Over the years, I've observed many exchanges' actions, and some platforms' strategies are indeed overextending their own advantages. The consumption of market share is no longer a one-time or two-time issue — the ability to select coins and the timing of listing are fundamental skills that are actually better executed by some small and medium-sized exchanges. Spending a year or two following meme hype resulted in a distorted learning outcome. In contrast, second- and third-tier platforms seem to have a more systematic approach when it comes to coin selection and market pacing. If this operational mindset continues long-term, the share they lose will only increase.