第750集：富兰克林邓普顿的机构级加密货币操作手册

你知道翻衣柜找衣服的时候，总有那么几件是你反复拿起来穿的。

You know when you look in your closet for clothes, we always have those pieces that you keep grabbing for and wearing on repeat.

那件百搭的毛衣、那条完美的裤子，或者那件你总是第一个伸手去拿的T恤。

The sweater that goes with everything, the perfect pair of pants, or that tee you somehow always reach for first.

这些就是让你穿衣不费力的单品，而这正是Quince最擅长的。

Those are the pieces that make getting dressed easy and that's what Quince does best.

Quince专注于高品质的衣橱必备单品，采用优质材料，比如100%蒙古羊绒、有机棉和美利奴羊毛。

Quince focuses on high quality wardrobe staples made with premium materials like 100% Mongolian cashmere, organic cotton, and merino wool.

款式经典百搭，设计成你每天都会依赖的可靠单品。

The styles are timeless, versatile, and designed to become dependable pieces you reach for every day.

各位，夏天结束了，秋天马上就来，而秋天是我最喜欢的穿衣季节，因为九月初天气还暖和的时候，你还能穿那些轻薄透气的修身T恤和轻便裤子，但很快天气转凉，你就需要毛衣了，得提升一下装备，重新整理衣柜，迎接深秋和初冬。

Guys, summer is over and fall is right around the corner, and it's my favorite time of year for clothes in the fall because you still get some of that light, breathable, fitted tees and light pants that you want to wear when it's early September and still warm, but it starts to transition into that colder weather where you're going need some sweaters, you're going need to up your game and reorganize your closet as we transition into the late fall early winter.

Quince是你买衣服的首选之地。

Quince is your place to go for all things clothes.

我特别喜欢他们的亚麻制品。

I love their linens.

我们整个夏天都在聊这个。

We talked about it all summer.

整个夏天都在希腊用TiVo的亚麻布，但现在秋天来了，我们可能要找一些T恤和裤子，然后等天气转凉，我北上过圣诞假期的时候，肯定会买他们家的100%蒙古羊绒毛衣，我特别喜欢。

It was TiVo linens out in Greece all summer long, but now as we head into the fall, we're looking for maybe some more T shirts, some pants, and then again, once the weather turns and I go up north for the Christmas holiday season, I'll definitely be doing their 100% Mongolian cashmere sweaters that I love so very much.

朋友们，Quince真的很棒。

Guys, Quince is amazing.

他们的网站也特别好。

The website is awesome.

我之前就说过。

I've talked about it before.

他们不只是卖衣服。

It's not just clothing.

Quince把同样的用心用在了他们做的每一样东西上，从酒店品质的床品和浴室用品，到厨房必需品，再到设计考究的家具。

Quince brings the same approach to everything they make, From hotel quality bedding and bath to kitchen essentials and thoughtfully designed furniture.

他们为日常生活设计出好看又实用的东西。

They make well designed pieces for everyday living.

我经常提到它。

I talk about all the time.

他们做每件事都很到位。

They do everything the right way.

在Quince找到你秋季的新宠吧。

Find your next fall favorites at Quince.

下载Quince应用获取专属优惠，或者访问quince.com/crypto10one。

Download the Quince app for app exclusive offers or go to quince.com/crypto10one.

享受免费配送和365天退货服务，现在加拿大和英国也有哦。

Get free shipping on your order and three hundred and sixty five day returns now available in Canada and The UK too.

网址是quince.com/crypto10one。

That's quince.com/crypto10one.

好了，各位。

Alright, everybody.

我们迎来了又一位优秀嘉宾。

We are back with another great guest.

我们现在在Out East峰会的现场直播。

We are here live at the Out East Summit.

我们玩得很开心，也保持着温暖。

We are having a ton of fun, staying warm.

你知道，这里可能很快就要下雨了，但我很高兴今天能和你一起聊天。

You know, it's little potentially rainy here coming up here pretty soon, but I'm glad that we get to chat together today.

这位是Tony Pecore，他是Franklin Crypto的执行副总裁兼投资主管，这个团队隶属于Franklin Templeton。

This is Tony Pecore, who's the EVP and the head of investments at Franklin Crypto, is a group under Franklin Templeton.

Tony，谢谢你今天来参加我们的节目。

And Tony, thank you for joining me.

很高兴。

Pleasure.

