2025-12-25 01:20:14

Recently, a major exchange suddenly announced the delisting of 5 spot trading pairs, and the entire crypto community is discussing this matter. The trading pairs of BIO, ENS, INJ, TREE, and VTHO will be permanently removed on December 26, 2025, at 11:00 AM. The official explanation is "insufficient liquidity," but a closer look at this list reveals that the underlying story is far more complex.

Careful examination shows that among the delisted trading pairs, many involve FDUSD. Coincidentally, at the same time, on-chain data indicates that the trading volume of decentralized USD (Decentralized USD) stablecoins has surged by 28% in the past 24 hours. While centralized exchanges are reducing offerings, decentralized networks are expanding. This contrast clearly illustrates the situation.

This cleanup reveals several key signals. First, exchanges are indeed becoming less tolerant of "zombie trading pairs," with pairs like BIO/FDUSD and ENS/FDUSD, which have low average daily trading volumes, being prioritized for removal. Second, the competition among stablecoins has reached the exchange level—FDUSD trading pairs are being cut, while USDT and USDC are retained, indicating that exchanges are starting to "pick sides" among stablecoins. Third, this kind of trading pair optimization has become the new normal, not a one-time event.

The rise of decentralized stablecoins like USOD reflects users' demand for a more open, permissionless trading environment. When centralized exchanges face liquidity constraints and shrink, the power on the blockchain is quietly growing. This battle of stablecoins has only just entered the deep water.

BIO7.38%

ENS2.65%

INJ2.89%

TREE3.67%

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HorizonHunter

· 4h ago

Who believes the claim of insufficient liquidity? It's clearly about clearing out less obedient tokens. The "pick sides" game played by exchanges is becoming more and more obvious. FDUSD was wiped out while USDT remains stable. It seems the stablecoin war is the real covert battle. Wait, USOD surged 28%? Is this a footnote to the decline of CeFi? Another wave of "optimizations." Will more tokens be affected next time? Who can guarantee their trading pairs won't suddenly disappear? Centralized exchanges are shrinking, while decentralized ones are expanding. This contrast is a bit ironic... but we still have to use their trading pairs, helplessly.

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OnlyUpOnly

· 4h ago

Liquidity shortage? Haha, basically just choosing sides. --- It's the fault of FDUSD again, this move by the exchange is really clever. --- Decentralized stablecoins surged by 28%, this signal is too obvious. --- It seems that centralized exchanges are having a tough time, they are starting to cut costs. --- USDT and USDC are doing well, FDUSD is being cut, reality check brother. --- Isn't this just Game of Thrones? Major coins survive, small coins die. --- Stablecoin battles have reached exchanges; users should start moving to the chain. --- Zombie trading pairs are being cleaned up; to put it nicely, it's actually squeezing out the excess. --- Wait, can decentralized stablecoins really take over? I'm a bit skeptical. --- On-chain expansion, centralized contraction—is this trend truly irreversible?

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BrokenDAO

· 5h ago

Liquidity shortage? Honestly, it just means the rights and interests balance has failed. Exchanges are playing favorites with their allies, and USDT/USDC are doing well. This kind of game-theoretic equilibrium will eventually collapse. --- Another round of governance inertia is revealing itself. Centralized side-taking always ends up like this. --- What sounds good as optimization is actually just paying for their own incentive distortions. --- Decentralized stablecoins soaring 28%? Is that real, or just another round of retail investors passing the baton? --- I'm not surprised if FDUSD gets cut, but to fix such mechanism flaws thoroughly, it ultimately requires a reassessment of trust costs.

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BTCRetirementFund

· 5h ago

Liquidity shortage? Well, that's a nice way to put it. Basically, it's just the exchange choosing sides. FDUSD gets cut, but USDT is doing just fine—does that make sense? --- That's how the crypto world works. When centralized exchanges tighten up, on-chain projects gain momentum. This hedging move is quite interesting. --- Wait, USOD surges 28%? Now that's the highlight. Is decentralized stablecoin really about to take off? --- Another round of pulling the rug. Trading pairs of small tokens are ruthlessly delisted. Who can withstand that? --- Honestly, you can see the reshuffling of the entire ecosystem from the cleanup of trading pairs. Projects without liquidity should really be gone. --- FDUSD is about to be sidelined, but decentralized stablecoins might really have a chance this time. Anyway, centralized ones are unreliable. --- Reasonable suspicion. Exchanges usually have the same excuse—try cutting FDUSD first to test the waters. --- Interesting. While they’re killing off zombie projects, on-chain stablecoins are taking off. Is this what market optimization looks like? --- Look at the timing—synchronizing the operation of FDUSD and pushing USOD. This combo is as obvious as it gets.

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