Robinhood 与 Lighter：为何华尔街正转向链上

前瞻指引中提到的内容不构成任何投资或产品的买卖建议。

Nothing said on Forward Guidance is a recommendation to buy or sell any investments or products.

好了，大家早上好。

All right, good morning, everybody.

欢迎来到首届亚洲数字资产峰会。

Welcome to the first Digital Asset Summit Asia edition.

我们很高兴今天能在新加坡现场，这是峰会的第一天，也非常兴奋能讨论如何将链上市场带入主流，我认为这是2026年最显著的趋势之一。

We are excited to be here live in Singapore on the first day of here, and very excited to be talking about bringing onchain markets into the mainstream, which I think is one of the most dominant trends of 2026.

所以今天真的很激动，也很高兴能和你们两位一起参加。

So it's really exciting, really excited to be joined today by both of you.

我们想请你们两位先做个自我介绍，说说你们的工作以及你们在推动链上市场主流化方面关注的重点。

We'd love to just have you both introduce yourselves and a bit of what you do and what your focus is on within the context of bringing on chain markets into the mainstream.

约翰，也许我们可以从你开始。

Johann, maybe we can start with you.

我是约翰。

So I'm John.

我在Robinhood负责加密货币业务。

I lead the crypto business at Robinhood.

我在公司已经六年了，一直在推动公司拓展链上业务，这也是我们大约三个月前推出Robinhood Chain的原因。

I've been at the company for about six years and really trying to push the company to expand also on chain, and that's why we launched Robinhood Chain about three months ago.

我是Vlad，Lighter的创始人和CEO。

I'm Vlad, founder and CEO of Lighter.

我的职业生涯始于传统金融，很多年前在Citadel工作，最近一段时间一直在做创业项目。

I started my career in TradFi many years ago, you know, at at Citadel, and I've been working on startups for the last little while.

我们打造Lighter已经四年了，从一开始，我们的使命就是金融的未来将

You know, we've been building Lighter for four years now, and from the beginning the mission was always that the future of finance is going

在链上，我们希望为此构建基础设施。

to be onchain, and we want to build the infrastructure for that.

太棒了。

Amazing.

我觉得现在传统资产上链这个想法，在很多方面真的是一个交汇的时刻。

I feel like right now this idea traditional assets coming on chain is really just this moment of convergence in many ways.

一方面，很多传统金融领域的人开始对我们数字资产领域的发展产生兴趣。

On one side of the equation, have a lot of the traditional finance world that is starting to be more interested in what we've been developing within the digital asset space.

另一方面，数字原生产品也开始探索更多的现实世界资产和传统资产领域。

And on the other side of things, you're seeing digital native products start to explore more RWAs and the traditional asset side of things.

Vlad，我很想听听你的看法，你职业生涯早期是在传统金融领域。

Vlad, I'd love to hear, you spent the early parts of your career.

你在Citadel工作过。

You worked at Citadel.

你属于传统金融世界。

You're the traditional finance world.

现在你在打造Lighter这个产品。

Now you're building this lighter product.

很想听听你对这种融合趋势的看法。

Would love to just hear your perspective on this idea of convergence.

你觉得为什么现在正是这个融合发生的时机？

Why do you think right now it's really that time where it's happening?

那你觉得，现在让大家这么兴奋的关键突破点是什么？

And what do you think is that key unlock that's making people so excited right now?

是的，我觉得有几个方面。

Yeah, mean, think it's a couple of things.

第一，这个行业真的成熟了很多，我觉得大概四五年前吧。

One, the industry has really matured, I think, like probably four or five years ago.

很多机构和传统金融界，还有政策制定者，可能会觉得这项技术更像是个玩具，或者他们不太懂的东西。

A lot of the institutions and TradFi, as well as policymakers would have thought that this technology was more of like a toy or something they don't quite understand.

我觉得现在情况非常非常不一样了。

I think it's very, very different now.

