I didn't expect the discussion around the exchange's "listing fees" to start again.

Someone brought out a quote offer for listing on Binance, which includes 1% Alpha airdrop + 3% additional airdrop + 1% marketing + 1M TVL + 250k margin + 3% BNB Holder rewards + …

I still hold the view that the amount of listing fees is essentially a purely commercial act, a choice made by Binance that cannot be shaken by anyone. What’s strange is that such private business terms have been exposed.

Clearly, there is some anger from the Builder community behind this.

Some Builders are doing their utmost to develop technology, create products, and build ecosystems, only to find that the threshold for "listing" is so high, and it is a huge financial black hole.

This means that teams without a luxurious VC background or strong capital support are kept out. Instead, some well-funded projects that can tell a good story and are skilled in capital operations have become the "guests of honor."

The result is predictable; a vicious cycle ensues. Exchanges complain that these well-funded projects peak upon listing, cash out users, and then shift the blame to the exchanges; project teams feel wronged, as the high asking price from exchanges and the high costs of future uncertainty make it more appealing to engage in short-term operations; users are left innocent, cursing the exchanges, the project teams, and themselves for getting caught up in the chaos.

So, where is the root of this problem? I believe it lies precisely in this value selection mechanism of "whoever has money gets listed."

Of course, exchanges may argue that the money collected is distributed to users, and that a series of margins are also meant to protect users. But the problem is, if the selection is purely based on "financial thresholds," it will inevitably block out some good projects that are focused on building, dedicated to refining products, and truly innovative but lack funding, while bringing in a bunch of capital-savvy operators who excel at short-term cashing out.

This dual distortion mechanism that equates "funding level" with "innovation value," and replaces "ability to work" with "financial capability," has led to the current situation where snakes and rats are cursing each other.

Therefore, I say that the high listing thresholds of exchanges and the creation of bundled products are systematically stifling on-chain innovation.

This leads to a misguided incentive direction, where project teams no longer focus on the product itself, but instead invest a lot of energy in "how to deal with exchanges," "how to package stories," and "how to cater to capital." Technical innovation becomes a secondary goal, while fundraising and listing become the primary tasks.

I ask, when Builders spend more time on packaging and operations than on writing code, where is the future of this industry?

I understand the profit-seeking demands of exchanges as commercial entities; they have also fought through the storms of the industry to get to where they are now. However, the biggest "backing" for exchanges is not just the platform users they serve online, but also the vast ecosystem of Crypto technological innovation behind them.

When the entire Crypto ecosystem is reduced to capital games and mutual harvesting— the "shovel business" of exchanges will also lose its foundation.

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