你怎么样？

How the

我很好。

heck I'm are doing great.

我从加州过来的。

Came in from California.

这里又一个加州人。

Another Cali boy here.

加州。

California.

有点风。

Little breezy.

对。

Yeah.

没什么我们应付不了的。

Nothing we can handle.

我们能应付这个。

We can handle this.

这是你第一次来汉普顿吗？

Is it your first time up here in the Hamptons?

这是我第一次来到长岛这么远的地方。

It is my first time this far out on Long Island.

不错，

Nice,

是的。

yeah.

所以我再提一次。

Why I mention it again.

我们在东部。

We are out East.

是。

Is.

东部，是的。

Out East, yes.

好了，这次会议真的很棒。

Well look, it's been a great conference.

你知道，我在这个行业已经十年了，每年都能看到这么多变化，真的很酷。特别是这次会议，我觉得最棒的是资产管理者和建设者的专业水准。

We've had, you know, I've been in this industry for ten years now at this point, and it's so cool to see every single year, things get so much different, and I would say about this conference in particular is just the institutional quality of asset managers and builders.

现在不再只是，你知道，我拿到一份新的白皮书。

It's no longer just, you know, I got a new white paper.

以前我们会这样做，人们在这里推销他们的新想法，在那里推销新想法。

Like we would do these, and people would be pitching their new idea here, pitching a new idea here.

我们现在能跟一个公司的执行副总裁交谈，比如富兰克林邓普顿，你告诉我他们的资产管理规模。

We get to speak with an EVP of, you know, a firm that I think Franklin Templeton you tell me the AUM.

我上次看到的是将近两万亿美元的资产管理规模。

Last I saw was almost $2,000,000,000,000 AUM.

我喜欢说一万七千亿美元。

I like I like to say 1,700,000,000,000.

好吧，我们这里要合规，所以准确来说是1.7万亿。

Okay, we're under compliance here, so to be exact, 1.7.

这太不可思议了，我特别想了解一下你的个人经历。

That's incredible, and I just wanna know a little bit about your personal journey.

大家总是很好奇，你知道，我们有很多DeFi交易者，还有那些想在这个领域开发新应用的人。

People are always curious, you know, we have a lot of DeFi traders, and folks who are trying to build new applications in the space.

是什么把一个传统金融背景的人带进了加密货币和数字资产这个疯狂又野性的世界？

Brings a guy from a traditional finance background into the crazy wild world of crypto and digital assets?

跟我们讲讲这段经历吧。

Tell us about that journey.

嗯，我在富兰克林待了将近二十四年。

Well, I've been at Franklin for twenty four years nearly.

其中十五年我都在做固定收益投资组合管理，那可以说是最传统的金融了。

Fifteen of those, I was in fixed income portfolio management, which is about as trad fi if imagine.

债券、贷款、

Bonds, loans,

贷款、

Loans,

抵押贷款。

mortgages.

我一直待在那个领域，这么说吧，我是以量化分析师的身份进入富兰克林的。

I had always been in the realm where let's just say I came into Franklin as a quant.

好的，明白了。

Okay, got it.

现在的话，我们可能会叫数据科学家之类的。

Which today maybe we would call data scientists or something like that.

但我当时是以量化分析师的身份进来的。

But I came in as a quant.

只要哪里有投资机会、有点棘手的问题、还有高级分析，我就被吸引过去。

And anywhere there was a mix of investment opportunity, sort of a naughty problem, advanced analytics, I was drawn to.

你被点名了。

You get the tap on the shoulder.

托尼，你去那边吧。

Tony, We'll you go on over

组建一个团队，我们看看能做出什么来。

put together a team and we'll see what we can do with it.

我们一路走来，经历了金融科技的初创、另类信贷，大概在2017年或18年，我们接触到了数字账本技术。

Winding road through fintech origination, alternative credit, we probably in 2017 or '18 were introduced to digital ledger technology Digital ledger technology.

是通过一家叫Figure的公司了解到的。

By way of a company called Figure.

对，Figure，他们做房屋净值贷款。

Sure Figure, yeah they do the HELOCs.

KAGNI，房屋净值贷款，跟我们联系的是先生。

KAGNI, HELOCs and connected with us was Mr.

卡格比本人以前是做抵押贷款交易的。

Cagby himself was a mortgage trader in their prior life.

