The market is accelerating the desensitization of small-cap tokens, mainly referring to Binance spot, Bithumb spot, and non-KRW trading pairs on UPBIT.

Taking the example of $XTER with a market cap of 33M that Bithumb listed this morning, if we consider the market in March-April, the minimum increase would have been over 20%, but now it has barely increased by 10%.

Including the previous Binance listing of $HAEDAL spot and UPBIT listing of $HYPER's BTC trading pair, the initial increase was only around 20%, relying on a bunch of secondary market influencers to bring about a second spring in prices.

From a positive perspective, the current CEX is slowly becoming what @cz_binance wants, increasingly turning into a purely trading platform and weakening the effect of listing tokens. Including CZ himself previously mentioned that after Binance announcements, users were unable to buy the tokens they wanted immediately, which has now been resolved through Binance Alpha, allowing purchases directly through Alpha after the announcement.

From a negative perspective, the upper limit for making money in the market has greatly diminished. Compared to the past, where VC tokens would easily launch with hundreds of millions, the current VC token market caps mostly range in the tens of millions, with reaching 100 million considered a high-quality large project. A king-level token like Adventure Island with a market cap of 500 million may take months to cycle through.