Binance's increase in rebates for small and medium-sized market makers is a wise move in my opinion. On the contrary, the current rush by various exchanges to offer wealth management subsidies is very unwise. The problem with wealth management subsidies: • Higher returns on wealth management products will lead to higher interest rates for borrowing USDT. The increased cost for quantitative trading teams to borrow USDT from exchanges to run strategies makes it harder to execute, leading to even lower trading volume. • All exchanges are scrambling to attract deposits, leaving money sitting idle in wealth management products earning interest. Those genuinely interested in buying coins, conducting quantitative trading, and providing liquidity are facing liquidity shortages. • This effectively raises the overall cost of capital in the cryptocurrency market, creating a round of "inflation," which is detrimental to all financial assets. • Those attracted by subsidies are hot money; once the subsidies stop, they leave, leaving no real trading users. • Ultimately, most subsidies are pocketed by professional arbitrageurs, leaving ordinary users with very little. • The higher the interest rates, the more money exchanges need to invest in pursuing even higher returns. Historically, most platforms that collapse started with high interest rates. Benefits of lowering transaction fees and increasing market maker rebates: • Market makers are willing to place more and denser orders, resulting in deeper order books, less slippage on large orders, and fewer price spikes. • Lower transaction fees encourage retail investors to trade more, lowering the profit and loss threshold for quantitative trading, naturally increasing trading volume. Rebates are paid based on actual transactions; the money subsidizes those who actually do the work, not funds that passively earn interest. • Good market depth attracts large investors and institutions, and the higher the volume, the more transaction fees the exchange earns. • A thick enough order book can withstand future market crashes and panic selling, preventing a complete collapse. Therefore, I still maintain this view: an exchange's true competitive advantage lies in market depth and activity, not interest rates. When competitors encounter problems, wealth management products raise interest rates. But raising interest rates won't save market depth; only lower fees can.