Large platforms using resources to undercut competitors' costs is nothing unusual in business competition. But looking closely at certain leading exchanges in recent years, they've put considerable effort into operations and marketing, maintained significant PR momentum, yet surprisingly haven't delivered real breakthroughs at the product level.
Consider how other platforms operate—perpetual futures with funding rate mechanisms fundamentally rewrote how derivatives trading works; integrated quantitative trading tools and similar innovations all stem from product structure itself. High technical barriers translate to strong user stickiness. In contrast, what they're tinkering with is mostly marketing tactics and user subsidies. True product iterations addressing financial engineering problems—contract mechanics, pricing models, trading structures—are virtually nowhere to be seen. That's the real issue.
How long can throwing money at marketing sustain things? Eventually the product has to speak for itself.
It's just a lack of true innovation, right? Subsidies attract users quickly but they leave just as fast.
The landscape changed after perpetual futures mechanisms came into play. Platforms still burning cash now are pretty outdated.
Bottom line: no matter how aggressive your marketing is, if the product doesn't deliver it's all for nothing.
User stickiness can't survive on subsidies alone—it has to be the mechanism design itself that's compelling.
The top exchanges hype all day, but I haven't seen any real product breakthroughs. It's kind of embarrassing, honestly.
Financial engineering is where the real competitive advantage lies, and they don't seem to get it.
Large platforms using resources to undercut competitors' costs is nothing unusual in business competition. But looking closely at certain leading exchanges in recent years, they've put considerable effort into operations and marketing, maintained significant PR momentum, yet surprisingly haven't delivered real breakthroughs at the product level.
Consider how other platforms operate—perpetual futures with funding rate mechanisms fundamentally rewrote how derivatives trading works; integrated quantitative trading tools and similar innovations all stem from product structure itself. High technical barriers translate to strong user stickiness. In contrast, what they're tinkering with is mostly marketing tactics and user subsidies. True product iterations addressing financial engineering problems—contract mechanics, pricing models, trading structures—are virtually nowhere to be seen. That's the real issue.