He Yi: The crypto industry has gone through four "listing cycles," and platform pricing power and market structure have been continuously reshaped.

PANews reported on February 18 that Binance co-founder He Yi reposted an article titled "The Evolution of the Listing Cycle" on the X platform and responded, saying: "From the platform's perspective, the first stage is the early stage, when many projects are abandoned and leave. Binance has begun to restrict investors and project teams to unlock tokens according to milestones or time."

The second IEO era arose because of the concentration of liquidity, giving Binance more say. Binance could advise project teams to offer lower TGE prices to retail investors without charging listing fees, creating a win-win situation. At the same time, the bear market introduced long and short positions and leverage, which led to the "golden age" that everyone misses.

In the third era, AMM changed the rise of Dex and VC. After the professionalization of KOL agencies in the industry, the actual pricing power of Cex was diluted, and compliance standards were established, which led to the emergence of Airdrop.

The fourth era saw players becoming more institutionalized and professional. Platforms evolved from early screening to integrating wallets and allowing trading of any on-chain coin on centralized exchanges (CEXs). This led to Alpha, often seen as a "first-generation egg," intended to strike a balance between VCs/institutions, project teams, and retail investors. For any emerging industry, it's a process of trial and error. Most people lack faith in the industry and therefore "don't look at the long term," just as many don't believe they can cross the river. But only those who believe they can reach the other side.