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数字化ABCs | STM报告：1月企业月报之tZERO
摘要：一月数字资产交易记录与数据分析报告为我们带来了惊喜，tZERO的表现亦超出了市场预期。敬请访问此链接查看资产价格、交易量及更多相关信息。
Assets Digitalization ABCs | tZERO did what? — January 2020 Observations
数字化ABCs | STM报告：1月企业月报之tZERO
The security token trading and data analysis report I compiled for January was filled with surprises — tZERO did something most would not expect. If you didn’t get a chance to read the report, compare all asset prices, volumes, and more in detail here.
一月数字资产交易记录与数据分析报告为我们带来了惊喜，tZERO的表现亦超出了市场预期。敬请访问此链接查看资产价格、交易量及更多相关信息。
After conducting my analysis, I made a few observations of what occurred in January and how we can improve upon our industry. The security token industry had a total of ˜$194K in gross trading volume between the three live marketplaces: tZERO, Uniswap, and OpenFinance Network, but it did not come as one would expect; there was a significant dollar volume discrepancy between the liquidity providers. OpenFinance and Uniswap had a total of 8 traded tokens in January. The obvious assumption would be that these marketplaces would have the vast majority of the volume due to housing more of the tokens. That couldn’t have been further from the truth.
在进行了相关分析之后，我又对一月份的市场表现以及数字证券业的提升方式做了一定的研究。虽然三大活跃的交易市场（tZERO，Uniswap和OpenFinance Network）中数字资产的交易总额已经约为19.4万美元，但却还并未达到人们的预值目标值。不同的流动性供应商之间的货币体量也存在着明显差异。OpenFinance和Uniswap在1月份共有8个在售数字证券。随着越来越多的数字证券涌入市场，上述主流平台无疑将拥有绝大多数的交易量。
tZERO had only one actively traded token, yet represented ~88% of the trading volume in dollars… wow.
虽然目前tZERO仅有一支在售的数字证券，但其在以美元计的市场交易额中的占比却已高达88％……这着实令人惊叹。
This is a clear indication that the number of security tokens an ATS or exchange may have is not indicative of more trading volume. “If you build it they will come.” In other words, if these assets are in high demand, then investors will trade. I believe that tZERO incurring the majority of the volume is tied to the future potential that tZERO represents. Being a subsidiary of Overstock.com — a well-known, reputable brand with a market capitalization exceeding $350M — they have successfully positioned themselves to be an outspoken public leader in the industry. The investor letter from their CEO, Saum Noursalehi, mentions that they have over 200 companies in their pipeline with plans to add as many as possible to their platform. Additionally, he mentions that Overstock.com/Medici Ventures (the company’s venture arm) is committed to supporting them financially if need be. Currently, tZERO only has TZROP with active trading, but they will look to use their strong brand and reputation to maintain their trading volume dominance.
由此可见，一家ATS（另类交易系统）或交易所中在售的数字证券数量与其交易量之间并不一定呈正比关系。“打铁还需自身硬”，换句话说，如果这些资产需求旺盛，那么便会吸引更多的投资者来进行投资。我相信tZERO庞大的投资人群正是因为看到了其巨大的潜力才选择进行投资。作为久负盛誉且市值超过3.5亿美元的Overstock.com的子公司，tZERO已经成功地将自己打造成为了行业领军企业。tZERO首席执行官Saum Noursalehi在致投资者函中提到，该平台目前正在对200余家候选公司进行审核，并计划尽可能多的引进这些候选公司的代币。此外，Overstock.com/Medici Ventures（该公司的风控部门）将在需要时为其提供所需的财务支持。虽然截止目前tZERO仅发行了TZROP一款代币，但tZERO必将利用强大的品牌号召力与良好的声誉来维持其交易量的主导地位。
On the other hand, OpenFinance has 5 live trading assets on their ATS but has very little consistent volume. The low volume could be associated with a multitude of factors, but it is clear that the current assets are not in high investor demand. Despite recently announcing the addition of Current Media ($CRNC) to be listed in Q4, there is not much information or transparency regarding the token’s underlying asset on the company’s site or through OFN directly. This is a common problem for each of the live assets on the platform. We definitely need to see some more transparency — isn’t that what blockchain is all about anyway? We at Security Token Market are aiming to provide high-quality, quantitative-based content to counter the current information asymmetric environment that investors, innovators, and enthusiasts currently reside in.
