Regarding the contract and spot systems of exchanges, I have several ideas I’d like to discuss.

First, cryptocurrencies with poor liquidity volatility performance should be prohibited from launching contract products. Instead of maintaining a low-quality trading environment, it’s better to boldly adjust the strategy—cancel spot trading for these coins and first list them on virtual contracts. After about a month, issue spot trading, allowing the contract market to complete the price discovery process. The benefit of this approach is that it allows the contract market to fully discover prices in the early stage, while avoiding the embarrassment of insufficient spot liquidity. Setting a maximum position limit per account would be more prudent, as it can both prevent risks and protect small and medium investors.

Regarding liquidity provision, anyone can participate by investing U, breaking the monopoly of market makers. All trading fee structures also need to be reconsidered—regardless of the fee amount, this part should be directly incorporated into the candlestick data, avoiding superficial measures. The logic for fee calculation is also crucial; it shouldn’t be simply based on the spread between spot and contract prices. Instead, it should reference the unrealized profit and loss of long-term holders, making it fairer.

There’s also a common issue—rapid price insertion (秒插针). It should be explicitly stipulated that each price insertion must maintain at least 60 seconds of stability at the highest and lowest prices for it to be valid. If the price fluctuation does not sustain this time period, the related trades’ gains and losses should not be recognized. This can effectively curb malicious price manipulation behaviors.