他用数字账本技术来帮助发放贷款。

And he was using DLT, digital ledger technology to help originate loans.

我们整个职业生涯都在做抵押贷款，很清楚问题出在哪里。

We all have spent a career in mortgages, appreciated what the problem was.

也明白数字账本技术能如何缩短贷款发放时间。

And what DLT could do to unlock or to reduce origination time.

我们明白了。

We got it.

这不仅仅是比特币。

It's not just Bitcoin.

而且马上就能看到效率的提升。

And that immediately, you can see the efficiencies there.

最大的突破就是即时性。

And the big unlock was instant.

就是即时结算。

It's instantaneous settlement.

对。

Yeah.

它减少了数据库的负担。

It's reducing databases.

它减少了五个人检查五件事，然后又五个人重复检查同样的事情。

It's reducing five people checking five things and then another five people checking the same thing.

还得信任竞争对手。

And having to trust the competitors.

对，抱歉，你拥有分布式信任和即时结算。

Yeah, we're sorry, you have distributed trust and instantaneous settlement.

想想看，这基本上就是共同基金公司要做的事情，对吧。

If you think about it, this is kind of what a mutual fund company has to do Right.

在

In

它承担了共同基金的工作

It does the job of a mutual fund

公司，你可以看到这种可能性。

company, You could see a direction in which that could happen.

当然。

For sure.

所以我们也很幸运有吉尼·约翰逊，我们的CEO，我记得当时她还是COO，职业生涯都在富兰克林做运营。

So we were also quite lucky to have Ginni Johnson, our CEO, having I think at the time she was COO and had spent a career running operations at Franklin.

如果谁能理解一项变革性技术能给共同基金公司业务带来什么，那就是她。

And if anybody was going to appreciate what a transformative technology could do to the business of a mutual fund company, it was her.

她很支持。

She was supportive.

我们把一个货币市场基金代币化了，一开始只是个实验。

We tokenized a money market fund, which started off as an experiment.

今天，我觉得它是现实世界资产中产品市场契合度最高的之一。

Today, I think it's one of the great product market fits of real world assets.

今天，这就是Benji。

Today, this is Benji.

Benji已经上了八个以上的协议、八条以上的链，覆盖多个司法管辖区，有公开版本，也有私有版本。

Benji is on eight plus protocols, eight plus chains, several jurisdictions, public variations, private variations.

再说一次，我们看到的正是这种产品市场契合度，以及它未来能走向哪里。

Again, the product market fit we're just seeing And where this can go.

所以我们有远大的抱负。

So we have great ambitions.

但这一切都始于2018年的某个时候。

But this all started somewhere in 2018.

我觉得Benji是在2021年推出的。

I think Benji was launched in 2021.

我们做这件事时非常注重监管先行，非常富兰克林风格。

We did it in a very regulatory first, very Franklin.

富兰克林从1947年就存在了，我记得是。

Franklin's been around since I think 'forty seven.

对。

Yeah.

你们有很多现有企业的兴趣，而且不只是……

You got a lot of incumbent interest and not

而且我们自1947年以来就一直受到SEC的监管。

And we've been regulated by the SEC, well, since 'forty seven.

远远超过了《1940年投资公司法》的要求。

Well past the 'forty Act.

总之，美国证券交易委员会和富兰克林是合作伙伴。

So anyway, the SEC have FN partners.

再说一次，他们是我们的监管机构。

Again, they are our regulator.

所以我们和他们保持着开放的沟通渠道。

So we had an open door with them.

我们每一步都和他们紧密合作，解释我们为什么想把货币市场基金的份额代币化，或者IAA是不是一个好的控制场所，以及投资者资产如何仍然受到保护。

We walked sort of hand in hand with them every step of the way of why we wanted to tokenize the shares on a money market fund or if the IAA was a good control location, how investor assets were gonna still be protected.

这件事有一个有趣的发现。

One interesting thing came out of that.

美国证券交易委员会希望确保我们始终有备份记录。

The SEC wanted to make sure that we always had fallback records.

当然。

Sure.

这促使我们运行验证节点。

This motivated us to run validators.

所以，除了其他事情，当你运行一个验证器时

So, amongst other things when you're running a validator

一个以太坊验证器。

An Ethereum validator.

我们是从恒星链开始的。

We've started on Stellar.

从XLM恒星链开始的。

Started on XLM Stellar.

对。

Yeah.

对。

Yeah.

