Quickly understand Coinbase's "Everything Exchange" strategy and its layout Coinbase's "Everything Exchange" strategy is the company's core transformation direction in recent years, aiming to transform the platform from a simple cryptocurrency trading venue to a comprehensive one-stop financial exchange: supporting on chain trading, payments, financial services, and applications for all assets (including cryptocurrencies, tokenized stocks, derivatives, predictive markets, etc.). The core concept of this strategy is "Everything should be tokenized and tradable on chain", with the goal of building a faster and more global financial system, similar to a "crypto version of a super app" or "Crypto Venmo". Coinbase divides "Everything Exchange" into three levels: 1) Trading layer: Expand asset coverage, support spot, derivative (perpetual contracts, options), predictive markets, early token sales, etc. Currently, it covers over 90% of the market value of encrypted assets. 2) Financial Services layer: lending, pledging, payments, stablecoins (dominated by USDC), cross-border transfers, etc. The Base App is positioned as a vertically integrated wallet that connects payments, social functions, and multi chain transactions. 3) Application layer: On chain consumer applications, DeFi, RWA (real-world asset tokenization, such as stocks and bonds). 2025 is a major investment year for this strategy, as the company accelerates its layout through large-scale mergers and acquisitions, product development, infrastructure construction, and talent recruitment. By 2025, Coinbase will complete more than 9 mergers and acquisitions (with a total expenditure exceeding $5 billion) and vigorously develop internally to accelerate the filling of its weaknesses. The layout focuses on derivatives, tokenized assets, predictive markets, consumer DeFi, and global expansion. At present, through my previous tweets, everyone has also noticed that both Coinbase and Base are developing in a sprint manner, and Coinbase is about to hold a press conference on this strategy. The overall strategic framework and investment layout are summarized as follows. If there are any shortcomings, please feel free to add them: