导语：
Introduction:
2018年下半年，加密货币市场步入熊市。
In the second half of 2018, the crypto-currency market entered Bear City.
彼时，加密货币交易量逐渐萎缩，交易所开始探寻求生之路，期货合约成了大家眼中的一块香饽饽。
At the same time, the volume of encrypt currency transactions was shrinking, exchanges began to explore the path of survival, and futures contracts became part of everyone's eyes.
非小号数据显示，在 2018 年 10 月之前，交易量排名前十的交易中只有两家开设了期货合约交易——BitMEX 以及 OKEx。
Non-nominal data show that, by October 2018, only two of the top 10 transactions had opened futures contract transactions — BitMEX and OKEx.
去年 10 月之后，包括火币在内的 11 家交易所陆续开通了期货合约；如今开通期货合约的交易数量已经达到上百家，币安今年更是高调宣布入局合约市场。
Last October, 11 exchanges, including the tender, opened futures contracts; now the number of futures contracts opened has reached hundreds, and this year the currency announced a high-profile entry into the company’s contract market.
小小的合约市场，容不下那么多尊大佛。尤其对于OKEx这样的老牌期货交易所而言，卧榻之侧岂容他人鼾睡。于是，巨头之间开始口诛笔伐、相互攻讦，上演了一出出大戏。
A small contract market can't accommodate so many big Buddhas. Especially for an old futures exchange like OKEx, the side of the bed can't be snorted. So the giants started to snort, fight each other, and stage a big show.
在巨头混战期间，一家名叫抹茶MXC的交易平台趁势崛起，比肩“BHO”，形成了如今的 “BHOM”新格局。
During the war of giants, a trading platform called Tea MXC took advantage of the rise of a “BHO” to form the new “BHOM” today.
合约市场，巨头厮杀
期货交易市场，仅仅比特币一项，年交易量就超过 10000 亿美金。这自然引得多家交易所垂涎，火币也不例外。
The futures market, in Bitcoin alone, is more than $100 billion a year. This naturally induces many exchanges to snort, with the exception of the coins.
自去年8月上线期货合约后，火币的表现一直以来也算中规中矩。然而近期，火币还是惹恼了友商OKEx。
Since the online futures contract last August, it's always been the right thing to do. In recent times, however, it's still pissing off a friend trader, OKEx.
这出戏的导火索是火币发布的一张海报。
The trigger for this play is a poster published by the gun.
8月13日，火币发布“火币合约交易+深度现稳居全球第一”业绩海报，引来OKEx CEO Jay Hao实力嘲讽。Jay Hao 质疑火币合约刷量，短短8个月，火币合约不可能就坐上了全球第一的宝座。
On August 13, it published a performance poster entitled “Market deal + depth is now the world’s number one,” which led to the mockery of OKEx CEO Jay Hao’s power. Jay Hao questioned the amount of tender contract brushes, and in just eight months, it was impossible for a gun contract to take its place in the world’s number one.
事情远未结束，第二天，Jay Hao 发文质疑火币“提前爆仓”。OKEx提出“他所提前爆仓，我所给予补偿”，决定拿出1000BTC，成立产业基金，用于补偿所有用户在友商比在OKEx提前爆仓的损失。
It was far from over, and the next day Jay Hao sent a letter questioning the “early explosion of the warehouse” of the gun. OKEx submitted that “he blew the warehouse early, and I paid for it”, and decided to pay 1,000 BTCs to set up an industrial fund to compensate all users for the loss of the warehouse earlier than at OKEx.
8月14日晚，火币回应爆仓系数的问题，总结起来就是一句话，我们正在完善。“火币合约选择的路是：先努力做到零分摊，再逐步降低调整系数。”
On the night of August 14th, the tender responded to the issue of the silo coefficient, and to sum it up, we're perfecting it. “The way that the tender contract chooses is to try to achieve a zero share and then to gradually reduce the adjustment factor.”
如今回看整件事，OKEx反应如此之大的原因，不是在于所谓的虚名，关键在于火币动了OKEx的奶酪。
Now looking back at the whole thing, the reason why the OKEx reaction was so great is not because of the so-called false name, but because the fire coin moved the OKEx cheese.
此前，火币合约为了加紧运营冲业绩，推出“他所 VIP 即是我所 VIP”的策略，直接抢夺“友商”们的大客户，这才是令OKEx最为不满的。
Previously, in an effort to tighten operational performance, the tender contract introduced the strategy of “His VIP is my VIP” and directly seized large clients of “friend traders”, which was the most displeasure of OKEx.
就在火币、OKEx 口诛笔伐的同时，币安也不甘示弱，表示将于今年9月上线杠杆以及期货交易。
At the same time as the Democratic Republic of the Congo and the Democratic People's Republic of Korea, the Democratic Republic of the Congo and the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo and the Republic of the Congo.
比较值得玩味的是，币安曾表示：由于期货合约风险较高，币安不会将用户置于这种危险之下。如今，币安也效仿友商，走上了合约的不归路。
More interestingly, the currency said that because futures contracts are more risky, they do not put users at risk. Today, the currency also follows the example of friends, and is on a no-go path.
抹茶「趁势崛起」
尽管巨头争相入局合约市场，但这项业务却并非想象得那么好做。
Although giants compete for access to the contract market, the business is not as well conceived.
首当其中的就是技术难题。LinkVC 创始人、BBX 投资人林嘉鹏就曾表示，合约开发耗时耗力，他的团队用了足足半年时间、耗资 1000 万元才研发出合约系统。
The first of these is the technical dilemma. The founder of LinkVC, BBX investor Lim Kaapang, once said that contract development was time-consuming, and his team spent half a year, $10 million, to develop the contract system.
