The registered users of a leading exchange surpassed 300 million in 2025.

What does this number represent? It is enough to surpass the total population of most countries. On the global financial landscape, it has become an undeniable force. It’s just that for those of us who entered this field early on, this achievement carries a somewhat ironic tone.

Do you remember that era? Developers were building protocols, miners controlled 75% of the global hash power, and traders and communities were weaving the dream of decentralization. We once thought we would be the protagonists of this revolution.

But now? Watching infrastructure-level companies celebrate surpassing user scale, former participants can only stand on the sidelines. From controlling hash power to being spectators, this shift is enough to be insightful. The story of Web3 is still ongoing, but it seems the narrators have changed.