After carefully examining the recent actions of major exchanges, the tactics are basically the same—taking advantage of industry adjustment periods to aggressively seize hot concepts, while using capital and resources to suppress competitors. This move is indeed effective, but I think it’s only a short-term tactic that addresses the symptoms rather than the root cause.

The real problem lies here: all the major exchanges and large capital groups, their growth potential has long been stifled by the existing power structures. No matter how hard you try, as long as you don’t control power or hold the discourse, the ceiling is always there. Relying solely on suppressing competitors and fighting for hot topics cannot fundamentally change the distribution of power within the entire ecosystem.

Looking further ahead, where will this logic inevitably lead? It will evolve into a scenario where the entire world economy becomes a cartel mercenary model—power is highly concentrated, the middle layer is gradually squeezed out, and what remains are the power games of a few giants. Concepts like blockchain and DeFi were originally meant to break centralized power, but now it seems they are also unable to escape this fate.