此外，OpenFinance的ATS（另类交易系统）中共有5款在售证券，但交易量甚少。交易量低可能与多种因素有关，但可以肯定的是当前资产的投资需求并不高。尽管OpenFinance近日宣布新近加入的Current Media（$CRNC）将在第四季度上市，但该代币的基础资产相关信息却并未在其官网予以披露。透明度不足也是当下各大平台在售证券的统一诟病，但提升透明度不正是区块链的目标之一吗？Security Token Market的目标正是通过为公众提供高质量的量化分析报告来应对当前投资者与创新者们所面临的信息不对称的宏观环境。
To see our full breakdown of all nine live security tokens, and their FULL 2019 performance, click here!
请单击此处查看我们对全部九款在售数字证券的完整分类及其2019年的全年表现。
Moving forward, the advent of high-quality assets should be a top priority for these trading platforms if they are trying to scale and add legitimacy to themselves and to the space.
展望未来，如果这些交易平台想要扩大规模，增加其自身及市场空间的合法性，那么寻找优质资产便应成为其第一要务。
I’m looking forward to analyzing the St.Regis Resort Security Token in the future. They tokenized their property and sold it to accredited investors in the US under the Reg D 506(c) exemption and it has been a hot topic across the community since its inception, but we are still waiting for them to be listed on an ATS — it appears the lock-up and on-boarding period is taking longer than originally anticipated. When the token does actually list, you can be sure its trading prices and volumes will be listed on stomarket.com
我将在未来的报告中为大家分析瑞吉度假酒店的数字证券（St.Regis Resort Security Token）。瑞吉度假酒店根据《Reg D 506（c）豁免法规》对资产进行了数字化处理并将其出售给了美国的合规投资者，该公司也因而获得了整个社群得密切关注。鉴于锁定和上线的时间似乎比原先预估的更久，因此我们还在等待它的上市消息。该数字证券一经上市，您便可通过我们的官方网站stomarket.com中查看其交易价格和交易量等相关信息。
Aside from high-quality assets increasing volume, eliminating all resistance to the investor on-boarding process should also result in an uptick in volume. Any exchange or ATS should be asking themselves this one, vital question:
“How can we simplify the on-boarding process for our users?”
除了增加优质资产的数量外，简化投资者注册交易流程也将促进交易量。当前，交易所或ATS都面临中着一个至关重要的问题，那便是“我们该如何简化用户的注册流程？”
At the end of the day, a primary focus for any liquidity provider should be to increase trading volume, therefore maximizing transfer fees, resulting in higher revenue. In the nascent development stage that security tokens are in, there are aspects that are in our control and aspects that aren’t. After we wait for global regulation to catch-up, we need to be focusing on creating a friendly, inviting environment for the user to thrive. The vernacular associated with security tokens like blockchain, interoperability, smart contract, etc are daunting enough to the average person — the goal should not be to intimidate but to welcome. If the process is overwhelming, then people will give up, leading to less volume and ultimately less revenue.
归根结底，所有流动性供应商的主要关注点都应该是增加交易量，从而通过最大化转让费用来创造更高的营收。数字证券正处于起步阶段，我们仍面临着诸多的不确定性。在全球化监管法规出台之前，我们的首要任务便是为用户打造繁荣、友好的交易环境。与数字证券（如区块链，互操作性，智能合约等）有关的话题对很多人来说已经足够深奥了——我们的目标是欢迎大家的加入而非是吓退参与热情。如果整个过程太过复杂，那么很多人将会选择退出，销量会随之减少，并最终影响收入。
I recently made an investment in a security token and let me tell you, the process was not seamless, it was not smooth- it was actually nerve-racking. Maybe it’s just me, but whenever I transfer ETH or any crypto from one wallet to another, I always second-guess myself and think I missed one character, which would result in me losing the amount I transferred forever — not a scalable solution. Thankfully, this wasn’t the case. I digress — the point is if we are trying to evolve from the traditional markets, we need to mirror the current investment processes when on-boarding investors and interested parties.
