Changes in the cryptocurrency industry over the past few years:

1. All project teams and VCs are now inferior to exchanges, not as strong as in the previous cycle.

2. The status of top KOLs has significantly increased, their influence surpasses that of the media.

3. The only thing that can counterbalance exchanges is the liquidity of public chains, which is why Binance is strongly supporting Alpha to seize liquidity.

4. Market makers are stronger than in the previous cycle and have become a third-party force following exchanges and public chains.