Previously, Binance had a strong listing effect and strictly selected listing projects, so funds would form a joint force and consensus to speculate on some new coins, which often had good wealth effects. Now with the emergence of Binance ALPHA, Bybit and Gate, which were originally competitors in spot trading, have reached a price where the listing fee is halved, while GATE basically does not require any listing fee. Market competition is fierce, and CEX is also competing. OKX's compliance route, listing on the US stock market, and maintaining mainstream liquidity and stable basic business are enough, without too much involvement in the liquidity war. It still relies on wallets to obtain future shipping tickets, especially if there is a strong demand for on chain transactions, the market share is very high and imaginative, creating even greater valuations. At present, the Binance wallet business is not doing well either, as the degree of freedom for custodial wallets is only so high. However, the majority of counterfeit shares have been seized, stabilizing and expanding their market share. Bybit, which was caught in the middle, was severely injured after being stolen 1.5 billion knives, and the share of counterfeit spot goods was crazily squeezed by Binance ALPHA. Gate is also a Fud and troubled season. What will happen in the future? I don't know. Cherish the liquidity in your hands and find a way to gradually become rich.