🧐 Blockchain technology reshapes the financial market Figure Markets @FigureMarkets ——

Can a link be established between traditional finance and WEB3?

Each bull market has a different underlying logic, and different logics give rise to different industry structures and wealth effects, especially for exchanges at the top of the ecosystem. Because they gather all liquidity, exchanges have always been the core track of the industry, and this track is currently in a stage of competition and elimination!

In the ICO era, JuBi and YunBi were the worlds of fiat currency transactions. No one expected that 94 would suddenly arrive. Binance, which developed coin-to-coin transactions, took advantage of the trend and has dominated the market ever since.

There are also various rotations among the intermediate exchanges. For example, Fcoin, an exchange represented by the token economy, has siphoned off a huge amount of liquidity through the token distribution mechanism of transaction mining; FTX caught up with the DeFi craze and stood out with its derivatives!

So, what will the next generation of star exchanges look like?

In my mind, there are two, representing two directions. One is Hyperliquid, the ultimate on-chain; the other is Figure Markets, the ultimate compliance and security, exploring and expanding the intersection of the crypto world and traditional finance.

We will discuss Hyperliquid separately next time. This time we will focus on Figure Markets, because the emergence of Figure Markets is particularly important in the context of FTX’s collapse, CZ’s arrest, and the lack of new narratives in the crypto industry: