In 2025, it will be an exceptionally competitive year for CEXs. Major exchanges are vying for popular assets during the issuance and listing phases, accelerating their pace to adapt to the fragmented market attention in the post-Meme era; under pressure from repeated black swan events, they are improving risk control systems and compensation mechanisms; as PerpDEXs challenge CeFi, they are incubating or investing in DeFi business lines to complete their product landscape and "stake" their future in advance; they are aggressively pushing into public chain and wallet businesses, pouring huge amounts of capital to attract new users and activate existing ones; and even engaging in fierce debates on social media platforms…

In this context, another group of trading platforms is also catching up. Among them, XT.COM (hereinafter referred to as XT) has particularly caught our attention. With its support for a large number of assets (over 1300 tokens and 1300 trading pairs), product richness and sensitivity to trends (such as launching Card and prediction features in addition to basic trading), low fees and transparent fee structures, and timely online and offline activities, XT has accumulated over 12 million traders from more than 200 countries, with a monthly active user count reaching 2 million.

To gain insight into the methodology behind these achievements, we engaged in a dialogue with XT COO Tracy Jin, discussing brand philosophy, business focus, operational strategies, competitive advantages, and industry predictions, and we have organized the Q&A as follows.

1. XT's brand mission is "Exploring Crypto, Trusting Trading." How is this brand philosophy conveyed to users?

I have always believed that "Exploring Crypto, Trusting Trading" is not just a slogan, but something we do every day.

"Exploring" represents XT's spirit of continuous innovation and breaking boundaries. We want every user to easily access the latest trends in the blockchain world; "Trusting" is the core of our brand. In finance and crypto, trust is everything.

We integrate these two keywords into the entire user experience.

For example, in terms of security, we adhere to a transparent Proof of Reserve system, allowing users to verify asset safety at any time; in product design, we pursue simplicity, efficiency, and stability, making trading truly "burden-free"; in terms of service, we offer 24/7 multilingual customer support to solve problems in the most user-friendly way.

In addition, we bring our brand philosophy to life through global media, communities, and offline educational activities. We want users to feel that XT is not just an exchange, but a financial partner worthy of long-term trust.

2. What is the current scale of XT's operations team, and what are the specific divisions?

XT is a truly global company. Our team members are distributed across key regions worldwide. This layout allows us to genuinely achieve "global strategy, local execution."

From an organizational structure perspective, we are mainly divided into four sections:

First is the product and technology team, responsible for the core trading system and innovative features, such as contracts, Earn financial products, and the recently launched AI strategy trading tools;

Second is the marketing and branding team, focusing on global marketing promotion, localized activities, content creation, and public relations cooperation;

Third is the compliance and risk control team, which is the platform's bottom line, ensuring that every business complies with global regulatory requirements;

Fourth is the customer service and operations team, which directly faces users and provides 24-hour support.

Our team culture is very open and flat, where every voice can be heard. This structure allows us to maintain innovation speed while ensuring execution stability.

3. From the perspective of trading platform operations, what data metrics are prioritized, and can you rank them by importance?

At XT, we do not simply pursue data growth; we focus on the "health" and "trust" reflected behind the data.

The most important metrics can be summarized in four aspects.

First, liquidity and trading depth. This is the core measure of a trading platform's professionalism and directly determines the user trading experience.

Second, user retention rate. Whether users are willing to stay and trust you more over time is the truest form of growth.

Third, fund safety and risk control. This is always the top priority.

Fourth, new user growth, which represents the brand's attractiveness and market penetration ability.

Our internal data system comprehensively analyzes these metrics rather than looking at any single one in isolation.

For example, if the retention rate increases but trading depth decreases, we will immediately review the user experience.

This is XT's operational logic: using data to serve trust and using trust to drive growth.

4. What are the key directions for user acquisition, retention, and activation, and how do they differ from competitors?

User growth is not a numbers game but a long-term trust-building process. XT's growth logic is clear; we look at it in three stages: acquisition, retention, and activation.

For acquisition, we use airdrop activities, task centers, and referral commission mechanisms to help new users start their trading journey in a safe and trustworthy environment;

For retention, we rely on products like Earn financial products, contract strategies, and copy trading features to create a functional loop that allows users to "have fun and earn";

For activation, we have fixed financial activities like "Crazy Wednesday," holiday-themed events, and weekly community challenges, encouraging users to not only trade but also participate.

Unlike competitors, we focus more on "long-term relationships" rather than "short-term incentives." Because a user willing to stay is more valuable than ten fleeting users. We hope XT can become the "most trusted long-term choice" in users' minds.

5. Who are XT's target users, and how do you reach them?

Our users can be divided into three categories:

The first category is professional traders who value depth, liquidity, and strategy tools;

The second category is emerging investors who wish to learn and grow in a safe and user-friendly environment;

The third category is institutions and partners who care about brand reputation and ecosystem collaboration.

In terms of outreach, we adopt a "global vision + local strategy" approach. We establish global communities on platforms like X, Telegram, and YouTube, while collaborating with local KOLs, educational institutions, and media to conduct crypto education, AMA events, and brand co-creation.