别的先不说，至少你有一份受控的数据库副本。

What what if nothing else, you have a controlled copy of the of the database.

没错。

Right.

去中心化的数据库。

The decentralized database.

对。

Yeah.

对。

Yeah.

但你确实有一份副本。

But you do have a copy.

对。

Yeah.

而且我觉得SE的想法是，好吧，这没问题，检查一下。

And And I think the SE thought, well, that's okay, check.

那大概就是，你手里有一份副本，至于你想不想在验证器上做其他事情，完全由你决定，而且还有很多其他信息。

That's probably You have a copy in your control of whether you wanna do other things in the validator is up to you and there's lots of other information.

但这确实促使我们在早期通过设置验证器来扩展我们正在做的事情。

But that certainly motivated us extending what we were doing in those early days by setting up validators.

对。

Yeah.

还有Benji，这是向本杰明致敬。

And Benji, an homage to the Benjamin.

对吧？

Is that right?

就是那张100美元的钞票。

Got The $100 bill.

太棒了。

That's awesome.

现在大家都在谈论AI，但真正重要的AI是那种能帮你节省时间、做出更明智决策、减轻工作负担的AI。

Everybody is talking about AI right now, but the AI that actually matters is the kind that saves you time, helps you make smarter decisions, and takes work off your plate.

如果你在经营电商业务，物流就是那种要么让你顺利推进、要么让你完全停滞的事情之一。

And if you're running an e commerce business, shipping is one of those things that can either keep you moving or completely slow you down.

这就是我喜欢ShipStation的原因。

That's why I like ShipStation.

这是一个为电商企业打造的一站式订单履约平台，它的AI基于全球数十亿次发货的几十年真实运输数据训练而成。

It's an end to end order fulfillment platform built for ecommerce businesses, and its AI is trained on decades of real shipping data from billions of shipments across the world.

所以，与其在多个不同工具之间来回切换，ShipStation能帮你掌控全局。

So instead of juggling a bunch of different tools, ShipStation helps you stay in control.

它能在库存不足时提醒你，推荐最佳承运商和费率，自动化任务，并在你成长过程中帮你节省时间。

It can alert you when your stock is low, recommend the best carrier selections and rates, automate tasks, and help you save time as you grow.

你还能获得跨销售渠道的库存同步、自动比价、品牌化退货门户，以及会计和CRM软件集成，所有这些都集中在一个地方。

You also get inventory syncing across sales channels, automatic rate shopping, a branded returns portal, and integrations with accounting and CRM software all in one place.

如果我在经营电商店铺，这正是我想要的工具，因为一旦订单开始涌入，你肯定不希望物流成为拖后腿的环节。

If I were running an e commerce store, this is exactly the kind of tool I'd want because once the orders start coming in, you don't want shipping to be the thing that's holding you back.

超过100万家商家信任ShipStation来优化和扩展他们的物流。

Over 1,000,000 businesses have trusted ShipStation to optimize and scale their shipping.

你越早切换，就能越早开始节省时间和金钱。

The sooner you switch, the sooner you start saving time and money.

今天就注册ShipStation，在shipstation.com输入代码crypto，即可免费使用60天。

Get started with ShipStation today and get sixty days free at shipstation.com with code crypto.

网址是shipstation.com，优惠码是crypto。

That's shipstation.com, code crypto.

shipstation.com，优惠码crypto，税费和其他费用另计。

Shipstation.com code crypto taxes and fees apply.

你知道什么最拖慢团队进度吗？

You know what slows teams down more than anything?

往往不是人员预算，甚至也不是工具本身。

It's not always the headcount budget or even the tools themselves.

而是工作流程只存在于某个人脑子里，从来没有真正被记录下来。

It's when the way work gets done lives in someone's head and never actually gets documented.

然后新人加入、新平台上线，或者有同事离开，突然之间每个人都在用不同的方式做同一件事。

Then someone new joins, a new platform gets rolled out, or a teammate leaves, and suddenly everybody's doing the same process in a different way.

这正是今天的赞助商Scribe要解决的问题。

That's exactly the problem today's sponsor, Scribe, was built to solve.

Scribe是一个工作流AI平台，财富500强中有94%的公司都在使用它。

Scribe is a workflow AI platform trusted by 94% of the Fortune 500.

它会实时捕捉工作流程，然后自动生成一步一步的文档，方便团队查看和分享。

It captures workflows as they happen and turns them into step by step documentation your team can review and share.

