优秀的团队。我们看到成功的交易所团队满足两种类型的经验：a）金融衍生产品的渊博知识；b）搭建交易系统的能力。BitMEX 的 Arthur 和 Samuel，FTX 的 Sam 和 Gary，以及 Bybit 的 Ben 和 Bonnie 都具备这样的特质。

我们认为目前的的衍生品交易所头部项目在以上这几点上做得相当好。同时我们也很欣喜的看到许多衍生品交易所在做更多元化的产品创新。例如 Binance 推出的期权产品，底层资产是比特币的期货，整个期权的设计是一个美式期权，到期时间最短能达到 10 分钟。

除了中心化的衍生品交易所，我们也看到了像 dYdX, Futureswap 这些去中心化衍生品交易所的出现在很短的时间捕获了很多市场关注度。请持续关注我们接下来的去中心化衍生品交易所研究报告。

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