Clutching my chest, this article is basically a summary of recent posts, pointing out the future direction of the crypto world. Over the past year, the trend of crypto exchanges merging with traditional exchanges has become increasingly obvious. On one hand, this is a move that crypto exchanges have had to make under the backdrop of a bearish market, in order to maintain daily active users and consolidate their capital reserves. On the other hand, traditional exchanges are envious of the massive trading volume and liquidity generated by the crypto market's 24/7 trading system during bull markets. The mutual pursuit of these two previously separate worlds has led to regulatory adjustments, improved user convenience, and a shift in the paradigm of asset issuance. Chaos is a ladder, and change inevitably brings opportunities. New asset issuance will undoubtedly create even greater opportunities. The on-chain derivatives market might become the next big trend, potentially growing to a scale several times larger than it is now. The bear market is only temporary; the bull market will surely come.