你就像平时一样操作，Scribe会边做边生成指南，自动记录每一次点击、每一步操作和每个截图。

You just do the process like you normally would, and Scribe builds the guide as you go, capturing every click, step, and screenshot automatically.

我们团队是远程办公的，我确实遇到过好几次需要跟同事重复解释同一个设置或流程的情况，总觉得这种东西第一次就该记录下来。

With our team being remote, I have definitely had moments where I've had to explain the same setup or process more than once to a colleague, and it always feels like something that should have been documented the first time.

有了Scribe，原本可能要花几个小时写和整理的内容，不到一分钟就能准备好分享。

With Scribe, what could take hours of writing and cleanup can be ready to share in under a minute.

Scribe还会自动从截图中隐藏敏感信息，比如姓名、邮箱和账号。

Scribe also automatically redacts sensitive information like names, emails, and account numbers from screenshots.

管理员可以在整个团队中强制执行这个功能，确保不会漏掉任何信息。

Admins can enforce that across the team so nothing slips through the cracks.

另外，任何跟着流程操作的人都能获得实时的屏幕指引，准确显示在工具里应该点击哪里。

Plus, anyone following the process can get real time on screen guidance showing exactly where to click inside the actual tool.

Scribe不只是记录工作流程，它还会用AI来建议改进方法，帮你发现多余的步骤，以及简化或自动化的机会。

Scribe doesn't just document workflows, it uses AI to suggest ways to improve them, helping you spot redundant steps and opportunities to simplify or automate.

想看看Scribe能为你的团队带来什么效果，就去scribe.how/crypto101，提到crypto101，你第一个月的Scribe捕获服务在部分套餐上可以免费。

To see what Scribe could look like for your org, head to scribe.how/crypto101 and mention crypto101 for your first month of scribe capture free on select plans.

网址是scribe，scribe.how/crypto10one。

That's scribe, scribe.how/crypto10one.

不知道你们怎么样，但我经常是突然发现该吃晚饭了。

I don't know about you, but dinner sneaks up on me all the time.

打开冰箱才发现没准备蛋白质，这时候我也不想去超市，临时跑一趟，还得赌店里还剩什么肉或汉堡。

I'll open the fridge and realize I have no protein ready, and at that point, I'm not trying to go to the store, make a last minute grocery run, and gamble on whatever meats or burgers are left at the store.

所以Omaha Steaks是个很好的冰箱储备选择。

That's why Omaha Steaks is a great freezer move.

就像家里有个信得过的肉铺，在最需要的时候有优质蛋白质。

It's like having a trusted butcher at home and quality protein when you need it the most.

Omaha Steaks凭借一百多年的历史赢得了口碑。

Omaha Steaks has earned its reputation with over a hundred years.

和全国厨房里信赖的牛肉一样，直接送到你家门口。

It's the same beef trusted in kitchens across the country, shipped straight to your door.

牛排馆的品质，但不用花牛排馆的价钱。

Steakhouse quality without the steakhouse prices.

你的家人会以为这顿饭花了几个小时，但其实没有。

Your family will think dinner took hours, but it didn't.

只要几分钟。

Just minutes.

如果你还没试过，汉堡完美拼盘是最好的起点。

And if you never tried them, the burger perfection flight is the perfect place to start.

你会得到20个优质牛排汉堡，由五种不同部位的牛排制成。

You get 20 premium steak burgers made from five different cuts of steak.

四个菲力牛排汉堡、四个纽约客牛排汉堡、四个肋眼牛排汉堡、四个牛胸肉汉堡和四个西冷牛排汉堡。

Four filet mignon burgers, four New York strip burgers, four rib eye burgers, four brisket burgers, and four sirloin burgers.

各位，这简直就是汉堡界的山寨币篮子。

Guys, this is the altcoin basket of burgers right here.

如果我和布莱恩在节目里，我们肯定会五五分这些汉堡，因为你知道我们夏天多喜欢烧烤。

If me and Brian were on the rundown, we would be divvying these up fifty fifty because you know how we like to grill in the summer.

所以你得到的不仅仅是一盒汉堡，而是不同的风味、不同的口感，还有真正的牛排馆级别的多样性，你可以放在烤架上烤，或者在工作日快速烹饪。

So you're not just getting a box of burgers, you're getting different flavor profiles, different textures, and real steakhouse style variety you can throw on the grill or cook up fast during the week.