比如，当我们和世界上一些最大的机构会面时，无论是交易公司还是资产管理公司，还有和华盛顿的监管者和政策制定者交流时，他们真的在很深的层面上理解了。

Like, when we're meeting with some of the biggest institutions in in the world, whether it's trading firms or asset managers spending time with regulators and policymakers in DC, they really get it at a deep level.

我觉得这非常重要。

Think that's very important.

技术也真的跟上了，现在你可以做到……

The technology has really caught up where you can do...

链上金融现在可以实现传统金融所期望的低延迟，同时保持安全性和可验证性。

Onchain finance can now happen at the low latency that traditional finance expects while still maintaining the security and verifiability.

然后我觉得监管环境，尤其是在美国的CFTC和SEC以及其他机构，真的适应了很多。

And then I think the regulatory climate, especially in The US with, you know, CFTC and SEC and others has really adapted a lot.

所以我觉得这就是我看到的两个重大突破。

So I think those are the two big unlocks that I see.

太棒了。

Awesome.

约翰，你怎么看待这种融合？

Johann, how do you see that convergence?

我完全同意弗拉德的观点。

I absolutely agree with Vlad.

我觉得人们开始理解区块链技术的价值了。

I think people are starting to understand the value of blockchain technology.

24小时全天候运行和即时性这些特点，是机构开始采用这类产品的重要原因。

The 24x7 element, the instance elements are a big reason for institutions to start adopting these type of products.

比如在我们的股票代币上，我们看到交易活动发生在交易所开放时间之外，大部分是在周末和夜间，超过70%的交易量是在那段时间。

We are seeing on our stock tokens, for example, that the trading activities are putting outside of the exchange open hours, so mostly on weekends and overnight, more than 70% of the volume is then.

这确实表明世界是全球化的，时区之间开始融合，对我们来说，拥有支持这类产品的技术很重要。

And that really shows to you that the world is global, the time zone will start to merge between each other and it's important for us to have the technology to support this type of products.

是的，关于24/7这一点，我记得我在Citadel开始职业生涯时，金融圈外的朋友常跟我说，天哪，终于到星期五了。

Yeah, know, and to the 20 fourseven point, I remember when I started my career at Citadel, like friends outside of finance used to tell me, oh, you know, like, thank God it's Friday.

我当时想，不，我讨厌周末。

Was like, no, like I hate the weekend.

因为不能交易。

Can't trade.

赚不到钱。

We can't make any money.

现在终于可以了。

Like, now we finally can.

完全同意。

Absolutely.

是的，Vlad，我知道你是个超级金融爱好者，你肯定会为能24小时全天候交易而兴奋。

Yeah, Vlad, I know you're a diehard financial lover, and you'll always be excited about being able to trade at 24x7.

但你知道吗，当我从别人那里听到同样的提议时，觉得挺有意思的。

But you know, it's funny when I hear that same proposition from others.

就像，天哪，现在我们突然要搞24小时全天候的WeWork了。

It's like, oh man, know, now suddenly we got to WeWork in 24x7.

还有流动性问题，这就是为什么

There's also the liquidity That's why

你需要AI代理，

you need AI agents,

没错。

There you go.

但你怎么看待进入24小时全天候市场的流动性方面呢？

But how do you think about the liquidity aspect of going to 24x7 markets?

因为即使我们只看传统股票或者其他什么，我们已经有隔夜市场一段时间了，但它们流动性一直不太好。

Because, you know, even when you if we just look at traditional equities or whatever, you know, we've had overnight markets for a while, but they've been fairly illiquid.

而且实际上，大部分流动性都集中在开盘和收盘的时候。

And really, so much of the liquidity is concentrated on the market open and the market closed.

当我们走向这种24小时7天的市场时，你觉得流动性会怎么演变呢？

As we go towards this world of 20 fourseven markets, how do you think about the evolution of liquidity in that respect?

嗯，我觉得市场上显然有很多不同的参与者，流动性结构也相当复杂。

Well, I think there are obviously a lot of different participants in the market and, liquidity structures are quite complex.

