The current market narratives lack sustainability. Last month it was perp stable, and this month it’s prediction markets~ CZ’s logic about listing coins is both right and wrong, depending on how you look at it. From CZ’s perspective, it’s totally fine—list all the coins and let the market decide. But from the industry’s perspective, it’s problematic. The number of new users in the industry is limited, and it can’t handle massive market caps. Every new coin listed absorbs some liquidity, which gradually leads to the current situation: insufficient liquidity~ The secondary market simply can’t take over. Everyone is better off participating in the primary market or just farming for free~ Since that wave in 2020, the industry hasn’t made any progress. No arguments accepted. After DeFi, it turned into PVP, purely for short-term speculation~ If the industry wants to improve, it needs to start with itself—establish necessary regulatory mechanisms and give retail investors some room to survive, instead of the current unrestrained manipulation and harvesting~ Chinese memes are gaining momentum. If a spot meme gets listed, it’ll completely ignite the market~