<Speak about the industry truths that everyone is reluctant to say>

The current state of the industry is very divided.

Huma gave Kaito 0.5%.

This shows that many leading projects

actually do not need to give tokens to exchanges.

They just need to serve KOLs + Binance well.

What to do if exchanges can't grab new assets?

Some despairingly go public in the US stock market,

only to find that liquidity may be worse than Gate,

or even worse than launching a token on-chain.

Then in the primary market,

everyone is financing at valuations of tens of millions to billions of dollars.

Meanwhile, the on-chain volume is shrinking,

and the logic of issuing memes is becoming increasingly difficult.

In a bear market with BTC at a new high,

Are you happy?

You chose this, brother.

Good morning, Makabaka.