我们观察到的一个见解是，DeFi领域早期的发明之一——AMM，在这种情况下其实很有用，因为……

One insight, I think, that we've seen is actually one of the early inventions of the DeFi space, the AMM, is actually useful in this context because...

而且我们……

And we...

在Lighter，我们的整个理念是构建订单簿，但即使……

You know, at Lighter, our whole premise is building an order book, but even...

一个没有太多流动性的订单簿，也总能适应AMM的结构。

I mean, an order book by, you know, without much liquidity, can always adapt to kind of the AMM structure.

比如说，如果在周末，一些更专业的做市商想退出，那你总是可以用更像AMM的方式来提供流动性。

So let's say if you're on the weekend and, like, let's say some of the more sophisticated market makers want to step back, then you can always provide liquidity in more of an AMM fashion.

比如说，世界上发生了一件大事，或者有什么别的情况，交易者愿意在那段时间多付一点买卖价差，这总比完全无法进入市场要好得多。

So, let's say there is a big event in the world or something else happening where traders are okay paying a little bit more of a bid ask spread during that time, that's so much better than having no access to the market at all.

对，完全同意。

Yeah, absolutely.

你说得对，我们几年前就推出了24x5交易，一开始只在少数几个交易对和资产上开放，因为正如你所说，流动性比较薄。

We've launched, to your point, 24x5 a few years ago, and at the beginning we launched only on a few Tkers and a few assets because, to your point, liquidity was a bit thinner.

但我们也看到了现在每天的需求有多大。

But we've also seen how much demand we're seeing every day now.

我觉得在24x5模式下，情况还是和周末不完全一样，因为你只是比较了交易所收盘到再次开盘之间无法交易的那段时间。

I think on the twenty four five, it's still not exactly the same as a weekend because you're comparing just not being able to buy between the exchange closing and the exchange opening again.

有了延长交易时间，这段时间其实很短。

With the extended hours, it's a really short period of time.

而周末的话，根据情况，实际上有两三天。

On weekend, it's actually two or three days depending on the situation.

周五晚上或者周六会有很多新闻，世界上也会发生各种事件。

There's a lot of news happening on Friday night or on Saturday, events happening on the world.

而现在，他们可以在周五买入期权或永续合约来对冲仓位，然后周一再重新开盘。

And right now, are able to hedge their position by buying options or perps on Friday and being able to reopen on Monday.

大多数散户之前是被排除在外的。

Most of the retail was kind of excluded from that.

所以现在他们可以在周末调整策略了。

So now they are going to be able to do that and change their strategy over the weekend.

也许相比周一开盘会有一些溢价或价格差异，但正如Vlad所说，至少他们能对自己的策略和投资组合做点什么。

Maybe there will be a little premium or a little price difference compared to the opening on Monday, but to Vlad's point, at least they can do something about their strategy and their portfolio.

关于永续合约这一点，这确实感觉像是那种真正站稳脚跟的产品形态之一。

On this point of perpetual futures, it really feels like one of those form factors that has really, taken hold.

现在它背后有巨大的动力和吸引力，尤其是传统金融界在反思这种产品形态，并思考如何更好地将其融入传统金融资产。

So there's so much momentum and traction behind it right now, especially from the traditional finance world of reflecting on this form factor and seeing how do we integrate it better into traditional finance assets.

Johann，我们想听听Robinhood对永续合约的看法，为什么它会有这么大的动力，要知道像CFD这样的结构化产品已经存在一段时间了。

Johann, we'd love to hear about Robinhood's perspective on perpetual futures, why there's been so much momentum behind it, knowing that structured products like CFDs have existed for a while.

显然，Robinhood在期权方面已经取得了很大的成功。

Obviously, Robinhood seen a lot of success with the option side of things.

现在这是一种新的衍生品形式。

And now this is a new form of derivative.

而且它其实也不算全新，但不管怎样，它背后的价值主张现在正在获得很大的势头。

And it's not even necessarily new, but for whatever reason, the underlying value proposition behind it is gaining a lot of momentum right now.

