Robinhood链的崛起：代币化股票、永续合约与2700万用户 | Johann Kerbrat

上周三，Robinhood举办了‘世界是平的’活动，正式推出了Robinhood链，并联合了大量生态合作伙伴和集成服务。

On Wednesday of last week, Robinhood held their The World Is Flat event, where they launched the Robinhood Chain along with a huge collection of ecosystem partners and integrations.

‘世界是平的’这个名字，体现了Robinhood想用区块链技术让金融产品更普及，打破壁垒，让每个人都能轻松接触。

The World Is Flat name is a tip of the hat to the fact that Robinhood wants to democratize access, flatten the world to have access to, financial products using blockchain technology.

看完这场活动，你根本不用费劲去想象——金融的未来，正就在我们眼前被重新塑造。

And after watching that event, you don't really have to squint your eyes very hard to see the future of finance being rebuilt right before our very eyes.

由Robinhood发行的代币化股票，可以在Robinhood链上自由转移，也能无缝跨到以太坊主网和它的各类二层网络。

Tokenized stocks issued by Robinhood are freely and permissionlessly transferable around the Robinhood Chain and on and off the Robinhood Chain to the Ethereum layer one and the rest of its layer twos.

Morpho已经整合进Robinhood主应用，为2700万用户在应用内非托管区域提供USDG稳定币7%的年化收益。

Morpho is integrated into the main Robinhood app, offering Robinhood customers the 27,000,000 Robinhood customers 7% yield on USDG stablecoin deposits in a non custodial section of the main Robinhood app.

他们已将永续合约服务扩展到欧盟和加拿大用户，并在Robinhood钱包中完整集成了Lighter的ZK Rollup永续合约功能。

They've expanded perp offerings to EU and Canadian customers of Robinhood, and they have a full feature complete integration of Lighter, the ZKL two Perp decks on Ethereum inside the Robinhood Wallet.

现在，我们有了1比1背书、带股息和股东治理权的代币化股票，能在Uniswap上交易，打造一个全天候、全年无休的美股市场。

So we now have one to one backed tokenized stocks with dividends and investor governance rights, if you want to do that, trading on Uniswap, creating a twenty four seven, three sixty five marketplace for US equities.

这些变革的雏形，已经清晰可见，就在眼前了。

And you can see the purpification for these things just right around the corner.

今天在节目中，我采访了约翰·克尔布拉。

So today on the show, I talked to Johann Kerbrat.

他是Robinhood的加密货币总经理，过去五年一直在努力建设这个生态系统，让我们更深入了解这次发布的内容。

He is the general manager of crypto at Robinhood who has been trying to build this ecosystem for the last five years to get more details of what's being released.

这简直就跟我们几年前想象中的金融未来一模一样。

And it's just nothing short of exactly what we imagined the future of finance looking like just a few short years ago.

约翰，欢迎再次回到Bankless。

Johann, welcome back to Bankless.

这里是Bankless Station。

Bankless Station.

我身边这位是约翰·克尔布拉。

I'm here with Johann Kerbrat.

他是Robinhood的加密货币副总裁。

He is the VP of crypto at Robinhood.

我们刚办完一场非常精彩的活动，就是Robinhood生态系统的Robinhood链发布，而约翰，从我认识你那天起，你就一直在为这件事打拼。

We just came out pretty hot event out of, the Robinhood ecosystem, the launch of Robinhood Chain with Johann, you have been working on this as long as I've known you at Robinhood.

把这件事推出来，感觉一定很棒吧。

It's gotta feel pretty good to get that out the door.

是的。

Yeah.

真的特别激动人心。

It was pretty exciting.

我们在伦敦办了一场活动，地点特别酷，墙上和天花板上都是壁画。

And, you know, we did an event in London in a very, very cool place with, like, painting on the wall and on the ceiling.

能亲临现场，看到我们的用户，听到我们宣布链上线时大家的欢呼，真的太棒了。

So that was really cool to be there and see all our customer and hearing the cheers when we finally announced the chain.

那场面真的很棒。

So that was that was great.

那场活动的名字叫《世界是平的》。

The name of the event was The World Is Flat.

为什么取这个名字？

Why was it called that?

弗拉德是个了不起的发明家，他一直在思考各种事情。他的愿景是，通过区块链和加密货币，彻底消除世界上的不平等，让任何地方的人都能接触到美股、永续合约，还有这些金融产品。

Well, you know, Vlad is an amazing inventor and thinking about a lot of things constantly, and his vision was, like, how do we show that using blockchain and using crypto, we can actually remove all the inequalities in the world and actually make person that are anywhere in the world able to access and get exposure to US stocks, to Perps, to all of these products.

这正是我们当初的想法。

So that was kind of the idea behind it.

我注意到，HUD的股价因为一系列发布——Robinhood链、代币化股票、永续合约去中心化交易所、钱包、收益产品——一下子涨了百分之八、九，甚至十个百分点。

One thing I noticed, the HUD stock was up, like, eight, nine, 10% on the on the just all of the announcements, the the Robinhood Chain, tokenized stocks, the Perp Dex, the Wallet, the Yield.

从加密货币的角度看，市场对这类消息反应积极，确实让人感到欣慰。

It feel from the crypto side of things, it feels good that the market is responding positively to crypto news.

是的。

Yeah.

过去一年多，这种情况可不常见。

It's not usually what is normal in the case in the last, like, twelve months or so.

你现在是Robinhood的加密货币副总裁。

So it's just like you you are the the VP of crypto at Robinhood.