This makes XT not just a trading platform but a community that connects the world. Whether it's a user learning about blockchain for the first time or a professional player with ten years of experience, they can find their place at XT.

6. XT's online and offline activities are impressive. What are the main target groups for these two types of activities? What upcoming activities should users pay attention to?

We have always placed great importance on event operations, as this is the most direct and warm connection between the brand and users. Events are not only communication channels but also the embodiment and extension of brand philosophy.

Online activities mainly target global users, emphasizing inclusivity and education. For example, airdrop seasons, trading competitions, and AMA sharing sessions are centered around "easy participation, easy benefits," allowing users to learn knowledge, understand the market, and feel the real value of the XT ecosystem through interaction.

Offline activities focus on industry influence and ecosystem collaboration. We connect voices from institutions, project parties, and investors by hosting our seventh anniversary celebration, blockchain summit forums, and regional exchange salons, promoting the integration of CeFi and DeFi, as well as traditional finance and on-chain finance.

Among these, the upcoming RWA Global Dialogue Forum is particularly noteworthy. This event, co-initiated by XT Labs, aims to gather global financial institutions and innovative projects around the core concept of "On-Chain Trust," discussing the future direction of real asset tokenization and compliant finance. We hope that through such industry dialogues, trust can truly become the bridge connecting traditional finance and the Web3 world.

XT believes that the significance of brand activities lies not in exposure but in allowing value and trust to continue to grow globally.

7. Does a trading platform need a "spokesperson" or personal IP standing in the spotlight? What kind of image would resonate best with target users?

In this era where everyone is a media outlet, I believe trading platforms do need a "person" who can represent the brand spirit. A spokesperson who is warm, has an attitude, and possesses expertise can make the brand more three-dimensional and trustworthy.

At XT, we do not centralize the voice in one person but encourage "decentralized expression." Our employees, KOL partners, and even loyal users are all brand ambassadors for XT. At the same time, we are shaping a unified brand image: professional, reliable, and approachable.

I believe that such a brand persona can best bridge the gap with users. Because when a brand becomes "face, voice, and emotional," trust is naturally established.

8. Having experienced it, XT's product segments are rich, covering basic commonly used functions while keeping up with trends. With these product supports, what are the next steps to enhance (trading segment) liquidity, (financial segment) fund retention, and (on-chain business) activity?

In the coming year, XT will continue to focus on "innovation-driven, ecosystem symbiosis" as its core strategic direction, comprehensively strengthening the platform's product capabilities and ecosystem collaboration.

In the trading segment, we will continue to introduce quality projects, optimize matching depth, and enhance market liquidity and user activity through trading incentives, copy trading strategies, and AI-assisted tools. We aim to create a trading environment that is both efficient and stable, allowing users to experience professional-level liquidity at XT.

In the financial segment, XT will launch more flexible yield products, such as tiered fixed deposits, portfolio management, and ecological staking, based on safety and compliance, while combining activities and VIP benefits to encourage users to hold positions long-term, achieving stable returns and mutual growth of platform funds.

In the on-chain business, we will deepen cooperation with mainstream public chains and potential projects, promoting asset interoperability and the implementation of DeFi, staking, and node businesses. At the same time, we will attract more users to participate in on-chain ecosystem construction through on-chain tasks and airdrop activities, promoting the integration and interaction of CeFi and DeFi.

XT is always user experience-oriented, committed to building a comprehensive crypto financial platform that is "active in trading, stable in assets, and prosperous in ecosystem," allowing trust and value to circulate continuously throughout the ecosystem.

9. What is Tracy's view on the competitive landscape of CEXs in 2025? What "lessons from others" can be borrowed for improvement?

The competition among CEXs in 2025 has shifted from "who has a larger scale" to "who has more stable trust and faster innovation." This is a competition about long-termism.

Leading exchanges are strengthening three directions: security, compliance, and innovation. We see many excellent platforms exploring AI-assisted trading, RWA standardization, and social trading. XT's positioning is very clear: we base ourselves on security, take innovation as our wings, and trust as our core.

Next year, we will increase our investment in AI intelligent strategy tools, expand compliance licenses, and build the RWA asset ecosystem, pushing the entire industry into a more mature phase.

10. How do you view the impact of PerpDEXs like Hyperliquid on CeFi this year? What industry trends will emerge in 2026? What are XT's long-term considerations and plans in this context?

The rise of PerpDEXs like Hyperliquid is an inevitable evolution of market structure. From XT's perspective, this is not an impact but an opportunity to reshape the industry landscape. CeFi and DeFi have never been opposites; they are two dimensions that can empower each other and grow together.

Looking ahead to 2026, I see three clear trends:

First, the institutionalization of RWA assets on-chain will become the main theme;

Second, AI will be fully integrated into trading and risk control systems;

Third, the global regulatory and transparency standardization process will further accelerate.

XT will continue to focus on "security, professionalism, and innovation," connecting traditional finance with the future of Web3.

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