#crypto2023 Understand the correct posture of Crv: the business of leading the liquidity market, Curve’s core business is: spot trading; liquidity procurement, distribution and management. Spot trading is an encrypted business scenario with the largest number of users and the most frequent exchange of funds. According to DeFillama data, the total monthly trading volume of DEXs in January 2023 accounted for only 7.21% of the total spot trading volume of crypto assets. In the long term, the DEXs track will benefit from: the increase in asset classes and total transaction volume (industry Beta); the gradual erosion of the CEXs trading market share (track Alpha). The increase in the size of the liquidity market is also driven by two factors: the growth of the total asset class and value scale of the entire crypto world; and the trend of user funds shifting from centralized institutional custody to on-chain self-management.