Ault Markets 創辦人 Todd Ault：商品代幣化與 DeFi 新時代

0:00傳統金融的限制與 DeFi 革命

0:00我在傳統金融領域已經有37年的經驗，傳統金融，我見過你能想像到的所有事情發生過，包括90年代的IPO熱潮，而且我大概參與過200個IPO等等。我真的開始相信，取得機會永遠會受到限制，因為無論我在傳統金融市場做了什麼，我都無法讓IPO的機會真正民主化。舉個例子，當我參與Pixar的時候，我們讓它上市，我被分配了一些股票，要分給經紀人和散戶社群。I've been in TradFi for 37 years, traditional finance, and I've seen everything you could possibly imagine happen, including the IPO boom in the 90s and was part of probably 200 IPOs, etc. I really became a believer that access was always going to be limited because no matter what I did in the traditional finance market, I could never allow democratized access to an IPO. An example of this is when I was involved with Pixar, we brought it public, and I was allocated some stock to give out to the brokers and to the retail community.

0:47我那時候每次只能分配大約25股、50股，這種經驗一直影響著我，讓我思考市場到底能不能真正讓人容易進入。And I had to allocate like 25 shares at a time, 50 shares at a time, and that's kind of always stayed with me in terms of whether or not a market could be accessible.

0:59所以對我來說，DeFi 完全改變了遊戲規則，讓市場的可及性大幅提升。今天要介紹的 Alt Markets 就是這樣的平台，已經正式上線。我們的特色是讓用戶能在同一個平台上，像用 Bloomberg 一樣，同時連接 Hyperliquid、Arkus，甚至你的傳統券商帳戶。這是一個真正多元開放的平台，讓你可以接觸所有市場。And so to me, DeFi has changed the whole game in terms of accessibility. So introducing Alt Markets, which is live right now. This is a financial platform that I think it's very unique in the sense that we allow access to, on one platform, think of like a Bloomberg-like device, we allow access to Hyperliquid, we allow access to Arkus, we allow access to your traditional brokerage account. It is a platform, and of course we allow access to all markets.

1:30代幣化的未來與市場轉型

1:30我們相信，未來的市場一定會走向代幣化，這將顛覆現有的交易所，例如紐約證交所、NASDAQ，全球市場終將全面代幣化，大家都能透過 DeFi 參與。當然，我們也不會排除想要 KYC、用中心化交易所的用戶，這些需求我們都會滿足，但我們的核心還是偏向 DeFi、偏向錢包社群，強調自主管理資產的理念。We believe the future in terms of tokenization will happen in a way where it will displace the current marketplace, the New York Stock Exchange, the NASDAQ, the global markets around the world will eventually tokenize, and there'll be venues where that tokenization will allow people access through DeFi. So when I come down to it, there's two scenarios here, right? We don't want to cut out people that want a KYC and have a centralized exchange, so we want that access to be available. But we are biased to DeFi. We're biased to the wallet community. We're biased to the idea that you can self-custody in your assets.

2:06我們公司部分股權由上市公司持有，我們本身開發連接 DEX 的軟體，所以這裡有些前瞻性聲明要提醒大家。接下來我想分享一下目前去中心化永續合約（perps）的交易量，30 天內大約有 5650 億美元，日均約 160 億到 170 億美元，未平倉部位約 230 億到 240 億美元。現貨 DEX 30 天交易量約 2130 億到 2140 億美元，年化 perp 交易量大約 6.8 兆美元，實際上我認為這個數字還會更高。This is the forward-looking statements. Part of our company is owned by a public company. We inherently make the software that connects to the DEX, so we've got to make sure everyone sees these forward-looking statements. So this is the perpetual volume today. About $565 billion on a 30-day rolling basis, tracking decentralized venues. The daily perp volume is about 16, almost 17 billion. The open interest is about 23 billion, 24 billion. The spot DEX volume for the last 30 days is approximately 213, 214 billion. The annualized volume on perps is about 6.8 trillion. I actually think that number is higher, but this is what we see on an annualized basis for the last 30 days.

