Recently compared the annual reports of two leading exchanges, and one of the top exchanges' design and content are indeed more thoughtful.

Interestingly, this year's CEX mining coin revenue rankings have changed — at the beginning of the year, $XPL seemed to sit firmly at the top for highest returns, but during the final sprint, it was overtaken by another leading exchange's $NIGHT project, ultimately surpassing it. This change quite well illustrates the point.

From the retail investor's perspective, this kind of competition between CEX platforms is actually a good thing. The rivalry among multiple top exchanges in token design and revenue mechanisms ultimately benefits us users. Fierce platform competition naturally leads to more innovation and benefits. Looking forward to next year, I hope major exchanges continue to compete in ecosystem development and user rewards.