, adjusting in real time to user behavior and market conditions, much of it driven by machine learning insights. For the user, this yields a more personalized and efficient experience – potentially attracting those who are less savvy by guiding them with AI. For the platform, it means better capital efficiency and resilience (adapting to shocks quickly). Embracing AI trends, either through in-house development or integrating third-party AI DeFi services, could set your exchange apart. Imagine advertising that your DEX offers “AI-optimized yields” or “intelligent swap suggestions” – that might draw in a new wave of users who want the benefits of DeFi without needing to be experts themselves.

5. AI 驅動及自動化平台：人工智能（AI）影響各行各業，DeFi亦不例外。預計去到2025年，愈來愈多 DeFi 交易所會引入AI功能，提升用戶體驗及平台效率。呢啲功能可以涵蓋用戶端的AI智能交易助手，到後台AI算法自動優化平台營運，例如做市、市場風險管理等等。例如，一個AI可以分析你的錢包持倉，根據即時市況數據及風險偏好，透過聊天機械人介面主動推介最佳交易或收益策略。後台方面，AI可以自動調節流動池參數——例如按市況自動改變收費水平或獎勵，無需人手介入。另外，AI 亦可應用於詐騙偵測和平台安全（識別可疑模式比人類更快），甚至支援自動客服。業界已經出現 “DeFAI” 一詞，代表 DeFi 與 AI 融合的新形態。活用AI的交易所，可以提供更智能的交易路由（於多個流動池或跨鏈瞬間搵到最佳價格），甚至有預測分析功能（例如根據AI模型，預警用戶某資產快將波動）。另一個創新點是自動化及模組化：好多業內人認為未來就是一套「Money Lego」——功能模組化，可以自由組合應對複雜需求。你的 DEX 未必只係獨立App，而係一組支援對接的智能合約，AI自動管理這啲資源。用戶亦可以使用AI代理，自動按條件提供/撤回流動性（例如見到收費高就入，收費低即走）。總括而言，去到2025年，DeFi交易所將唔似而家咁死板，而係一個有生命力的系統，主動根據用戶行為及市況即時調節，背後靠機器學習提供洞察。對用戶來講，體驗更貼身、更高效——AI主動指導可吸引欠缺經驗的新手。對平台而言，能提升資本效率及彈性（更快適應市場波動）。無論自家研發或引入外部AI DeFi服務，只要把握AI潮流，便可令你的交易所有明顯差異化。試想像，你的DEX主打「AI優化收益」、「智能兌換建議」，都可能吸引一大批想享受DeFi好處而唔使學咁多新手入場。

6. Enhanced User Experience and Accessibility: A significant focus by 2025 is likely to be making DeFi easier and friendlier. The early days often required technical know-how, but the next phase aims to bring in the masses who aren’t crypto experts. We can expect improvements such as mobile-first designs (many DeFi apps now are clunky on mobile; this will change as developers realize billions of people primarily use phones). Already, projects are working on wallet solutions where users don’t need to remember long seed phrases – instead using secure enclaves in phones or biometric backups (all while staying non-custodial). For your exchange, this could mean integrating with these new smart wallets that allow one-tap trading with fingerprint confirmation, for example. Also, simplified interfaces will be key. Perhaps your DEX will offer a “basic” mode and “advanced” mode. The basic might abstract concepts like gas fees entirely (maybe by sponsoring a bit of gas for users or using meta-transactions), showing the trade as a simple currency exchange interface without jargon. We might also see more education baked in – interactive tutorials within the app, or “demo” modes where new users can simulate a trade or liquidity providing with play money to learn the ropes. Another aspect is multi-language support; if DeFi is to bank the unbanked globally, interfaces need to be in local languages and considerate of local devices and bandwidth conditions. Accessibility is not just language but also catering to users with disabilities (screen reader compatibility, etc.), something rarely discussed in crypto UX but important for inclusivity. By 2025, the DeFi platforms that have the best UX – think of how easy PayPal or Robinhood made finance for normal users – will be far ahead in the race. Many in the industry realize that to get from a few million DeFi users to hundreds of millions, UX is the biggest barrier, not lack of financial primitives. Therefore, we can expect a wave of design innovation: more intuitive wallet management, clear signing prompts (no more scary hexadecimal data to approve), human-readable addresses, integrated help at every step, and so on. If you prioritize this in your exchange, you’ll capture the newcomers who are intimidated by other platforms. We could also mention gamification – turning the use of your exchange into a game-like experience (some platforms give out NFT badges for trying features, etc., making learning fun). All these enhancements mean the DeFi exchange of the future could be something your non-techy friend uses without even realizing they interacted with a blockchain. They’ll just know they traded value cheaply and quickly on a cool app.

