Looking at this data is a bit heartbreaking. The current monthly transaction fee is only 60% of the previous cycle's peak, and the average fee per transaction has dropped to just 50%. In other words, the growth in user numbers and trading volume is achieved by heavily cutting prices. This phenomenon is actually quite dangerous— the cost of growth has turned into significant price cuts for products and services. For companies in any industry, this is not a very good sign. Low prices to attract volume can easily lead to internal competition, and future profitability and service quality are likely to be squeezed. Exchanges need to think clearly about how long this growth strategy can be sustained.