Animoca Brands Research recently released a research report on the transformation of CEX from OTC chat groups to panoramic exchanges. The report mainly reviews the development history of CEX and explores how CEX has evolved from an initial OTC chat group to a global on chain gateway based on the current environment. They believe that we are transitioning from "early users" (phase two) to "early mass market" (phase three). Over the past five years, native crypto users and "Degens" have driven the growth of exchanges. Nowadays, the early mass market - those who only adopt innovation after clear returns are available for purchase - will become the new growth engine. To embrace this transformation, exchanges are evolving from centralized or decentralized exchanges to panoramic exchanges (UEX). In my understanding, this is actually to acquire mainstream users. CEX is currently developing towards a "super app" in the direction of Web2, with the core being: rich functionality and user-friendly operation. ◎ Rich functionality: From the earliest spot trading, to the later derivatives (contracts, options, etc.), to finance (wealth management, lending, payments, etc.), and now to the concept of trading all assets on the panoramic exchange app. This is actually all about "one-stop" meeting the needs of users of different types and stages. The operation should be foolproof: I believe everyone understands how many thresholds and difficulties there are for a novice user in current on chain transactions. From downloading wallets to creating, from selecting chains to gas, there are various authorization and contract pitfalls This is the difficulty that hinders mainstream users from entering the on chain world, and it is also the incentive for CEX to develop towards panoramic exchanges. Use only one app and one account to trade assets on the blockchain. The operation is foolish enough, wallet Gas、 Don't worry about chains, contracts, and everything else. All you need to do is enter the CA or token name and trade. I don't know if you still remember chain abstraction, it was also popular for a while before. Chain abstraction is actually very similar to the on chain trading implemented by panoramic exchanges. Realize transactions across multiple chains through only one wallet and one account balance. Unified gas and balance. Now, the abstraction of chains has not yet taken shape and may be surpassed by panoramic trading in higher dimensions.