The Future of Exchanges: Integrating KYC and Trading Depth

From the perspective of product evolution, leading trading platforms are exploring a key direction — seamlessly integrating identity verification systems with trading functions, which is seen as the "natural foundation" for building a Super App ecosystem.

The underlying logic lies in the core challenges of platform ecosystem construction:

**Content operation layer** faces two major challenges — one is how to filter and aggregate high-quality content; the other is how to accurately match users' genuine needs. Most platforms underperform in the second aspect.

Taking short video platforms as an example, some products' recommendation algorithms are highly accurate, but they can easily lead to excessive user stickiness and content homogenization. This reflects the eternal trade-off between platform growth and user experience — how to keep users active while avoiding the trap of monotonous content.

The exchange's integration strategy seems to be seeking a breakthrough: by establishing trust through KYC, social interaction, trading, and asset management can circulate within a unified ecosystem, thereby optimizing content distribution accuracy and enhancing the layered experience of user interaction.