Base Jesse Pollak：讓全球資產 24/7 上鏈流動，金融服務大革新

0:00開場與主題介紹

0:00接下來的 15 分鐘，我會跟大家分享三個重點。第一，現在的代幣化股票發展到哪裡了，以及它們的成長趨勢。第二，代幣化股票如何改變「擁有權」在鏈上的意義。第三，這個新平台上你可以打造什麼。我知道現場有很多來自錢包、券商、交易所的朋友，現在正是用這個新資產類別創新的最佳時機。In the next 15 minutes, I'm going to talk about three things. The first is where are tokenized equities today and how they're growing. The second is how tokenized equities change what ownership means in this new on-chain platform. And then the third is what you can build. I know there's a ton of people from wallets, from brokerages, from exchanges here, and there's never been a better time to build with this new asset class.

0:34大家好，我是 Jesse Pollak，Base 的創辦人。這是我第三次參加 TOKEN2049，我已經在新加坡待了 36 小時，必須說這裡的能量真的很 Base。現場的建設者、交易者、創作者，感覺我們正處於一個關鍵轉折點，準備迎接下一波把全世界帶上鏈的大趨勢。I'm Jesse Pollak. I'm the creator of Base. This is my third TOKEN2049, and I've been in Singapore for 36 hours, and I gotta say, the energy is pretty base. The builders, the traders, the creators. It really feels like we've hit an inflection point, and we're starting to take on the next big uptrend in bringing the entire world on-chain.

0:56Base 的現況與成長

0:56當我們談到把世界帶上鏈，現在真正發生的地方就是 Base。Base 是穩定幣卡支付結算量最大的鏈，也是加密現貨交易量最大的鏈。超過 80% 的 agentic payment 交易量都在 Base 上發生，而且 Base 也是全球成長最快的借貸與信用市場。這一切都運行在一個快速、安全、易用的 EVM 平台上，全球數百萬人都信任它。And when we think about bringing the world on-chain, the place that it's happening right now is on Base. Base is the largest chain for payment settlement of stablecoin cards. It's the largest chain for crypto spot volume. More than 80% of agentic payment volume is happening on Base, and it's the fastest growing financing market in the world for borrow, for lend, and for credit. And all of this is running on a fast, secure, easy-to-use EVM platform that millions of people all around the world trust.

1:29我們最興奮的趨勢之一，就是把股票搬上鏈。我們認為這會像穩定幣一樣，帶來另一波超級循環。過去五年，穩定幣已經為加密資產平台帶來數千億美元。過去 18 個月，代幣化股票才剛起步，從幾乎零成長到現在已經有超過 33 億美元的代幣化股票在這個平台上運行，而且成長速度只會越來越快。And one of the trends that we are most excited about as we build this blockchain for global finance is the movement of equities on-chain. We think that this is going to be another supercycle like stablecoins, which have brought hundreds of billions of dollars onto the crypto asset platform over the last five years. And in the last 18 months, we are at the very beginning of that. We've gone from basically zero to more than $3.3 billion of tokenized equities, all running on this platform. And it's not going to slow down.

2:02最近美國 SEC 通過了一項創新豁免，這代表代幣化股票即將進入美國市場，更多人能參與，成長會更快。簡單說，代幣化股票是真正有實體股份、由合規託管機構持有，然後被 token 化上鏈。這不是合成資產，也不是差價合約，更不只是價格曝險，而是擁有投票權、分紅、治理權的經濟權益。I don't know if folks saw, but a couple weeks ago the SEC did an innovation exemption. That means that these tokenized equities are going to come to U.S. markets. So that means more people are going to have access, and it's going to grow faster and faster. And as a quick primer, a tokenized equity is a real share that's fully backed, held in a regulated custodian, but tokenized. To come onto this crypto platform. It's not a synthetic. It's not a CFD. It's not just price exposure. It's economic rights with voting power, with dividends, and with governance.

