Recently, I've been watching the drama *Blossoms Shanghai*. The restaurant Zhizhenyuan on Huanghe Road—the bustling and lively spot in the show—left a deep impression on me. In the 90s Shanghai, Zhizhenyuan symbolized prosperity and top-tier glamour, but when the cold winds of the market hit, it became the target of criticism. Today, we see similar shadows in the centralized exchanges of the crypto industry. During market booms, exchanges shine brightly with their fee-based model (“taking a cut”), and everyone willingly contributes a portion of their profits to the top players in the market. But once the market takes a downturn—like the “1011 crash” in 2025, where countless assets evaporated in an instant—the attention of retail investors, competitors, and regulators all turns to those “Zhizhenyuan” establishments that still have their lights on. And so, centralized exchanges become the target for many players to vent their frustrations. But the question is, does targeting them really solve the problem? If we lose the mature and stable mechanisms of centralized exchanges, will the lights of the entire industry dim as well? If the crypto world’s “Zhizhenyuan” goes dark, what kind of chain reaction will it trigger? What do you think top platforms should do to save themselves during the winter? Feel free to leave a comment and share your thoughts~