Exchange Industry Trends and Research

Against the backdrop of the gradual decline of the narrative around native crypto assets and the continuous shrinkage of liquidity, leading exchanges need new growth stories to maintain their platform valuations and market positions. Accessing the massive U.S. stock market is currently the most readily available and compelling answer.

"Why can they do it, but we can't?" This rhetorical question not only reveals the anxiety of traditional exchanges but also reflects the subtle and complex game between TradFi and DeFi after perpetual contracts have shifted from being gambling tools to global price discovery infrastructure.

Understanding the true value of a license is the foundation for assessing the long-term sustainability of an exchange.

Coinbase has a real opportunity to grow into a $300 billion company by 2031, driven not just by its exchange business, but also by its position as the top winner in the stablecoin and payment processing sectors.

After Coinbase, several other cryptocurrency exchanges have entered the capital market. Will Wall Street still pay a premium for the same story?

The story of SpaceX is both a true narrative of a hard tech company attempting to achieve the largest IPO in history and an active attempt by the crypto world to draw attention from traditional finance.

From market maker black boxes to structural failures, this list reflects far more than just liquidity issues.

Securities firms and banks work together to reposition the landscape of cryptocurrency in South Korea.

CME and ICE joined forces to go to the U.S. Congress and CFTC to complain, demanding strict regulation of the cryptocurrency derivatives platform Hyperliquid.

A few years ago, we were still discussing whether "cryptocurrency can replace traditional finance," but these transactions in 2026 tell us that the real story is that whoever holds the license, whoever has the customers, can define the next capital market.