百里 🦅

I couldn't help but feel a mix of emotions when I saw the official announcement from BitMart about their decision to cease operations. It wasn't a sudden exit, but a deliberate and orderly shutdown. To me, BitMart was more than just an exchange; it was a reminder of the memorable experiences I've had in this industry. In 2020, when I was working on building a community, I had the opportunity to collaborate with MOMO and become one of the first ambassadors for Amber Capital Fund. We worked on several projects with BitMart, and our community members did make some profits. One project that still stands out in my mind is WOO, for which BitMart gave me a community allocation of 5,000 units. Four months later, it surged over 100 times in value. Unfortunately, I didn't hold on to it and ended up selling it for a few million. Back then, BitMart was doing exceptionally well in the market, and our community affectionately called it the 'little black' exchange. After completing its B-round financing in 2021, many people thought it would become a dark horse in the exchange space. Today, seeing the news about its shutdown is indeed a sad moment. Putting emotions aside, this event once again highlights that there's no such thing as a long-term safe zone in the crypto industry. An exchange's ability to navigate bull and bear markets doesn't depend on its founding date, financing amount, or even user base. What truly matters is the founding team's determination, strategic judgment, and ability to predict regulatory, liquidity, and long-term risks. Bull markets can mask many problems, and trading volumes can temporarily alleviate operational pressure. However, when the tide recedes, the hidden dangers that weren't addressed will eventually surface. From this perspective, BitMart's decision to exit voluntarily and in an orderly manner is at least more dignified than dragging it out until it's unable to fulfill its obligations and leaving the losses to its users. Of course, the true test for the platform is yet to come – how it handles asset processing and user exit. The end of a platform doesn't mean that everything it did in the past is negated. BitMart did seize its moment and provided opportunities for many projects, communities, and users. It's just that this industry is too cruel, and past glory doesn't guarantee a permanent seat at the table. There are no eternal star projects, and there are no forever-safe exchanges. For platforms, survival isn't about tenure; it's about the ability to prove themselves every day. For users, don't take the safety and trust of any platform for granted.