The conscience of the exchange The exchange, as the center of assets, has become the center of Drama. Since I joined the industry, I have experienced countless bizarre events. The simplest one was coin theft, and the most exaggerated one was when the OKX boss entered and couldn't withdraw coins, which lasted for a period of time before recovering. The high volatility of the industry has caused losses for all exchanges that engage in "smart operations" in order to make more money, and there have been cases of bankruptcy as a result. Looking back so many years ago, the conscience of the exchange is not to create many Alphas, but to solve problems and ensure that users' assets are deposited safely. In the last cycle, the safety of the top three, OKX and Huobi, and their ability to solve extreme problems are the key. I remember that both Kucoin and Mexc once attracted market attention due to a period of coin listing effect, resulting in a sharp increase in revenue in a short period of time, but it is still difficult to threaten the positions of the three major players. The fundamental reason is that the three major assets have a large amount of sedimentation, and users feel more at ease placing their money there. When the market comes, the trading volume will come. As time goes by, the Huobi of that year is already history. Through the currency effect and access to USDE, Bybit has gained good attention and capital for a period of time, and is close to being able to replace the third tier of Huobi in the current year. Unfortunately, the credit accumulated by a wave of stolen coins has been cleared, and it can only start again. This cycle is the Attention cycle, and every exchange is working hard for a new version. Bybit did well on the new coin asset side in the first few months, and OKX did well on the on chain trading side. Both have found their product strengths. The earliest way Binance captured attention was through the use of contracts to replace spot trading. The most direct reason was that they wanted to attract trading volume from these new projects, but were concerned that spot buyers would lose credibility by accepting orders at high levels. However, it is indeed difficult to gather consensus on counterfeit coins in this cycle, and users are accustomed to the convenience of contract transactions, so most of them have not performed as expected. Seeing that the valuation bubble of altcoins could not continue, Binance combined Bybit and OKX tactics during a wave of small bull bear conversions, launching the Alpha+IDO combination punch, which lowered the valuation of all new coins. The derived airdrop model for Alpha users also transformed Attention into a benefit for Alpha users. Undoubtedly, this has sparked a lot of discussions on the design of airdrops by project parties and early chip allocation. However, in the early stages of this version, one of the reasons for the rise of MEME was that retail investors were unable to obtain VC coin chips at low prices. With Binance's combination of tactics, the situation has improved. This is the third cycle of the exchanges, and the leaders have already emerged from the primitive stage and entered a stage of stable growth. What is needed at this stage is stability. The top exchanges should not focus on creating wealth effects by supporting certain types of assets in a desperate manner, but should ensure the safety of user funds and prioritize the interests of users in case of emergencies. Then it's about capturing market trends for each version and strategically providing users with products and trading targets that are more suitable for the current version