In this cycle, the attributes of super large platforms and super apps are almost maximized.

Robinhood acquired Bitstamp, Consensys acquired Web3Auth, Coinbase acquired Deribit.

If the acquisition offers hadn't been slightly low, it is estimated that Circle would have been acquired as well.

Unfortunately, the beneficiaries are all U.S. stock investors, and many companies do not consider issuing tokens, still belonging to the U.S. stock market's imitation season for cryptocurrencies.