Whether it’s the FUD from Cathie Wood and other foreigners, or Lao Xu’s long post yesterday, the real reason why BN is under such heavy fire is: the tall tree catches the wind. Back when FTX was around, the bickering between the two wasn’t that big of a deal. Now BN stands alone at the top. Internally, other exchanges want to climb up; externally, the hype is eyeing them like a tiger. As the leader, BN is inevitably swept up by public opinion, directly or indirectly giving up market share. This situation will only be resolved when a giant second only to BN emerges, whether it’s a DEX or a CEX. Because by then, people will realize, oh, the new one isn’t playing fair either.