A friend always suffers from internal conflicts due to the inaction of the Crypto exchange, always filled with righteous indignation. Why does CEX always suck liquidity, why does CEX always deviate from innovation, why does CEX always do evil, and so on? But I told him that the essence of Crypto exchanges is traditional securities firms, and they are positioned only as "faucets" and toll stations in the capital market, so they are destined to be "short-sighted" and "disruptive innovation". After all, their main customer base has never been long-term builders, but highly Fomo leeks, new arbitrageurs, quantitative structure speculators, and other "opportunists". Therefore, let's first give up the foolish idea of being disappointed in the industry due to CEX's inaction; Let's broaden our perspective and go back to Wall Street at the end of the 18th century, where early securities firms were equally indifferent to the great innovations that changed the world, only thinking about how to monopolize trading channels and earn more commissions. So, in any industry or sector, during the frenzy of any bull market, casino owners are always the first to become rich. However, when the market's existing funds are drained and there is no profit feedback from the real industry, it will inevitably lead to a pure zero sum game PVP style internal competition and depletion. However, the hundreds of years of history in the capital market have also confirmed that no market can always rely on "securities firms" to support its facade. CEX has great value and significance for the crypto industry, but it has not reached the level of being a "bottleneck". Crypto has more than 10 years of industry resilience and will not stop progressing due to the short sightedness and inaction of exchanges. The truly great capital market will also give way to industry giants in the spotlight: At the end of the 19th century, when stockbrokers in New York made a fortune by reselling railway stocks, it was Carnegie and Vanderbilt, the real industrial tycoons who built railways and refined steel, who ultimately accumulated a century of heritage for the United States; In 2000, during the Internet foam, Wall Street investment banks with junk stocks suffix (the first ones to earn a lot of money were also crazy underwriters. com), but now it is Apple, Microsoft, Amazon and other technology giants that really dominate NASDAQ and control global pricing power; Even in the current narrative frenzy of AI technology, the core assets are not the securities firms that provide trading channels, nor the tokenization of US stocks themselves, but rather Nvidia, Micron, Broadcom, and others that provide underlying computing engines. So, it is crucial to understand the essence of CEX's securitization. Any emerging industry boom period will experience a wild growth period of speculative frenzy and channel monopoly, but this will not change the ultimate trend of an industry. Crypto natives should see how BTC has gradually become digital gold, how ETH has steadily become the trust foundation of a decentralized global settlement network, and how SOL and HYPE have diverted attention and capital from the wave of tokenization in the US stock market. Only by seeing these potential Crypto "industry giants" can we avoid excessive pessimism and disappointment about the future of the industry. Moreover, CEX will also become a part of promoting industrial innovation due to internal competition, and it is impossible to continue working hard