所以，谢谢你做了这么多出色的工作，市场都看在眼里。

So, like, you know, thanks for for doing all the great stuff that the market likes.

我肯定觉得特别有成就感吧。

I'm I'm sure that must feel pretty well.

是的。

Yeah.

对我们来说，这次活动最让人兴奋的是，我们能向用户展示我们的产品迭代速度。

You know, I think for us, what's been exciting with this event is really that we can show to our customer our product velocity.

去年我们公布了很多计划，今年则真正落地了其中大部分内容。

You know, last year, we announced a lot of things, and this year, we actually delivered on a lot of this thing that we had preannounced.

而且，我们还额外发布了比预期多得多的新功能。

And on top of that, we added way more announcement than we were expecting.

就在昨天，我们一口气发布了十五款新产品。

Just yesterday, we announced 15 products.

我觉得很多用户对此都特别兴奋。

So I think, you know, a lot of our customers are excited about that.

他们看到我们的产品经理站在台上，亲自演示这些能在Robinhood上使用的全新工具和功能。

They they see our product manager on stage with us and presenting all these new tools and feature that they can access on Robinhood.

更重要的是，这说明了Robinhood一直以来都能同时推出大量功能，而且始终以客户为中心，确保我们上线的每一样东西都是用户真正关心、喜欢的。

And on top of that, I think it shows that, you know, Robinhood has been one of these companies that has uniquely been able to ship so many feature at once and always with the customer at the center of making sure that, you know, what we ship is what they actually care about, and they like it.

他们知道怎么用。

They know how to use it.

他们对这些功能也很感兴趣。

They are interested by it.

所以总的来说，我对昨天的发布特别满意。

So, yeah, overall, pretty pretty excited about yesterday.

市场从来不是只动一个资产。

Markets don't move one asset at a time.

今天是比特币，明天是英伟达，接着是黄金，然后是标普500。

One day, it's Bitcoin, the next, Nvidia, then gold, and then the S and P.

但大多数交易员还是得在不同平台、不同账户、不同资金池之间来回管理自己的投资组合。

But most traders are still managing their portfolio across different platforms, different accounts, and different pools of capital.

Bitget彻底改变了这一点。

Bitget just changed that.

他们的全新股票2.0产品让你可以直接用USDT交易代币化股票，全部都在你平时用的同一个App里完成。

Their new Stocks two point o product lets you trade tokenized equities directly with USDT, all inside the same app you already use for crypto.

这可不是又一个普通的代币化股票产品。

This is not just another tokenized stock product.

股票2.0的设计核心是更深的流动性、更快的成交速度，以及市场最低的手续费——仅0.04%，而且完全一对一追踪标的股票的走势。

Stocks two point o is designed around deeper liquidity, faster execution, and the lowest fees in the market at just point zero four percent and one to one economic exposure to the underlying stock.

股息、拆股和其他公司行为都会自动更新，确保你的持仓始终与你真正想投资的资产保持一致。

Dividends, stock splits, and other corporate actions are reflected automatically, helping your position stay aligned with the asset you actually want exposure to.

一个平台，一个账户，覆盖多个市场：加密货币、股票、大宗商品等等，全部都能用USDT交易。

One platform, one account, multiple markets, crypto equities, commodities, and more, all accessible with USDT.

Bitget，更聪明的交易方式。

Bitget, trade smarter.

点击节目简介里的链接，立即开始交易。

Start trading today through the link in the show notes.

这不是投资建议。

This is not investment advice.

有个好消息要分享。

Some exciting news.

我们推出了一档新播客，帮大家搞懂加密货币的周期，以及怎么应对它。

We are launching a new podcast to help people figure out the crypto cycle, how to navigate it.

我认识的最厉害的加密周期投资者，叫迈克尔·纳托。

The best crypto cycle investor I know, his name is Michael Nato.

他运营着《DeFi报告》。

He runs The DeFi Report.

就是他，在10月10日价格暴跌前给我发了卖出提醒。

This is the guy that sent me a sell alert before the 10/10 price drop happened.

他对周期的分析一直准得惊人。

His cycle analysis has been absolutely on point.

我关注他好几年了。

I've been following him for years.

今年，我们开始每周录制一期播客。

And this year, we started recording weekly podcast episodes.

每期节目，我们都会深入分析他的持仓、市场结构、入场点位，以及比特币和以太坊的合理估值，还有当前所处的周期阶段。

Each one, we get into his portfolio, what he's holding, the market structure, entry targets, fair market value of Bitcoin and Ether, and where we are in the cycle.

每周三都会更新新一期内容。

There's new episodes that are released every Wednesday.

每期大概三十分钟。

They're thirty minutes.

时长很短。

They're short.

节奏紧凑，信息密集。

They're punchy.

我觉得这次加密周期比以往都更难把握，不如我们一起搞清楚。

I think this crypto cycle is harder to navigate than most, so let's do it together.

赶紧去订阅这个播客吧。

Go subscribe to this podcast.

在你常用的平台搜索《The DeFi Report》，无论是YouTube、Apple还是Spotify，或者直接看节目简介里的链接。

Search the DeFi Report wherever you get your podcasts, YouTube, Apple, Spotify, or find a link in the show notes.

现在有一集新内容等着你了。

There's a new episode waiting for you now.

我有些问题想问问你们推出的产品。

I've got some questions about those products that you guys released.

好的。

Alright.

那我就一个一个来聊吧。

So I'll I'll just start going one by one.

我们先从代币化股票说起。

Let's start with tokenized stocks.

