On March 31, Binance announced that it would update the Spot Minor Crypto Liquidity Improvement Plan starting from April 6, adding 36 new trading pairs for evaluation. Notably, blue-chip cryptocurrencies such as AAVE, JUP, and LDO, which were once among the top in market value, were included in this update. This indicates that the exchange is taking aggressive measures to address the significant decline in liquidity of these core assets.

The key to this adjustment lies not in a simple mechanism of adding or removing assets from the list, but rather in reshaping the incentive system through differentiated rebate rates. Under the previous system, a 1% transaction fee for the ordering party corresponded to a rebate of -0.008%; under the new plan, this rate has been increased directly to -0.010%. The 25% increase in rebates is intended to attract professional investors into the market to fill this liquidity gap.

According to Monitored by Woofun AI, such structural adjustments in fees often signal fundamental changes in the behavior of market makers. Especially at a time when the ratio of spot to derivative trading volumes is as high as 9.6 times, traditional market makers tend to control prices and sell their positions in derivative markets, leading to a severe depletion of liquidity in the spot market.

During the collapse of 1011, major institutions prioritized withdrawing liquidity from altcoins, resulting in forced liquidations for over 1.62 million accounts worldwide. This historical experience has compelled exchanges to rebuild market order under regulatory pressure. To prevent those taking advantage of liquidity gaps for profit, Binance subsequently introduced the Spot Price Range Execution Rule (PRER), which requires orders to be executed only within a specified dynamic price range, thereby technically limiting manipulative practices.

Currently, approximately 47 million cryptocurrencies have been issued globally, with the number of tokens on the Solana and Base chains exceeding 22 million and 18 million respectively. This highly dispersed asset distribution has further exacerbated the dilution of liquidity in mainstream altcoins. As derivative trading volumes in Q1 were nearly 10 times higher than spot trading volumes, funds have focused on BTC, ETH, and on-chain interactions, putting intermediate CEX spot markets under severe survival threats.

Although this combination of policies has reduced the monopoly and arbitrage opportunities of traditional market makers and benefited projects with solid fundamentals, the underlying logic of opaque operations between project owners and market makers has not been eliminated, and retail investors still face structural risks in this environment.