According to CoinMeta, after Coinbase acquired Deribit, they completed the upgrade of the matching engine and integration with the platform, resulting in a median latency reduction to about 75 microseconds, as well as a rebound in liquidity and open interest. The integration brought together customer pools from different regions and compliance channels, but decision-making slowed down, and the persistent demand for pre-ipo was lower than expected. The exchange emphasizes that its risk engine and stress testing are its core competencies, and in the future, it will focus on activating managed assets, opening up the U.S. market, and concentrating global liquidity to attract institutional participation.