Let's discuss high-certainty opportunities amidst the IPO wave 👇 Major CEXs currently preparing for IPOs include: OKX - Considering a US stock market listing Kraken - Aiming for a Q1 2026 listing, with a valuation of $20 billion Bitpanda - Considering an IPO on the Frankfurt Stock Exchange, with a valuation of $4 billion+ In terms of asset issuance strategies, these CEXs have chosen a "dual-track" approach. That is, acquiring institutional capital and compliance through a traditional IPO, while simultaneously capturing ecosystem value and community through the issuance of on-chain tokens. Taking Bitpanda as an example, how can ordinary people benefit from this model? Feasible methods are as follows: 1/ Directly participate in the IPO 2/ Invest in the ecosystem token $VSN $VSN is the unified token resulting from the merger of BEST and PAN, already listed on Binance Alpha 3/ Vision Launchpad The upcoming Vision Launchpad is Europe's first compliant native token launchpad. 2025 may be the first year of the "dual-track era" for CEXs.