Since the last time HTX $U held an event and nervously saved 1M to really touch Sun Ge's hair, I gradually took off my colored glasses towards HTX and started using HTX products seriously, occasionally checking what they were really doing. Recently, when someone calculated the trading volume of CEX in the market, it seemed that HTX also performed well, which surprised many people. Looking at the price performance of THX TRX again, it seems that HTX is not as bad as expected? Today, I had the chance to take a look at the industry white paper they released yesterday, which was over 20 pages long. Although there were no particularly surprising "expos é s", the overall quality was still good, covering almost all aspects of the current market situation, with some exceeding expectations. They did not stop at simple market forecasts or project listings, but started from the structural changes of the macro financial system, discussing digital assets within the framework of global liquidity rebalancing, currency form evolution, and geopolitical financial fragmentation, with a better perspective than many fake industry reports on the market. In addition, they also mentioned issues such as regulatory tug of war, stablecoin liquidity risk, and systemic black swan. They didn't just sing too much, and their butt wasn't too crooked. At the end of last year, I heard about HTX's space program. Molly and the HTX Research team mentioned several core judgments that are now quite accurate. For example, regulation is not about suppression but about systematic integration, and exchanges must take a long-term and compliant approach to survive. Last month, a bunch of CEX went to register for investment 。 I think brothers who pay attention to industry directions can read it and jump out of the details to take a look at the industry they are in, which should also be helpful.