The news of OKX preparing for an IPO went viral today. I previously predicted that OKX would take the IPO route and develop towards compliance, which is in line with shareholder rights and demands. Now I boldly predict that if OKX goes public, its market value will exceed the current Coinbase. Today, COIN's total market value is 78.5 billion US dollars, a record 📝 once. Let me briefly explain the logic behind it: If OKX can really go public on the US stock market, it will be the first non US based, Chinese backed compliant CEX in the history of cryptocurrency to successfully enter the mainstream market on Wall Street, which is comparable to the "ice breaking event of cryptocurrency IPO". Firstly, we need to understand why OKX is going public on the US stock market? ✅ The answer is actually very simple: financing+brand+compliance moat Financing: OKX itself has already made a lot of money, but after going public, it can obtain more low-cost money through the public market to expand globally; Brand endorsement: If you hang a brand in the United States, the trust of global customers (especially traditional financial institutions) in you will increase several levels; License moat: Having obtained certification from the US SEC/CFTC, competitors such as Bybit and Bitget would have to pay very high compliance costs to pursue it. Secondly, let's take a look at the profit path of OKX's core: one ️⃣ Transaction fees (Spot+Futures): This is the main cash cow, similar to Coinbase. two ️⃣ Deposit and withdrawal fees+fiat currency deposit and withdrawal channels: belong to stable income. three ️⃣ Possible future withdrawals of Web3 wallet (such as Swap, staking, etc.): This is a potential growth point. The wallet sector has not yet started charging fees, but once the US market expands, it will have great potential to start charging. Compared to Coinbase's revenue structure, OKX actually belongs to the early stage of "diversified revenue structure" and has better growth potential. Finally, let me talk about the core advantages of OKX compared to Coinbase: ✅ Wallet+Derivatives Wallet: OKXWallet is currently one of the strongest (similar to Rabby and MetaMask, which have been heavily inflated by it). If we open up Swap pumping in the future, it will be like "App Store revenue sharing", stable and high gross profit. Derivatives trading: OKX is much more flexible than Coinbase in terms of contracts, options, and other products, earning more and having lower costs. ✅ Advantages of globalization: Coinbase is more limited to North America, while OKX has a global layout and multiple country licenses, which can achieve "compliance arbitrage" - a reasonable layout of business sectors between different regulatory regions. Overall, the difficulty of OKX listing is still relatively high, but once successful, it will be a huge stimulus for the entire exchange industry. This will be the true beginning of the "regularization" of the cryptocurrency industry. For institutional capital (hedge funds, pension funds), investing in legitimate CeFi equity will activate a new round of "financing listing exit" loop in the primary market, which undoubtedly creates new opportunities and valuation increases for the cryptocurrency industry. 🧐