7. 用戶體驗及易用性提升：去到2025年，一大重點將會係令DeFi更易用、更人性化。早期用戶多數要有技術背景，但未來目標係吸納唔熟加密技術的大眾。我哋會見到 Mobile-first設計（而家好多DeFi App手機版好難用，呢個會改變，因為開發者終於明白全球十幾億人以手機為主）。而家已經有項目研發新型智慧錢包，用戶唔使再記長種子詞，可以用手機安全模組或生物認證備份（同時保持非託管）。對你的交易所而言，可能要及早支持這種新型智慧錢包，例如指紋一按即交易。亦要簡化操作介面——可能D EX會分「簡易」同「進階」模式，簡易版徹底隱藏gas費等技術細節（可以補貼部分gas費或用meta-transaction），直接以類似外滙兌換UI呈現，令用戶零門檻。而 App 內可能會整合更多教育內容——例如互動教學、模擬模式，讓新手試玩用假錢練習交易及做流動性提供者。另一點係多語言支持：如果DeFi想服務未有銀行戶口的全球人群，必須有本地語言介面、考慮本地手機及網絡速度。Accessibility不止語言，仲要照顧有殘疾的用戶（例如支援screen reader等）——雖然區塊鏈項目極少討論，但對平等參與好重要。去到2025年，UX做得最好的DeFi平台——即係把PayPal/Robinhood那種簡易金融體驗帶去DeFi——會大幅領先同行。業界其實都知道，要由幾百萬用戶去到幾億，唔係靠更多金融工具，反而係UX係最大樽頸。所以，可以預期未來一波設計創新潮：直覺式錢包管理、清晰簽名提示（唔再有嚇死人的十六進制怪碼）、人性化錢包地址、每步均有幫助提示等等。如果你的交易所專注提升呢方面，必然會吸引到怕繁複的新手用戶。亦可以考慮遊戲化設計——用戶用你的平台，如同打遊戲咁開心學習（有D平台會派NFT徽章獎勵試用功能等）。總之，未來的DeFi交易所可能變成就算唔識技術的朋友，都可以無痛用到，甚至唔知自己有用過區塊鏈，只覺得一個App上又平又快地完成咗價值交換。

8. Cross-Chain and Interoperable Super-Networks: We touched on interoperability earlier, but by 2025 it might evolve into full-blown cross-chain exchanges and a web of liquidity that spans many networks. Users will care less about what chain they’re on and more about getting the best deal. Already cross-chain bridges and DEX aggregators are emerging; the trend likely continues such that your exchange might not be confined to a single blockchain ecosystem. Instead, it could become a cross-chain portal, where a user can swap any asset from Chain A to any asset on Chain B in one go. Protocols are developing that handle all the complex bridging behind the scenes. For

9. 跨鏈及互操作超級網絡：雖然之前提過互操作性，但去到2025年，呢個概念很可能發展成真正的跨鏈交易所，同時形成橫跨多個鏈的流動網絡。用戶將更少關心資產屬於哪條鏈，重點只係點樣得到最抵的交易結果。目前已經開始出現跨鏈橋樑服務和DEX聚合器；這個發展預計會繼續，最終你的交易所未必再局限於單一區塊鏈生態圈，反而可以成為一個跨鏈入口，用戶可以一click就將A鏈的資產兌換去B鏈資產。幕後由新協議處理所有繁瑣的跨鏈橋接程序。instance, a trade from Ethereum’s DAI to Solana’s USDC could be routed through a multi-chain liquidity network without the user doing manual bridging.
   舉個例子，將以太坊上的DAI兌換成Solana上的USDC，可以經由多鏈流動性網絡自動處理，而無需用戶手動跨鏈。

