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The dominant position of leading exchanges is indeed solid, and it's hard to imagine anyone truly breaking the situation. Frankly, what users need is not flashy innovation; a trading platform with sufficient liquidity is enough.
The reality is like this—after a group of people lose and leave, the platform has to figure out how to attract new participants to fill the gap. The market is always cycling; old players are eliminated, and new faces keep emerging. This process continues endlessly. As an intermediary, as long as liquidity exists, the business can keep going.
Newbie retail investors come and go, and exchanges just sit comfortably on their throne.
To put it simply, liquidity is the lifeline; all innovations are just illusions.
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Another cycle of cutting leeks, newcomers filling the gaps left by veterans, exchanges sitting back and counting money.
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To be blunt, but will it really be like this? Sooner or later, a platform will break the deadlock.
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Just lying around and making money, no wonder no one wants to innovate.
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What innovation? As long as there's money to be made, that's all that matters.
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The problem is, is liquidity really that easy to maintain... once trust collapses, it's over.
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This is the most ironic part of Web3: decentralization ultimately still ends up being centralized.
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The ones who are drained dry are always retail investors; it's an old story.
That's too realistic; new retail investors keep coming in endlessly.
Top exchanges really won't die; it's too damn difficult.
That's how the crypto world is—one batch after another.
Innovation? Doesn't exist; as long as you have money, you can use it.
The essence of this game is that exchanges make money from spreads; everything else is nonsense.
The liquidity generated by veteran players' blood, exchanges are the happiest.
With such a level of monopoly, anyone trying to break it is just wasting time.
Sufficient depth makes everything else useless; it's a no-brainer.