More and more people think that the war of CEX+Bot is not over, including the money security is not so stable. Yesterday, I talked with my friends about a violent argument. It is easier to make a Huobi exchange at the level of the past (1/3-2/3 of the money security) than to make a stable money at the level of Tether (easy is not simple, it is easy to see the path). The first one is the futures exchange. This round, there are new exchanges with volume that you haven't heard of before. In fact, it's just a competition for several key markets. If they get bigger, they have to withdraw due to compliance, giving the new exchange a chance. The second is the options business, which proves that Deribit is not unshakable in the pursuit of liquidity. In the previous round, Deribit achieved a trading volume of over 90%, but in this round, Bybit has clearly increased its volume. There is nothing else but option product design and futures liquidity. Deribit is currently in talks with Coinbase for an acquisition, but will they continue to negotiate. The third is on the chain. No matter how much hype BSC is making now, this round of Binance has proven that big companies are seriously ill, management is far from the market, and systemic problems are not solved overnight. The pioneers will be punished. The fourth is the cyclical clock opportunity. If an experienced and strong gambling team operates according to the mindset of a casino rather than an exchange, they can acquire customers at a low price in a bear market and start trading at a low price in a bull market, and directly release spot bets in a bull market. With another chance, they can still go from being inexperienced to a considerable scale. In short, professional grass grass grass is needed.