Can an exchange go the distance? To put it simply, it all comes down to whether they dare to shoulder responsibility when something goes wrong.

What happens when hackers strike? What if whales frantically drain liquidity pools (like hyper, which has been hit two or three times recently)? What if a market crash wipes out order book depth? In these moments, does the platform truly compensate users with real money, or do they just throw up their hands and say "trade at your own risk"?

If it's the latter, it doesn't matter if you're a top-tier platform now—you'll go down sooner or later. Look at all the major platforms that collapsed over the years; didn't they all end up abandoned because they played dead and did nothing when issues arose?

On the other hand, certain leading platforms managed to break through back in the day precisely because they were much more responsible than their peers at these critical moments. When there were problems with users’ funds, they actually dared to pay out of pocket to cover losses—that’s the core reason they survived and kept growing.