Have you ever wondered why some leading exchanges are so nervous about decentralized trading platforms?

Many people think it's because of user loss or trading volume dispersion. But that's not the case.

The truth is only one— they fear the end of an era.

Look back at history. What do projects want when they list on exchanges? Find intermediaries, go through relationships, get approval layer by layer, and finally pay 20% to 30% of their tokens as "toll fees." Where do these tokens go? The intermediaries take a share, the exchange internal team takes a share, and then they directly dump them into the market.

Can you guess what happens?

Good projects can't get listed. Those that do are often dumped on by early insiders, and the most unlucky are always ordinary investors. This is a three-way loss—project teams lose, users lose, and the entire market also deteriorates. The only ones making money are those who keep siphoning blood from the middle.

What's more ironic is that project tokens are often dumped into the market just days after listing, leaving the project teams with no time or energy to stabilize prices, build ecosystems, or do long-term development. From the start, this approach is a dead end.

Now, something new has appeared, directly slapping this old system in the face.

It tells everyone a fact: you don't have to rely on centralized exchanges to build a healthy, promising project ecosystem. This conclusion poses a huge threat to traditional exchanges—you can imagine how significant it is.

This is not just a traffic issue; it's a complete restructuring of the entire token listing利益链. When the middlemen are cut out, what are those who rely on flipping tokens to survive supposed to do? Where will the bargaining power of traditional exchanges shrink to? This is the real pain point.