Recently, I discovered an interesting observation: #Kraken exchange is seeking an IPO, and #Coinbase is looking to acquire Deribit (currently the largest options platform in the crypto market). In essence, they are both doing one thing: increasing the asset classes of their exchanges.

Currently, exchanges are facing a significant ceiling; existing crypto assets can no longer achieve scalable growth in trading volume and user numbers. After years of development, the users who are interested in crypto have largely stabilized, and it has become quite difficult to increase the trading volume of newly added crypto assets. After all, tokens cannot be issued indefinitely, which is essentially a form of self-harm. The only solution left is to break through externally. If you don't break through, the periphery will find ways to erode your market, such as #Robinhood.

Where is the breakthrough? 'New asset classes.' For example, options, tokenized U.S. stocks, and U.S. treasury bonds. All of these require compliance and must fully adhere to U.S. SEC regulations and laws. Since the U.S. began pricing the crypto market, a regulatory framework is gradually forming a unique crypto financial protection circle in the U.S.

I speculate that in the future, there will be only two types of crypto exchanges: one type will still be the traditional single crypto asset exchanges; the other type will be new exchanges that offer U.S. stocks + U.S. treasury bonds + traditional financial derivatives + crypto assets. 🧐#Solana质押型ETF