In this cycle, second-tier exchanges are basically struggling to survive.

When liquidity is good, everyone can benefit.

When liquidity is poor, traffic and funds tend to concentrate more on the top players.

In the past, second-tier exchanges could seize hot coins, which the market would often interpret as good news to drive prices up.

Then they would continue to wait for larger exchanges.

This progressive wealth effect from liquidity no longer works.

Now the containers on the chain have become larger, and often first-tier projects can independently complete their market cap evolution directly on the chain.

Unless the market cap is sufficiently low, it is difficult to achieve a wealth effect even on larger exchanges.

Currently, most second-tier exchanges rely on contracts, betting against their users.

However, at this stage of missing liquidity, the probability of problems will only increase.

Because salaries need to be paid, and platform operations must be maintained.

Everyone wants to make money, so here comes the question.

Who will lose money?

I believe that those who go to second-tier exchanges to play with altcoin contracts now are all brave warriors.