At the moment when a leading trading platform surpasses 300 million users, it coincides precisely with the global capital re-pricing liquidity nodes. This is not just about numerical growth; it signifies a structural shift in the platform's role — it can no longer be merely a trading venue but has been pushed into the position of a crypto financial infrastructure. It must face regulatory challenges head-on while also meeting the practical needs of global institutions and retail investors.

What has truly transformed the ecosystem in the past two years are the seemingly dull aspects of organization and compliance. After resolving regulatory uncertainties in the US through large-scale settlements, platforms have begun to obtain licenses across multiple jurisdictions, restructured management, and introduced a dual-CEO system — completely separating regulatory communication from user product capabilities. Achieving these within a system nearly the size of a medium-sized country's GDP is more akin to an inevitable upgrade for large financial networks.

Deeper changes stem from the expansion of the asset side and payment networks. The newly launched on-chain asset issuance mechanism is essentially a crypto version of a project screening system — from information filtering and liquidity accumulation to final listing choices, platforms are increasingly taking on the front-end role in price discovery; the rapid rollout of stablecoin payments has allowed platforms to truly enter cross-border commercial networks for the first time, accumulating measurable usage in real-world scenarios such as supply chain companies, travel services, and freelancers.

Institutional investors are incorporating crypto assets into their standard asset lists, and these positions, during dynamic hedging and rebalancing, inevitably rely on the deepest liquidity pools worldwide.