This morning I talked to the owner of a small exchange and asked why there hasn't been a rise of small spot exchanges this time. The biggest reason is that BN has done this, and the strategy of frequently listing coins in previous years simply cannot compete under the Alpha + IDO boom.

Since Alpha was launched, 16 projects have passed through this channel and eventually listed on the spot market, firmly establishing itself as a startup board for big A shares, ultimately transitioning to the main board. The key point is that now there is basically a new project every day, and it really is hard to keep up.