Spilling tea on the billion-dollar big shots on the timeline while checking out the current exchange landscape: ◦ OKX got investment from ICE, the parent company of the NYSE, and is planning an IPO, pushing for stock tokenization; ◦ Binance seems pretty close to the TRUMP family, evident from their extensive collaboration with USD1. Previously, they secured a $2 billion investment from Abu Dhabi’s sovereign fund MGX. Today, there’s even a rumor that BlackRock has taken a stake in Binance; ◦ Last month, there were rumors that Bybit might align with Coinbase and is in talks for investment; ◦ Kraken is collaborating with Nasdaq, focusing on advancing stock tokenization; ◦ This week, I heard about another exchange planning to IPO even earlier than OKX, but again, these are just unverified rumors... In the early days, every exchange had its share of skeletons in the closet. Now, exchanges are transitioning from the "wild west era" to the "regulated warlord" era. Going forward, it’s not just about who has the highest trading volume—it’s also about who can secure more licenses and tie up with more government resources.