#中心化交易所策略调整 Reflecting on the vibrant scene of exchanges blooming back in the day, now hearing the news of Polymarket building an internal market-making team, I can't help but feel a mix of emotions. This strategic adjustment reminds me of the 2017 bull market period, when many exchanges adopted similar practices to improve liquidity. But history tends to repeat itself, and some platforms at that time fell into the quagmire of conflicts of interest because of such practices.

Polymarket's move is indeed a high-stakes game. On one hand, internal market-making can quickly boost platform liquidity and directly enhance user experience. On the other hand, it undoubtedly raises questions about fairness. The lessons from Kalshi are right in front of us; their Kalshi Trading division has already faced lawsuits.

As an elder who has witnessed the rise and fall of countless projects, I must remind everyone: there is a need to balance short-term gains with long-term trust. The core of an exchange lies in credibility. Once user trust is lost, even the highest liquidity cannot reverse the decline. I hope Polymarket can learn from historical lessons, improving efficiency while also establishing robust risk control mechanisms and transparency.

Market cycles repeat, but each cycle brings new challenges. Facing the current bear market pressure, various platforms are seeking breakthroughs. Innovation is important, but we must not forget the essence of an exchange—fairness, transparency, and security. Over the years, I have seen too many once-glorious projects fall because they deviated from these principles. I hope the new generation of platforms can stay true to their original intentions amid transformation and truly contribute to the long-term development of the industry.