[Analysis: Coinbase is navigating the crypto market downturn by reducing reliance on trading fees] According to CoinDesk, Coinbase is gradually reducing its dependence on trading fees by expanding into derivatives, payments, and infrastructure businesses. During a system update event on Tuesday, Coinbase unveiled a range of products spanning derivatives, tokenized stocks, stablecoin payments, lending, and AI. Analysts believe this indicates the company is transitioning from a trading platform reliant on Bitcoin price cycles to a broader financial platform. Analysts are particularly focused on the derivatives business, as approximately 80% of crypto trading volume comes from the derivatives market. Expanding options and perpetual contract products could provide a more sustainable revenue source compared to spot trading. Stablecoin payments and infrastructure are also key directions, with the Coinbase Developer Platform enabling businesses to integrate stablecoin payments and crypto services.