2:59商品代幣化的機會與現況

2:59以 Hyperliquid 為例，過去 24 小時的永續合約交易量達 81 億美元，Aster 約 20 億，Lighter 約 16 億。現在去中心化永續合約年交易量已達 6.8 兆美元，這幾乎全部都是加密貨幣對加密貨幣，商品類還是空白。傳統金融的商品市場基本上還沒被 DeFi 觸及，這代表巨大的機會。想像一下，你凌晨一點可以買一個銀的代幣，兩天後就能要求實體銀條送到家裡，這在傳統市場是做不到的。Daily perpetual volume in the last 24 hours, 8.1 billion for Hyperliquid, Aster for about 2 billion, and Lighter for about 1.6 billion. 6.8 trillion decentralized perps now processing volume compared to major derivative markets. Almost all of this is crypto on crypto. Commodities is an open lane. So we want to emphasize that the traditional finance market for commodities is untapped. And that means, imagine the idea that you could go buy a token at 1 a.m. in the morning for silver, and you can request. Two days later, meaning a delivery to your house. Two days later, physical silver.

3:48我們亞洲市場的負責人 Dale 也在現場。這件事很重要，因為現貨商品的兌換（redemption）是核心。傳統市場買銀，你得親自去市場領取實體銀條，但如果你能隨時要求兩天內送到家，因為這些銀都存放在 Wyoming Reserve，每一個代幣都 100% 實物兌付，這就是我們的優勢。So head of our Asian markets is here, so good to see you, Dale. This is a big deal because redemption is a very big part of spot here, right? Whereas your traditional markets where you go to buy silver. I'm going to head down to Singapore. I'm going to go to a market. I'm going to buy some silver. They're going to give it to you. You have that physical silver. But imagine the assurance that the silver could be delivered to you whenever you request it within two days, because it's in the Wyoming Reserve. It's dollar for dollar, silver for silver, coin for coin, ounce for ounce, fully backed in terms of that token.

4:22市場數據與商品代幣化現況

4:22倫敦每日黃金清算量約 710 億美元，銀約 130 億美元。但目前全球所有市場加總的黃金代幣化規模只有 50 億美元，銀的代幣化甚至不到 5 億美元。當我們在 Hyperliquid 推出銀的永續合約時，單日成交就達 41 億美元，這已經是 COMEX 的 1%。需求很明顯，但商品的鏈上現貨與永續基礎設施還沒到位，Alt Markets 就是要補上這個缺口。Gold clearing per day in London is about $71 billion. This is as of June 26. Silver cleared per day about $13 billion. Tokenized gold combined on all markets, gold-backed tokens is only $5 billion. Tokenized silver is not even a billion dollars, not even a half a billion dollars. We, when silver got a perpdex. It traded 4.1 billion in a single day on Hyperliquid on February 5th, 2026. It was roughly 1% of the COMEX. Demand is there. The on-chain spot and perp rails for commodities is not. Alt Markets is an on-chain rail for commodities.

5:09我們當然也會有傳統的永續合約和現貨，但我們認為商品市場的機會最大，因為全球現貨市場極度分散，價格差異很大。DeFi 目前沒有主流的現貨商品市場，所以我們要做的就是讓商品現貨和永續合約都能在鏈上交易。現在銀的現貨已經上線，雖然目前還是邀請制，但未來幾個月會逐步開放給全球用戶，金和鉑也會陸續上線。We will, of course, have all the other traditional perps, traditional spot out there. But we believe there's a huge window for commodities because the current market is so fragmented around the world, the disparities in prices all over the place. There is no major spot market for DeFi. So tokenized, list of spot, perps on top of that. Physical commodities tokenized on our platform. Silver is live right now. Silver is live this minute. You can go there. It's invitation only. We're very sensitive to opening up to the public, so we've invited a lot of our partners sort of line by line as to who we want involved there so we can get a lot of feedback. But over the next few months, Silver will be opened up to the world. Gold will be opened up to the world, and so will platinum.

6:04產品現況與技術架構

6:04目前銀的現貨已經上線，永續合約正在 testnet 測試。這是業界首創，現貨有實體兌付（存放在 Wyoming Reserve），永續合約則提供對沖和流動性，讓市場價差極小、流動性充足。這個系統我們已經打磨一年，確保兌換流程順暢。Tokenized silver is live today. I just covered that. A perpetual token is in testnet right now. So we're currently running testnet on the perp side. But it's a very unique situation to have spot with physical delivery held at Wyoming Reserve and a perp on top of that. We have a lot of hedging opportunities to create a very liquid, tight market and tight spreads. Silver is live today. Again, I said that. This is really exciting for me because we've been working on silver for about a year to make sure we had a really solid system to make sure we could handle redemption.

