Bitfinex's implementation of zero rates is actually competing for institutional users Bitfinex is almost the oldest and most enduring cryptocurrency exchange, founded in 2012, and should be the exchange that has experienced the most complete bull and bear cycles. Its positioning is professional traders and institutional level users. Bitfinex is also a sister company of the largest stablecoin USDT in the cryptocurrency market, belonging to the same system. Zero transaction fees are also sensitive to high-frequency trading, and almost only institutional users engage in high-frequency trading. This transaction fee is zero for both Maker and Taker, which is a major strategic adjustment for Bitfinex. This is highly attractive to high-frequency institutions, and this non time limited event has no transaction threshold or requirements. This is an event targeting all cryptocurrency categories, not just BTC ETH, and the future listing of Bitfinex's new coins is also a new direction worth paying attention to. Market makers and liquidity maintainers making on Bitfinex will become cheaper, and in my expectation, the liquidity of Shanzhai Coin on Bitfinex will also greatly improve. This zero fee model is very rare among top mainstream exchanges, as most of the exchange's revenue is actually related to fees, which means that the exchange subsidizes a considerable proportion of fee profits to institutional level users. —————— The zero rate activity aims to reduce trading friction, allowing trading decisions to return to the judgment direction itself, rather than being worn out by transaction fees, significantly reducing the cost of adjusting positions and trial and error. For altcoin traders, this also avoids additional wear and tear caused by multiple exchanges. Zero fees will inevitably bring more intensive trading volume, so can Bitfinex withstand it? Currently, the matchmaking engine has a delay of approximately 4ms Over the past 13 years, it has experienced multiple extreme market conditions and maintained stable operation 3. Risk control standards are at the institutional level —————— Personal Extension Part Perhaps this will rewrite the liquidity pattern of Bitfinex's Shanzhai Coin, thereby leveraging the entire market's discount activities for the exchange. If institutions really experience liquidity migration, it will have a demonstration effect on the entire industry. The competition between exchanges is likely to gradually shift from "fancy activities" to real discounts and trading experiences. To put it bluntly, if institutions start voting with their feet, the ultimate beneficiaries will actually be individual investors and project parties. It's not necessarily necessary to change platforms immediately. I think you can at least register first, look at the data and depth changes over a period of time, and then judge whether the value is worth using. Those interested can go and check the official announcements and trading interface themselves.