#交易流动性 **The Core Role of Trading Liquidity**

Liquidity is the lifeline of financial markets, referring to the ability to quickly realize assets without significantly affecting prices. High liquidity markets (such as mainstream cryptocurrencies or blue-chip stocks) have smaller bid-ask spreads and faster transaction speeds, making them suitable for high-frequency trading; low liquidity markets (such as niche tokens) may face risks of slippage and delayed transactions.

Liquidity directly affects trading costs and strategies:

1. **Cost Control**: Trading fees are lower in high liquidity markets, such as the slippage of ETH/USDT trading pair on Binance being much lower than that on niche DEXs.

2. **Price Discovery**: When liquidity is sufficient, prices are closer to their true value, reducing the possibility of manipulation.

3. **Market Stability**: Platforms with high liquidity (like Uniswap or leading CEXs) can better withstand shocks from extreme market conditions.

Whether it is large institutional trades or small retail operations, liquidity is a core indicator when choosing a trading platform.