Binance Alpha is essentially occupying the business of the previous 2/3 tier firms. The listing business is a significant source of revenue for the exchange, Before Binance Alpha, Many 2.3 lines rely on projects that cannot be uploaded to Binance to sustain their operations. Now with Binance Alpha, it's also difficult to do this part of the business. If I were a ambitious project team, even if I couldn't be listed on Binance Spot, I could be listed on Binance Alpha, and the trading volume and exposure brought by it would not be comparable to other 2.3 levels. Moreover, with the hard work of being listed on Alpha, I might even be able to impact Binance Spot. It can be foreseen that if the original 2.3 line exchanges do not transform in a timely manner or come up with more measures, there will be a huge gap in the ranking layout of the exchanges in the future.