The research metric used in this article is: Trading Volume/Assets (Core Asset POR). The logic is straightforward: In the same field/sector, with similar trading targets and audiences, the efficiency of capital utilization should theoretically be similar (unless there are special events, long-tail assets, incentives, etc.). As for the benchmark, I specifically chose a non-CEX benchmark – Hyperliquid. However, this algorithm has a problem: it seems to be at a disadvantage for companies with a large number of "long-tail assets," such as @MEXC_Official and @htx (even though both have a large number of core assets). I'm specifically mentioning this to show that different metrics (angles) will lead to different conclusions when looking at the same issue. This article only offers a glimpse from one perspective. When you feel disappointed with industry data, try this: http:/youcanshortit.com If you're not optimistic, you can short sell.