我自己最近也投资了一支数字证券，整个过程堪称是十分坎坷。不知道是否只有我有这样的忧虑：每当在钱包间转移ETH或其他加密货币时，我总是会担心如果错输一个字符，那么这笔转账记录与资金是不是就会消失不见了。幸运的是，事实并非如此。我想说的是，如果我们试图从传统市场中跳脱出来，那么在吸引投资者和感兴趣的参与方时，便需要确保当前的投资流程足够透明。
When additional high-quality assets are listed, providing a diverse set of investable assets, information transparency is prioritized throughout the entire lifecycle of the instrument, and the on-boarding process is made stress-free, the industry will be ready to thrive. Until then, we must be patient and focus on doing our part. Everyone has a different role to play — ranging from actually issuing a security token to drafting monthly quantitative analyses and blog posts, even to participating in our incredibly active Twitter community and being one of the 1,437 individual users to vote in our most recent poll — and I am consistently reminded that it is a global team effort! As my fellow enthusiast friend Woken Token likes to say, let’s ride this wave together to the top!
如果能为投资者积极提供包括高质量资产在内的多种可投资产，在整个生命周期中都优先考虑信息的透明度，并确保注册交易流程的简单便捷，那么整个数字证券行业将迎来蓬勃地发展。在此之前，我们必须有充足的耐心并专注于自己的职责。每个人都扮演着不同的角色——从签发数字证券到起草每月的定量分析报告和博客帖子，从参与我们活跃的Twitter社区到成为我们最近一次民意调查的1,437个个人用户中的一员，这便是全球化团队的共同努力！最后，请允许我借用我朋友Woken Token最喜欢一句话做结，“让我们一起乘风破浪，抵达成功的最高峰吧！”
** 本文转自RedBlock合作伙伴STG（Security Token Group）的研究报告，由RedBlock编译，如需转载请注明出处！
数字化ABCs | STM报告：1月企业月报之tZERO
The security token trading and data analysis report I compiled for January was filled with surprises — tZERO did something most would not expect. If you didn’t get a chance to read the report, compare all asset prices, volumes, and more in detail here.
一月数字资产交易记录与数据分析报告为我们带来了惊喜，tZERO的表现亦超出了市场预期。敬请访问此链接查看资产价格、交易量及更多相关信息。
After conducting my analysis, I made a few observations of what occurred in January and how we can improve upon our industry. The security token industry had a total of ˜$194K in gross trading volume between the three live marketplaces: tZERO, Uniswap, and OpenFinance Network, but it did not come as one would expect; there was a significant dollar volume discrepancy between the liquidity providers. OpenFinance and Uniswap had a total of 8 traded tokens in January. The obvious assumption would be that these marketplaces would have the vast majority of the volume due to housing more of the tokens. That couldn’t have been further from the truth.
在进行了相关分析之后，我又对一月份的市场表现以及数字证券业的提升方式做了一定的研究。虽然三大活跃的交易市场（tZERO，Uniswap和OpenFinance Network）中数字资产的交易总额已经约为19.4万美元，但却还并未达到人们的预值目标值。不同的流动性供应商之间的货币体量也存在着明显差异。OpenFinance和Uniswap在1月份共有8个在售数字证券。随着越来越多的数字证券涌入市场，上述主流平台无疑将拥有绝大多数的交易量。
tZERO had only one actively traded token, yet represented ~88% of the trading volume in dollars… wow.
