Regarding the KOL phenomenon on major exchanges, I want to say a few honest words.

There are many voices in the square criticizing certain KOLs for leading trades that result in liquidation; these are adult choices, and I find it hard to judge. But the core issue is worth deep reflection.

Over the years, the relationship between exchange platforms and KOLs has been quite clear—KOLs are responsible for attracting new users, and the platform takes a cut from the trading fee rebates. Under this model, the platform focuses on trade matching, and the industry ecosystem remains relatively healthy.

However, relying solely on fee rebates for income is clearly no longer satisfying some people's appetites. I believe many top KOLs are well aware of what the "customer loss" concept means; it's just that some words are not suitable to say openly.

Let's look at the reality: in normal project lead modes, KOLs can earn an additional 10% of the project's profit besides the trading fee; some projects are even more aggressive—when users lose money, KOLs can take 50% of the customer loss on top of the fee.

Everyone can interpret the true利益关系 of all parties themselves. Many people are now wildly harvesting new users while lamenting that exchange liquidity is declining year by year, but this logic clearly doesn't add up.