今天就到omahasteaks.com试试汉堡完美套餐吧。

Try the burger perfection flight at omahasteaks.com today.

20个优质牛排汉堡只要79.99美元，使用促销代码beef还能再减35美元。

That's 20 premium steak burgers for just $79.99, plus get $35 off with the promo code beef.

网址是omahasteaks.com。

That's omahasteaks.com.

结账时输入促销代码beef，立减35美元。

Promo code beef for $35 off at checkout.

条款适用。

Terms apply.

详情请见网站。

See site for details.

所以你看，你们发现了这项技术。

And so look, you know, you guys identified this technology.

你们当时有个重要的时刻，就是觉得，嘿，如果我们不至少开始做一些试点项目，如果我们不开始投入一些真实的客户资金，你知道，就会有其他公司进来，抢走我们的生意，而且我们可能，你知道，展望未来一百年，

You had that big moment where it's like, hey, if we don't at least start to do some pilots, if we don't start to put some real client money behind this, you know, there's gonna be other firms that come in, eat our lunch, and we might, you know, looking out a 100

是的。

Yes.

我们不会为那个未来做好准备。

We're not gonna be prepared for that future.

所以你现在在这里，推出了去中心化或货币市场基金，叫Benji，对于我们的听众来说，你知道，哦，Benji，听起来很酷，他们总是在找新应用来学习怎么用。

So you're here, you launched the decentralized or the money market fund called Benji, and for our listeners who are, you know, oh, Benji, that sounds cool, they're always looking for new apps to figure out how to use.

简单给我们讲讲，他们能在哪里找到Benji，以及他们能期待什么样的体验，比他们可能从其他货币市场产品中期待的更好。

Just give us the high level on where they could find Benji and what they can expect from that experience that's better than what they might expect from, I don't know, a different money market product.

当然，当然，当然。

Sure, sure, sure.

从零售的角度来看，你可以去你最喜欢的应用商店下载这个应用。

From a retail perspective, one can go to your favorite app store and download the app.

就是Benji应用。

It's the Benji app.

就是Benji这个应用。

It's the Benji app.

我觉得十分钟之内，你就能连上账户，然后订阅这个已经处理过的货币市场基金。

And I think within ten minutes, you can connect to an account and you can subscribe to the money market fund that has been treated.

这样看起来就像一个不错的储蓄视图。

And this makes for a nice savings view.

对。

Right.

高收益，而且会波动，对吧？

High yield, it fluctuates, right?

具体数字让别人给你报吧，但收益大概在国债附近那个水平。

We'll let others give you the actual numbers, but it's sort of a T Bill ish neighborhood of return.

这是个更安全的投资，另外，这个产品的市场定位其实主要是面向机构的。

It's a safer investment on Another the risk product market fit is really for institutions.

好的。

Okay.

而且我们这里，世界各地都有稳定币。

And where we have There are stablecoins all over the world.

有大量的稳定币池，存放在大型公司的财务部门或资产负债表上，却不产生任何利息。

There are giant pools of stablecoins that are in people's treasuries on large companies' balance sheets that don't earn any interest.

我们发现很多情况下，这些持有者其实只是想把这些稳定币变成能产生收益的东西。

We have found a lot of use where those owners want to really just turn those stablecoins into a yield bearing something.

确实如此。

For sure.

所以，这再次证明了产品市场契合度。

And so, that's been again a product market fit.

太棒了。

Awesome.

对。

Yeah.

而且你们另一个很棒的产品市场契合案例就是 Easy Peasy，我们开始录音前还在开玩笑说这个。

And one of the other great product market fits you've had is Easy Peasy, which we were joking about before we hopped on the recording.

我说了Easy Peasy，然后你说，你知道那是我们比特币ETF的代码，跟我们介绍一下这个产品吧。

I said Easy Peasy, and you're like, you know that's the ticker of our Bitcoin ETF, and tell us a little bit about this product.

好的。

Sure.

嗯，回到2018年，当时停电了，我们把货币市场基金代币化了。

Well, going back to 2018, the lights went off, we tokenized the money market fund.

我们也把这看作是一个新的资产类别，富兰克林可以就此提供建议。

We also saw this as a new asset class that Franklin could offer advice on.

富兰克林最终是做什么的？

What does Franklin ultimately do?