我觉得这个可能是大家最感兴趣的一个。

I think this is probably the one that people found the most interesting.

它涉及的方面，我觉得在加密领域里是最广的。

It touches the most amount of things, I think, on the crypto side of things.

但具体是怎么实现的？技术细节上，Robinhood 上的股票是怎么变成 Robinhood 链上的代币化股票的？

But just the implementation details, the the technical details, how does a stock on Robinhood become a Robinhood tokenized stock on Robinhood Chain?

这个过程到底是怎样的？

What what is that process like?

是的。

Yeah.

目前这个系统有点复杂，主要是因为美国还没接入，但我们有个交易所叫Bitstamp，它连接着所有机构。

So so currently, the system is a little complex just because of the fact that the The US is not part of it just yet, but we have our our exchange, Bitstamp, that is basically our exchange that is connected to all the institution.

机构可以到Bitstamp购买股票代币，然后把这些代币上链，放到各个去中心化交易所，比如Uniswap、Lighter、Arcus，还有很多其他的。

The institution can come to Bitstamp and buy the stock tokens and then bring them on chain to one of the different DEXs that are available from Uniswap to Lighter, Arcus, and and many more.

现在就是这样运作的，但未来我们想找到办法简化整个流程。

So that's currently how it's happening, but in the future, we wanna find ways to simplify all this process.

那如果我在Robinhood券商平台上持有股票，享有的基本股东权利和分红，如果换成Robinhood Chain上的代币，还保留吗？

What about just, like, the basic investor governance and dividends that one would have if I if own stock on the Robinhood brokerage.

是的。

Do I still have that if I own the stock as a token on Robinhood Chain?

是的。

Yeah.

股息会直接支付给他们。

So dividends will pay them.

公司行动也会支持这些功能，所有这类操作都涵盖在内。

Corp action will also support them, all this kind of stuff.

对我们来说，这一点非常重要。

So for us, that was pretty important.

股票代币也是一比一完全对应原股票的。

The stocks tokens are also back one to one.

这一点非常关键，我觉得对产品的可信度至关重要。

So, you know, that's something that is very key, I think, for the trust of the product.

此外，哪怕Robinhood本身出了什么问题，客户的持仓依然有保障。

And on top of that, you know, if anything happens through to Robinhood, the position of the customer is secured as well.

这一点也同样重要。

So that was something also important.

还有一件事特别棒——我不知道你昨天有没有看到，我们展示了在符合条件的国家，用户在钱包里能直接查看所有股票的实时情况。

And what's really cool, I I don't know if you saw it yesterday, but we showed how it interacts in the wallet if you're in one of the eligible countries, and you're really able to to look at all the stocks.

你可以在页面上看到价格变动，还有股票代币的相关信息，直接就能购买。

You can see the price moving and and some information about the the stock token on the page, you can buy it.

昨天是我们第一次正式直播测试，结果整个活动过程全都顺利运行，真的很棒。

Yesterday was, you know, the first time that we are retrying it live, so it was pretty cool that everything worked during the event.

另一个厉害的地方是，这些股票代币其实能用来做别的事情。

And and the other cool part is you can actually utilize the stock tokens for other things.

你可以在链上使用它们。

You can use them on chain.

还能拿它们当抵押品。

You can use them as collateral.

我相信很快就会出现围绕它们的借贷池。

I'm sure we'll start to see, like, lending pool around it.

所以，比起单纯放在券商账户里，你用它们能做的事情多得多。

So, you know, you can really do more than if you are just keeping them on the brokerage.

昨天我们还展示了怎么把它们发送给其他人，转到另一个钱包，这真的体现了区块链的强大之处。

And the the other thing that we showed yesterday is how you can send them to to somebody else, to another wallet, which I think is a is a pretty unique thing that shows really the power of the blockchain.

当你想把证券账户转到另一家券商时，会经历一个叫ECAD的流程。

When you try to move your brokerage account to another brokerage account, you have this process that you call ECAD.

这个过程要好几天，有时候甚至几周，还可能丢失成本基础或交易信息。

It takes multiple days, sometimes weeks, sometimes you lose a cost basis, you lose information.

但在这里，所有信息都记录在区块链上。

But here, everything is on the blockchain.

对吧？

Right?

所以你能在区块上看到完整的记录。

So you have all the information available on blocks.

我觉得这真正展示了这项技术的强大之处。

And so I think that really shows how how powerful this technology can be.

随着监管逐步完善，这项技术就能扩展到更多地区，这肯定会彻底改变我们与交易平台互动的方式。

And the more the the the joy the the, you know, the regulation will come into place, the more we'll be able to, expand it to more jurisdiction, and I think that's really going to change how we interact with, with exchanges.

你们的合作伙伴之一当然是Uniswap，看到Robinhood的代币化股票出现在Uniswap界面里，确实挺酷的。

One of your guys' launch partner was, of course, Uniswap, and it pretty cool to see the Robinhood tokenized stocks inside of the Uniswap interface.

这就跟2019年、2020年我们刚看到Uniswap上线时一样，那时候满眼都是些很原始的早期代币，大家心里都想着，总有一天这儿会出现股票，现在真看到了。

It's just like when we saw Uniswap be launched in 2019 and and 2020 and saw all these, like, you know, early primitive tokens, we all kind of imagined, you know, one day there will be stocks in here, and now we're actually seeing that.

不过这些股票代币是在Robinhood链上的Uniswap平台上。

But that's on the Robinhood Chain, the Uniswap instance on the Robinhood Chain.

