Why can top crypto exchanges maintain huge profits? They basically meet every criterion for building barriers: Technical barriers: complex trading systems, not open source. Brand barriers: trustworthiness, users feel that if something goes wrong, the exchange will compensate. Network barriers: the more users, the lower the marginal cost of acquiring new users. Channel barriers: various agents are tied to the exchange. Regulatory barriers: compliance risk control teams, technical investments, and license acquisition. In contrast, DeFi's barriers aren't as deep, mainly just some brand barriers. But that's a good thing—it allows for continuous innovation. #Crypto #DeFi #Blockchain