2:36Coinbase 與 Base 的代幣化股票創新

2:36目前最好的代幣化股票，是 Coinbase 在 Base 上打造的。這些股票完全有資產背書，擁有治理權、投票權、分紅，全年無休 24/7 可用，完全自我託管，錢包私鑰就是你的股票。只要有錢包，全球任何地方都能存取。Coinbase 負責發行，Base 則打造了 B20 這個新代幣標準，專為把真實世界資產帶上鏈而設計。And the best version of tokenized equities are being built by Coinbase on Base. They're fully backed. Like I said, they have governance rights, they're voting, they're dividends. They're available 24/7, 365. They are built in a fully self-custodial way, so your keys, your coins, now they're staked coins. And then they're available anywhere in the world. So all you need is a wallet, and you can access them. And Coinbase is doing the issuing, but Base built something called the B20, which is a new token standard, special purpose, for bringing real-world assets on-chain.

3:12B20 內建合規、公司行動、分紅等功能，並且是 ERC-20 的延伸，所有現有應用都能直接支援。這讓全球頂尖股票都能上鏈，像 Apple、Google、Facebook 等等。未來每一檔股票都會進入這個新經濟體系。It has compliance built in, it has corporate actions built in, it has dividends built in, and it extends the ERC-20, so it works out of the box in every single use case. And this is leading to the world's top stocks coming on-chain. There's Apple, there's Google, there's Facebook. Every single stock is going to come into this new economy.

3:36新金融應用與生態系崛起

3:36自從六週前我們在 Base 推出代幣化股票以來，已經看到兩大應用類型浮現。第一是金融應用，舉例來說，Bitwise 是一家機構級資產管理公司，原本主要做 ETF，現在也把這業務搬上鏈、搬到 Base。他們在 Glider 協議上推出了 MAG7X（七巨頭加穩定幣指數），24/7 自動再平衡。這讓機構策略變成自我託管的基礎元件，任何錢包都能整合，券商也能直接讓客戶獲得這種指數曝險。And in the six weeks since we launched this on Base, we're really starting to see two big use cases as categories emerge. The first is finance. And let me just give you an example. Bitwise is an institutional asset manager. Their primary business is doing ETFs that people buy in the traditional stock market, but they're bringing that business on-chain. And they're bringing it on-chain on Base. They've built a MAG7X, which is the Magnificent Seven plus stablecoins index on the Glider protocol using tokenized equities that's 24/7 rebalancing. So this is taking an institutional strategy and it's turning it into a self-custodial primitive that can then be embedded into every single wallet.

4:33這些應用都建立在 Base 上，任何人都能參與。不只如此，短短六週內，已經有數十個協議和分銷商在這些新資產上建構，包括借貸、DEX、錢包等，所有你想得到的金融應用都在 Base 上的代幣化股票上誕生。這是一個全新的資產類別，受惠於加密過去十年建立的強大基礎設施。And it's running on top of this platform that's base, that anyone can build on. And it's not just that use case. In six weeks since we've launched tokenized equities, we now have tens and tens of protocols and distributors that are building on top of these new assets. It's borrowing, it's lending, it's DEXs, it's wallets. Every single thing that you can imagine is now being built on top of tokenized equities on top of Base. It's a whole new asset class that's benefiting from the incredible power that crypto has built as infrastructure over the last decade.

5:13創新玩法：股票 Meme 與文化現象

5:13第二個新興類型則更具實驗性，很多建設者用代幣化股票做出我們原本沒預料到的創新。其中最大的一類就是「股票 meme」——這是一種跟股票掛鉤的 meme 幣，既有股票的 beta 曝險，也有 meme 幣的波動與關注度，創造出全新的文化遊樂場。全球各地的人找到感興趣的股票，再找到相關 meme，把它們結合起來。The second big category that we've seen emerge is a little bit more experimental. These are things that builders are doing with tokenized equities that honestly, we didn't really imagine or expect or know were going to happen. And one of the biggest categories that fits inside of this is what's called a stock meme. A stock meme is a meme coin that's paired to a stock, which means that the meme coin benefits from the underlying beta of the stock while having the volatility and attention dynamic of a meme. This is creating a whole new cultural playground where people all around the world are finding stocks, then they're finding memes that are relevant to that stock, and they're pairing them together.

