When the leading exchanges all focus on the same business at the same time, it’s reasonable to believe they share a consensus on future trends: in the next big cycle, on-chain trading will become mainstream, potentially far surpassing the current CEX model. Whenever there’s a major shift in industry trends, it brings new opportunities for wealth. Platform tokens will be the first wave. The objective challenges CEXs are facing: BTC reserves are accelerating their outflow, and even ETH is being scooped up by various MicroStrategy-like entities and ETFs. CEXs will soon find themselves in an awkward position: left with a pile of junk assets and only a small portion of quality assets. Meanwhile, users are showing a clear reluctance to buy into VC-backed tokens, meaning 90% of the junk altcoins won’t contribute to trading volume. Even if RWA (Real World Assets) sees widespread adoption, quality assets will go directly on-chain rather than to CEXs. Where quality assets go, trading volume follows, and so does the profit for trading platforms. The "platform tokens" of the three major public chains—OKB, BNB, and BGB—will play a critical role in the new round of competition among trading platforms. So for the next big cycle, Old Fish believes the starting point should still be platform tokens. Among these three, which one do you favor? Go ahead and position yourself accordingly.