2025-06-29
node24 にしてpnpm iしたら以下の warning
⛶(node:28380) [DEP0169] DeprecationWarning: `url.parse()` behavior is not standardized and prone to errors that have security implications. Use the WHATWG URL API instead. CVEs are not issued for `url.parse()` vulnerabilities.
(Use `node --trace-deprecation ...` to show where the warning was created)
https://github.com/pnpm/pnpm/issues/9492
https://github.com/pnpm/pnpm/issues/9529
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In crypto, "market cap" is often treated like a scoreboard. Numbers go up, headlines follow, and the industry congratulates itself. But focusing on market cap in isolation can be misleading.That’s why I found Volodymyr Nosov’s recent piece (How to Grow a Crypto Exchange’s Capitalization) worth paying attention to. Instead of the usual PR talking points, it outlined how capitalization is really built, not just measured.Beyond Volume: Trust and RegulationNosov points out that capitalization isn’t only about trading volumes or liquidity. Those are critical, but they can’t scale without trust. Security underpins user confidence, and regulatory clarity opens the doors for institutional capital.For example, MiCA in Europe has already unlocked banking and fintech access for crypto projects - a structural shift that impacts long-term growth far more than a single trading pair hitting record volumes.Ecosystem ThinkingOne of the strongest ideas in the piece is that exchanges can’t remain single-product companies. Futures, staking, lending, cards, payment rails - these aren’t add-ons, they’re part of a reinforcing ecosystem.Data supports this: PwC found that ecosystem-driven companies capture 50–60% profit margins compared to 30–35% for single-product models. IBM reports that mature ecosystems grow capitalization 40% faster.For builders, this translates into a lesson: design products that feed each other. A user who comes for trading but stays for payments, staking, or cards creates compounding value.Liquidity as InfrastructureLiquidity is more than a KPI - it’s infrastructure. Without depth, execution speed, and efficient spreads, both retail and institutional strategies collapse.Nosov notes how professional market makers and preferential programs for institutional players create durable liquidity. The 2024 surge in U.S. liquidity after Bitcoin ETF approvals is a good reminder: capital flows where execution quality is highest.Smart TokenomicsFinally, tokenomics isn’t just a buzzword. WhiteBIT’s WBT token shows how integration across products creates real utility and retention. Its $6.2B market cap today reflects more than speculation; it reflects network effects built into the ecosystem itself.Why This MattersWhat I appreciate here is that these insights don’t come from the the typical loudest voices in the room. Industry dialogue benefits when different leaders share not only what they’ve achieved but how they’ve engineered growth.For those of us building in Web3, the takeaway is clear: treat capitalization not as a scoreboard but as the by-product of trust, ecosystem design, liquidity infrastructure and sustainable tokenomics.That’s how exchanges - and by extension, the whole industry - actually scale.