Who was the first to tear apart the product boundaries of cryptocurrency exchanges in the past year? When Bitget proposed UEX (Panoramic Exchange) in September last year, many people still regarded it as a marketing concept. Looking back a year later, Bitget has indeed transformed CEX from a "pure cryptocurrency trading venue" to a "global asset gateway mediated by stablecoins". The real product innovation in the encryption industry this round is not about adding a few memes, but about connecting assets, accounts, margin, and execution links, and putting all asset types such as stocks, tokens, perpetual contracts, precious metals, commodities, and foreign exchange on one trading platform. The seven "firsts" listed in Grace's open letter are not parallel stacking functions, but actually the same product logic: high-quality assets are listed on the exchange, on chain assets are put into spot, unlisted equity can be traded, collateral can be reused across assets, and the execution layer is handed over to AI. The CEX/DEX dichotomy is outdated, and platforms trapped in the original encrypted world will increasingly resemble closed markets with insufficient asset supply. These sets of data are worth looking at: The peak non encrypted trading volume accounts for 40% of the total trading volume, TradFi contracts and CFD have both exceeded $10 billion in a single day, and rToken has accumulated over 3 million transactions. Crypto users do not reject traditional assets, what is lacking is the efficiency of entry, account, and margin. The first year of multi asset trading has already begun. The ultimate goal of financial trading platforms is what SEC Chairman Atkins called a "super app" last year: a comprehensive platform for one-stop trading of commodities such as stocks, bonds, encrypted assets, precious metals, agricultural products, foreign exchange, and all other assets. In this regard, Bitget has indeed led the way in the cryptocurrency market.