Whoever controls the "ranking" holds the key to the project's lifeline.

I’ll be more direct.

Binance is the best entry point for project teams to exit liquidity after issuing tokens, no doubt about it. $MON ‘s initial launch caused Coinbase to plummet, which should have completely dispelled other project teams’ ideas of bypassing Binance.

When the market consensus is on BNB Chain projects, they will receive some attention and priority for launching Alpha. BNB Chain projects will naturally form scale.

There’s no way around it; liquidity is the absolute lifeline of assets. Binance is the liquidity center, which also means it controls the “fate” of the majority of projects.

Next, there might only be one area to watch—edge innovation. Edge innovation is not about replacing Kodak with a better Kodak, but about smartphones. From “Qiqin Jinchu” to the US and Japan, they all emerged from fringe cultural groups and continuously absorb external cultural innovations.

Large companies facing this kind of potential “edge innovation” usually respond best by acquiring it directly. If that’s not possible, they create similar ones or run multiple internal races.

After FTX collapsed, Solana’s MEME from late last year to early this year was an attempt to let project teams exit liquidity through on-chain transactions without relying on exchanges. In fact, even now, Solana’s ICM (Internet Capital Markets) route still aims to do this. The name already indicates its purpose.

Most importantly, through MEME, Solana developers have become much clearer about the importance of “transaction ordering.” You can see various ordering methods being experimented with on Solana, with the final direction being ACE application-controlled execution.

They probably didn’t expect Binance Alpha to regain the new asset pricing power first, and then Hyperliquid to do what it wanted.

Hyperliquid—perhaps never in history has a project been so valued by Binance, even more than back in the Uniswap days. So, they revived APX as Aster, and spared no expense in subsidizing trading.

As I mentioned before, Hyperliquid redesigned the microstructure of the order book, directly integrating transaction type recognition into the consensus mechanism.

This seemingly simple but actually revolutionary design forces nodes at the consensus layer to process Cancel and post-only orders first, then GTC and IOC orders.

It also provides market makers with a very favorable environment on-chain. However, currently, Hyperliquid’s liquidity remains concentrated in BTC. Previous attempts to issue new assets failed, and now they mainly focus on using Builders Coding to distribute liquidity, further gaining liquidity and revenue.

So now, I truly feel that blockchain competition has risen to a contest over “ordering” methods. And ordering directly determines whether market making is possible and whether various parties can effectively exit liquidity.