It seems difficult for new players to emerge in the future offshore centralized exchanges. First, the technical barriers of leading CEXs and their trading engine systems have become complex and profound. Second, the potential user base has already been divided up, making it hard to attract new users back. Recently, many capable players have entered the exchange space, but even the third-tier players haven't made it in. However, there are still many opportunities in decentralized exchanges; Hype, Pumpfun, and Gmgn can be considered successful cases in this cycle.