1.4.3 Extremely Immature Technology Infrastructure

The rapid development of the market means that exchanges neither have sufficient time to upgrade their technology nor the willingness to pause their money-printing operations to do so. Up to now, compared to traditional financial exchanges, the technology infrastructure of crypto exchanges is far behind.

Some exchanges only offer REST APIs with active query functions, requiring users to check for all status updates. To prevent excessive user requests from overloading the servers, exchanges almost always implement rate limiting on API calls.

Moreover, data transmission over the internet always carries certain security risks, so trading APIs need to encrypt and verify data. In traditional finance, APIs typically encapsulate data encryption internally, whereas the REST APIs used in the crypto market must rely on users to implement encryption externally.