Under the regulatory framework, the "creative breakthrough" (why trading platforms and wallet applications are competing for this)

Regulations make one thing clear: token issuers cannot directly pay interest to users. But this doesn't mean the game is over.

Trading platforms, wallets, and various third-party applications have completely different identities. They can leverage their business models to offer users rewards in various forms — which is precisely the current focus of competition.

The reason why this policy gap has become a "battlefield" is key: the incentive space at the platform level is much larger than that of the issuers, and users' profit mechanisms can be more flexible and diverse. Some compliant exchanges are redefining user value through trading mining, ecosystem tokens, VIP levels, and other methods, bypassing direct restrictions on issuers. This means that the growth momentum of the ecosystem has not been completely frozen, but has shifted from one dimension to another.