6:02這不只是一兩個 meme，而是全球各地 launchpad 上有數百個 meme 幣對應數百檔股票。像 Blue Chip、iPad、Degi、Temu、RAR，還有 O1 Exchange、Feel.cash、Stocks Exchange、Banker、Virtuals 等 launchpad，都在推動這個文化現象，把大家還搞不太懂的 meme 熱潮帶進全球最大、最老的資產市場，創造出很特別的新東西。And it's not just one. It's literally hundreds of memes on hundreds of stocks from launchpads all around the world. Talk about Blue Chip, iPad, Degi, Temu, RAR, launchpads like O1 Exchange, Feel.cash, Stocks Exchange, Banker, and Virtuals. These are folks who are taking a cultural thing that I don't think anyone really understands entirely, and then bringing it to the oldest and largest asset class in the world and creating something pretty special.

6:34股票 meme 不只是投機炒作，它們其實對 Base 經濟有很大貢獻。隨著 meme 幣和股票掛鉤，會吸引更多流動性、更多股票上鏈，讓每一筆鏈上股票買賣的價格都更好。這些 meme 帶來的活動，最終讓世界各地的用戶（甚至只是想買 Nvidia 的阿公阿嬤）都能用更好的價格買到股票。這真的很酷，雖然我們沒預料到，但它正在壯大 Base 經濟、推動世界上鏈。Because the cool thing about stock memes is that they're not just this speculative meme activity. They also contribute in an incredible way to the underlying base economy. Because as memes paired with stocks grow, they suck in more liquidity. They bring more stocks on-chain, and they make it so that every single execution of a stock buy on-chain comes with a better price for the customer who actually buys it. So we have stock memes creating all of this activity, but then it's translating to the—Grandma or grandpa in another part of the world who just wants to buy some Nvidia is getting a better price as a result. That's pretty cool. And we didn't expect it to happen, but it's growing the base economy and it's bringing the world on-chain.

7:22Base 全球化與股票上鏈進度

7:22最讓我興奮的是，這一切才剛開始。我們六週前只上了四檔股票，現在已經有 40 檔，十月底會達到 250 檔，還會繼續增加。明天我們會把 11 檔亞洲股票上鏈，從 Sony、SK Hynix 到 Infosys。我們的目標是讓 Base 成為全球最國際化的股票市場，讓每個國家的股票都能在同一個市場、讓全世界每個人都能參與。And the exciting thing for me about all of this progress is that we're really just getting started. We launched with four stocks six weeks ago. We're at 40 now, and we'll be at 250 by the end of October. But we're not stopping there. An exciting news that I have is tomorrow we're bringing 11 Asian tickers on-chain, from Sony to SK Hynix to Infosys. Our goal is to make Base the most global stock market in the world. So that every single stock from every single country is available in one marketplace, available to every single person in the world.

8:00當我們談論打造全球經濟、打造全球金融區塊鏈，這就是我們的目標。這裡有很多交易的機會，成長很快，但我最期待的其實是下一步：把全球最大資產類別和 24/7 可編程的加密基礎設施結合，帶來前所未有的金融服務體驗。When we talk about building a global economy, when we talk about building the blockchain for global finance, this is what we mean. And so that's a lot about trading, and trading is exciting, and there's a ton of growth. But honestly, the thing that I'm most excited about with tokenized equities is what comes next, which is that you get to take the biggest asset class in the world and combine it with the 24/7 programmable infrastructure that is crypto.

8:38鏈上借貸與金融服務革新

8:38利用這個方式，我們可以提供可能是我們這輩子所能體驗到最好的金融服務。我們在過去幾年已經看到一個很大的應用案例，就是借貸。在 Base 上，至今已經有超過 27 億美元的貸款是以比特幣作為質押，讓人們借出現金。這讓人們可以持有他們相信的資產，同時又能取得流動性，去做他們生活中想做的任何事情，無論是裝修房子、償還其他因為利率很低的債務，或者只是單純想買更多比特幣。而現在，我們正把這些資本市場——這類鏈上借貸最深的資本市場——帶到股票市場。And using that, we can deliver probably the best financial services that any of us will ever experience. And we've seen this with one big use case over the last couple of years, which is borrowing. On Base today, there have been more than $2.7 billion worth of loans originated of people borrowing cash against their Bitcoin. This lets people hold the asset that they believe in, but access the liquidity that lets them do whatever they want in their life, whether that's, you know, do a home renovation or pay down other debt because this is really low cost, or maybe just buy more Bitcoin. And we are now taking these capital markets, which are the deepest capital markets for this kind of borrowing on-chain, and we are bringing them to stocks.

