coinex encountered operational difficulties and gracefully exited, allowing users to withdraw their assets as soon as possible—rather than exiting like some exchanges did in the past, where they blew up and vanished: including, but not limited to, zb, ftx, hoo, and others. Looking back to 2017, around the time Binance was established, the prevailing consensus in the industry was: there are only two business models in the crypto world—mining and exchanges. All kinds of OGs, capital, and top experts poured into the exchange track. I remember that in 2017, dozens of exchanges were registered; from my experience, the best was Binance, followed by zb, OK, and Huobi. Now, almost all usage is only on Binance. Most of the exchanges that were registered back then have long since disappeared. Now the landscape of the exchange arena has changed. It has entered a positive-feedback cycle where the strong get stronger. If newcomers don’t have major innovations, it’s quite hard to make it.