In fact, I think there is still a chance for this round of centralized exchanges. On the contrary, the chances of perp are not so great. That's right, I'm going to talk about backpacks again. The points for the first quarter will end on Friday. I think it's been very successful, both in terms of improved liquidity, surging users and trading volumes, and compliant fiat deposits and withdrawals. Many people are curious, how to differentiate competition as an exchange? Mr. zk@zkwifsats has already said the answer: the best experience of Backpack is capital efficiency, and his barrier lies in reconstructing the underlying system of the exchange, opening up the spot account, contract account, capital account, and wealth management account, and isolating risks with a convenient sub-account system, so that a sum of money can have multiple uses, multiple incomes, and eat more than one fish Through the above-mentioned logical backpack, it successfully attracted a group of arbitrage players and built a community with unique cultural attributes. I have always believed that points are not just to give chips to the community, the purpose of points is to cultivate user habits, guide users to do more trading behaviors, and at the same time, good exchanges should encourage users to make money instead of going to make counterparties with users, I think BP has done it. I watched Mr. @armaniferrante's introduction to the points in the second season, and the distribution of points is not dilution, but to let more users participate in BP after compliance, which is an act of making a big cake, not a stock game. Finally, many people ask me if BP and Hyperliquid are in competition? My answer is no. The opponent of centralized exchanges is always centralized exchanges, and their competition is in compliance, different regional markets, and original intentions. Looking forward to more stories about backpacks in the second season. On the 🎒 back, we set off together.