As a product with similarly high risk and high reward, meme and Heyue have largely attracted the same group of people.
As more people play with meme, fewer are playing with Heyue.
With fewer people playing with Heyue, the contributions in transaction fees, liquidation amounts, and maintenance margins decrease.
And the most profitable aspect for CEX is the contracts.
At the same time, the on-chain activity caused by meme is also threatening the existence of CEX.
With this analysis, the logic becomes very clear.
