It is said that exchanges rely on transaction fees to make a living, but this business may be quietly changing tracks. I have carefully read an in-depth study on GSR these days, which is quite inspiring. Let me talk to you all. GSR is a veteran market maker that entered the market in 2013. Simply put, it means continuously placing buy and sell orders in the market, so that when you place an order, someone will take over and the transaction price will not slide unreasonably. Many people think of market makers when they mention them, but I agree with the perspective of the article: to judge whether a market maker is not good, it depends on whether its quote is stable or not in three scenarios: stable market conditions, severe fluctuations, and token unlocking, and how the risk is managed, rather than labeling it. What's even more interesting is the series of actions taken by GSR this year. In March, we spent $57 million to acquire two companies, Autonomous and Architech, one for project initiation and financial operations, and the other for token design and issuance consulting. Libeara, which led the investment in institutional asset tokenization in April, officially landed this financing in June. In May, SC Ventures, a subsidiary of Zhada, also became its first external strategic shareholder, in addition to being registered as a Cayman entity. Looking at these things together, the direction is very clear. GSR does not just want to focus on quoting, but also wants to accompany customers from project issuance, trading, to enterprise financial management, all the way towards the direction of the cryptocurrency capital market. I have been in the cryptocurrency industry for almost ten years and have seen too many platforms that only focus on transaction fees rise and fall. Those who can cross the cycle are often the ones who can extend the service chain. Of course, the completion of the acquisition does not mean collaborative realization, and it still depends on whether the customers buy it or not. But whether the encrypted world will grow its own Goldman Sachs, GSR is a sample worth tracking. I have placed the original links and key tables in the comments section. Also, @ Bifu_ZH's "Money 101" Space tonight happens to be discussing this topic, from market making to funds RWA， I will go and listen to what the next generation of trading platforms will look like, if you are interested.