对。

Uh-huh.

Robinhood的股票代币能转到以太坊主网上吗？

Are the Robinhood stock tokens able to be transferred to the Ethereum layer one?

能。

Yeah.

我们已经看到链上出现了各种跨链桥。

And we, you know, we saw different bridges happening already on on the chain.

这些代币可以在以太坊生态里自由流转。

It's freely transferable across the Ethereum ecosystem.

没错。

Right.

这个铸造和赎回的过程必须通过我们的平台来完成。

And and that's really the the mint and redeem where you have to utilize one of our platform.

不过，确实挺让人兴奋的。

But but, yeah, it's been really cool.

这条链上线还不到二十四小时呢。

You know, the the chain is not even live for for twenty four hours.

严格来说，它之前已经运行了几天，但我们真正宣布上线还不到二十四小时，就已经有上百万笔交易了。

I mean, technically, it live for for a couple of days before, but, like, we really just announced the launch less than twenty four hours ago, and we saw a million transaction already.

我觉得让我们特别激动的是，就像你提到的，像 Uniswap 这样的加密原生平台，和 Robinhood 这样的传统金融平台，现在真正连接在了一起，融合成一个能让社区热情迸发的新世界。

So I think that's what we're we're excited about is, to your point, that connection between crypto first platform like Uniswap and other, and then the more traditional side of the world like Robinhood connecting together and and really merging and creating a world where you can see this enthusiasm from the community.

你刚才说，要把 Robinhood 的代币化股票转到以太坊一层，必须通过 Robinhood 的铸造和赎回功能，是这样吗？

Did you say that in order to transfer a Robinhood tokenized stock to the Ethereum layer one, you have to go through a Robinhood mint and redeem function, or is it more No.

我的意思是，这条链是无需许可的。

I I meant, like, it's a permission less chain.

你可以做任何操作。

You can do all the things.

是的

Yeah.

目前你唯一需要通过Robinhood操作的地方，就是把代币兑换成

The only thing where you will need to interact with Robinhood at this point is to meet and redeem your token for

我明白了

I see.

要么是股票本身，要么是等值的现金

Either the the stock or or the the the equivalent in cash.

对

Right.

好的

Okay.

所以如果我持有一个Robinhood的苹果股票代币，我可以把它转回Robinhood，然后兑换成我账户里的实际股票吗？

So if I hold, like, an Apple share as a Robinhood stock token, I can send it to Robinhood and redeem an share inside my Robinhood brokerage?

现在我们还没提供这个功能，但正在为机构客户开发这项服务

So currently, we're not offering it, but that's something that we're working on for for institution especially.

我们认为这会是一件相当重要的事。

We think it's going to be something pretty important.

但目前，你可以把它们卖回Robinhood。

But right now, you can sell to to Robinhood.

而Robinhood的代币化股票，可以在各方之间自由转让。

And then the Robinhood tokenized stocks, those are freely transferable between parties.

接收方也需要完成Robinhood的实名认证吗？还是说这也是一个无需许可的转账功能？

And do do does all does the receiving party need to be KYC ed with Robinhood, or is that also a permissionless transfer function?

不需要。

No.

目前它是无需许可的。

Currently, it's permissionless.

如果你使用钱包，整个流程非常顺畅。

So if you utilize a wallet, it's very well done.

前几天我演示过，整个过程就像在转账任何一种加密资产一样。

Like, I I showed a demo the other day where it's it's really like you're transferring any any crypto asset.

未来，我们还想找到更好的方式，把你的券商账户和这些系统更顺畅地连接起来，不过这需要更多时间。

In the future, we also wanna find ways to make it more easy to find between, you know, like you mentioned, your actual brokerage account and all these kind of things, but that that will take a bit more time.

我想问一下USDG，这是Paxos发行的稳定币。

I wanna ask about USDG, which is the the stablecoin issued by Paxos.

我觉得你们和Paxos是合作伙伴。

I think you guys are are a partner with Paxos.

那些在Robinhood应用里存入USDG的用户，他们的资金会被转到Morpho平台。

And then depositors is a depositors who deposit USDG inside of the Robinhood app.

这样存入的人能获得7%的年化收益。

This gets sent into Morpho, but that gives 7% yield for those who deposit.

这个收益率比市场上其他任何产品都高得多。

How does 7% is above any competitor that I see in the market.

Robinhood是怎么做到给储户提供7%收益的？

How does how do you does Robinhood generate 7% for the depositors?

是的。

Yeah.

对我们来说，这个产品最有趣的地方在于它直接集成在主应用里。

You know, I think for us, what was really interesting with this product was the fact that it was in the main app.

它不属于我们的钱包功能。

So it's not part of our wallet.

而是嵌入在Robinhood主应用中，这个应用在美国有数千万用户在使用。

It's really within the main Robinhood app that is used by tens of million of of customer in The US.

更棒的是，当你开始使用这个功能时，系统会自动为你创建一个智能钱包。

And the really cool part about it is when you start entering this flow, we actually create a smart wallet for you.

这是一个自托管钱包，如果你愿意，随时可以导出私钥，导入到自己的钱包里，或者做任何你想做的事。

I mean, it's a self custody wallet, so you can eventually export the key if you want to and import it in your wallet or do whatever you want with it.

我觉得这特别棒，因为这是第一次，我们真正把两个世界更紧密地融合在了一起，比以往更进一步。

And so that, I think, was really cool because, you know, for the first time, we are really starting to merge the two worlds together even more than we we were doing before.

