All cryptocurrency exchanges should take a look at this tweet from a year ago titled 'Challenges of cryptocurrency exchanges in the US stock market'. Recently, I have seen many people talking about how funds in the cryptocurrency market have turned to the US stock market and how counterfeit stocks are crazily sucking blood. In fact, a year ago, I personally talked about this point: "Without fundamentals, altcoins will face a large number of attacks from stocks and tokens with fundamentals, performance, and high-speed growth. In the past two years, the wealth effect on the US stock market has been much greater than that on the cryptocurrency market. For cryptocurrency investors, how to choose will naturally transfer funds to stocks and even increase the proportion. The migration of funds and users is the first priority. The current situation is indeed as discussed a year ago, with knockoffs being fiercely squeezed and users and funds migrating to the US stock market At that time, there was also a conversation: "CEX, the centralized cryptocurrency exchange, has already felt the impact of the rise of on chain DEx trading in the past year (24-25 years), and it is estimated that in the next year (25-16 years), it will increasingly feel the influence of the tokenization trend in the US stock market. It has not been a full year since I said this sentence, and I can see that cryptocurrency exchanges have already regarded the US stock market as a battlefield. At that time, there were also discussions about the challenges that cryptocurrency exchanges face in the US stock market 1) Stock tokens and altcoins are fundamentally different types of assets. Stock tokens need to consider fundamentals, industry competition patterns, and growth potential, which poses greater challenges for exchanges in terms of user and asset operations (many of the current new user acquisition and airdrop methods cannot do it, and the business of storing and generating income from coins will also be compressed); 2) Then, in terms of growth, the pure traffic growth (brand, order placement, rebates, etc.) currently relying on encrypted KOLs should be compressed in the future. Coin market CEX needs to obtain new traffic from channels or influential bloggers who understand stocks and industries better. The natural solution is to actively embrace the trend of stock tokens, but it requires upgrading in asset gameplay and operational strategies; More reference should be made to the operation mode and strategy of the original Internet securities companies, and more attention should be paid to how Tiger, Futu and robinhood rose in the early years, and which operation strategies can be applied. Of course, if we delve into this aspect, we can have a lot to talk about and there will be plenty of opportunities to discuss later.