6:37這是我們現在的介面設計，目標是讓你用一個介面就能操作 Alt、Hyperliquid、Binance 等多個平台。很多人說我們是聚合器，但其實我們是軟體服務商，讓你自己決定要連接哪些市場、怎麼操作，可以同時平行運作。你會看到 Alt、Hyperliquid、Alpaca、Arkus、Binance、OKX、Bybit、Kraken、Crypto.com、Coinbase、HTX 等主流平台都能連接，所有產品都能用。This is what the interface looks like today. I want to target you one interface to Alt, Hyperliquid, Binance, and more. This is really, I think, unique in the sense that people say, Oh, you're an aggregator. We're not an aggregator. We're a software provider that allows you to control access to what you want to control to, right, and run it in parallel. So if you notice right here, you see Alt at the top, of course, because it's an A, right? I happen to be toddled, but it's Autonomous Unified Ledger Technology. It's just convenient that my mom gave me that last name. Hyperliquid, you see it right there. Alpaca, Arcus, Binance, OKX, Bybit, Kraken, Crypto.com, Bybit, Coinbase, and HTX. All of these are accessible, and all their products are accessible. Right on all markets. This is very unique.

7:30資訊透明與去中心化新聞

7:30我們平台還有即時新聞和質押資訊，特別是透過 Dale 在香港設立的新聞團隊，完全自主運作，我本人完全不干預內容。我們投資新聞，是希望用戶能獲得不帶偏見的資訊，自己決定要關注 Cointelegraph、CoinDesk，還是我們全球記者團隊的報導。You're going to see news and information, which we already have over here, staking news feeds. We're setting up, actually through Dale, Hong Kong-based news feed to provide our own news feeds, completely autonomous from me. I have no editorial control over what that news feed says. We decided to invest in news so that you can have access that's unbiased, and you can decide what you want to pay attention to, whether it be Cointelegraph, whether it be CoinDesk, or whether it be the news reporters that we're going to have around the world.

8:03這是我最興奮的部分，這個平台是我多年來一直想做的，現在終於實現了。我每天都在上面交易，雖然我很主觀，但真的很興奮。你可以連接自己的帳戶，依照各平台規則操作，但只需要一個終端機。長遠來看，這個 DeFi 與 TradFi 的整合終端會成為主流。雖然不會上 App Store，但你現在就能上網加入候補名單。This is the most exciting thing to me. I wanted to build this for so many years, and to see it live and be able to use it. I trade on it every day. I'm completely biased. But it's something that I'm pretty excited. You can connect your accounts, you can connect, and you have to follow the rules of each venue, but there's one terminal. And I really think that long term, this DeFi terminal to TradFi terminal is something that people can buy onto. It is not in an app form. The App Store will never let it be there. But it is in a form where you can go to it today and get on the waiting list to be part of it.

8:37產品藍圖與市場參與

8:37接下來我們會上線金和鉑的現貨，預計幾週內宣布。永續合約也會開放做市功能，市場做市商會被邀請參與。目前我們有專屬做市商 DeFi Capital Markets，今天早上很高興宣布這家公司已在紐約證交所上市，股票代號 DCM，旗下有 Universal DeFi，專門在我們平台做市。Market selection. The next selection will be gold and platinum. We expect to announce that in the next few weeks. Market making will be coming with perps. You'll be able to make markets if you're a market maker on all markets. You'll be invited in. Right now, we have a dedicated market maker called DeFi Capital Markets. We're proud to announce this morning that DeFi Capital Markets is public on the New York Stock Exchange. It'll begin trading on the symbol DCM on the 20th of October under DCM, the symbol, and it owns a business called Universal DeFi, which makes a market on all markets.

