Understanding the underlying hard power of Gate's established exchange through the entire process of SPCX's new product launch This round of SPCX SpaceX Pre IPO is a very intuitive touchstone, which can clearly see the essential difference between the well-established exchanges and the emerging platforms that have been deeply cultivated for many years. After completing the whole process, we can understand the core reason why Gate can stand firm on the track for a long time. The first is the profound resource foundation of cross-border asset docking. The acquisition of IPO shares in the US stock market, compliance docking, and the establishment of overseas brokerage channels themselves have extremely high thresholds, involving multiple layers of overseas cooperation links, compliance reporting, share allocation, and other complex links. It is difficult for platforms that ride on the heat in the short term to break through the entire closed loop. Gate has been laying out the traditional securities tokenization track for many years, accumulating overseas securities resources for a long time, fully acquiring SPCX shares and successfully completing user ratio allocation. The entire process of subscription, share distribution, and refund of remaining funds has been smoothly implemented without any interruption or temporary termination. The reserve of underlying resources is the core confidence. The second is that the entire new product system is mature and smooth. From the early subscription entrance, fund collection, proportional distribution after exceeding the quota, automatic return of unsuccessful funds, to seamless opening of spot trading after listing, the entire process has been polished very well. Ordinary users only need to participate in the subscription process, without tedious transfer, manual registration, lengthy review waiting, or cross account asset transfer. After winning the lottery, they can freely trade SPCX on the site, providing a one-stop closed-loop experience. This is a stability that has been honed for many years, and there will be no problems such as process lag or fund retention. The third is that the pressure bearing capacity of risk control has been verified through long-term cycles. The SPCX subscription is extremely popular this time, with a large influx of funds. Faced with the huge traffic impact of high times oversubscription, the platform system is stable without congestion, and the fund settlement and share statistics are accurate and error free. Established exchanges have gone through multiple rounds of bull and bear markets, as well as multiple rounds of popular first tier projects. The risk control logic of traffic pressure, large fund clearing, and large project allocation has already taken shape. When faced with explosive new projects, they will not be in a hurry to avoid pitfalls in the process to the greatest extent possible. The fourth is that long-term operational thinking is more inclined towards retaining users. The end of new listings does not mean the termination of services. After SPCX's listing, it will continue to provide trading incentives and position related activities to meet the needs of users for subsequent positions and trades. It is not just about earning a wave of traffic through popular IPOs. Compared to the short-term pursuit of hot topics, this approach of continuously following up on asset lifecycle services is also the key to the long-term accumulation of loyal users on established platforms. Overall, the complete landing of SPCX this time is not a single accidental success, but the result of long-term accumulation of resources, products, risk control, and operational ideas. It is also the core competitiveness of established cryptocurrency exchanges.