From your perspective as an exchange operator, embracing this means forming or joining alliances with cross-chain protocols or deploying your liquidity pools in a connected way across chains.
作為交易所營運者，接受這一趨勢即是要與跨鏈協議合作或結盟，或者將你的流動性池以互聯方式部署於多個鏈上。

We may even see the concept of an exchange expanding – maybe your “exchange” is a front-end that taps into many liquidity sources (some on Ethereum, some on Polygon, some on Solana), essentially becoming an aggregator to provide the user the best price.
我們甚至可能見到交易所的概念擴展—你的「交易所」有可能只是一個前端介面，連接多個流動性來源（有些在Ethereum，有些在Polygon，也有些在Solana），本質上成為一個聚合器，為用戶提供最佳價格。

In 2025, the silos between chains will be far more permeable.
去到2025年，不同區塊鏈之間的隔閡會更加容易穿透。

Technologies like Cosmos’s IBC already allow different blockchains to talk to each other; Polkadot’s ecosystem is built around interoperability.
好似Cosmos的IBC技術，已經令不同區塊鏈之間可以互通；而Polkadot生態圈正是圍繞互操作性而建立。

Even Ethereum Layer-2s are working on seamless interactions.
即使是以太坊Layer-2，都致力於實現無縫互動。

The result is a more unified liquidity market, which is great for users (lower slippage, more choice) but means exchanges must adapt.
最後會帶來更統一的流動性市場，對用戶來講係好事（滑點更低，選擇更多），但對交易所就代表必須適應改變。

If you only stick to one chain, you might miss out on volumes elsewhere.
如果你只專注單一區塊鏈，有機會錯失其他鏈上的交易量。

The leading DEXs may effectively run on a multi-chain backend but present a single coherent experience to the user.
頂尖的去中心化交易所（DEX），可能會以多鏈後台運作，但對用戶而言只係一個統一嘅使用體驗。

Picture a future where the user doesn’t even know what network they’re on – they just trade an asset and the system figures it out.
試想像一下，未來用戶甚至唔知道自己係邊條鏈上面—只要進行交易，系統自然會處理好一切。

Projects like Thorchain started doing cross-chain swaps (BTC to ETH etc.) in a decentralized way – expect such capabilities to grow and perhaps integrate directly into mainstream DEX UIs.
Thorchain等項目已經以去中心化方式實現跨鏈兌換（例如BTC換ETH），預計這類功能會持續增強，甚至直接整合進主流DEX的用戶介面內。

So, design your architecture with modularity in mind, ready to plug into cross-chain liquidity as it becomes available.
所以設計你嘅系統架構時，要考慮模組化，隨時可以連接跨鏈流動性來源。

In summary, the DeFi exchange landscape in 2025 will be characterized by closer ties to the traditional financial system, more regulatory-savvy operations, infusion of AI and advanced automation, vastly improved user experiences, and fluid movement across multiple blockchain networks.
總結來說，2025年DeFi交易所的格局將會有更多與傳統金融系統互動、更懂合規、引入AI和先進自動化、大幅提升用戶體驗，以及能靈活地在多條區塊鏈上運作。

It’s an exciting vision: the lines between “decentralized” and “centralized” finance might blur, as might the lines between different blockchain ecosystems.
這是個令人興奮的憧憬：「去中心化」同「中心化」金融、不同區塊鏈生態圈間的界線都可能會變得模糊。

Exchanges could become smarter, faster, and easier than ever.
交易所將會比以往更加智能、更快、更易用。

For an entrepreneur or developer, aligning with these trends is crucial.
對於創業者或開發者來說，跟得上這些潮流係關鍵。

It means continually updating your platform – the work doesn’t stop at launch.
這代表你的平台要不停升級－唔係一開張就完事。

But it also means huge opportunity: each trend opens your exchange to new user segments.
但同時亦係機遇：每個新趨勢都能為你的交易所帶來不同用戶群。

TradFi integration can bring in big money players, compliance focus can bring in cautious users and institutions, AI can attract those who want cutting-edge tools, UX improvements will bring in the mainstream, and cross-chain will bring in users from all corners of crypto.
傳統金融集成可以吸引大資金玩家，合規重視則會吸引審慎嘅用戶同機構，AI可將追求先進工具的用戶帶入，UX提升可以吸引主流群體，而跨鏈則可吸納來自加密圈四方八面的用戶。