另外，在系统上线之后，还要能应对高并发、稳定性的挑战，进行风控。此次火币提前爆仓，就属于风控没有做好。
In addition, when the system is online, it has to be able to cope with high-speed, stable challenges and control the wind.
此外，尽管合约价格会锚定多家交易所现货价格，但爆仓以及插针也是常有的，而这又会对交易所的声誉产生了严重的负面影响。去年连续四次“宕机”事件让 OKEx 掌门人徐明星成了过街老鼠。直至被爆仓的维权者在其公司举起“敌敌畏”，徐明星也未能现身。
In addition, while contract prices will anchor the spot prices of multiple exchanges, they are common, and this has had a serious negative impact on the reputation of the exchange. Four successive events last year, the OKEx star, Xu, became a street rat.
相比于合约带来的短期效益，专注现货市场才能细水长流，也更加有利于品牌价值。老牌交易所Coinbase是这样做的，新兴交易所抹茶MXC同样如此。
Focusing on the off-the-shelf market is also more conducive to brand value than short-term benefits from contracts. Coinbase does this, as does the emerging exchange, which uses tea MXC.
就在今年巨头们忙着在合约市场厮杀时，抹茶MXC「趁势崛起」，成功跻身一线交易平台。然而，这个机遇并非所有的交易平台把握住了。
Just this year, when the giants were busy fighting in the contract market, the tea MXC "growed up" and successfully joined the trading platform. However, not all of the trading platforms were seized.
抹茶MXC成功，主要得益于以下几点：
The success of the teaing MXC was mainly due to the following:
一是专注于现货市场，上线多个高流量代币。这些代币市场交易需求旺盛，为交易所带来了新生力量。并且，抹茶MXC所上线的代币，不少投资者获得丰厚的收益，形成了“财富效应”，进一步拉动新用户入场。
One is to focus on the spot market, with many high-flow tokens. The demand for these market transactions is strong, bringing the Forces nouvelles into the exchange.
二是抹茶MXC的中立。作为交易所，绝对不能偏袒交易中的哪一方。
The second is the neutrality of the MXC. As an exchange, you can't be in favour of which side of the deal.
目前，抹茶MXC平台并未参与任何币种的任何二级市场交易，交易所与项目方没有任何利益相关。有项目方给上线它的交易所列了一个白名单，对应的交易所会收到代币奖励，但抹茶MXC没在这个名单里。并且，抹茶MXC上线的创新币基本都是通过社区投票选出，尊崇社区需求，为社区提供了交易服务。
Currently, the MXC platform is not involved in any secondary market transaction in any currency, and the exchange has no interest in the project party. Some parties have listed a white list of their transactions on the line, and the corresponding exchange will receive a token reward, but the MXC is not on the list.
三是抹茶MXC做到真正的“用户至上”。在抹茶MXC平台交易时出现问题，客服会立即帮忙解决，无论你是高净值用户还是普通散户；而在一些大的交易平台，则会区分对待。
The third is that tea MXC is really "user-top." Problems arise in the trade of tea MXC platforms, and the customer service will immediately help resolve them, whether you are a high net user or a common slob, and in some large trading platforms it will be differentiated.
毕竟，火币、OKEx 都有大客户经理，他们的交易80%都是由大户贡献的；抹茶MXC平台则基本是散户贡献交易收益。
After all, they have large customer managers, 80 per cent of their transactions are made by large households, while the MXC platform is basically a credit to the bulk.
即便是收取手续费，抹茶MXC平台也努力做到让利给用户。我们发现，该平台现货手续费最高0.1%，一些活跃的币种甚至只要0.05%，远远低于其他交易平台。
Even if you charge a fee, the MXC platform works to make concessions to users. We find that the platform has a maximum spot charge of 0.1 per cent, and some active currencies are well below other trading platforms by 0.05 per cent.
（交易手续费）
业绩增长助推平台币上涨
对于普通的用户而言，交易平台的壮大其实并不会给其带来直接收益，但却会影响平台币的价格。如果投资者出手购买，则可以获得不菲的收益。
For ordinary users, the growth of a trading platform does not actually yield direct benefits, but it affects the price of the platform’s currency. If investors buy it, they get a good return.
目前，四大交易所的平台币中，抹茶MXC的平台币MX表现最为亮眼。半年多的时间，共计80多倍的涨幅；而其他三家平台币今年涨幅只有3倍左右。
At present, of the four major exchanges, the platform currency MXC is the most visible. Over the past six months, it has increased more than 80 times; the other three have increased only about three times this year.
不少投资者看到MX的涨幅后，多半会选择退缩。因为在大家的认知中，涨了一定会回调，MX价格现在已经虚高了。
Many investors see an increase in MX, and most of them choose to back down. Because, as you know, it's going to come back, and the price of MX is now too high.
预计MX接下来一段时间可能会跟随比特币开启回调。如果未来抹茶MXC的业务规模的扩大，利润上涨，则MX预计价格将大幅上升。
MX is expected to follow Bitcoin in the coming period. If future MXC operations expand and profits rise, MX is expected to increase significantly.
目前看来，各大平台币都还有不少的涨幅空间。但另外三家在发展中已经渐显疲态，有些后继无力，难以支撑平台币价格继续上涨。
There seems to be plenty of room for all major platform coins to increase. But three others are already exhausted in their development, and some are unable to sustain the platform’s rising prices.
只有MXC犹如新生幼儿，充满无限的可能性，MX的潜力似乎更大。
Only MXC is as young as new, full of infinite possibilities, and the potential of MX seems to be greater.
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