The worst-case scenario for an exchange is actually quite simple—participants' enthusiasm cools down.

Just look at the contract position data across the entire network, and you'll understand. These days, the numbers have been continuously declining, dropping to a rather awkward level. What does the shrinking of open interest reflect? It indicates that market activity is declining, and traders' willingness to participate is clearly insufficient.

When there isn't enough capital flowing in the market and not enough contract positions to support trading, the entire ecosystem begins to bleed. This is a fatal blow to any trading platform. Therefore, a significant reduction in open interest is, to some extent, a red warning light.