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The competition logic of exchanges has changed. I predict that by mid-2026, at least two leading exchanges will follow this CEX. When all platforms reduce their transaction fees to 0.01% or even negative rates, and users can seamlessly arbitrage between multiple exchanges, a pure price war has come to an end. Currently, leading exchanges are all reconstructing something: the VIP system. OKX has significantly lowered the VIP threshold in November, Bybit.