Exchanges have been flocking to "chain + alpha" lately, which somehow reminds me of the IEO era in 2019. In a weak market, the most important resource is exchange liquidity, which they use to feed their users and capture market share. History doesn't simply repeat itself; it always rhymes. True bull markets are driven by massive money printing and endogenous innovation within the industry. Will this time be different? Can crypto, relying on Trump's comprehensive package, achieve one victory after another?

The new Ponzi scheme of crypto-equities is leading the bull market, and the predictable subsequent crash will lead to a bear market. Trump has implemented compliance policies (stablecoins + RWAs), issuing a comprehensive package to continuously withdraw liquidity. Every exchange is imitating BN's strategy, experimenting with new IEOs, and starting to bind users on-chain, fragmenting liquidity. Various platforms on the chain are vying for the remaining attention of on-chain coin issuance groups and players. Everyone is desperate for copycats, but he is the least motivated.