当然，你可以存入任意金额。

And then, you know, you can deposit as much as you want, obviously.

你可以从一笔现金开始。

You can start for just cash.

在这个流程中，你需要购买USDG，但我们已经让你操作得特别简单。

Part of the flow, you will have to buy USDG, we made it super easy for you.

你随时都可以提款。

You can also withdraw at any time.

至于收益方面，我们之前特别担心的是，有些竞争对手推出类似产品时，一开始标的是欧元利率，但几个小时后利率就暴跌了。

And, yeah, on the on the yield, you know, I think for us, one of the big thing that we were worried about is that some of our competitor, when they launch similar products, they they started with a euro rate, and then, you know, within a few hours, the rate will drop.

所以我们花了很多时间跟所有合作伙伴沟通，确保我们能提供一个短期内保持稳定的利率。

So we spent a lot of time working with all our partners to make sure that we could actually have a hero rate that will be stable for a while.

所以按你提到的，大概在7%左右。

So it's it's approximately 7% to your point.

我们能提供这么高的利率，主要是因为像Robinhood这样的平台，加上我们的合作伙伴和做市商，正在为所有新推出的产品创建新的资金池，因此对利率的需求也相应增加了。

And the reason why, you know, we're able to do this higher rate is just the the fact that you're you're just bringing, like, a giant, like Robinhood with all partners, market makers are creating new pools for all the products that we are launching, and so there is a bit more demand around around the rates.

对我来说，自从五年前加入Robinhood，我的目标就是把加密货币带到普通大众身边，而这件事，可能是我们迄今为止迈出的最重要一步。

But for for us, you know, I think it's when I joined Robinhood, like, five years ago, a bit more than five years ago, my goal was really to find a way to bring crypto to the masses, and this is probably the big biggest step we did to to actually do that.

说说为什么选USDG。

Talk about why USDG.

说说你们和Paxos的合作或整合吧。

Talk about that that partnership or that integration with with Paxos.

是的。

Yeah.

我们是全球美元网络的成员。

So we are part of the global dollar network.

我们是创始成员之一。

We are one one of the founder member.

我们喜欢USDG的一点是，用于支撑USDG代币的储备金所产生的净利息，会由网络成员共享。

And what we like about USDG is that the NIM generated through the, you know, the treasury that are held for for backing the the USDG token is actually shared with a member of of the of the network.

我觉得这和别的稳定币很不一样，那些通常收益都归发行方独占。

And I think that's a big difference from what you're seeing with some of the other stablecoin where, you know, it's it's mostly kept by the issuer.

我们之所以想在这一点上突破，是因为希望鼓励大家持有稳定币。

And and the reason why we wanna push the boundaries around this is that we wanna encourage people to actually hold stablecoin.

现在，如果你是机构用户，用其他稳定币的话，其实处于不利位置。

Right now, if you're an institution and you use another stablecoin, you're kind of at a disadvantage.

比如，你作为机构，自然会想尽快把稳定币卖掉，换成现金存进传统银行赚利差，这样一来，持有稳定币的很多优势就没了。

Like, you're actually your interest will be to sell as soon as possible your stablecoin and to buy cash to make NIM on your on your cash with a normal traditional bank, which, in that situation, remove a lot of the advantage of having a stable coin.

而且现金的流转速度也没那么快。

You can't move it as quickly.

你也没法像用抵押品那样灵活操作各种业务。

You can't do all the stuff that you you should be doing with collateral.

但USDG正好相反。

So so with USDG, it's the opposite.

对吧？

Right?

你照样能拿到利差。

You you still keep get the NIM.

所以对你来说，就没必要非得把钱转回现金了。

So for you, it's not as important to go back to cash.

你可以直接把USDG留在账户里。

You can keep the USDG on your on your account.

你可以用它来做各种事情，比如参与资金池、作为抵押品，等等。

You can use it for all the things that you wanna do from funding a pool, using it as collateral, anything like that.

所以我们才想支持这种稳定币，也因此推出了通过这个稳定币实现的Earn Robinhood Earn功能。

And so that's why we we wanna support that stablecoin, and that's why we created Earn Robinhood Earn through through that stablecoin as well.

我之前提到，你存入USDG后，它会进入Morpho系统。

And I mentioned that you you deposit USDG, and it goes into Morpho.

这一点没错。

That that part is correct.

对吧？

Right?

Morpho不仅集成在Robinhood钱包里，也整合进了主Robinhood应用。

So Morpho is not just integrated into the Robinhood Wallet, but the main Robinhood application.

是这样吗？

Is that true?

没错。

That that's right.

所以Morpho在Robinhood链上创建了金库，钱包和主应用都会与之交互。

So so Morpho created vaults on the Robinhood Chain, and both the Wallet and the main Robinhood app will interact with it.

情况都一样。

Same thing.

Robinhood应用使用的是智能钱包，属于用户自托管类型，并且连接着Morpho。

The the the Robinhood app utilize a smart wallet that is a self custody wallet for the customer, and that's connected to to Morpho.

我们用Stakehouse做托管方，还有其他合作伙伴，比如那个……

We're using Stakehouse as a curator, and we also we also have other partners like, example, that Mhmm.

都会协助推进这些产品。

Are going to help with with all these products.

但从技术上讲，你并不一定要用Robinhood应用。

But, technically, you don't need to use the Robinhood app.

如果你想接入某个金库，可以直接去Robinhood链上存入资金。

If you wanna connect to one of the vault, you can directly go on the Robinhood Chain and and deposit there.

我们来聊聊永续合约吧。

Let's talk about perps.

