Recently, the Binance wallet airdrop event dappOS, an on-chain exchange. Unlike other on-chain exchanges, it resembles the network connectivity system of traditional stock exchanges, meaning that when you place an order there, it sends messages to all on-chain exchanges, placing a delegated order everywhere, and ultimately selects the best price and fastest speed for you to complete the transaction. This narrative is very appealing and has great prospects.

The life of an exchange is primarily about reducing trading costs. Because finding suitable trading counterparts and trading prices incurs significant costs, including searching for trading partners, information asymmetry, and trading defaults. In an exchange, information is aggregated, reducing people's information search costs. The openness of information reduces fraud. The emergence of standardized exchanges can greatly lower trading costs by providing centralized trading venues and facilities.

Secondly, liquidity. Once an exchange is formed, it can gather the buying and selling intentions of numerous investors, significantly increasing the success rate of individual investors' trades. That is, under the premise of accepting market prices, buyers can buy the quantity they want, and sellers can sell the quantity they wish. The more participants there are in trading, the more likely investors will have differing views on the future, thus increasing the chances of stock transactions. This attribute is called liquidity; exchanges bring about concentrated liquidity, which is the vitality and foundation of exchanges.

On-chain exchanges' transparency and decentralization are the beliefs of blockchain. However, currently, on-chain exchanges face high costs and low liquidity issues, which are essential to the life of exchanges. The spot trading that dappOS has launched aims to solve this dilemma, which is also why I am optimistic about dappOS.

However, some friends participating in the official website trading have mentioned that the website is poorly designed and inconvenient for trading. I believe that being a technology provider for an exchange is a more certain future than becoming an exchange; running an exchange requires a user-friendly interface, promotion, and gaining user trust, among other factors, which is highly competitive. But being a technology provider is relatively simple; advanced technology is sufficient. I hope dappOS goes further in the future.