In this cycle, second tier exchanges are basically struggling to survive. When liquidity is good, everyone can eat meat. When liquidity is poor, traffic and funds tend to be more concentrated at the top. In the past, if second tier exchanges were able to grab hot coins, they would be calculated by the market as being profitable and attractive. Then continue waiting for the big office. This progressive wealth effect of liquidity is no longer feasible. Nowadays, containers on the chain have become larger, and often first level projects can independently evolve their market value on the chain. Unless the market value is low enough, it is difficult for the Shanghai Stock Exchange to have a wealth effect. At present, most second tier exchanges make a living from contracts and engage in counterparty trading and user betting. But at the current stage of liquidity shortage, the probability of problems will only increase. Because salaries are required to maintain platform operations. Everyone wants to make money, so the problem arises. Who would lose money? I think those who go to second tier exchanges to play knockoff contracts now are all warriors.