The RootData report contains a lot of relevant data, and what cryptocurrency exchanges are really competing for is not the stock ownership business of traditional securities firms, but the trading demand of TradFi. 1. The core reason for breaking the trillion dollar trading volume is that popular assets such as gold, US stocks, and South Korean stocks have had a good market this year, with enough heat and attention. In addition, various platforms have already made relevant preparations in advance. The strategies and operational ideas of various platforms are different, and the differences are quite obvious. 2. Binance remains the absolute leader in the industry, ranking first in all aspects. 3. OKX's advantage lies in its transaction costs, with the lowest weighted price difference among the five platforms. 4. Hype's data is the most unique and right-handed. The transaction share is only about 10%, but OI accounts for 26.8%. It can be seen that the user profile here has strong financial strength, mostly consisting of players who are accustomed to long-term and stable positions. The majority of users are heavily invested, which is impressive. 5. Gate is another way of playing: aggressively expanding assets while starting to relentlessly pursue liquidity. The US, South Korea, Japan, and Hong Kong stocks are all listed, with a significant lead in asset coverage and trading volume OI、 The growth rate and other indicators are basically at the forefront, and the biggest change is the emphasis on liquidity in the market. The report mentioned that in August, its market depth had ranked first for several consecutive days, and some assets even surpassed Binance. I want to have what others don't have, and I want to do better what others have. I personally think that in the past, many incentives on exchanges were more focused on trading volume. But from our previous discussions, it's the same. Agreements not only cater to big clients, but also learn to retain high-value users. Users like Hype who have long held funds and positions are high-value users. These users are actually very valuable to the exchange, and the platform can provide more specific benefits for them, such as handling fees, exclusive activities, and even loyalty systems based on the size and duration of their positions. Trading volume is important, and being able to keep money for the long term may be even more important.