2026-01-08 12:29:12

A certain leading exchange recently launched the TradFi perpetual contract feature, which indeed is quite surprising. Looking back to October 2020, FTX was the first to introduce tokenized trading pairs for dozens of stocks and crypto assets, and that innovative move shook the entire market. Over five years have passed in the blink of an eye, and the industry landscape has completely transformed. The pioneers of the past have long become history, while functional innovations continue to iterate. This perhaps explains: in the crypto market, it's not about rushing fast but about surviving longer; while innovating, one must also maintain risk control. From equity tokens to TradFi derivatives, exchanges have always been exploring how to deepen the integration of traditional finance and on-chain assets. This story is far from over.

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GasFeeSurvivor

· 3h ago

The FTX incident was really heartbreaking; no matter how innovative you are, you have to survive.

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StopLossMaster

· 17h ago

FTX's whole system ultimately collapsed, and now who dares to say they've innovated?

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StakeTillRetire

· 01-09 13:19

That FTX episode was really a lesson. No matter how innovative it is, there must be risk control; otherwise, it's just a backstory.

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ApeWithAPlan

· 01-08 12:58

The lessons from FTX are written in blood. Why are you only now jumping on the TradFi contract bandwagon? Why didn't you do it earlier?

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GameFiCritic

· 01-08 12:58

It's better to live long than to run fast, and those words hit too close to home. FTX's wave of innovation was indeed impressive, but what was the result? Once risk control is relaxed, even the best ideas are useless. Looking now, exchanges are still pondering the integration of TradFi, which sounds nice as iteration, but in reality, they are just cautiously innovating on the corpses of their predecessors. --- In five years, the industry landscape has changed dramatically, but the essence of exchanges hasn't changed — they still make money from trading fees. As long as risk control doesn't collapse, anyone can survive to the next round. --- The real test isn't about having more features, but whether they can maintain user trust. FTX has taught everyone this lesson. --- Sustainable growth > aggressive innovation; this order needs to be reversed for the industry to stay clear-headed. How many exchanges truly want to survive long-term now? --- From equity tokens to perpetual contracts, after all the twists and turns, it's still the same logic — but in risk management, some exchanges are finally taking it seriously. Hopefully, this time it won't be a flash in the pan. --- To put it plainly, surviving is more scarce than innovating. After what happened with FTX, the industry should have understood this.

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SorryRugPulled

· 01-08 12:52

That wave of FTX really had me feeling like I was being harvested and doubting life. Now looking at these exchanges launching new features, I still feel a bit uncomfortable. What's the use of innovation if risk control isn't done well, you'll still end up losing.

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Layer2Arbitrageur

· 01-08 12:52

lmao ftx speedrunning the entire industry into bankruptcy teaches us all a valuable lesson - moving fast breaks things, literally. but here's the math: if you're not optimizing your risk parameters while iterating, you're just compressing your liquidation timeline. exchanges learning this the hard way, still watching the spreads though ngl

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OnChainDetective

· 01-08 12:41

FTX's operations back then now look like a black box, the fund flow is too complicated... This time, the new exchange is launching TradFi contracts, I need to dig into the large transfer records behind it, I feel like there's something there.

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GasBankrupter

· 01-08 12:35

FTX was really impressive back then, but what happened? It disappeared overnight. Now everyone is copying its playbook; honestly, as long as you're still alive, you've already won.

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