Binance's chess skills have been a bit weak recently, always following the thinking of its competitors. Its own advantage is a large number of users, and a large number of users may be taken away. While attracting new users is important, strengthening the management of platform user loyalty is the core. As is customary in the industry, OKX distributes red envelopes every year, which restricts new users from receiving them and forces some cryptocurrency traders to register and collect them, then transfer them back to their own accounts. Gate recently launched a launch pool with an annualized target of 100%. Although it only offered 10000 users, they also wanted to create more accounts. However, they found that the requirement was for new users after February 2025. Welfare is mostly aimed at new users, how can we not cherish old users at all. For example, there are lifetime ambassador members for staying in hotels, lifetime excellent platinum cards for flying, and the cryptocurrency circle has been around for so many years. The exchange is still the same old way. I have talked to several platform operators, and they still think that users are consumables. Each spot user is reset to zero in three years, and contract users are reset to zero in one year. I have never thought about establishing a loyal system for old users. HTX feels like trying it out, but Sun Yuchen's reputation is too poor, and few dare to save money for him. However, Binance is currently okay, mainly relying on competitors to complement it. Why do we have to do it on the chain? What are these people who are forced to play meme coins and inscriptions for? Isn't it unfair on the original chips? The project party only accepts VC investments, and even individual investors find it difficult to obtain quotas. The reason is that VC has a reputation, just like the airdrop operators in the cryptocurrency industry who rely on exchange investments and large institutional investments to attract investors. This creates a need for the project party to gain VC endorsement, as VC earns excess returns and the airdrop party relies on multiple accounts to manipulate data and earn a little bit of soup. If the exchange opens its own review mechanism, reviews the KYC information of the project party, and then raises funds from users on the platform, the project party will give a comprehensive score based on the user's past contribution fees, registration time, current VIP level, and platform coin holdings. Some will give more credit, while others will give less credit. In short, everyone's chips are at least one price, and the rest depends on the development and potential of the project after listing. This not only balances the welfare benefits of new and old users, enhances brand loyalty, but also eliminates the need for VC conversion. People don't have to worry about working in mining pools with such high gas prices. These profits flow back to the secondary market, which is fair. Of course, this will definitely damage the interests of KOLs. There will be no advertising fees or KOLs, and it will damage the interests of VCs. We can no longer blindly sell and cash out, and it will damage the interests of car owners. There will be no more foolish follow-up guarantees to exit liquidity, and various on chain frauds and hackers will no longer be able to make money easily. But individual investors have a much higher probability of making money. Only with the money making effect can someone attract people to play and easily lose money. Would you call your friends and family to speculate in cryptocurrency? Unfortunately, Binance dare not.