我很想听听Robinhood对这种形式的看法。

I'd love to just hear about the perspective of Robinhood on that form factor.

是的，我们对永续合约非常兴奋。

Yeah, we're extremely excited about perps.

这是一种在加密货币世界里发明的金融工具，所以我觉得这也是为什么它花了更长时间才真正成为主流，但我们看到对它有很多需求。

You know, it's a primitive that was invented within the crypto world, so I think that's why it took a little longer to really become mainstream, but we see a lot of demands for it.

人们希望能够轻松做多或做空。

People want to be able to easily go long or short.

他们希望能够使用杠杆，并且能够在投资组合中的不同资产之间进行交叉保证金。

They want to be able to use the leverage and to be able to do cross margin between the different elements in their portfolio.

我认为与差价合约非常不同的一点是，它有一个清晰的订单簿。

I think one aspect that is very different from the CFDs is just that it's a clear order book.

你不是像差价合约那样跟庄家对赌，差价合约里包含了点差，实际上对经纪商和客户都更有利。

You're not betting against the house like CFD is, where they incorporate a spread, they are really making it more advantageous for the brokers and for the the customer.

所以我们对此非常兴奋。

And so we're really excited about it.

我觉得我们与Lighter和Robinhood Wallet合作推出的产品，确实给客户带来了很好的界面和用户体验，也让他们能接触到不同类型的资产，不仅仅是加密货币永续合约，还有大宗商品，未来还会有个股。

I think the product that we've launched with Lighter and the Robinhood Wallet really gives good UI and UX experience for the customers and also allows them to access different type of assets, not just crypto perps, but also commodities and also single stock in the future.

所以我们对此非常期待。

So we're pretty excited about that.

我同意Johann说的，我们对Lighter和Robinhood Wallet在Robinhood链上的上线情况非常满意，特别是现实世界资产的指标表现尤其强劲，而且增长势头非常健康。

I think to what Johann said, we're very happy with how the rollout has worked with Lighter and Robinhood Wallet on the Robinhood Chain, and in particular, like, the metrics for real world assets are, you know, especially strong there and growing at a really healthy clip.

回到你的问题，我记得我们刚开始构建Lighter的时候，我告诉传统金融的朋友我们在做什么，有些人完全不懂区块链是怎么运作的，他们就说，这种永续合约，真希望我也能在我的市场里交易。就像我们在交易大厅待久了都听过这样的故事，有人忘了展期他们的数据期货，然后突然之间，纽约或康涅狄格的交易公司就收到了一桶石油。

I guess stepping back to your question, I remember when we started building Lighter and I would tell friends from TradFi what we're building, some of them had no idea how Blockchain works or any of that, they're like, yeah, this perpetual, like, I wish I could trade that in my markets, you know, like, it's like, you know, we've all heard these stories, you know, if you've been on the trading floor long enough, of, like, someone who forgot to roll their data future and then all of a sudden, the firm, you know, trading shop in, you know, New York or Connecticut is getting a barrel of oil.

我觉得永续合约是一个终于等到时机的想法。

I think, you know, the perpetual is, like, an idea whose time has finally come.

我认为对很多市场来说，这是交易杠杆市场敞口最自然的方式。

I think for a lot of markets, it's like the most natural way to trade leveraged exposure to the market.

但这也不是万能的。

But it's also it's not necessarily like a magic bullet either.

比如像算力这样的市场，你可能确实需要数据期货，因为新实验室或基础设施公司有具体的时间表，他们想对冲算力；对其他市场来说，期权更合适。

Like for some markets like compute, you might actually want data futures because, like, a new lab or infrastructure company does have, like, specific timelines when they wanna hedge compute for other markets options make more sense.

所以我觉得，在Lighter，我们把它看作是在构建核心基础设施层，你可以用同一个资产负债表交易所有这些产品，而且资本效率很高。

So I think, like, the way we look at it at Lighter, we're building the core infrastructure layer, you can actually trade all these things from the same balance sheet and do it in a capital efficient way.