虽然目前tZERO仅有一支在售的数字证券，但其在以美元计的市场交易额中的占比却已高达88％……这着实令人惊叹。
This is a clear indication that the number of security tokens an ATS or exchange may have is not indicative of more trading volume. “If you build it they will come.” In other words, if these assets are in high demand, then investors will trade. I believe that tZERO incurring the majority of the volume is tied to the future potential that tZERO represents. Being a subsidiary of Overstock.com — a well-known, reputable brand with a market capitalization exceeding $350M — they have successfully positioned themselves to be an outspoken public leader in the industry. The investor letter from their CEO, Saum Noursalehi, mentions that they have over 200 companies in their pipeline with plans to add as many as possible to their platform. Additionally, he mentions that Overstock.com/Medici Ventures (the company’s venture arm) is committed to supporting them financially if need be. Currently, tZERO only has TZROP with active trading, but they will look to use their strong brand and reputation to maintain their trading volume dominance.
由此可见，一家ATS（另类交易系统）或交易所中在售的数字证券数量与其交易量之间并不一定呈正比关系。“打铁还需自身硬”，换句话说，如果这些资产需求旺盛，那么便会吸引更多的投资者来进行投资。我相信tZERO庞大的投资人群正是因为看到了其巨大的潜力才选择进行投资。作为久负盛誉且市值超过3.5亿美元的Overstock.com的子公司，tZERO已经成功地将自己打造成为了行业领军企业。tZERO首席执行官Saum Noursalehi在致投资者函中提到，该平台目前正在对200余家候选公司进行审核，并计划尽可能多的引进这些候选公司的代币。此外，Overstock.com/Medici Ventures（该公司的风控部门）将在需要时为其提供所需的财务支持。虽然截止目前tZERO仅发行了TZROP一款代币，但tZERO必将利用强大的品牌号召力与良好的声誉来维持其交易量的主导地位。
On the other hand, OpenFinance has 5 live trading assets on their ATS but has very little consistent volume. The low volume could be associated with a multitude of factors, but it is clear that the current assets are not in high investor demand. Despite recently announcing the addition of Current Media ($CRNC) to be listed in Q4, there is not much information or transparency regarding the token’s underlying asset on the company’s site or through OFN directly. This is a common problem for each of the live assets on the platform. We definitely need to see some more transparency — isn’t that what blockchain is all about anyway? We at Security Token Market are aiming to provide high-quality, quantitative-based content to counter the current information asymmetric environment that investors, innovators, and enthusiasts currently reside in.
此外，OpenFinance的ATS（另类交易系统）中共有5款在售证券，但交易量甚少。交易量低可能与多种因素有关，但可以肯定的是当前资产的投资需求并不高。尽管OpenFinance近日宣布新近加入的Current Media（$CRNC）将在第四季度上市，但该代币的基础资产相关信息却并未在其官网予以披露。透明度不足也是当下各大平台在售证券的统一诟病，但提升透明度不正是区块链的目标之一吗？Security Token Market的目标正是通过为公众提供高质量的量化分析报告来应对当前投资者与创新者们所面临的信息不对称的宏观环境。
To see our full breakdown of all nine live security tokens, and their FULL 2019 performance, click here!
请单击此处查看我们对全部九款在售数字证券的完整分类及其2019年的全年表现。
Moving forward, the advent of high-quality assets should be a top priority for these trading platforms if they are trying to scale and add legitimacy to themselves and to the space.
展望未来，如果这些交易平台想要扩大规模，增加其自身及市场空间的合法性，那么寻找优质资产便应成为其第一要务。
I’m looking forward to analyzing the St.Regis Resort Security Token in the future. They tokenized their property and sold it to accredited investors in the US under the Reg D 506(c) exemption and it has been a hot topic across the community since its inception, but we are still waiting for them to be listed on an ATS — it appears the lock-up and on-boarding period is taking longer than originally anticipated. When the token does actually list, you can be sure its trading prices and volumes will be listed on stomarket.com
我将在未来的报告中为大家分析瑞吉度假酒店的数字证券（St.Regis Resort Security Token）。瑞吉度假酒店根据《Reg D 506（c）豁免法规》对资产进行了数字化处理并将其出售给了美国的合规投资者，该公司也因而获得了整个社群得密切关注。鉴于锁定和上线的时间似乎比原先预估的更久，因此我们还在等待它的上市消息。该数字证券一经上市，您便可通过我们的官方网站stomarket.com中查看其交易价格和交易量等相关信息。
Aside from high-quality assets increasing volume, eliminating all resistance to the investor on-boarding process should also result in an uptick in volume. Any exchange or ATS should be asking themselves this one, vital question:
“How can we simplify the on-boarding process for our users?”
