When it comes to the competitiveness of exchanges, asset security is of course the top priority. But besides that, what else can truly make an exchange stand out?

Since the end of last year, a new concept has emerged in the industry—UEX (Universal Exchange). At that time, many people were observing, wanting to see what this new direction could actually become.

Fast forward to this year, a leading exchange has positioned this concept as its core strategy and launched it into the market with a single slogan: the world's first panoramic exchange.

The logic behind this is quite interesting. Traditional exchanges have almost fallen into homogeneous competition—similar depth in coin offerings, trading pairs, leverage multiples, and so on. How can you make users remember you?

From this case, a well-told story of product innovation with a fresh concept is more attractive than simply piling on features. Security is fundamental, but differentiation is the growth engine.

So the question is: besides security and product innovation, in what other areas should exchanges compete? Is it in refining user experience details, enriching ecosystem applications, or other dimensions of innovation?