In 2025, we witnessed an absurd phenomenon: "Projects that actually get things done are not as good as CX and garbage coin projects. This has led to a rare serious disconnection between the fundamentals and the price of so-called "high-quality public chains" and "blue chips" (Value Disconnect), which is inextricably related to the listing strategy of exchanges and the excess Alpha generated from chasing transaction fees, as well as the excessive launch of Meme and garbage new coins. Almost all mainstream coins, except BTC and BNB, are in a deep bear market.

As the industry leader, Binance launched around 70 new coins in 2025, with countless numbers in #ALPHA , more than 95% - over 80%. Looking ahead to 2026, I hope the listing team can do some thorough research on whether branding is important or those transaction fees are significant when the compliance window is about to arrive. Gate can play this way because Gate is a second-tier exchange with less reputational burden. But Binance playing like this could easily lead to losses. @CZ

$BTC $ETH $NEAR