关于永续合约，我们做了好几种整合。

So there's a handful of different integrations with with perps.

其中一种是扩展了非加密资产的永续合约，比如黄金、白银、QQQ和WTI原油。

One of them was an expansion of non crypto perps, so things like gold, silver, QQQ, WTI.

另外还有一种是直接在Robinhood钱包里推出的原生加密货币永续合约。

And then there were the the crypto native perps directly in the Robinhood Wallet.

那个原生加密永续合约的功能，是和Lighter合作集成的。

That one, the the crypto native perps in the Robinhood Wallet, that was an integration with Lighter.

对。

Mhmm.

我刚才说的那些非加密资产的永续合约，是和你们收购的Bitstamp交易所合作的吗？

Was the earlier stuff I was talking about, the non crypto asset perps, was that with Bitstamp, the exchange that you guys bought?

明白了。

Okay.

所以这里其实是有明确区分的。

So there's a delineation there.

咱们聊聊这两块业务，你们是怎么划分的。

Talk talk about both of those things and how you guys divide that up.

对。

Yeah.

没错。

Yeah.

当然。

Absolutely.

我们是少数几家在受监管平台上提供永续合约交易的交易所之一，包括Bitstamp和Robinhood Europe。

So we are one of Bitstamp and Robin Europe are one of the only marketplace or exchange where you can trade perpetuals in a in a platform that is regulated.

Bitstamp和Robinhood Europe都持有MiFID牌照，我们在这些平台上提供最高10倍杠杆的永续合约产品。

So we have a MiFID license for Bitstamp, and we have a MiFID license for for Robinhood Europe, and we're offering this product there with up to 10x of leverage.

这一点很重要，因为很多用户还是不想去用DeFi。

And I think it's important because for a lot of customer, they still don't wanna go on DeFi.

他们也不愿意用钱包。

They still don't wanna use a wallet.

他们不想连接到像HyperLiquid这样的平台，那里发生什么往往不清楚。

They don't wanna connect to a platform like HyperLiquid and other where you don't necessarily know exactly what's what's going to happen.

所以我们这个平台支持直接联系客服。

And so we have a platform where, you know, you can reach out to customer support.

你可以在这里购买股票代币、加密货币，还有受监管的永续合约。

You can buy stock tokens, crypto, and also the the perpetuals that are regulated.

这是我们欧洲推出过最粘性的产品之一，客户对这类资产的需求很强，从大宗商品到ETF都有。

We we it's one of the most sticky products that we've launched in Europe, and we've seen a lot of demand for this other type of assets from commodities to to ETF.

尤其是过去几个月的周末，你看到像原油这样的品种在这些市场上波动很大。

And especially during the the weekends for the past few months, like, you you've seen, you know, oil, for example, moving quite a bit on on some of these markets.

需求一直很旺盛，所以我们很期待推出这项服务。

So the demand was strong, but we're excited to launch that.

这次新增了七个合约，涵盖白银、黄金、QQQETF等等。

It's seven new contracts from silver gold to QQQ as an ETF and other.

我觉得这能为客户提供更多样化的产品选择。

And I think it really brings diversity and different product for for our customers to try.

我们的目标之一，就是把业务扩展到全球各地。

And then, you know, one of our mission is to expand across the world.

对吧？

Right?

我们不可能每个国家都去申请牌照、部署整套系统，那太耗时间了，所以只能一个一个来。

So we can't go to every single country and get a license and implement all the system because it just takes a while, and so we are doing it one by one.

我们在欧洲就已经这么做过一次了。

You know, we we've done it with Europe.

昨天，我们刚在加拿大上线了Robinhood。

We also launched Robinhood in Canada yesterday.

英国和其他一些国家也已经正式运营了。

We're also live in The UK and in other countries.

所以我们现在是能多快就多快，但对其他地区，我们一直在想：怎么用加密货币和区块链技术，来加速Robinhood的全球扩张？

So, you know, we are going as fast as we can, but for the rest of the world, what we were we are thinking was really how can we use crypto and blockchain to actually accelerate the the expansion of Robinhood.

为此，我们推出了Robin Wallet。

And so we have this Robin Wallet.

现在已经在一百多个国家上线了。

It's available in 100 plus countries.

在符合条件的地区，你可以看到永续合约的交易界面。

And in the eligible places, you can see the Perpetual experience.

它是一个独立的标签页。

It's a it's a separate tab.

它和Lighter是连在一起的。

It's connected to Lighter.

你会看到所有支持杠杆的合约，杠杆倍数最高可达20到50倍，具体取决于合约类型。

You will see all the the contracts that are available with leverage up to 20 to 50 x depending on the contracts.

整个界面设计完全延续了Robinhood的风格。

And and, basically, the interface is really, really proper to Robinhood.

我们特意把在欧洲表现很好的那些功能都保留了下来。

Like, we we made sure to implement all the things that work very well in the in the EU.

你可以用滑块自行设置保证金和杠杆比例。

You can decide on your margin using a slider, same thing with leverage.

而且，说实话，我们得走着瞧，但我相信很多人会因为这个简洁的界面和体验而对交易永续合约感到特别兴奋。

And, you know, obviously, like, we'll see how it goes, but I think we'll see a lot of people being really excited about having this simple UI and UX to to trade with with Perps.

Robinhood 钱包里整合了 Lighter 这个合作，我觉得挺有意思的。

The this lighter partnership inside of the Robinhood Wallet, I find pretty interesting.

