Now the real trading volume on second- and third-tier exchanges has plummeted, and user loss is severe. Even long-established ones like OK and Gate are facing the same issue. Only top players like Binance and Coinbase are barely holding on. Layoffs at exchanges are just around the corner. Relying on launching one or two memes to attract new users is tough. Without a significant wealth effect, user loss becomes the norm. It's once again a test of who can endure longer.