Digital platform overturns the logic of Traditional market. With the increase of its users, leveraging value in multi-stakeholder collaborations are increasingly prominent, promoting high-quality development of the platform. Based on the innovation ecosystem theory, This paper studies the impact of the value leveraging process of digital platforms on their value outcomes, and introduces platform user quantity and diversity as moderating variables, exploring the value foundation of digital platform disruptive innovation segmentation market. Taking meituan as a case study, this paper studies the ecosystem-level value creation process and stakeholder-level value capture processes, and identify the types of value outcomes, summarizes the mechanism how value is leveraged in multi-stakeholder collaborations. This paper further discusses how does the number and diversity of users in?uence value co-creation, reveals the evolution trend of platform traffic monetization towards vertical quality improvement. In doing so, this study provides novel insights into the value creation of digital platforms.