完全同意。

Absolutely.

而且我觉得，我们对Robinhood Chain和Robinhood Wallet特别兴奋的一点是，我们想提供所有基础的股票代币，显然，第一个已经上线了，然后还有永续合约。

And I think the part that we're really excited about the Robinhood Chain and the Robinhood Wallet is that we wanna offer all the primitive stock tokens, obviously, the first one that we already launched, and then perps.

但我们还想支持期权和更多类型的产品。

But we want to support options and more type of products.

Vlad，我想深入了解一下你提到的，永续合约这种形式跟实物交割的大宗商品搭配使用的情况？

Vlad, I actually want to double click on what you're mentioning there about this perp form factor being paired with something like a commodity that takes physical delivery?

因为显然，永续合约在加密货币领域流行起来的一个主要原因是你没法交割比特币，对吧？

Because obviously, the original one of the major reasons that perps really took hold in crypto is that you can't take delivery of Bitcoin, right?

所以它非常适合这种永续合约的概念。

So it lended itself really nicely to this idea of a perpetual future.

但现在我们开始看到永续合约被应用到石油或其他各种大宗商品上。

But now we're starting to see perpetual futures be applied to something like oil or a variety of commodities.

我很好奇，当你们开始在Ladder上列出这些RWA资产时，你们学到的最有趣的收获是什么？我肯定在开始列出这些资产时会出现一些有趣的、奇怪的边缘案例。

And I'm just curious, as you've begun to list some of these RWA assets on Ladder, what have been some of the most interesting takeaways that you've learned from just the I'm sure there's those interesting weird edge cases that come forth when you're starting to list these assets.

我很想听听这些经验教训。

And I'd love to hear about some of those lessons.

对，我觉得一个有趣的是IPO前的永续合约。

Yeah, I mean, I think, you know, one interesting one is the pre IPO perps.

然后就是，你怎么看待这个问题？

And it's like, how do you think about this?

还有一个问题是，谁来监管它？

And also another question is who regulates it?

因为我觉得现在我们正在看到SEC和CFTC在这方面有一些协调，但总的来说，就像，它是证券期货，还是还不是证券的东西？

Because I think now we're getting some more, you know, there's this like harmonization between SEC and CFTC on that, but in general, it's like something like, is it a security future or is it something that's not a security yet?

这确实是个有意思的事情。

You know, it's like an interesting thing.

有个细微差别是，你不一定知道IPO时会有多少股。

You know, what happens if, you know, like one nuance is that you don't necessarily know the number of shares that are going to be there at the IPO.

可能会有点变化。

It might change a little bit.

那你是按隐含市值来列，还是按股价来列？

So like do you list it as in terms of the implied market cap or do you list it in terms of the, you know, the share price?

在Ladder，我们在这个问题上和这个领域的一些竞争对手看法不同。

And then we've like at Lighter, we've taken a different view on that from some of the competitors in the space.

有些交易公司可能会进来做套利。

There's like some trading firms might come in and do arbitrage that way.

对，对于这些IPO前的合约，如果IPO没发生怎么办？

Yeah, with these like pre IPOs, what happens if the IPO doesn't happen?

这种情况你怎么结算？

How do you settle that case?

什么时候是上市那个市场的最佳时机？

When is the right time to list that market?

是在IPO之前，还是提前几个月？

Is it right before the IPO or a few months back?

我觉得这些都是我们需要仔细考虑的有趣细节。

Think those are some interesting nuances we've had to think through.

我相信约翰还有更多例子要补充。

I'm sure Johann has more examples to add.

是的，当然。

Yeah, absolutely.

我觉得你说得对，永续合约的一大优势就是不用担心转账。

I think to your point, perps, the big advantage was also to not have to worry about transfer.

比如，当你买入比特币永续合约时，你不用担心把实际的比特币转到另一个钱包，不用等十分钟的确认区块，也不用付矿工费等等这些。

For example, when you buy a bitcoin perps, you don't have to worry about transferring the actual bitcoin to another wallet, wait the ten minute confirmation block, pay the gas fees, all these things.

