In essence, it's still about each playing to their strengths. Leading exchanges naturally possess a huge user base and market liquidity, which are their most valuable assets. On one hand, they support the development and application ecosystem of their own public chains; on the other hand, they strictly control the resource flow of competitors—just the traffic tilt strategy alone can create significant ecological differences.

Looking at the wallet ecosystem of a certain leading exchange can help understand why full-chain coverage is necessary. On the surface, it's about technological completeness, but essentially it's about traffic allocation rights. Without this full-chain ambition, there might be no need to support so many public chains at all.

At the core, it's all about business competition. Beneath the surface of technology and ecological packaging, the most fundamental question is always—can it make money? Whoever controls the users and liquidity holds the pricing power.