Binance's current approach is basically precise harvesting: $FOLKS small coins for contracts, with high volatility, resulting in double explosions for both long and short positions. Once they went into spot trading, they were hesitant to push prices because the chips were too dispersed, making control costs high.

They are very aware of retail investors' psychology; small contract markets are easier to control, allowing for a wave of harvesting that kills both long and short positions, and then they decide whether to give any consideration to the spot market. Going into spot trading has become a burden because the chips are too dispersed, leading to high costs for pushing prices.

They truly treat the exchange as the largest operator in the market, with contracts serving as their printing press. Retail investors still think they are trading, but in reality, they are just contributing transaction fees and liquidation funds to the platform.

Basically, the current logic is: if you want to make money, don't touch contracts; if you want to lose money, go for leverage.