As products with similarly high risks and high returns, meme and contracts largely attract the same group of people.

With more people engaging in memes, there are fewer people trading contracts.

With fewer people trading contracts, the contributed transaction fees, liquidation amounts, and maintenance margins decrease.

And the most profitable aspect for CEX is contracts.

At the same time, the on-chain activity caused by memes is also threatening the existence of CEX.

With this analysis, the logic becomes very clear.