Massive user growth and overtaking competitors often come from black swan events or exchange shutdowns: 1. Binance's rise in 2017 was due to going global, while other exchanges that refused to expand overseas were left to wither and eventually decline. 2. In 2019-2020, Bybit leveraged its platform's strong product capabilities to benefit from the user migration caused by Bitmex's 'server outages.' 3. From 2021 to 2022, Luna's collapse, FTX's bankruptcy, Huobi's withdrawal, and OKX once again taking the top spot.