Recently, a new round of rule adjustments by leading exchanges has surfaced. This time, it's not just about changing commissions but shifting the KOL system from a passive earning model to a performance-based assessment—introducing KPI mechanisms, where new user acquisition must meet targets to retain existing income; if not, commissions are cut.

At first glance, it seems like "optimization of incentives," but upon closer reflection, this is a standard move in a bear market: shifting costs downstream, embedding growth pressures into terms, and masking "redundancies" with numbers. The exchange's financial reports look poor, market sentiment is cold, user trading frequency declines, fee income shrinks, layoffs are hard to admit, so instead, they turn the incentive mechanism around—transforming cost issues into "efficiency problems."

Even more aggressive moves are coming. Recently, on mainstream platforms like WeChat, Douyin, and Xiaohongshu, the searchability of certain top exchange Chinese names has significantly decreased, and new user acquisition channels have been sharply narrowed. This isn't just a clause change; it's a direct shift from "open recruitment" to a "滴管模式"—making it much harder to reach potential new users through previously accessible channels.

When acquiring new users becomes a high-cost, low-conversion endeavor, the chain reactions become clear. Rule adjustments, tightened entry points, and mounting cost pressures—at this stage, layoffs are no longer just "structural optimization" but an inevitable exit. The industry is undergoing a deep adjustment.