它向客户提供关于最佳产品和资产价值的建议。

It offers advice to our clients on best products, the value of assets.

他们应该怎么处理自己的钱。

What they should be doing with their money.

我们怎么帮助人们投资？

How do we help people invest in money?

所以，有所有这些代币，它们都是可投资的资产。

So, there's all these tokens which are investable assets.

问题是，以太坊1800美元是高估了还是低估了？

A question is, is Ethereum 1,800 overvalued or undervalued?

谁知道呢？

Who knows?

对，讨论一下。

Right, discuss.

或者Solana，或者所有这些，当然。

Or Solana or all these things for sure.

作为资产管理公司，我们的工作就是提出一个估值框架。

And an asset manager, the job is we'll come up with a framework for valuation.

如果你为40种代币建立了这个框架，并且满足了相当大的流动性，而且有理由持有这些东西十年。

And if you establish this framework for 40 tokens and you satisfy liquidity in a substantial size and there's reasons to own this thing for ten years.

基本面价值。

Fundamental value.

虽然现在还是早期阶段，但挑战在于我们要打造那个资产管理平台。

And it's early days but the challenge was let's come up with that asset management platform.

我们要建立那个估值框架。

Let's come up with that framework for valuer.

所以我们把它建立起来了。

So we set that up.

当时也有很多风投机会，很多早期公司可以投资，现在随着生态系统的繁荣和持续创新，这些机会依然存在。

There were also plenty of VC opportunities, plenty of early stage companies to invest in and there still are as the ecosystem flourishes and continues to innovate.

然后呢，

And then

而且交易的质量也更高了。

And higher quality deals too.

在后期和中期阶段，有很多艰难的早期交易。

There's plenty of hard early deals in late stage and mid stage.

我们正在成熟和发展，但同样，在风投领域，我们有很多投资机会想带给我们的客户。

We are maturing and evolving, but again, lots of investment opportunities we want to bring to our clients in the VC realm.

还有ETF。

There's also ETFs.

所以我们推出了一系列，我记得我们有五个ETP。

So, we stood up a series of I think we have five ETPs, We say.

比特币是其中一个，我们叫它EasyBC。

Bitcoin was one we called that EasyBC.

EasyBC。

EasyBC.

我们就一直用这个名字。

And we kind of stuck with that.

我们还有一个EasyET。

We have an EasyET.

以太坊。

Ethereum.

没错。

You got it.

然后我们搞了一个多代币的ETP。

And then we put together a multi token ETP.

我们给它起名叫Easy Peasy。

That we came up with, easy peasy.

我喜欢这个名字。

I like it.

我喜欢。

I like

所以这有点像标普500。

So that's kind of the S and P 500.

一个代码就能让你获得市值加权的敞口。

In one ticket, you can get exposure, market cap weighted exposure.

我们还有Solana的，这个有点偏离主题了。

We have for Solana, this goes a little bit off the script.

那太简单了。

That's so easy.

那太好了。

That's great.

那里的变化很大。

Great variation there.

我们那个有质押功能，所以……

That we are has staking connected So to

你全都提到了。

we have You hit all all

大概就是这样。

the rough.

主要的ETF，抱歉，我是说主要的币种，我们还会上更多。

Major ET, sorry, I guess the major coins, we're bringing more on.

对。

Yeah.

但基本上就是这些了。

But that's sort of the lineup.

那我们在这里仔细看看这些简单易用的产品，因为我觉得很多人都会关注这个。

And let's kinda zoom in here on the easy peasy products because that's something I think a lot of people

多代币。

The multi token.

对，多代币。

Yeah, the multi token.

你知道，布莱斯，人们想知道，市面上有上百万种不同的币。

You know, people wanna know, Bryce, there's a million different coins.

我该买哪一个？

Which one do I buy?

然后就像，嗯，你得自己去研究，诸如此类的。

And it's like, well, have to go do your own research, so on and so forth.

但如果有一个很棒的产品说，嘿，我们都是专业的投资顾问。

But if there's a great product that says, hey, we're all professional investment advisers.

我们已经做了某种基本面分析，某种量化分析，某种，你知道的，数据支持，来判断它们应该值多少。

We've done some kind of fundamental, some kind of quantitative, some kind of, you know you know, data that goes behind what they should be.

