Hello, everyone,
I am Molly, HTX’s official spokesperson and HTX DAO ambassador. It’s a pleasure to be in Macau today, exchanging ideas with friends from the global technology, finance, and Web3 communities.
Over the past decade or so, Macau has undergone a major transformation, evolving from a single-industry structure into one that is increasingly international, diversified, and technology-driven. In some ways, this is deeply similar to the phase the crypto industry has gone through, as it gradually bids farewell to an era where “rapid growth masks all problems”.
This is the topic I’d like to share with you today: When the Tide Recedes: How Longtermism Will Define the Next Decade of Crypto Exchanges
I.
Over the past few years, the crypto industry has been defined by extreme volatility. It was what many described as the “Wild West era”. During this time, crypto exchanges stood out as the industry’s most dazzling business modeThey were characterized by a flood of liquidity, soaring asset prices, and an explosion in user numbers, while spawning some of the most well-known trading platforms.
However, 2022 brought a true stress test for the entire industry.
We witnessed platforms collapse due to inadequate risk controls, projects rapidly become worthless because they lacked real utility, institutions liquidated after aggressive expansion with excessive leverage, and many once-glorified narratives ultimately fail to survive the market cycle.
When the tide receded, a fundamental question resurfaced for the industry: What does a crypto exchange truly rely on to survive?
In the past, exchanges competed through marketing campaigns, high-risk incentive programs, and the pursuit of the latest market trends… But I believe the core logic of competition among crypto exchanges will undergo a paradigm shift over the next decade. The industry will move from competing for attention to trust; from speed to resilience; and from short-term arbitrage to long-term building.
II.
What brings me to this view? The most important reason is that the user demographics have shifted.
In the past, the crypto market was dominated by users with a high appetite for risk. Many entered the market in pursuit of explosive returns. Today, however, particularly after multiple rounds of market turbulence (and I’m sure many of you still remember October 11 last year), risk appetite is declining noticeably. Users are placing far greater emphasis on fund security, asset transparency, and liquidity management.
This means crypto finance is gradually evolving from a speculative marketplace into an asset management market. Once the industry enters the asset management phase, the benchmarks for evaluating an exchange will change. Users are no longer concerned solely about “What meme coin are you listing today?” Instead, they are increasingly asking: “Are my assets safe?” “Is the platform transparent?” “Are the returns sustainable?”…
This is a sign that the industry is maturing. It is also a signal that crypto exchanges are indeed entering their next chapter.
III.
Over the past few years, we at HTX have been pondering: What capabilities can truly endure market cycles?
In the end, we arrived at one answer: long-term trust. Long-term trust is never just a slogan. It is built on three core capabilities: asset transparency, fund security, and long-term asset management expertise.
That is why you may have noticed many of HTX’s strategies evolving over the past two years.
When it comes to transparency, HTX has released its Merkle Tree Proof of Reserves for 43 consecutive months, consistently maintaining a reserve ratio above 100% for all major platform assets. We want users to see not just the scale of the platform but also its ability to meet withdrawal obligations over the long term.
In terms of fund security and fiat on- and off-ramps, the HTX P2P Premium has now operated smoothly for more than a year and delivered standout results within the industry: We pioneered a “100% Full Compensation Mechanism” and remain the only platform to maintain a zero-freeze record.
It’s worth noting that after HTX introduced the 100% Full Compensation Mechanism last August, major platforms such as Binance and OKX subsequently followed suit. It is safe to say HTX single-handedly raised the baseline and standards for the entire P2P industry.
This May, we launched the P2P SVIP.Its core benefits including access to vetted premium merchants, block trades, an exclusive liquidity network, advanced risk management, dedicated wealth managers, and priority processing.Our goal is to provide high-net-worth users with a safer, more efficient, and more reliable asset transfer experience.
I think the area that most clearly reflects the industry’s evolution is Earn.
Previously, many viewed Earn as an ancillary service of exchanges. However, we are increasingly realizing that the Earn business is, at its core, a reflection of a platform’s long-term capital management capabilities. As the industry matures, user priorities are changing. Stable, low-risk returns and sustainable cash flow are becoming core demands for a growing number of users.
That is why HTX Earn has spent the past two years systematically building around long-term asset management. Specifically, we have established a yield framework centered on core stablecoins such as USDT and USDD, while also capitalizing on shifting market capital trends with yield boosts of up to 20% APY on selected trending cryptos. This approach has continuously enhanced both our competitive edge in yield products and our ability to retain capital. Building on this foundation, our recently launched VIP Flexible has further strengthened the exclusive yield experience available to high-tier users.
In addition, $HTX, the governance token of HTX DAO and HTX’s only deeply integrated token, is steadily demonstrating its value logic within a longtermism framework. Since the launch of its token burn program in 2024, the cumulative amount of $HTX burned and donated has surged past 11% of the total supply, reaching 110.32 trillion tokens. Its annualized deflation rate of 5.5% significantly outpaces that of most mainstream crypto assets.
At the same time, $HTX is steadily expanding its ecosystem and utility. From platform-level ecosystem integration to community governance, hackathons, and a growing number of on-chain use cases, the token’s long-term value foundation continues to strengthen.
HTX has been operating for 13 years now. In the crypto industry, 13 years is an exceptionally long time. Yet, HTX maintains steady operations and has built a user base of over 59 million.
IV.
Today, many people are still debating when the next bull market will arrive. But I believe a more important question is: When the next cycle ends, how many platforms will still be in the game – because the true dividing line in this industry is the bear market. In bull markets, almost every business model appears viable. But bear markets reveal all kinds of weaknesses.
Longtermism is essentially a form of counter-cyclical capability. It means remaining disciplined when markets are euphoric; continuing to invest when the industry is at its lowest ebb; and choosing long-term credibility over short-term gains.
None of this is easy. But the platforms that will define the next decade are precisely those willing to commit to long-term building.
V.
Another unmistakable crypto trend today is that the industry is entering an era of global financial integration.
Stablecoins, RWAs, tokenized stocks, cross-border payments, on-chain settlement, and digital asset custody are all developing at a breakneck pace. More and more traditional financial institutions are reframing their understanding of blockchain technology. More countries are exploring regulatory frameworks for digital assets.
This also means that crypto exchanges of the future will serve more than just crypto natives. They will connect traditional finance, global payments, the AI economy, on-chain assets, and the future digital economy. As a result, competition over the next decade will not be about who is the better trading platform, but who can build better financial infrastructure for a new era.
VI.
Finally, I’d like to share one of my personal favorite perspectives. “Truly great companies are defined not by capturing a single market cycle but by their ability to persevere through many.”
For more than a decade, the crypto industry has weathered countless bubbles and collapses. Yet after every cycle, we find that the survivors are often those who genuinely respect risk, respect their users, and respect long-term value.
Today, the crypto industry stands at a new crossroads.
The tide is receding. And longtermism is redefining what the next decade of crypto exchanges will look like. HTX is committed to standing by all of you, remaining dedicated to long-term value creation, safeguarding user assets, upholding transparency and accountability, and driving the high-quality development of the crypto industry.
Thank you.
The post first appeared on HTX Square.