Not all trends will materialize exactly as predicted, but the trajectory is clear: DeFi is growing up.
唔係所有趨勢都會完全如預期實現，但大方向已經好明顯：DeFi正逐漸成熟。

The experimental phase is leading to a more mature phase where DeFi exchanges are robust financial platforms catering to a broad audience.
由實驗性階段步入成熟期，DeFi交易所將成為穩健的金融平台，為更廣泛的受眾服務。

If you build with an eye on the future, your exchange could not only participate in this evolution but shape it.
只要你有遠見去建設，你的交易所唔止可以參與這個變革，更可以推動這個轉變。

As 2025 unfolds, staying agile and innovative will allow you to harness these trends and ensure your platform thrives in the next era of decentralized finance.
隨住2025年來臨，保持靈活和創新會令你把握住這些大趨勢，確保你的平台在新一代DeFi生態中繼續茁壯發展。

Final thoughts

The journey of building your own DeFi exchange is one of bold innovation – it’s about reimagining financial services on a foundation of code and community.
打造你自己的DeFi交易所是一場大膽創新的旅程－即係用代碼和社群做基礎，重新定義金融服務。

We began by understanding how DeFi sprang up to address the failings of traditional finance, providing a more inclusive, transparent, and efficient system for moving and growing value.
我哋一開始探討過DeFi點樣回應傳統金融的不足，提供一個更包容、更透明、更高效的價值流轉同增值系統。

We then navigated through the practical steps of turning an idea into a running decentralized exchange, from crystallizing the business model, to choosing the optimal blockchain, crafting secure smart contracts, designing an intuitive user interface, and implementing robust security and compliance measures.
然後逐步了解如何將想法變現，落實成一個可運行的去中心化交易所：從清晰業務模式、挑選最合適的區塊鏈、編寫安全智能合約、設計直觀介面、以至落實強大安全同合規措施。

At each step, the importance of aligning with user needs and market realities was clear.
每一個步驟之中，都清楚見到緊貼用戶需要同市場實況的重要性。

We also dove into the economics of DeFi exchanges – learning how creative revenue models can not only fund a platform but also supercharge its growth by rewarding users and liquidity providers.
我哋亦深入探討DeFi交易所的經濟學—了解創新收益模式點樣可以支持平台營運，甚至透過回饋用戶及流動性提供者，推動更快增長。

Running a DeFi exchange isn’t without its trials.
經營DeFi交易所當然唔會冇難關。

Challenges such as regulatory ambiguity, technical scalability, and security threats loom large.
例如合規不明確、技術擴展性、以及安全威脅等等挑戰。

Yet, as we discussed, these challenges are being met with equally powerful solutions.
但如我哋所講，這些挑戰都有強大解決方案逐步出現。

Regulators are slowly opening channels for dialogue, scalability is improving via Layer-2s and cross-chain tech, and the collective knowledge on smart contract security is stronger than ever.
監管機構慢慢開放溝通渠道，以Layer-2和跨鏈技術改善擴展性，而智能合約安全的集體知識亦比過去更強。

DeFi entrepreneurs are a resilient breed – when roadblocks appear, the community tends to find a way around or through them, exemplifying the decentralized ethos of innovation and open collaboration.
DeFi創業者一向十分堅韌—遇到困難路障，社群總會出辦法解決，充分展現去中心化創新同開放協作的精神。

Looking ahead, the landscape of DeFi exchanges by 2025 promises to be more integrated, intelligent, and user-centric.
展望未來，去到2025年，DeFi交易所的格局會變得更融合、更聰明、更著重用戶體驗。

We anticipate that decentralized and centralized finance will increasingly intersect, bringing the benefits of both to users worldwide.
我哋預計去中心化同中心化金融會有更多交集，將雙方優勢帶給全球用戶。

Compliance and decentralization, once seen as mutually exclusive, might coexist through new technologies, granting DeFi a stamp of legitimacy while preserving its core freedoms.
一直以來認為合規與去中心化互不兩立，但隨住新技術出現，兩者有望共存，賦予DeFi合法身份同時保有核心自由。

