The competition traps of top exchanges are being reshuffled.

By mid-2026, it is expected that at least two mainstream platforms will follow suit in adjusting their strategies. The reason is simple – the route of transaction fees has been exhausted.

Look at the current market, all major platforms are competing on fees. A 0.01% transaction fee and negative fee rates are no longer new; users can seamlessly arbitrage across exchanges, and the space for fee wars has been squeezed to the limit. At this point, simply competing on price has lost its competitiveness.

What are those exchanges doing now? They are all redesigning something - the VIP system.

This is a real breakthrough. It has been evident in recent months that various platforms are adjusting their VIP threshold structures. For example, some platforms significantly lowered the entry threshold for VIPs in November, while others are optimizing tiered benefits. This is not a small move; it is a competition for retaining high net worth users.

After the rates hit the bottom line, what matters is the deeper aspects such as ecological rights, trading experience, and the quality of derivatives. The reconstruction of the VIP system reflects the exchange's shift from pure price competition to ecological competition. Whoever's VIP rights are more valuable and can better serve large clients will be able to gain an advantage in the next round of competition.