Robinhood is here for cryptocurrency exchanges, not only to kill its own brokerage peers, but also to kill crypto native cryptocurrency exchanges. Many investors are now discussing who will win between COIN and HOOD? ”The topic. The essence of this question is whether cryptocurrency exchanges, as "defenders", can resist the attacks of securities firms like Robinhood. In fact, CEX and Internet brokers have started a battle of life and death. Since the beginning of the year, several mainstream cryptocurrency exchanges have been steadily launching U-card payments, wallets, public chain ecosystem products, and stock and securities tokenization services, with each business line engaging in direct competition with securities firms. But to be honest, CEX currently has little chance of winning. A few points: 1. The degen users of crypto (i.e. the main user group of CEX) have little interest in RWA assets such as stocks; 2. Degen users are not interested in assets on CEX; The market share of CEX perpetual contract products is rapidly being eroded Take Coinbase and Robinhood as examples: Firstly, altcoins are no longer in high demand, and the main market of CEX has been emptied. Coinbase users are unwilling to buy junk coins on them, nor do they need to buy stocks on the base. Robinhood coin stocks are available, so there is no need to worry about no one buying them. At the same time, European users may indeed have a potential demand to buy US stocks through the Robinhood chain; Secondly, although Base is already the most promising L2 chain in the EVM ecosystem, it is completely at a disadvantage in the current competition with Solana, while Robinhood's potential users come from the traditional market, which is a huge increment, and there is also a possibility of sucking on native whale funds; Once again, Coinbase's altcoin trading fee income has been declining year after year, leading to the launch of perpetual contract products recently. However, Hyperliquid's market share growth tells us that native users are flowing towards Perp DEX. At the same time, Robinhood's triple leverage for BTC and ETH is still very attractive to its users. In fact, in the final analysis, CEX is faced with a double attack from the native on chain ecology (Solana and Hyperliquid) and a echelon of Internet brokers (Robinhood), and is at a defensive disadvantage on both fronts. In fact, for many native users, CEX is already just a "cross chain bridge" and "bank" role, and its influence and role scope in the cryptocurrency field are shrinking every day. Faced with the impact of securities firms such as Robinhood, the few cards CEX can play are actually the "offshore market", but unfortunately, everyone is scrambling to comply.