除了增加优质资产的数量外，简化投资者注册交易流程也将促进交易量。当前，交易所或ATS都面临中着一个至关重要的问题，那便是“我们该如何简化用户的注册流程？”
At the end of the day, a primary focus for any liquidity provider should be to increase trading volume, therefore maximizing transfer fees, resulting in higher revenue. In the nascent development stage that security tokens are in, there are aspects that are in our control and aspects that aren’t. After we wait for global regulation to catch-up, we need to be focusing on creating a friendly, inviting environment for the user to thrive. The vernacular associated with security tokens like blockchain, interoperability, smart contract, etc are daunting enough to the average person — the goal should not be to intimidate but to welcome. If the process is overwhelming, then people will give up, leading to less volume and ultimately less revenue.
归根结底，所有流动性供应商的主要关注点都应该是增加交易量，从而通过最大化转让费用来创造更高的营收。数字证券正处于起步阶段，我们仍面临着诸多的不确定性。在全球化监管法规出台之前，我们的首要任务便是为用户打造繁荣、友好的交易环境。与数字证券（如区块链，互操作性，智能合约等）有关的话题对很多人来说已经足够深奥了——我们的目标是欢迎大家的加入而非是吓退参与热情。如果整个过程太过复杂，那么很多人将会选择退出，销量会随之减少，并最终影响收入。
I recently made an investment in a security token and let me tell you, the process was not seamless, it was not smooth- it was actually nerve-racking. Maybe it’s just me, but whenever I transfer ETH or any crypto from one wallet to another, I always second-guess myself and think I missed one character, which would result in me losing the amount I transferred forever — not a scalable solution. Thankfully, this wasn’t the case. I digress — the point is if we are trying to evolve from the traditional markets, we need to mirror the current investment processes when on-boarding investors and interested parties.
我自己最近也投资了一支数字证券，整个过程堪称是十分坎坷。不知道是否只有我有这样的忧虑：每当在钱包间转移ETH或其他加密货币时，我总是会担心如果错输一个字符，那么这笔转账记录与资金是不是就会消失不见了。幸运的是，事实并非如此。我想说的是，如果我们试图从传统市场中跳脱出来，那么在吸引投资者和感兴趣的参与方时，便需要确保当前的投资流程足够透明。
When additional high-quality assets are listed, providing a diverse set of investable assets, information transparency is prioritized throughout the entire lifecycle of the instrument, and the on-boarding process is made stress-free, the industry will be ready to thrive. Until then, we must be patient and focus on doing our part. Everyone has a different role to play — ranging from actually issuing a security token to drafting monthly quantitative analyses and blog posts, even to participating in our incredibly active Twitter community and being one of the 1,437 individual users to vote in our most recent poll — and I am consistently reminded that it is a global team effort! As my fellow enthusiast friend Woken Token likes to say, let’s ride this wave together to the top!
如果能为投资者积极提供包括高质量资产在内的多种可投资产，在整个生命周期中都优先考虑信息的透明度，并确保注册交易流程的简单便捷，那么整个数字证券行业将迎来蓬勃地发展。在此之前，我们必须有充足的耐心并专注于自己的职责。每个人都扮演着不同的角色——从签发数字证券到起草每月的定量分析报告和博客帖子，从参与我们活跃的Twitter社区到成为我们最近一次民意调查的1,437个个人用户中的一员，这便是全球化团队的共同努力！最后，请允许我借用我朋友Woken Token最喜欢一句话做结，“让我们一起乘风破浪，抵达成功的最高峰吧！”
** 本文转自RedBlock合作伙伴STG（Security Token Group）的研究报告，由RedBlock编译，如需转载请注明出处！
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