9:16為什麼商品這麼重要？因為這個領域幾乎沒有人碰過。這讓我想到早期比特幣在不同市場有不同價格，像韓國的泡菜溢價一樣。現在商品現貨和永續市場也會出現類似的價格差異。未來我們還會推出代幣化債券、固定收益商品，甚至 total return swap（總報酬互換），這會讓 TradFi 和 DeFi 真正融合。Why commodities is such a big deal is because it is virtually untapped and For DeFi to be part of something on Tap, I reckon it to the days when there were people out there that were trading Bitcoin on multiple markets for multiple different prices, where the disparity, like the Kimchi premium and stuff like that, was alive and well. There is a Kimchi premium here, or Kimchi discount here, that runs on the spot market and will definitely be on the perp market. Under consideration for fixed income and strategic areas not live, we will have tokenized bonds, we'll have tokenized spots, and we believe in the coming months ahead, total return swaps will enter alt markets.

10:01DeFi 與 TradFi 的融合與未來展望

10:01total return swap 市場很有趣，因為它的資金成本比永續合約更低。這需要我們在券商、轉帳代理人、傳統金融圈的技術和關係，能同時承作 TradFi 和 DeFi。我們預期這會成為一個很大的市場，未來還會有零日選擇權等創新產品。很多傳統金融的元素會逐步進入 DeFi，只要結算機制讓機構放心，機構採用只是時間問題。The total return swap market is very interesting because with total return swaps, the actual funding rate is much a bigger discount to what you do with perps. And when you think of a total return swaps, that takes our technology, our advancement, our investments in broker-dealers and transfer agents, our relationship with the street. The ability to underwrite a total return swap takes TradFi and DeFi at the same time. So we think it's going to be a big market eventually. We'll also see zero-day options and other things that will be really creative. You're going to see a lot of the TradFi components. Come over to DeFi in a way they go, wow, that makes sense to us. And we think there'll ultimately be institutional adoption once they can feel comfortable that the settlement rails make sense and that the institutions can get comfortable with this.

10:48我在傳統市場 37 年，幾乎認識所有大咖，很多世界級玩家都曾經是我的合作夥伴或共同投資人。現在銀的代幣化現貨已經上線（邀請制），接下來會有金和鉑。永續合約在 testnet，長期還會有債券、固定收益、API 給第三方應用和開發者。下一步是讓代幣化市場、永續合約正式上線，並在終端機上提供協助。I think we're uniquely qualified. I've spent 37 years in traditional markets, and so I believe I'm one degree. This isn't one degree of Kevin or six degrees of Kevin Bacon. I virtually know everyone in TradFi, or some, or I can get to almost everyone in TradFi. Some of the biggest players in the world have either been my partners or invested alongside me. So Tokenized Silver is available now, invite only. Here's the product roadmap: next, next, the tokenized spot on mainnet, bring out gold and platinum, which I've already discussed with you. No public access has been announced. We're in testnet for perpetuals, long-term SS for bonds, fixed income, and commodities, APIs for third-party applications and builder programs. The next major progress is tokenized markets, perps live, and assistance on the terminal.

11:35合作夥伴與競爭策略

11:35我們很希望你能和我們聊聊這個主題。我們這裡有一個開發團隊，Marco，負責我們的國際合作夥伴關係。我們並不把 Hyperliquid、Binance 或任何人視為競爭對手。我們把他們當作連結的夥伴，是合作對象。所以如果你現在使用我們的一些服務，實際上當你來到我們這裡、如果你在 Hyperliquid 交易，我們其實會因為你在 Hyperliquid 上而獲得收益。但我們希望把這些費用維持在非常低的水準。所以這裡有很多人會用 Phantom 錢包，或者他們會用其他工具來到不同地方交易，這些都會有建置者費用。我們希望讓這個市場變得非常有競爭力。So we'd love for you to talk to us about this. We have a development team here, Marco, who handles international partnerships for us. We do not see Hyperliquid, Binance, or anybody as a competitor. We see them as a connected partner, someone. So if you go to some of our services now, we actually get, when you come to us, if you trade on Hyperliquid, we actually get paid for you to be on Hyperliquid. But we want to keep those fees very light. So a lot of people out here use a Phantom wallet, or they'll use something to be able to trade somewhere, and there's builder fees. We want to make this highly competitive.

12:10我們認為我們的競爭目標是做市，能夠提供盡可能多的流動性。因此，我們在這裡看到的情境是，如果我們在尋找合作夥伴，我們希望找到建設者、託管人、想要做市的人、想要在多個平台上交易的人等等。We believe that the competition for us is to make markets, to be able to provide as much liquidity as we can. So we see the scenario here where if we're looking for partners, we want builders, custodians, people who want to make markets, who want to trade on multiple venues, etc.