所以这让资金使用效率更高，你能用的策略也更高效。

So it makes the capital a lot more efficient and the type of strategies that you can use a lot more efficient.

所以我觉得我们的目标其实就是给客户提供这些选择。

And so I think for us, you know, the goal is really also to give the options to the customer.

我们希望他们能很方便地使用不同类型的产品。

We want them to be able to use the different type of products very easily.

有些人会更喜欢期权，因为他们可以围绕做多、做空或者区间策略来构建更复杂的策略。

Some people will prefer options because they can create more complicated strategy around, you know, maybe a long short, maybe a corridor.

在永续合约方面，我们现在推出的功能还比较简单。

On the perp side, right now what we've rolled out is a bit more basic.

你可以选择做多或做空，然后决定杠杆倍数。

You can go to long or short and, you know, decide on the leverage.

但同样令人兴奋的是，你可以在不同资产之间进行交叉保证金操作。

But what's really exciting as well is the way you can do cross margin between your different assets.

我们看到很多人购买股票代币，因为他们想要特定的投资组合，而不是卖出并触发税务事件，他们可以把它用作抵押品，比如在Lighter上，然后开一个永续合约仓位，这样他们就能继续交易，继续使用现有的投资组合，而不必只持有现金。

We are seeing a lot of people buying stock tokens because they want to have a specific portfolio and instead of selling and getting the tax event, are able to use it as collateral on Lighter, for example, and open a perps position so they can keep trading and keep using their current portfolio, not have to just stay in cash.

太棒了。

Awesome.

永续合约接下来面临的主要障碍就是监管的明确性，尤其是在美国。

The major hurdle next to come forth from perpetual futures is just the regulatory clarity, especially within The US.

我们开始从CFTC那里获得一些关于如何向美国提供永续合约的明确指引。

We're starting to get that clarity from the CFTC in terms of how to think about offering perps to The US.

随着这个逐步推进，我很想听听你们两位是怎么看待这个问题的，以及如何融入那个显然非常重要的美国市场？

I'd love to just hear about, as that's starting to roll out, how are you both thinking about that and that integration into that obviously very important US market?

谁先来谈谈？

Who else to start there?

是的，美国市场显然是Robinhood最大的市场。

Yeah, The US market is obviously the biggest one for Robinhood.

我们在美国有2700万个资金账户，所以正如Vlad所说，我们非常高兴看到SEC和CFTC都在制定一些规则。

Have 27,000,000 funded accounts in The US, so we are really excited to see, to Vlad's point, both the SEC and the CFTC coming up with some rules.

我们原本期待在监管明确性方面能有更多进展，也期待联邦层面能有一个清晰的框架，这样我们就能在50个州推出同样的产品。

We were expecting a bit more on the clarity front and we were expecting a clear framework at the federal level so that we can have the same product rolled out in the 50 states.

不幸的是，这没有实现，但我认为CFTC和SEC在各自提案上取得的进展确实很有帮助。

Unfortunately, it didn't happen, but I think the progress that the CFTC and the SEC are making with their different proposal is really helping.

你想想看，现在在美国能看到的这些产品，跟四五年前相比，简直是天壤之别。

If you think about the type of products that we can now start seeing in The US compared to four or five years ago, it's night and day.

所以对于永续合约，我觉得我们还是处于非常早期的阶段。

And so, you know, on the perps side, I think we're still at the very beginning.

无论是跟监管机构还是跟不同的市场参与者，我们还有很多事情要做。

There's a lot more that we need to do both with the regulator and with the different market participants.

但我们认为这会是一个令人兴奋的方向。

But we think that it's going to be an exciting aspect.

但我们希望确保不会因为清算所的限制，或者产品不是每秒或每十五秒结算，而做出一个更差的永续合约版本。

But we want to make sure that we are not creating a worse version of perps with a clearinghouse that is limited with a product that is not settling every second or every fifteen seconds.

