It’s becoming very difficult for future mid-sized and small platforms to directly challenge the big players:
Binance / OKX / Bybit / Bitget / Gate.

So we can no longer pursue:
“Having everything.”

Instead, we should become:
“In one specific area, I deliver something that others cannot replace.”

For example:
A certain region;
A certain type of trading users;
A certain asset class;
A specific arbitrage ecosystem;
A particular on-chain gateway;
A specialized trading tool.
First build a local moat, then expand outward.
This is more realistic than trying to burn money across the board.