Thread by @SBF_Alameda

1) An elegy for for a once great exchange:

ZB was once a diamond in the rough.
Others wrote it off--"another fake exchange"
But it's volume was real, as was its liquidity
The world's second largest spot exchange

2)

Their QC markets were among the best
High volume, and you could get size off
It even seemed to predict KRW markets for a time
And it was probably the highest volume CNY onramp

3)

As time wore on, the big 3 loomed large
Binance, OKEx, and Huobi scooping up volume
Other mainland exchanges fighting for scraps
As LBank, FCoin, etc. moved to fake volume
ZB resisted, instead trying to expand

4)

But eventually the pressure mounted,
The cracks begin to show
Trades printing at mid, orderbooks drying up
They toyed with fake volume

5)

"Maybe this will save us", they said
Like 'fake it till you make it', but more desperate
Maybe their real volume would come back
Spoiler alert: it didn't.

6)

Their competitors began to fold
Fake volume on fake exchanges with fake assets
Eventually the government came knocking
And the closure notices started popping

7)

ZB is still there, technically
Hoping, still, that faking it will lead to making it
Enough years of real profit to weather the storm
But the cracks are becoming rifts

8)

Today an order showed up on ZB/GUSD/USDT
Millions offered at $0.88, 10% below fair
But the offer flickers out every time you try to buy
In a way only the matching engine could control

9)

A fake offer, on a fake stablecoin
On what is now a fake exchange
A fitting way for ZB to go out
Finally jumping the shark.