12:29個人經歷與銀行業的未來

12:29我想，我想，我最後會用這句話來結束。我要說這些話。這正在被錄音，所以我要為 Olivia 和其他正在錄我的人說這些話。這將會是一段很棒的剪輯內容。正如我剛才說的，我做這行已經很久了，37 年了。對於銀行，對於外面那些眾多的銀行來說，我已經被銀行拒絕服務超過 10 次了。我常常跟別人講這個故事，就是我和我太太曾經在 U.S. Bank 有帳戶。我們的公司有 52 個帳戶。我太太還有她的女童軍餅乾帳戶也在那裡。我們所有的東西都被銀行拒絕服務了。我們所有的帳戶都被關掉了。在過去 10 年裡，我們的動力來源，就是我們從 2011 年開始接觸 Bitcoin。I would, I would, I'll finish off with you as saying that. I make these comments. This is being recorded, so I'll make these comments for Olivia and others that are recording me. This will be a nice edited piece. I've been around doing this a long time, as I said, 37 years. The scenario for banks, the multiple banks that are out there, I've been debanked more than 10 times. I tell people the story that my wife and I had accounts at U.S. Bank. 52 accounts for our business. My wife had her Girl Scout cookie account there. All of our stuff was debanked. All of our accounts have been shut down. Our motivation the last 10 years, we started out in Bitcoin in 2011.

13:07我們一直在挖礦 Bitcoin。我們在 DeFi 和 TradFi 裡犯過所有你能想像的錯誤。我們曾經犯過像是太早賣掉 Bitcoin、沒有好好持有我們的 Bitcoin 這樣的錯誤。但在過去六個月裡，我能夠在 Morpho 上質押五千萬作為擔保品，然後以 4.95% 的利率借出三千兩百萬，而且我只花了一個小時就完成這件事。三個月後，我又能用同樣的方式還清這筆借款，解除這筆交易。如果這還不能給銀行一個訊息，告訴你們現在用的系統、你們所花的時間，你們根本就是行屍走肉。We've been mining Bitcoin. We've done every mistake you can in DeFi and TradFi. We've made mistakes like selling Bitcoin too early, not keeping our Bitcoin. But in the last six months, I was able to put up 50 million of collateral at Morpho, borrow 32 million against that at 4.95%, and I was able to do that in an hour. Three months later, I was able to pay that back the same way, unwinding that transaction. If that is not a message to the banks that the system that you're using, the length of time you're using, You're dead men walking.

13:41如果你是銀行，還不擁抱 DeFi 和區塊鏈支付，你的下場會像柯達一樣。柯達發明了數位相機卻自己毀了自己。未來幾年會有很多監管阻力，但這股創新已經無法逆轉。SEC 和 CFTC 的創新豁免，讓代幣化和軟體有了合法空間。大家要注意，傳統金融即將被大規模顛覆。If you're a bank right now and you're not adapting DeFi and the payment rails that blockchain provides, your business is going to end exactly how Kodak's business was. They were the inventor of the digital camera and they hid it for a lot of years. You're going to see a lot of resistance over the next few years about how to regulate it, but it's out of the box. It can't be undone. The innovation exemption that the SEC provided for tokenization for securities, the innovation exemption that was provided for software, which is what we are by the CFTC, paves the way. You should be paying close attention to the fact that some people have figured out that there's going to be a massive disruption to the current traditional finance system.

14:24我邀請大家密切關注這個趨勢。很多人都說市場會變，但很少人真的見證過。我曾經幫第一位客戶賣出 1000 股 IBM，當時手續費高達 499 美元，現在這些費用都被消滅了，市場效率大幅提升，進入門檻也會越來越低。我們相信 Alt Markets 能成為這個新時代的一部分。謝謝大家，祝大家玩得開心！I invite you to pay close attention to this. Because we all say it, but we don't know what it means. I've seen it in real time. I was there when I sold a thousand shares of IBM to my first client, Simpad Panigian, and the commission on a discounted basis for those thousand shares for a $50,000 trade was $499. That got obliterated, but the markets have accelerated. Fees are going to come down. Access is going to come down. And we believe all markets can be part of it. Thank you so much, everybody. Have fun for the rest of the time.