FTX has been gone for three years now. Putting aside all the things SBF did, purely from a product perspective, many of FTX's features are still competitive even today, and in some cases, ahead of most exchanges. The sub-account system is something no other platform has replicated to this day. FTX's sub-accounts were built into the native account architecture, not the clunky, restrictive, permission-heavy designs you see elsewhere. Opening a sub-account felt like opening a brand-new account—clean and seamless. FTX was already offering tokenized stocks in the last cycle. It's only in this cycle that some exchanges started using this as a selling point, lagging an entire cycle behind. Quant Zone was a masterpiece. You could create automated strategies without writing code. Back when I was doing arbitrage, I’d just set up Quant Zone to run, saving a ton of development time. Other products included index futures, leveraged tokens, hourly-settled funding rates with no cap (the only one of its kind at the time), and an RFQ-based OTC desk. FTX's product design was truly ahead of the industry by an entire cycle. Three years have passed, and if SBF hadn’t done what he did, if FTX were still around, I believe it would have driven even more innovation in the CEX space. What a shame.