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

Liquidity is the lifeline of financial markets, referring to the ability of an asset to be quickly converted into cash without significantly affecting its price. 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 in high liquidity markets are lower; for example, the slippage on Binance's ETH/USDT trading pair is much lower than that of niche DEXs.

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

3. **Market Stability**: Platforms with high liquidity (such as Uniswap or leading CEXs) are better able to withstand shocks from extreme market conditions.

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