2026-01-17 16:27:20

The trading data from January 17th has once again come to the forefront. Take a look at the spot trading volume of a leading exchange — almost five times that of the second-ranked exchange, and its derivatives market also firmly holds the top spot. This is no coincidence.

Where depth is good, traders naturally gather. The more traders there are, the more liquidity there is, the lower the slippage, and the better the prices. A positive feedback loop is thus formed, making it increasingly difficult to break. Interestingly, what has this exchange experienced over the years? Regulatory storms, CEO confessions, hefty fines — these are major events in the community. But its market share not only didn’t decline, it continued to rise. What does this indicate? In the crypto market, liquidity is the ultimate moat. Compliance, branding, and reputation all take a backseat in the face of depth.

Other exchanges want to shake up this position? It’s becoming more and more difficult. Unless there is a technological revolution in trading models, or regulators enforce a forced split, this pattern won’t change in the short term.

From a trader’s perspective, this means better transaction prices and lower slippage costs. But from the industry’s point of view, this excessive centralization actually harbors hidden risks. Single point dependency risk and liquidity crisis risk are both worth vigilance.

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GasFeeBarbecue

· 01-20 10:59

Liquidity is everything; brand reputation and such are all just superficial here. It doesn't matter whether top exchanges wear disguises or not, as long as the depth is sufficient. Regulatory fines? Laughable. They still attract funds, which is outrageous. Just wait and see when a real competitor appears; right now, there's no hope. Industry consolidation has indeed set a trap... but there's nothing we can do about it. Liquidity is king; everything else is nonsense. To put it simply, the winner takes all; others basically have no chance to turn things around.

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GateUser-9f682d4c

· 01-18 18:43

Liquidity is king, this is the reality, regardless of compliance. --- To put it bluntly, big players are all there, and retail investors have to follow. No way around it. --- Regulatory fines are so heavy that they are useless, this is the place where despair sets in. --- Centralization risk is indeed frightening, but who makes deep liquidity so attractive... --- Unless there's a technological revolution, this situation is a dead end. It's heartbreaking. --- The term "moat" is used perfectly; liquidity is more valuable than anything else. --- Slippage is so low it's outrageous, there's no reason not to use it. --- Other institutions are working hard too, but they just can't catch up; the gap is too big. --- Hasn't someone already mentioned the single point of failure? But no one cares. --- Once positive feedback is formed, it's over; even if you want to break it, you can't.

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rugdoc.eth

· 01-17 23:51

Liquidity is everything; compliance and other superficial stuff are just illusions haha Regulatory turmoil can't be suppressed, this is outrageous A fivefold gap, other institutions should really be worried The Matthew effect is intensifying, latecomers have no way out Slippage is off the charts, who still goes to small exchanges Basically, it's a monopoly, hidden risks are gradually accumulating Technological revolution? Don't even think about it, a turnaround is impossible in the short term Liquidity is indeed a moat, there's no denying that Over-concentration is truly dangerous, what if something goes wrong Unless there's a revolutionary innovation, the pattern is set

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SnapshotLaborer

· 01-17 16:55

Liquidity is king, and that's true. But when the day comes and something goes wrong, the entire market will be buried together. --- A 5x gap is huge, the structure has become a bit rigid. --- Compliance is pushed aside? So when can we trade with peace of mind? --- The ultimate moat? I think it's more like the ultimate risk pool. --- Even huge regulatory fines can't be endured; it really shows that liquidity wins the world. --- The level of centralization is truly extreme, it feels a bit precarious. --- Good trading experience is great, but I'm worried about a black swan happening someday. --- No one can break this cycle? Unless there's a real technological revolution. --- Low slippage is indeed attractive, but betting all chips on one platform—is that really a wise move? --- It looks like a win, but in fact, it's debt. The total account will tally it up.

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SchrodingersFOMO

· 01-17 16:52

Liquidity is truth, this saying is hitting closer and closer to home --- In simple terms, it's winner takes all, and others simply can't turn things around --- Regulatory storms can't even kill it, this moat is indeed solid --- It feels like the entire industry is betting that this one won't have any issues --- When the depth is good, people come; more people make the depth even better, a vicious cycle --- Wait, will regulators force a breakup if this continues? --- I just want to know who else dares to challenge its position --- Everyone can see the single point of risk, but no one cares --- In the face of liquidity, compliance is really useless --- This pattern can't be changed in the short term, but what about the long term? --- Gamblers gather together, and naturally, the depth increases

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PrivateKeyParanoia

· 01-17 16:41

Liquidity is king, how many times has this been said in the crypto world... But seeing the data right in front of us is still shocking. A 5x difference in trading volume, this moat is a bit outrageous. --- Speaking of which, the CEO has already admitted guilt, and the market share is still increasing? Did I underestimate human nature or underestimate liquidity... --- Wait, this logic doesn't add up—do compliance reputation and all that have to take a back seat? Then how come our circle still talks about security audits every day? --- I agree that short-term turnaround is unlikely, but if a technological revolution really happens... Hey, who can say for sure. --- Over-concentration definitely sets a trap, but the problem is, who would really go and disperse liquidity? Big players aren't fools. --- Depth is justice, this is indeed an iron law in the exchange world... It's a bit hopeless but there's nothing we can do.

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CryptoComedian

· 01-17 16:33

Laughing and then crying, liquidity is truly the ultimate moat. Regulatory turmoil can't stop it; this is what true depth is about. Compliance brand reputation? In the face of slippage, they all step aside. I think this logic is just perfect. Single-point risk is a hidden mine, but who can resist such attractive liquidity? Now it's all about technological revolution or strict regulation; otherwise, this pattern really can't be changed.

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staking_gramps

· 01-17 16:27

Liquidity is truly unbeatable; no storm can stop it. Wow, this moat is too strong. Depth is the king, other exchanges can just wash and sleep. But, is such centralization really not afraid of a crash? A monopoly, and the risk is also monopolized. Honestly, if it were me, I would still trade obediently within the depth. A 5x gap, and you can't even catch up. The moat has turned into a mansion, which is a bit scary.

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