Let’s talk about high-certainty opportunities amidst the IPO wave The main CEXs preparing for IPOs right now include: OKX - Considering a US stock market listing Kraken - Targeting a Q1 2026 IPO with a $20 billion valuation Bitpanda - Considering an IPO on the Frankfurt Stock Exchange, with a valuation of $4 billion+ When it comes to asset issuance strategies, these CEXs are adopting a “dual-track” approach to issue assets. That is, leveraging traditional IPOs to secure institutional capital and compliance, while issuing on-chain tokens to capture ecosystem value and community engagement. Take Bitpanda as an example—how can ordinary people benefit from this model? Here are some feasible ways: 1/ Participate directly in the IPO 2/ Invest in the ecosystem token VSN VSN is the unified token resulting from the merger of BEST and PAN, now live on Binance Alpha 3/ Vision Launchpad The upcoming Vision Launchpad will be Europe’s first compliant native token launchpad 2025 might just be the inaugural year of the “dual-track era” for CEXs.