Have you all had fun eating melons between @ cz-binance and @ star_okx these days? But as a Holder who still has some warmth towards the Crypto industry, his inner feelings are mixed. Let's talk about two feelings: 1) The current situation of CEX is very complex, it can be said that it is facing internal and external difficulties. We do not expect the big shots to unite, but the good time for tearing and fighting to seize the opponent's share has long passed. Externally, Wall Street veterans such as Nasdaq, BlackRock, and traditional banks are aggressively expanding under the banner of "tokenization", using their compliance advantages and Crypto native CEX market share, as demonstrated by: The tokenization of US stocks on the blockchain is competing for the "pricing power" that exchanges used to excel at; The mainstream legislation of compliant stablecoins is actually seizing the "settlement rights" of exchanges; And mainstream institutional channels such as ETFs are competing for the "pumping power"; Internally, native Perp DEX like @ HyperliquidX is crazily competing for the market share that these exchanges originally had. Derivatives are CEX's most profitable business, and Hyperliquid's perpetual contract market share is gradually catching up; The incremental markets that the US stock market, gold, and crude oil were originally intended to enter, of course, are all being done, but compared to the performance of Hyperliquid, we already know the answer; So, in my opinion, full screen cursing and standing in line are all advertisements for HYPE. ） 2) The deeper issue is that the wealth effect attraction law that CEX relied on in its early years is becoming ineffective. In the early years, these centralized exchanges were able to firmly grasp the throat of an industry that advocated decentralization, not relying on so-called beliefs and story expectations, but solely on the "benefit effect", including the expectation of wealth creation brought by the pricing of technology innovation narrative projects, the information gap dividend of early chips that Launchpad/EO allows retail investors to share, and the expectation of holding currency appreciation, mining, dividends, and so on caused by the repurchase and destruction of platform coins. But now the things that CEX used to maintain user stickiness are slowly collapsing. The narrative of technological innovation is withering away, and the projects that go online are becoming increasingly homogeneous. "Going online is the peak, opening is the smash, and pulling the market will have demons" has become a standard, and retail investors simply do not believe it; The information gap dividend of Launchpad used to be due to the difference in user groups between CEX, the game difference between VC and market makers. Now, with a set of Alpha and Taiwan Dollar Holder dividends, these market makers who used to play on stage have become vampires who do evil and compete with retail investors for chips in order to survive. What information gap dividend is there? As for the narrative of the "golden shovel" of platform coin repurchase and destruction, I won't say much. The shrinkage and decline of trading volume, supported by the popularity of ecological core projects, are essentially using operational and traffic methods to fight against natural bleeding, and ultimately will inevitably lead to backlash. The above. So you will find that CEX is not facing a single opponent at all. To exaggerate, the "opponent" you thought was the only "partner" who can keep warm when facing enemies from all sides in the future. So, I don't even look at those 'melons', those public opinion battles about right and wrong, they are all a waste of public resources, polluting the public eye, and have no nutrition at all. Because this is destined to be a match without winners, besides providing retail investors with a little bit of "entertainment" value, tearing apart will only chill the hearts of holders in every industry. We really don't care who loses or wins, what we fear is that the entire Crypto track will be further marginalized, and everyone will be cold and helpless!!!