The biggest issue with the CEX wars is the constant back-and-forth attacks. Currently, no CEX offers better liquidity and trading experience than Binance. The attacks from other exchanges are all talk, without actually providing better liquidity and services to beat Binance. The trend of Binance getting stronger is very clear this time, and it’s all based on their strong liquidity moat. When it comes to trading security and price manipulation issues, perpdex is also quite vulnerable. The XPL incidents over the past few months have clearly exposed these problems.