昨天你介绍他们的时候，结尾提到我们会继续深化与他们的合作，我说的是 Lighter，当时我就在想，这具体是指什么？

At during your section of the of the presentation yesterday when you were talking about them, you ended it with, we will continue to deepen our collaboration with them, them being lighter.

什么意思呢？

What does that mean?

能做的事情多着呢。

Well, a ton of stuff.

我们认为，这仅仅是个开始。

We, you know, we think this is just the beginning.

我觉得永续合约提供了一种完全不同于传统做多做空的交易方式，产品形态也更多样。

I think Perpetual is is a great way to to trade differently from opening long, shorts, different type of products.

它的结构跟其他一些看似相似但实际上很不一样的产品，比如 CFD，完全不是一回事。

You don't have the same structure as some other similar, but not similar products as, like, CFDs, for example, that are pretty different.

所以我觉得我们才刚刚开始，这种加密原语很可能逐渐渗透到越来越多的传统金融系统中。

So so I think we're just at the beginning, and I think it's one of this kind of crypto primitive that is actually going to make its way into more and more traditional finance systems.

对我们来说，建立合作关系时，我们希望打造真正深入的长期合作。

So I think for us, we we wanna make sure that when we create partnership, we we create this deep relationship.

比如我们刚宣布的，Lighter 将投入价值一千一百万美元的 LEAD 代币，从八月一号起，只要你通过 Lid 平台或网页端交易，就能获得奖励。

One thing that we announced, for example, is that Lighter is committing about 11,000,000 worth of lead to Lid token, and that will start in August 1 when you start trading either on directly on Lid or using web.

你每交易一次，就能拿到一分。

You will get one point.

如果你用 Robinhood 钱包交易，就能拿到两分，之后我们会根据这个规则来分配代币池。

If you use the Robin Wallet, you you will get two points, and we'll start splitting the the pool of tokens through that.

这种合作方式，正是我们想持续推进的。

And, you know, that's the kind of stuff we we wanna do.

但我觉得我们还能做更多，未来会陆续展示更多可能性，不过对我们来说，现在才只是个开始。

But I I think, you know, there is a lot more that we can do, and so we we will show what what's possible in in the future, but I think this is just the beginning for us.

我之前觉得挺有意思的一点是，Lighter 的工程师团队里，有不少是提前派驻到客户那边的。

One thing I I thought was pretty interesting was that Lighter built use it their engineers, they have a bunch of forward deployed engineers.

他们在Robinhood链上搭建了一个定制版的Lighter系统。

They built a custom instance of Lighter on the Robinhood Chain.

所以，Robinhood钱包并没有连接到Lighter的zkL2，而是Lighter的工程师直接在Robinhood链上给你们做了一个专属版本。

So rather than the Robinhood Wallet pointing to the Lighter z k l two, the Lighter engineers just built you guys an instance of Lighter on the Robinhood Chain.

你们为什么想要这样做？

Why did you guys want that?

这对你们有什么好处？

What does that do for you guys?

是的。

Yeah.

这其实没那么简单。

It's it's a little more complicated.

严格来说，这并不是一个完整的交易所跑在我们的链上，但所有的结算都是通过Robinhood链完成的。

Like, it's not fully an entire exchange that is on our chain, but it basically, it's settled using the Robinhood Chain.

对我们来说，这很重要，因为我们希望所有和我们的产品，或者Robinhood产品有关联的部分，都能由我们来掌控界面、体验，以及所有设定的规则。

I think for us, it's it's it's important because we wanna make sure that everything that are connected to our products or the Robinhood products, we can control a lot of the UI, UX, all the the rules that we put in place.

而且，我们也希望它能为整个生态做出贡献。

And and, you know, we wanna make sure that it's also contributing to to the ecosystem.

Robinhood 链是全新的，我们希望能让所有合作伙伴都在上面开发，真正把平台用起来。

So the Robinhood Chain is brand new, and we wanna make sure that we can have all the partner building on it and and really develop on on top of it.

我们有非加密货币的永续合约，由 Bitstamp 提供服务，放在主 Robinhood 钱包里，但只有这一种吗？还是说不是这样？

So we have the the noncrypto perps, which is serviced by Bitstamp, and that is in the main Robinhood Wallet, like the normal Robinhood Wallet, but only available is that or is that not right?

它在 Robinhood 欧洲版应用里。

It's in the Robinhood Europe app.

哦，那是另一个应用。

So we have Oh, that's a separate app.

明白了。

Right.

我

I

懂了。

see.

它看起来就像美国用户熟悉的罗宾汉应用，只不过是在欧洲推出的。

It's it's like it looks like Robinhood if you're in The US and you're used to it, but it's in Europe.

这是我们受监管的平台。

That's our regulated platform.

而罗宾汉钱包或者去中心化托管平台，则通过罗宾汉链与Lighter相连。

And then the Robin Wallet or DeFi soft custody platform, that's connected to Lighter through the Robinhood Chain.

是的。

Yeah.

明白了。

Okay.

你们和其他人一样，都在等监管机构，也就是商品期货交易委员会，批准在主罗宾汉应用里上线永续合约吗？

And you guys are just waiting, like everyone else is, for clarity from the regulators, the CFTC, to put perps in the main Robinhood app?

说实话，如果我们说对这件事不感兴趣，那是在骗人。

I I think, you know, we we would be lying if we wouldn't say that we are interested in that.

我们已经有这个技术了。

We we have the technology.

我们负责设计界面和用户体验。

We build the UI, the UX.

我们知道用户非常喜欢这个设计。

We know our customers love it.