所以这就是为什么我们一直在向CFTC大力推动，确保我们能真正创造出一种与链上加密产品非常相似的产品。

So that's why we've been really pushing a lot on the CFTC to make sure that we can actually create a product that is very similar to what exists on chain on crypto.

至于我们这边，我们一直在和CFTC合作，推动链上永续合约在美国落地。

And I guess on our side, we've been working with the CFTC for perps that are onchain, you know, to get, you know, those in The U.

对。

S.

而且我们在这个过程上已经走得相当远了。

And we're pretty far along on that process.

我是说，主席和他组建的团队，以及机构里现有的领导们，都非常愿意去真正了解区块链是怎么运作的，以太坊是怎么运作的，还有像Robinhood Chain或Lighter这样的L2是怎么运作的，等等。

Mean, chair and the team he's assembled as well as kind of the existing, you know, leaders at the agency have been very receptive to actually understanding how Blockchains work, how Ethereum works, how, you know, L2s like Robinhood Chain or Lighter work and so on.

所以我们已经进展得相当深入了。

So we're pretty far along.

我是说，我觉得其中一个有趣的问题是，你怎么看待ADL？ADL又是如何融入像DCO那样的经典瀑布模型的？

Mean, I think one of the interesting things is like how do you think about ADL And how does ADL fit into the, like, classical waterfall models with DCO?

所以我们又在处理一些细节问题，我觉得我们对这些产品在美国市场的推出非常乐观。

So we're kind of, you know, again, working through some of the details on that, and I think we're, you know, we're very optimistic about the rollout of a lot of these products to US customers.

是的，关于清算所和链上创新的ADL格式之间的对比，

Yeah, on that point about just this idea of clearinghouses versus this ADL format that has been innovated on on chain.

这是否意味着必然会出现这种情况？

Does that make it inevitable that there's going to have to be this?

你提到你们在努力推动CFTC和SEC，让美国市场的产品不至于变成次等品。

I mean, you mentioned how you're trying to encourage the CFTC, the SEC to get to this point where The US offering isn't like an inferior product.

但是有没有可能有一个更无缝的版本，还是你觉得后端在某些方面注定要脱节？

But is there a potential version where it does look more seamless, or do you think it's inevitable that the back end will have to be, you know, maybe disconnected in that certain regard?

不，我觉得这两个平台会越来越融合，最终会走向统一。

No, I think the two platforms are going to merge more and more, and the convergence is going to happen.

我们已经开始看到这种趋势了。

We're already starting to see it.

比如，我们已经和Robinhood应用集成了，就是Robinhood Chain。

We integrated with the Robinhood App, for example, the Robinhood Chain.

我们有一个产品叫Robinhood Earn，你可以用美元获得70%的收益，我们会把它转换成稳定币，然后帮你存入我们的一个金库。

We have a product Robinhood Earn where you can get 70% on your USD and we turn it into stablecoins and we land it for you on one of our Vault.

我们认为未来会有更多这样的功能，你基本上可以在链上交易或使用链，但这会在主应用内通过智能钱包自动完成。

And we think that a lot more of these features will happen where you will be able to basically trade on chain or utilize a chain, but it's going to be done automatically for you using a smart wallet within the main app.

没错。

That's right.

我觉得区块链，在行业之前的周期里，人们常常把KYC和去中心化混为一谈，但实际上你可以两者兼得，也可以只取其一。

I mean, I think, you know, Blockchain, I think in kind of previous cycles of the industry, there was this conflation of, like, kind of the KYC piece with the decentralization piece, actually you can have both, you can have one or the other.

所以就像约翰刚才提到的，在Robinhood主应用里，已经有更多的整合了，其他协议随着监管机构逐渐适应，以后也可以在那里运行。

So like you can use like Johann mentioned in the Robinhood main app, there's already integration with more flow, like other protocols can live there over time once the regulators, you know, grow comfortable with it.

但对我们来说，关键是，取决于……

But the point for us is, like, you know, depending on...

