Looking at it overall, the core of Star boils down to one sentence: The moat Binance has built over the past decade isn’t fundamentally based on product innovation or technical advantages, but rather on regulatory arbitrage, speculative narrative cycles, social media influence, and surface-level 'paper compliance.' PS: To be fair, Binance has had its share of innovations. Starting with crypto-to-crypto trading in 2017, and later things like token launches and IEOs—those were definitely innovative. But last year, leading the meme trend ended up dragging everyone down in the end. Top exchanges in the industry should take the lead in doing more things that benefit the space. Stop tearing each other apart, whether it’s for traffic or personal grudges—it’s really unnecessary. Only when the industry is healthy can everyone thrive, right? The crypto space doesn’t even have basic industry rules, so how can we talk about compliance? The cost of bad behavior is almost zero. One wave of exploitation after another—what’s happening now is the best proof. Everyone’s moving to U.S. stocks; they don’t trust crypto or altcoins at all anymore!