It feels like it's hard for new players to emerge in offshore centralized exchanges. - The leading CEX has high technical barriers, and trading engines have become complex. - The potential user base has been almost completely divided, making it difficult to find new users in the market. - Compliance arbitrage has become difficult; a slight misstep can lead to being blocked from the app market. In this cycle, some capable players are entering CEX, but even they haven't reached the third or fourth tier. However, there are still many opportunities in decentralized exchange startups; Hype, Pumpfun, and Gmgn can be considered successful cases in this cycle. Compliance exchanges are more complicated; besides not being profitable, I tend to think this piece of the pie is more likely to be eaten by traditional financial institutions or traditional internet brokerages.