The two "saints" on X have indeed been a hot topic lately.

Some praise them extravagantly, saying they are approachable despite their billions, with deep downward compatibility; others criticize them mercilessly, believing it's all just hype and no real substance; many more are just here for the gossip, watching the show in silence.

Actually, arguing about these things isn't a big deal, after all, everyone's perceptions and feelings are different. But fixating on "attitude," "attitude," and "persona" can cause us to overlook something more critical—the fact that the exchange industry has been quietly changing behind the scenes.

In the past, making money from exchanges was so simple. Spot trading was active, futures contracts were available, and they would try every way to attract traders, just earning fees while lying back. If the industry was still in a period of rapid growth, there wouldn't be time for all these flashy tricks. Focusing solely on increasing user numbers and trading volume was the main thing.

But now, look at the leading exchanges—aren't they all leaning toward becoming "all-rounders"? Wallets, Alpha strategies, financial products, copy trading services, social content... These used to be handled by third parties, but now exchanges are taking everything in-house.

This is actually quite understandable. Anyone who has done business knows: only when the main business reaches a plateau or even declines do they rush to diversify and look for new revenue streams. When a single trading business can no longer generate more profit, they start to incorporate related services to earn extra money.

External environments are also unforgiving. Once ETFs are approved, many people want to buy crypto exposure, and they no longer need to watch exchanges—they can handle it through traditional markets. The "only gateway" status of crypto exchanges has long been shaken.

So, you see, now exchanges are venturing into stocks, gold, and full-asset trading. Is this suddenly a love for traditional finance? Honestly, it's just because their user boundaries are being gradually eroded, and they have no choice but to defend passively.

Speaking of the so-called "approachable to billions, downward compatible," honestly, founders being humble is definitely a plus for users. But behind this, isn't it also a sign of industry burnout to the extreme? If they could still earn incremental revenue while lying down, who would bother to spend every day figuring out how to please users?

My guess is that the upcoming market will look like this: second- and third-tier exchanges will only find it harder and harder to survive, and market clearing is highly likely; first-tier exchanges will compete fiercely, and if they lack certain features, they will scramble to develop them overnight, fearing to fall behind.

As for those praising, criticizing, or taking sides, they are mostly just emotional venting with little practical meaning.

What I care more about is another question: the crypto world has been around for nearly 17 years without us noticing. During these 17 years, there have been super cycles that made people rich overnight, multiple breakout moments, and eye-catching events. But today, even exchanges have to rely on "all-round burnout" just to survive. Where has the incremental capital gone?

How many truly new users are still coming in? And how many old users have completely left and will never return?

If new blood is already scarce, then who is the current market fighting against? Who will get the last baton? Thinking about this is quite perplexing.