#中心化交易所竞争 Reviewing the development history of exchanges, this method of competing for traffic is not new. During the late 1990s internet bubble, major portal websites also fought fiercely for search engine rankings. Now in the Blockchain field, we see similar scenarios. Hyperliquid occupies the top search position through advertising Bidding, merely to gain more users and volume. This approach may be effective in the short term, but in the long run, it may not be wise. True user stickiness and loyalty must be earned through solid products and services. History is always remarkably similar, yet few learn from it. I hope emerging encryption exchanges can break out of this low-level competition and focus on technological innovation and improving user experience to hold above in the fierce market.