所以一旦这方面有明确的监管指引，我们肯定会考虑推进。

So for sure, when we get clarity on this point, it's something that we'll be interested in.

Robinhood 钱包和核心应用之间的长期定位该怎么平衡？

What is the long term balance between the Robinhood Wallet and main Robinhood Core?

如果你打算把永续合约加进去，这不只是个中性工具，你知道的，确实如此。

Because if if you want to put Perps, which is a it's not only a it's just a neutral instrument, but, you know Mhmm.

加密货币正是催生了这种产品。

Crypto kinda created it.

我们后端技术已经准备好了。

We have the back end for it.

如果你想把永续合约整合进核心 Robinhood 钱包，现在里面已经有稳定币在 Morpho 上赚 7% 的收益了。

If you wanted to put perps inside of the main Robinhood Wallet, you already have a stable coin getting 7% yield in Morpho in the main Robinhood Wallet.

你怎么看待主Robinhood应用和Robinhood钱包之间的长期平衡？主应用目前是你们用户和资产管理规模以及所有活动的主要来源。

How do you think about the long term equilibrium between the main Robinhood app, which is the dominant source of your guys' users and AUM and all the activity versus the Robinhood Wallet?

长远来看，这两者最终会合二为一，还是会逐渐分化？

Like, eventually, might these things be the same, or do you think they'll converge or divert?

不会。

No.

我觉得我们的愿景是，传统金融系统会慢慢用区块链技术取代现有的技术。

I I think, you know, our our vision is really that the traditional systems are going to slowly replace our technology with with blockchain technology.

因为区块链更快。

It's just faster.

在验证方面，它牢不可破。

It's bulletproof in term of, like, verification.

每一笔交易的历史都清清楚楚。

You can see the history.

去中心化和可分割性本来就是内置的。

You have decentralization, fractionalization baked by default.

所以我觉得，慢慢地，我们会看到越来越多的功能，比如不再使用传统的股票清算系统，而是采用基于区块链的清算系统。

And so I think, slowly, we are going to start seeing more and more features where, you know, instead of using the classic clearing system that we have for stocks, it will be a blockchain powered clearing system.

我们推出的收益或理财系统也是一样的情况。

And same thing with the the the yield or the the earn system that we put in place.

目前它用的是智能钱包，但这个智能钱包其实能做的事情多得多。

You know, right now, it's using a smart wallet, but this smart wallet can do a lot more things.

所以我觉得这主要取决于不同国家的监管政策。

So I think it's just a function of, like, what is the regulation in in the different countries?

应该建立什么样的机制，才能确保客户真正了解正在发生的情况？

What are the the proper system to put in place to make sure that customer understand what's going on?

但基于这一点，我认为这两个领域会越来越融合。

But based on that, I think the two worlds are going to converge more and more.

而且，如果你开始使用我们的 Robinhood Wallet，它是一个完全去中心化、完全由用户自己保管资产的钱包，那么交易永续合约或者给钱包充值的体验正变得越来越简单。

And, you know, if you start using our Robin Wallet that is, like, fully DeFi, fully self custodial, the the the experience to buy perps or to even fund your wallet is becoming more and more easy.

比如，你其实不一定非要转入加密货币才能给钱包充值。

Like, you don't necessarily need to send crypto to to fund your wallet.

你可以直接用 Fiatrails，通过 Apple Pay 或 Google Pay 来给你的钱包充值。

You can actually use, Fiatrails, either Apple Pay or Google Pay to start funding your wallet.

就像我之前说的，开仓永续合约其实特别简单。

You can open the the Perps, like I said, like, very in a very simple way.

不需要一堆审批步骤，搞得你根本搞不清到底在同意什么。

You don't have, like, 20 things to approve where you're never really sure what's going on.

所以我们花了很多心思，把用户体验做得特别简洁。

So, you know, we spend a lot of time making this UX simple.

在那些我们还没获得牌照的国家，用户的钱包反而可能成为他们更好的选择。

And I think in a lot of countries where we are not live as a, you know, licensed platform, we will actually be able to start seeing the wallets for for a lot of our customer being a good solution for them.

如果 Robinhood 能把部分业务逻辑上链，比如像 USDG 搭在 Morpho 上，或者 Perps 搭在 Lighter 上，只要合适，你会这么做吗？

Would you say that if and where it makes sense, if Robinhood can put some of its business logic on chain, again, just like USDG on Morpho, for example, and, you Perps on Lighter, if it can put its business logic on chain, it will?

只要对用户有好处，那当然会。

I I think if there is a benefit for the customer, for sure.

这其实就跟 Robinhood 项目的情况一样。

And that's what happened with with with, you know, Robinhood program.

我们觉得，这对我们的客户来说，比现在市面上的任何方案都要好得多。

We we felt like this was a much better solution for our customer than what's out there currently.

所以，要不要做这件事，根本就不是个问题。

And so, you know, there was not even a a question of should we do it or not.

真正的问题是怎么把它做出来。

It was more like how do we do it.

如果明天我们有个产品，能从区块链里受益，比如降低客户的成本，你说呢？

And I think if tomorrow we we have a product that we think can benefit from blockchain, can reduce the cost to the customer, for example, You know?

为什么不试试呢？

Why not doing it?

只要符合我们监管的要求，对客户有利的事，当然要去做。

As long as it can fit the requirement that we have from from our regulation, you know, it it's it's in the advantage of the customer.

那我们就干吧。

So so let's do it.

大家好，Bankless Nation。

Hey, Bankless Nation.