In the rapidly evolving cryptocurrency landscape, trust is a critical yet underexplored factor shaping market behaviors and driving user preferences between centralized exchanges (CEXs) and decentralized exchanges (DEXs). Despite its importance, trust remains challenging to measure, limiting the study of its effects on market dynamics. The collapse of FTX, a major CEX, provides a unique natural experiment to examine the measurable impacts of trust and its sudden erosion on the cryptocurrency ecosystem. This pivotal event raised questions about the resilience of centralized trust systems and accelerated shifts toward decentralized alternatives. This research investigates the impacts of the FTX collapse on user trust, focusing on token valuation, trading flows, and sentiment dynamics. Employing causal inference methods, including Regression Discontinuity Design (RDD) and Difference-in-Differences (DID), we reveal significant declines in WETH prices and NetFlow from CEXs to DEXs, signaling a measurable transfer of trust. Additionally, natural language processing methods, including topic modeling and sentiment analysis, uncover the complexities of user responses, highlighting shifts from functional discussions to emotional fragmentation in Binance's community, while Uniswap's sentiment exhibits a gradual upward trend. Despite data limitations and external influences, the findings underscore the intricate interplay between trust, sentiment, and market behavior in the cryptocurrency ecosystem. By bridging blockchain analytics, behavioral finance, and decentralized finance (DeFi), this study contributes to interdisciplinary research, offering a deeper understanding of distributed trust mechanisms and providing critical insights for future investigations into the socio-technical dimensions of trust in digital economies.

翻译：在快速演变的加密货币领域，信任是塑造市场行为并驱动用户在中心化交易所（CEXs）与去中心化交易所（DEXs）之间偏好的关键因素，但其研究尚不充分。尽管信任至关重要，其度量仍具挑战性，这限制了对市场动态影响的研究。主要中心化交易所FTX的崩溃为检验信任及其突然崩塌对加密货币生态系统的可观测影响提供了独特的自然实验。这一关键事件引发了对中心化信任系统韧性的质疑，并加速了向去中心化替代方案的转移。本研究探讨了FTX崩溃对用户信任的影响，重点关注代币估值、交易流向和情绪动态。通过采用因果推断方法，包括断点回归设计（RDD）和双重差分法（DID），我们揭示了WETH价格显著下跌以及从CEXs到DEXs的净流量转移，这标志着可观测的信任转移。此外，自然语言处理方法（包括主题建模和情感分析）揭示了用户反应的复杂性：币安社区讨论从功能性问题转向情绪分化，而Uniswap的情绪则呈现逐步上升趋势。尽管存在数据局限性和外部影响，研究结果强调了加密货币生态系统中信任、情绪与市场行为之间复杂的相互作用。通过融合区块链分析、行为金融学和去中心化金融（DeFi），本研究推动了跨学科研究，深化了对分布式信任机制的理解，并为未来探索数字经济中信任的社会技术维度提供了关键见解。