At first, I thought Binance's average 1 USDT red envelope was already embarrassing for the crypto community. After all, converted to RMB, it’s not even enough for a bean bun, yuanbao, or Ant Fortune. Turns out, it’s all about comparison—OKX’s red envelope is even more ridiculously low. Guys, do you see what’s happening? Exchanges are clearly unwilling to invest anymore. It’s obvious that trading volume is continuously declining, and stricter regulations in mainland China are making it harder to promote and attract new users. Next up, it’s going to be lower transaction fees. They’ll have no choice but to continue the price war by cutting fees further.