AscendEX closed July 1. BitMEX announced shutdown July 23. BitMart started winding down July 26. three exchanges gone in less than four weeks. over 30 crypto projects have shut down this year so far. most people are treating this as a bear market thing. "weak exchanges die, market heals, cycle continues." and sure, that's partly true. but it misses the actual structural problem. every one of these exchanges was running the same playbook: build your own matching engine, bootstrap your o
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