A while back, I chatted with an executive at a trading exchange. He said, “Operating an exchange is really quite hard right now.”

In the past, everyone thought exchanges were one of the most profitable businesses. But after this cycle: contract business says user acquisition is getting harder and harder; KOL advertising budgets have clearly been cut back; project teams are becoming increasingly cautious with their marketing spend; and users are no longer as willing to jump in as they used to.

Suddenly, I remembered the last bear market—back then, just relying on promotion, airdrops, and posting content…