The competitive landscape of the crypto world is undergoing a major shift. It is no longer a battle between exchanges, but a dimensionality reduction attack from super apps on traditional platforms.
Recent actions show this clearly. Wallets are no longer just tools for storing coins; they are beginning to integrate trading, staking, cross-chain, and other functions. Social platforms are directly embedding crypto payments, and gaming platforms are natively supporting NFT transactions. Each vertical field is giving birth to its own one-stop solution. Users no longer need to switch between multiple platforms; one app can meet all their needs.
This integration trend is fatal for traditional exchanges. When users can trade directly within social applications, why open a separate exchange? When NFTs can be bought and sold in-game, what is the value of OpenSea?
The advantage of super apps lies in user stickiness and scenario integration. They are not just for trading, but allow crypto functions to naturally integrate into users' daily activities. The future winners will not be the ones with the strongest features, but those with the most complete ecosystem and the smoothest experience. Traditional exchanges, if they cannot quickly transform, are likely to be marginalized.