那跟我们说说这个标准吧，大概就是，一个代币是怎么被放进那个ETP的？

So tell us a little bit about the rubric, I guess you would call it, of how does a token get put into that ETP?

对。

Right.

嗯，我觉得研究过程首先得看它的机制是什么。

Well, I'll say the research process starts with what is the mechanism?

现在，我们常说的一个词是价值累积。

And today, use the word value accrual.

之前也提过几种说法。

It was said a couple of ways.

就是说，这个代币是怎么参与协议创造出来的价值的？

How does the token participate in the value created by the protocol?

我们看协议，它们就像底层平台，或者说是巨大的分布式数据库，看你怎么理解。

We think of protocols they are substrates, they are giant distributed databases, however you want to see.

这些就是一层链。

These are L1s.

对，就是有人在自己家里的网络上，用笔记本电脑跑这个，然后赚点钱。

Yeah, somebody at their home network running it on their laptop and their earnings.

但你想构建的是——人们正在以太坊上做生意。

But you wanna build a, People are building businesses on Ethereum.

他们在Solana上做生意，之所以这么做，是因为即时结算、数据库的分布式特性，还有智能合约，这些对初创公司来说是很棒的功能组合，不管他们做什么业务。

They're building businesses on Solana, and they're doing that because of the instantaneous settlement, the distributed nature of the database, and the smart contracts, and that's a great feature set for a startup company to do whatever their business is.

如果你想使用那个协议，你就得付费。

If you want to use that protocol, you have to pay.

如果是一个理论，你得付以太币。

If it's a theory, you have to pay an ETH.

你得付燃气费，还有Solana之类的。

You have to pay the gas fees, salon and so on.

这种自然需求，就是底层代币价值的一部分来源。

And that natural demand is part of what gives the value to the underlying token.

确实有真实的收入。

There's real revenues.

确实有真实的收入。

There's real revenues.

是的。

Yes.

对。

Right.

不是每个协议、每个币都有这样的基础。

Not every protocol, not every coin has that foundation.

而且不是所有的都一样的，对吧？

And not all are created equal, right?

不是所有的都一样。

Not all are created equal.

这个话题可以聊出很多方向，但核心就是这些。

And this conversation can go in a thousand different directions, but that's the core of it.

代币建立在协议之上，它的价值创造和价值捕获是什么？

What is the value creation and the capture of the token as it sits on top of the protocol?

我很好奇为什么决定用市值加权。

I'm curious about the decision to have it market cap weighted.

这是不是因为你懂的，很多指数要么用市值加权，要么用定性或质量加权，要么用等权。

Was that a function of you know, lot of indexes do either market cap weighted or qualitative or quality weighted or equal weighted.

对。

Sure.

是什么因素促成了这个决定？

What what kinda went into that decision?

嗯，这几乎要追溯到

Well, this almost goes back to

基本原理。

Philosophy.

经济学入门。

Econ Econ one zero one.

好的。

Okay.

是的。

Yeah.

当然。

Sure.

如果你愿意的话。

If you will.

那我们继续往下说。

Let's go there.

加密货币入门，经济学入门，我们随时欢迎上经济学课。

Crypto 101, Econ 101, we're always down for an Econ lesson.

这里涉及到有效市场假说，也就是说市场已经做出了选择，它已经把预期回报、风险调整后收益以及资产相对权重都考虑进去了。

And that is, there's an idea of the efficient market hypothesis, and that's to say that the market has spoken, and the market has already sized its expected return into the size and the risk adjusted returns of the assets and their relative weights.

所以基本上就是优胜劣汰，好的自然浮出水面。

So the cream rises to the top, basically, it

然后就一直待在那个位置了。

kinda stays there.

所以最终你会得到所谓的市场组合。

And so you wind up with what's called the market portfolio.

那是一个很好的起点。

And that's a great place to start.

你可以有自己的私人预期，比如我认为资产A会跑赢，资产B会跑输，这就是主动管理。

You can have your own private expectations of, I think, asset A is going to outperform and asset B is going underperform, and that's active management.

但仅仅有一个基础，比如这就是市场，而这是一个快速买入市场组合的途径，那就适用于市场领导者。

But having just a foundation of, well, this is the market, and this is a quick rate to buy the market portfolio, that applies a market leader.

有意思。

Interesting.

就这样。

That's it.

对，不，我很喜欢。

Yeah, no, love it.

那就像标普500指数，对吧？

That's like the S and P 500, right?