The most important thing for exchanges during a bull market is expansion and maintaining market share. During a bear market, the focus should be on 'compliance.' Find a larger liquidity vehicle for the 'narrative' in hand, or in other words, find more buyers for the narrative. But the process of going from a small town to the world requires constantly paying protection fees, and even many previously free actions will be restricted. However, for the development of the industry, the outcome is always positive.