When it comes to the most challenging aspects of exchange infrastructure, it's not really about trading speed or feature iterations. The real test lies in how to coordinate the core resource of liquidity.

Orderly Network's actions in 2025 are quite interesting—they are using a self-consistent solution to break the deadlock. Shared liquidity pools prevent trading counterparties from being isolated islands; true decentralized governance rather than empty promises; a professional-grade vault risk management system to ensure asset security; plus support from Vanguard, an open distribution layer. Individually, these components are not new, but when combined, they form an ecosystem that strengthens itself—deeper liquidity leads to more decentralized governance, tighter risk control boosts user confidence, and a broader distribution network enhances ecosystem vitality. This self-reinforcing mechanism is the key.