It is normal business practice for large companies to use resources to crush their competitors, and it is understandable. The problem is that Binance has only focused on operations, distribution, and public relations in recent years, without any real product innovation from the financial engineering level. BitMEX has launched perpetual contracts and funding rate mechanisms; FTX has Quant Zones, leveraged tokens, sector index contracts, and sub account systems, each of which were original product designs at the time. On the other hand, what new things has Binance brought to this industry in recent years? CZ is busy posting the right nonsense all day long, while He Yi is busy with PR, character design, and interacting with KOLs. Is anyone in charge of the product? If someone were really in charge, would the portfolio margin system produce such a large package? The first important thing in running an exchange is risk control. If you can't do this well, what else can you do? The crash of ACT in April last year was enough to make a big deal out of it, and 1011 directly caused a stir in the industry. Binance's explosive data API only pushes one transaction per second, and the data is severely underestimated. On the day of 1011, Binance had the highest holding volume in the industry and the third highest liquidation volume, only one-third of Hyperliquid. Practitioners knew that this was a public deception of the market. The corporate mindset of prioritizing public relations and maintaining stability is engraved in the DNA of Binance. In the neighboring shed, AI giants are busy training models, promoting autonomous driving, and developing GPUs and TPUs, honing and improving each other. Our industry leader is busy copying things that have been proven profitable and doing public relations to whitewash the situation. Don't ask, asking is daring to be the queen of the world.