Exchanges keep going, but they’ve basically lost the potential for new listings. Once an exchange starts losing its potential for new listings, no matter who it is, they’ll be eliminated. Binance is no exception. If they keep pushing a bunch of shady projects, self-listing alpha, futures, etc., isn’t that just VC coins in disguise, distributing them to users? Over time, there’s no ceiling anymore—BSC is already in this state. They call it meme coins, but in reality, it’s their own 'VC.'