Ishfaaq Peerally发布 2026-08-24
《Scale Economies Shared》
$DLO看涨
dLocal受益于规模经济：交易量增加带来更低价格、更高留存率和更多交易量；只要交易量增长，费率下降是可以接受的。
支付处理也是如此，那就是dLocal。它为大型商家处理的交易量越多，这些商家的价格就越低，他们就越有可能留在dLocal，给dLocal更多的交易量。
Same for payment processing, that is dLocal. The more volume it can process for the big merchants, the lower prices are going to be for these merchants, and the more likely they're going to stay with dLocal, give more volume to dLocal.
所以即使利润率——在这种情况下主要是Wise和dLocal的费率——在下降，这是故事的一部分。只要交易量在上升，这并不重要。
So even if margins—in this case it is mostly take rate for Wise and dLocal—are going down, this is part of the story. It doesn't matter as long as volume is going up.
甚至dLocal和Wise也在这样做，尤其是Wise对企业。他们有增值服务。所以他们以最便宜的价格提供人们想要的东西——也就是说，在dLocal的情况下，支付处理；在Wise的情况下，跨境交易——尽可能便宜。