In 2025, a leading exchange delivered a noteworthy performance, with user numbers surpassing 80 million, obtaining compliance licenses in multiple regions worldwide, and rapidly expanding its ecosystem. But behind these impressive figures, is it genuine growth or just superficial hype?

Let's start with user scale. From fringe players to over 80 million users, the growth rate is indeed astonishing. However, a question must be raised—registered users and active users are two different things. Within this pool of 80 million, how many are zombie accounts, and how many are bulk registrations for arbitrage? Industry insiders are well aware of this digital game. The true indicators of strength should be daily active users, deposit retention, and other hard metrics.

Next, regarding regulation. Obtaining compliance licenses in places like Dubai and Singapore indeed adds a layer of confidence for users—at least official endorsement reduces perceived risk. But regulatory policies are like a roller coaster; today’s green light could turn into scrutiny tomorrow if the wind shifts. Compliance licenses are safety nets but not shields. For investors, this uncertainty always poses potential risks.

As for ecosystem expansion, DeFi, NFTs, and blockchain games are advancing simultaneously, creating a lively scene. The more projects there are, the more active the ecosystem appears. However, this also brings the risk of "over-expansion." If one sector crashes, the ripple effect could impact the platform’s reputation as a whole. Therefore, the quality and sustainability of the ecosystem are more important than sheer quantity.

Overall, this performance report contains genuine achievements but also masks several concerns. User base, regulatory progress, and ecosystem richness are all positive factors, but whether they can translate into sustained competitiveness depends on the platform’s core strength and risk management capabilities.