In the past, Binance had a strong effect on listing new coins, strictly selecting projects for listing, which led to funds forming a collective force and consensus to speculate on some new coins, often resulting in a good wealth effect.

Now with the emergence of Binance ALPHA, it has driven down the listing fees for its competitors in the spot market, Bybit and Gate, to half the price, with GATE having almost no listing fees.

Market competition is fierce, and CEXs are also competing.

OKX has taken a compliance route, going public in the US, focusing on stabilizing mainstream liquidity and fundamental business without overly participating in the liquidity battle. It still relies on wallets to secure future opportunities, especially if there is strong demand for on-chain transactions; the share is very high and the potential is vast, leading to greater valuations.

Currently, Binance's wallet business hasn't performed very well; after all, the freedom of custodial wallets is limited, but it has still captured the largest share of the altcoin market, stabilizing and expanding its share.

Bybit, caught in a tight spot after losing $1.5 billion to a hack, is severely injured, compounded by Binance ALPHA's aggressive squeeze on the altcoin market. Gate is also experiencing FUD and a tumultuous period.

What the future holds is uncertain; cherish the liquidity you have and find ways to gradually become wealthy.