This participation in the @ Bybit_ZH Bybit event left a deep impression on Bybit's product capabilities. As the saying goes, outsiders watch the excitement and experts watch the tricks. As an experienced cryptocurrency enthusiast, I mainly look at two points when I want to know the background of an exchange, 1. Team members' mental state and work status The status of internal personnel can be interpreted in many ways, such as judging from the composition of employees whether there are more experienced and practical elderly people in the cryptocurrency circle, more superficial individuals, or pure social recruitment with the first degree. The recruitment direction can also be interpreted as the strategic direction of the institution. From the treatment of employees, we can not only see the profitability of the company, but also the boss's pattern, after all, employees will like bosses like Pang Donglai who have a pattern. 2. Production and research capabilities Nowadays, the operation of exchanges can be said to have no secrets. Whether it is buying a system from the market to start a new exchange or wanting to make an old exchange bigger and stronger, the methods and systems of exchange operation have already completed technological diffusion, and the entry threshold has been greatly reduced. But the systems you can buy can only be the basic version, and some even have simple versions that are only available in stock and do not even have contract systems. Having one's own production and research team to customize products according to market trends and event operations, and ensuring stable operation, is the trump card. Bybit's liquidity solution, gold crude oil futures products, and the knockoff contract platters quickly answered by @ benbybit Ben after being asked by on-site partners are all beyond the capabilities of ordinary small players. I am very interested in the liquidity optimization of the first 180 projects, after all, during the on-site demonstration, it was claimed that even BNB's order book was thicker than BN's. Coincidentally, the other day, Jiyuan had dinner with several project parties and learned that BBT is forcing project parties to strengthen their market placement, and even many project party market making accounts have been wiped out.. But this is actually a good thing for leeks, after all, leeks are the weakest in the zero sum game of the triangle between the exchange, project side, and leeks. If the exchange can strongly suppress the project side and give up profits, it will be a good thing for leeks. And this dividend can only occur in exchanges during the catch-up period. On this journey, I also met a young man who works in quantitative trading at BBT. Recently, his gold arbitrage strategy at BBT has achieved an astonishing daily chemical yield of 2%. Of course, this is related to the unprecedented unilateral market trend in gold, which is unsustainable in the long run and has limited strategic capacity. However, the different products provided by BBT to players of different sizes can indeed ensure the diversity of the exchange's own users, and further deepen its liquidity from the side. Its rapid growth from a third - or fourth tier small firm to a top three in the industry is not just a name for itself. In particular, Ben's decisive handling of the theft of 1.5 billion yuan won unanimous acclaim in the industry. However, it seems inappropriate to go off the scene in person with KOL two days ago. After all, it is more appropriate to hand this job over to the following people to communicate first, and it is also not possible to attack Rocket at the beginning of every situation. From this, it can be felt that the depth of staffing on the market side, especially in the Chinese speaking area, may need to be further strengthened.