比如现在，有Lighter Core，有Lighter在Robinhood Chain上，两者之间有很多互操作性。

Like, right now, there's lighter core, there's lighter on Robinhood Chain, there's a lot of interoperability between the two.

假设有Lighter US，甚至可能与Robinhood这样的平台或其他国家的平台整合，所有这些都建立在同一个基础区块链上，也就是以太坊，这样能够在多个司法管辖区参与的市场参与者就可以快速重新平衡他们的资本。

If let's say there's like a lighter US and maybe even integrations with platforms like Robinhood or ones in other countries, all of that lives on the same fundamental blockchain which is Ethereum, you know, you can market participants who are able to participate in more than one jurisdiction can quickly rebalance their capital.

这和传统金融很不一样，如果你在传统交易所之间重新平衡资本，你得等三天，对吧？

That's a lot different than like in TradFi where if you're, rebalancing capital between traditional exchanges, you have to wait like three days, right?

简直是天壤之别。

It's night and day.

完全同意。

Absolutely.

好的，我们还有几分钟时间，但我确实想聊聊Robinhood Chain的发布以及那边的情况。

All right, we've got a couple of minutes left, but I do want touch base on the launch of Robinhood Chain and what's been going on there.

显然，我们到目前为止聊了很多衍生品方面的话题，但我们很想听听这次发布的一些收获。

Obviously, we've been heavy into the derivative side of this conversation so far, but we'd love to just hear about some of the takeaways from that launch so far.

而且显然已经有很多以太坊二层网络了。

And there's obviously been plenty of Ethereum L2s.

我很想听听你们在决定推出这个时的考量，以及目前进展如何，你们有什么收获和心得？

I would just love to hear about the decision between launching that and how it's gone so far and what are your takeaways and learnings from that?

是的，非常兴奋。

Yeah, really excited.

我们下周应该就要满一百天了。

We are going to hit the one hundred days, I think next week.

所以对我们来说，这还处于非常早期的阶段。

So it's still a very early situation for us.

但我们看到的是，当你降低了进入门槛，简化了复杂性，人们其实非常热衷于上链并与链交互。

But what we are seeing is basically when you remove the barrier to entry, when you remove the complexity, people are actually really enthusiastic about getting onchain and interfacing with the chain.

我们看到我们的股票代币产品有了很多发展。

We are seeing a lot of development on our stock tokens products.

我们把它做成了可组合的，这样人们就可以在它上面构建更多的东西。

We've made them in a way that are composable so that people can use them to build more things on top of it.

我们在Lighter上看到了很多对永续合约的热情，因为我们在钱包里做了原生集成。

We are seeing a lot of excitement on perps with Lighter, where, you know, we have this native integration within the wallet.

这不像有些钱包里那种dApp浏览器。

It's not like one of these, like, dApp browser that you have on some wallets.

它的界面和用户体验做得非常好，我们看到人们真的很喜欢用它。

Like, it's a really well done UI and UX, and we're seeing people really engaging with it.

我们迫不及待地想把它推广到更多市场，因为目前它还是仅限于少数几个市场。

And we can't wait to bring it in more markets because right now, like, it's still limited to to a to a select amount of markets.

我们认为，如果能在美国或者其他目前被封锁的市场推出，那里的增长会非常可观。

We think that when we can bring it also within The US or in other markets that are blocked currently, we'll really see a lot of growth there.

太棒了。

Awesome.

嗯，确实，现在在Aspect这边，兴奋点可不少。

Well, yeah, certainly no shortage of excitement right now in aspect.

很高兴看到你们两家公司都走在这一领域的最前沿，而且显然也有很多合作。

And it's great to see both of your companies at the bleeding edge of that and obviously plenty of collaborations as well.

所以，是的，我很期待未来会如何发展。

So yeah, excited to see where that goes in the future.

非常感谢你们能来参加这个清晨的第一场小组讨论。

And can't thank you enough for joining us for this early morning first panel.

谢谢大家。

Thanks everybody.