Advances in AI and user experience design are poised to make DeFi platforms more accessible to everyone, not just the tech-savvy – imagine a grandmother in a small town using a DeFi app as confidently as she would an ATM, or a startup in Kenya raising capital through a DEX from investors around the globe with a few clicks.
人工智能同用戶體驗設計的進步，將令DeFi平台更大眾化，唔再只限於技術高手—你可以想像一位鄉郊婆婆用DeFi app像去ATM般自然，或者肯尼亞的初創用幾個click就可以經DEX融資，吸引全球投資者。

The integration of real-world assets and the breaking down of blockchain silos mean the liquidity and utility in DeFi could grow exponentially, bridging the gap between crypto markets and everyday economic activity.
現實資產整合及打破區塊鏈壁壘，意味住DeFi的流動性同實用性可以指數式增長，進一步縮小加密市場同日常經濟活動之間的距離。

For you as a prospective DeFi exchange builder or simply an enthusiast following this evolution, the key takeaway is one of empowerment and opportunity.
無論你係準備開發DeFi交易所，定係純粹有興趣緊貼發展，都要記住重點—這是一場賦權同機遇的浪潮。

Not long ago, the idea that an individual or a tiny team could launch an exchange to rival those of Wall Street or big crypto companies would have sounded far-fetched.
唔係好耐之前，單一個人或者細團隊想建立出一個可以同華爾街或大型加密公司並駕齊驅的交易所，聽落都非常天方夜譚。

Today, it’s entirely within reach – thanks to open-source code, supportive communities, and the composability of blockchain protocols.
但今日已經成為現實——多謝開源代碼、互助社群、同區塊鏈協議之間的組合性。

Success in this space comes from understanding both the technology and the human element: the trust users place (or don’t place) in platforms, the way incentives drive behavior, and the importance of staying true to the decentralized principles that make DeFi special.
想喺呢個領域成功，唔單止要識技術，仲要明人性：用戶對平台的信任（或不信任）、誘因如何驅動行為，以及必須守著令DeFi與眾不同的去中心化原則。

Build something that solves real problems, that lowers barriers for users, and that remains adaptable to the fast-paced changes in crypto, and you have a shot at creating the next big thing in finance.
創造一個真真正正可以解決問題、降低用戶門檻，又能隨時應對加密世界急劇變化的平台，你就有機會成就金融界的下一個大事業。

In conclusion, the world of decentralized exchanges is more than just a market or a piece of software – it’s a movement towards a fairer, more open financial future.
總括而言，去中心化交易所唔只係一個市場或一個軟件——而係推動一個更公平、更開放金融未來的運動。

By creating a DeFi exchange, you’re not only embarking on an entrepreneurial adventure but also contributing to this transformative movement.
建立一個DeFi交易所，不單只係一個創業之旅，更加係參與到這個改變世界的浪潮。

There will be challenges to overcome and lessons to learn (sometimes the hard way), but the potential rewards – in both impact and value – are tremendous.
當然會有挑戰要解決，同埋有經驗要吸收（偶然會係苦澀的教訓），但利潤同影響力的潛力都極之巨大。

As you innovate and iterate, remember the core reasons why DeFi is here: to empower individuals with financial freedom, to eliminate unnecessary inefficiencies, and to foster a global financial system that is inclusive by default.
當你不停創新同改良時，都要記住DeFi存在的核心價值：賦權個人享有財務自主，消除不必要的低效，打造一個天生包容全球的金融體系。

Now is a perfect time to take the leap. The tools are ready, the community is eager, and the world needs solutions that make finance better for everyone.
現在正是大展拳腳的好時機。工具已準備好，社群蠢蠢欲動，而全世界需要可以令金融變得對所有人都更好的方案。

Your DeFi exchange could be the next cornerstone in the decentralized economy – so dream big, execute diligently, and keep the faith in what decentralized finance can achieve.
你建立的DeFi交易所，有機會成為去中心化經濟的下個基礎。咁就大膽想像、努力實踐、同時相信去中心化金融帶來的可能性。

The decentralized future of 2025 and beyond is being built today, one protocol at a time. Will yours be one of them?
2025年以至之後的去中心化未來，就係今日一步一步用每個協議砌成。你的項目，會唔會都係其中之一呢？