Author: Anita

At the end of 2024 and the beginning of 2025, a seemingly "non-crypto" major event occurred in the crypto industry: live streaming is becoming a new battleground for major exchanges to compete for market share.

From Binance to HTX, to Gate.io and Bitget, the live streaming feature is gradually evolving from a "nice-to-have" service into the strategic core for trading platforms to compete for traffic, activate communities, and bind KOLs. This is not just a simple functional upgrade, but a transformation of the underlying competitive logic of exchanges.

In this speed and emotion-driven market, live streaming is reshaping the information flow, trading chain, and community ecosystem.

The triple logic of exchanges "competing" in live streaming: traffic, conversion, and content moat. In the past, competition among crypto exchanges mostly revolved around infrastructure aspects such as matching engines, asset security, and product innovation. However, as these "hard indicators" gradually converge, differentiation among platforms is shifting to the "soft layer"—user experience, community atmosphere, and content ecology have become new battlegrounds.

Live streaming is a powerful tool for enhancing user retention. The inherent shortcoming of crypto trading platforms is the "low stickiness" of users. Most users only stay briefly after completing a transaction, making it difficult to enhance platform activity and severely lacking a sense of community.

Live streaming can break this "static usage model." It transforms trading from a one-off action into a continuous participation process:

• Users can watch, chat, and trade simultaneously, enhancing their sense of participation;
• Real-time market analysis and KOL interpretations increase investment confidence and trading frequency;
• Platforms can bind KOLs, expand community influence, and create a flywheel of content—community—trading.

Content is trading, and live streaming drives the "instant conversion loop." The core of the crypto market is information-driven: a tweet, an AMA, or even an emoji can become a trigger for market sentiment. Compared to text, images, and videos, live streaming has a higher interaction density and dissemination speed.

More importantly, the deep integration of live streaming and trading has brought about a new product model:

• Users can click on "recommended coins" in the live stream to place orders directly;
• Supports one-click copy trading and automatic strategy replication, allowing users to learn while investing;
• Real-time linkage of data, signals, and emotions enhances decision-making efficiency.

This makes live streaming not just an "information dissemination tool," but a new paradigm of Content-as-Trade.

The KOL competition escalates, and the content moat emerges. In the Web3 world, "traffic = consensus = assets." KOLs, creators, and communities are among the most important non-standard assets for platforms.

By deeply binding KOLs through live streaming, platforms ensure that KOLs are not just traffic entry points but integral parts of the exchange ecosystem:

Binance creates "Binance Square," allowing KOLs to become content producers;

• HTX establishes professional barriers through analyst live streams;
• Gate.io explores new social trading methods combining live streaming, copy trading, and NFTs.
• Whoever can turn KOLs into "ecological nodes" for the platform will lead in the conversion rate of traffic and trading.

The three major exchanges have different approaches to live streaming ◉ Binance: Community-driven content platform Binance emphasizes community and ecological interaction in its live streaming layout, forming a content flow around Binance Square.

Through AMAs, new coin explanations, and market live streams, it builds knowledge entry points;

• KOL residency system combined with Launchpad promotions creates a "content + listing" synergy;
• Users can ask questions and interact in real-time, strengthening platform stickiness.
• However, at the same time, compliance issues regarding KOL-recommended projects are beginning to emerge, with content thresholds and regulatory pressures coexisting.

◉ HTX: Professional live streaming focused on trading HTX's live streaming is more focused on professional traders, led by an analyst team, emphasizing contract strategies and macro interpretations.

• Direct trading is available in the live stream, emphasizing a smooth experience of "analysis—decision—order placement";
• Content is primarily in Chinese, deeply cultivating the Asian trading market;
• Builds an expert-oriented content matrix to enhance platform professionalism.
• The downside is relatively insufficient interactivity, and content diversity is somewhat limited.

◉ Gate.io: Creating a new species of "live streaming + social trading" Gate.io's live streaming leans towards a "social experimental field," striving to integrate live streaming into the interactive logic of Web3.

• Supports users to follow the strategies of streamers, promoting community co-investment mechanisms;
• Introduces AI-driven market interpretations to enhance content generation efficiency;
• Links with NFT, blockchain games, and other content ecologies to broaden the boundaries of live streaming.

However, the overall volume of the platform is still less than that of Binance and HTX, and the influence of KOLs and content quality still need to be enhanced.

Trend Outlook: Will live streaming become a "standard feature" for exchanges?

AI-driven personalized live streaming recommendations. With data accumulation and AI development, platforms may achieve personalized live streaming recommendations in the future:

• On-chain active users recommend DeFi strategy interpretations;
• NFT collectors push for art live streams;
• Contract players guide entry into high-frequency strategy rooms.

Live streaming will become the interface for intelligent recommendations, a prelude to trading behavior.

Standardization of exchanges: From "pilot" to "essential." Currently, the live streaming feature is still in the early exploration stage, but it has already shown strong user conversion capabilities. Platforms like OKX, Bybit, and Bitget are likely to quickly follow suit, integrating live streaming as a standard feature into their trading interfaces, becoming the "operating system component" of the next generation of exchanges.

The rise of decentralized live streaming. With the improvement of Web3 infrastructure, decentralized live streaming protocols like Theta Network and Livepeer will also become future alternatives. They focus on anti-censorship, transparency, and creator incentives, potentially reconstructing the existing content distribution logic of live streaming.

For exchanges, this is both an opportunity and a challenge—how to balance centralized control and open content will determine the future direction of the live streaming ecosystem.

Conclusion: The end of live streaming is the financialization of content. Live streaming is transitioning from an entertainment tool to a content financialization engine. It not only connects KOLs and users but also links information, emotions, and trading behaviors, becoming a new gear driving platform growth.

However, the challenges of live streaming are also evident: content regulation, investment risks, manipulation controversies, and insufficient professionalism. If these issues are not handled properly, they could become new "minefields" for crypto platforms.

For exchanges, live streaming is an "offensive defense": it must seize user mindshare while maintaining regulatory boundaries.

This new battle has only just begun.

That concludes this issue's content.

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