Binance Square and OKX Square have been competing a lot recently. Back in 2018, there were already quite a few teams working on these square projects. Then in 2021, when Weibo started banning accounts, it got lively for a while. In the end, everyone realized they still had to go to Twitter. Only Twitter/Weibo have public traffic. The essence of these exchange squares is to keep everyone spending time in the app, which increases the likelihood of making trades. At its core, it’s just a form of stock competition when trading volumes shrink. Top exchanges aren’t putting in the effort to spend money on ads to bring new growth to the market. They’re always focused on fighting for existing shares, which shows how hard it is to achieve growth. All they can do is keep grabbing from the existing pool, using attention to drive more trading volume.