Today I thought about the rebate track, and I am actually less pessimistic.

As long as exchanges are still competing, this path cannot disappear. Users will always compare costs, and exchanges will always need to attract new users, retain existing ones, and increase activity, and rebates are one of the most direct, straightforward, and effective tools.

It’s not sophisticated, nor sexy, but it’s realistic enough. When the market is good, it’s just a cherry on top; when the market is bad, it becomes even more important because everyone is doing the math and cutting costs. For ordinary users, reducing friction and paying fewer transaction fees is inherently a certain gain.

Therefore, rebates are not fundamentally about making quick money, but about endurance, execution, and channels. As long as the industry exists and competition continues, it will always be there. The way to make money will become more transparent and increasingly competitive.