9:18運作方式很簡單，你有像 Tesla 或 Mag Seven 這種代幣化股票，把它們放進像 Aave 或 Morpho 這類協議，就能立刻借出 USDC。跟傳統世界相比，這真的很猛。傳統上你要用股票抵押借款，流程又慢又複雜，只開放給少數人、少數資產、少數地區，利率還很高，動輒 8-10%。It's pretty simple in terms of how it works. You have tokenized equities like Tesla or any of the Mag Seven. You put them in a protocol like Aave or Morpho, and then you can instantly get out USDC. And if you compare this to the legacy world, it's pretty banger. In the legacy world, if you wanted to borrow against your stocks, it would take days. You'd have to sign a really long form that you probably don't understand, and it's only available to a few people. With a few assets in a few jurisdictions. And it's pretty expensive on top of that. You're talking rates in the 8 to 9 to 10% today.

9:59但在鏈上，情況完全不同。你可以 24/7 隨時借款，立刻拿到資金，任何人都能參與，任何代幣化股票都能用，完全全球化，利率由市場決定。由於加密市場、特別是 Base 的資本市場流動性超高，借貸利率非常低，僅 4-5%，比傳統金融便宜 4-5%。這就是我們說的，把世界帶上鏈，打造真正對消費者和企業有利的金融服務，讓每個人都能參與。On-chain, it's a totally different picture. You have 24/7 borrowing. It's instant. Anyone is eligible. Any tokenized stock can be used for it. It's totally global, and the market sets the terms. And the really cool thing is that because crypto markets and because the base financing markets in particular are so frickin' liquid, the rates are incredibly low. And so people are able to borrow against their stock at four to five percent, which is literally four to five percent cheaper than they'd be able to access in the legacy traditional financial system. This is what we're talking about. Bringing the world on chain. We're talking about building better financial services that just work for consumers and for businesses, and then making it so that everyone can access them.

10:48成果與對建設者的號召

10:48而且結果也相當令人興奮。這個產品已經上線 12 天了，我們已經有數百萬美元的資金發放，而且這個數字只會持續成長。所以，如果你現在坐在台下，我想留給你一個行動呼籲，那就是現在從未有過比現在更好的時機來打造新東西。如果你是券商，你現在可以 24 小時隨時掛牌任何股票，然後讓你的使用者可以即時借貸並獲得這些股票的收益。如果你是錢包服務商，你可以提供給你的使用者全新的策略、全新的投資組合配置。你可以提供借貸服務，而且這不僅僅適用於加密資產。And the results are pretty exciting as well. This has now been live for 12 days. We already have millions of dollars of originations, and that's just going to keep growing. And so if you're sitting in the audience, I want to leave you with one call to action, which is that there has never been a better time to build. If you are a brokerage, you can now list any stock 24/7, and then you can let your customers access instant borrowing and yield on top of those stocks. If you're a wallet, you can give your customers new strategies, new portfolio allocations. You can have borrowing, and it's not just for crypto assets.

11:28現在，無論是什麼資產，只要他們想要存取，不論過去這些資產是否只能透過傳統券商取得，都可以實現。如果你是發行方，如果你擁有有價值的資產，我們可以協助你透過 B20 將這些資產上鏈。這樣一來，這些資產就能加入全球流動性最強的資本市場。It's now every asset that they want to access across the things that would have historically only been accessed in traditional brokerages. And if you're an issuer, if you have assets of value, we can help you bring them on-chain using the B20. So that they can join the most liquid capital market in the world.

11:48結語：共創未來

11:48把股票代幣化、帶上鏈，這只是第一步。下一步，就是我們大家一起打造未來。謝謝大家，祝大家在新加坡有美好的一天！And so tokenized equities, bringing them on-chain, that's just the first step. The next step is all of us building that future together. Thank you very much. Have a great day. Welcome to Singapore.