The exchange's recent fee competition is really intense. Leading platforms are upgrading their strategies from negative fees in options trading to even offering maker rebates in spot trading—meaning you can earn fee subsidies just by placing orders that get filled. The survival space for small and medium exchanges is further squeezed, making it difficult to keep up with this money-burning model. Behind the fee war escalation, major exchanges are leveraging their capital advantages to build walls, and the ecological clustering effect is becoming increasingly evident.