Let me put it this way The largest Huangpu Military Academy in the industry is the various exchanges For friends who come out of various exchanges, the first stop for entrepreneurship is to get a first tier fund. Why? Because of the ability to list coins: -Understand the aesthetic of the exchange; -Close relationships with brothers/girlfriends inside; -Simply feeling good about oneself. But as the listing department of the exchange rotates up and down: -The preference for listing coins is like falling into a sea of smoke; -Brothers and girlfriends are gradually leaving their posts; -My self perception is getting worse and worse. In addition, the industry is now shifting towards undervalued memes as a whole Retail investors were initially bearish on VC coins Lack of fresh narrative It is natural that the first level is becoming increasingly difficult to do.