The next wave of market opportunities will undoubtedly arise from the re-competition for pricing power in the primary market. Binance has accumulated significant advantages over the past two years, becoming a dominant force. Its on-chain listing process—alpha>aster>perp>spot—has squeezed the space for almost all second-tier exchanges, weakening their influence on a single listing. Strategically, this has been successful, but it's unhealthy for the entire ecosystem. The most important factor determining a listing's valuation has become whether it can be listed on Binance. However, this isn't entirely Binance's fault; it's simply a winner-takes-all market, and Binance's current position is a result of market forces voting with capital. Currently, the biggest market dissatisfaction with Binance is the lack of transparency in its listing standards, which is rife with contradictions. The standards can be manipulated, while the impact of a listing on the ecosystem is subjective. Regarding listing standards, @cz_binance and @heyibinance currently lack a publicly defined framework and sometimes exhibit contradictions. This contradiction is amplified many times over in the current fragile market environment. Returning to the initial point, the principle of "what goes up must come down" has historically held true. Therefore, competitors capable of challenging Binance's pricing power may soon emerge in the market, presenting small investors with the best opportunity to capitalize on this.