Sinolink: The development of the exchange is still in its early stages and the impact of the crypto cycle is gradually decreasing.

Sinolink released a research report stating that whether it is a cryptocurrency exchange, a traditional exchange, or a traditional securities firm, they are all building on-chain trading capabilities on the asset side and capital side, expanding the variety of trading products, and expanding geographical scope in order to increase the value of the entire trading network. The development of the exchange is still in the early stages, with cryptocurrency exchanges still being affected by the fluctuations in the cryptocurrency industry cycle. The report believes that the impact of the cryptocurrency cycle will decrease with the expansion of future prediction events, tokenized stocks, RWAs, and other asset classes. Sinolink's main viewpoints are as follows: - Under Metcalfe's Law, every exchange has the impetus to expand the variety of trading products and build an ecosystem on the capital and asset side. - The clear boundaries of various types of exchanges in the past are being broken, and the blurred boundaries of asset type trading are gradually becoming a profound change that is happening in all global exchanges. The capital and asset sides of the cryptocurrency industry are rapidly building on-chain trading ecosystems, covering categories from traditional cryptocurrency spot and derivatives to tokenized stocks and ETFs, tokenized funds, real estate, RWAs, tokenized equity, prediction events, etc. Traditional exchanges are also gradually embracing on-chain assets, and other institutions such as casinos, banks, or payment platforms are joining the on-chain trading ecosystem. - In terms of business models, traditional exchanges rely more on data or data derivative product fees, with less trading commissions. - The revenue of traditional securities firms mainly comes from interest income and trading commissions, a model similar to that of cryptocurrency exchanges, but cryptocurrency exchanges currently rely more on trading income, while larger traditional securities firms focus on interest income. Compared to traditional securities firms, cryptocurrency exchanges have characteristics such as high retail trading fees and high turnover rates. By 2024, the trading volume of cryptocurrency spot transactions will be approximately $16.5 trillion, and the trading volume of US stocks will be approximately $42.6 trillion. If cryptocurrencies are calculated based on a 0.05% institutional trading fee and US stocks are calculated based on a 0.02% institutional trading fee, the spot trading commission of the cryptocurrency market in 2024 will be approximately 97% of the spot trading commission of US stocks. By 2025, the largest exchange Binance has already covered more than 300 million users, with a spot trading volume of $7.1 trillion, accounting for 29.5% of the total trading volume, and the market structure is relatively concentrated. In addition to traditional securities business such as spot and derivative trading, cryptocurrency exchanges are also extending into banking-like businesses, operating funds and assets on the same platform. - The report selected 7 representative cryptocurrency exchanges in the US and Hong Kong, and conducted a comparative analysis from revenue structure, business model, and exchange strategy aspects. - Coinbase is one of the top three cryptocurrency exchanges in the US spot trading volume rankings, with a total spot trading volume of $1.2 trillion in 2025 and 9.2 million monthly active users. In 2026, the company will prioritize the development of an everything exchange, and it currently supports trading in stocks, funds, RWAs, commodities, prediction markets, payments, and cryptocurrency primary markets, among others. - Bullish is positioned on institutional-level cryptocurrency infrastructure, adopts a proprietary market-making model, and ranks second globally in outstanding BTC options contracts. In addition, Bullish owns the top cryptocurrency media platform CoinDesk and aims to provide issuance, market-making, and data benchmarking services for US and global RWAs in the future, with plans to issue tokenized securities in 2026. - Robinhood's options and cryptocurrency business has exceeded stock trading in recent years. In 2025, Robinhood's revenue from cryptocurrency trading was approximately $9.0 billion, accounting for 22.2% of Coinbase's that year. In addition, Robinhood has provided tokenized US stocks, ETFs, and private equity trading for European users and currently supports over 2,000 US stocks and ETFs. - Gemini is a small and medium-sized exchange undergoing transformation in both regional and business operations, focusing on releasing capital and specializing in cryptocurrency trading, credit card, and prediction market businesses. In the next stage, the company plans to launch US stock trading. - Figure is a one-stop service platform for RWA issuance, trading, securitization, focusing on mortgage loans, and in the future, can issue and trade based on property rental, car loans, equity and stock RWAs. As of April 9, 2026, the RWA market size is approximately $29.2 billion, with Figure accounting for 56.7%. - Hashkey accounted for 75% of cryptocurrency trading volume in Hong Kong, China, and is expected to issue, trade, and sell financial products, real estate, and supply chain RWAs in the future. By the end of 2025, 11 tokenized products deployed by Hashkey were valued at approximately 2 billion Hong Kong dollars. OSL is transitioning from a Hong Kong-based digital asset exchange to a global encrypted payment and trading platform, currently accelerating its global layout and allocating more resources towards payment business. Risk Warning - Global macro liquidity risk, global Web3 regulatory policy changes, network security risks, financial derivative risks, Web3 institutional legal and compliance risks.