In this round, it’s clear that the on-chain players have become more mature. Attention has shifted from celebrities/emotions/narrative to metrics like revenue, buybacks, growth, and the flywheel effect. For those starting crypto ventures now, if they can find PMF and generate revenue, there’s no need to insist on launching on Binance only because of a TGE. Starting on-chain is faster—enabling them to establish an initial community more quickly—and if they already have sufficient liquidity to reach a very high market cap (for example, pons and hyperliquid are great cases), then there’s no need to obsess over “TGE must mean listing on Binance for liquidity,” which in many cases also means they likely won’t be able to find PMF, let alone generate revenue.

This phenomenon inevitably leads to two different outcomes:
- Looking for early value on-chain, capturing the business-growth “cake.” This tests the strength of investment research fundamentals (aside from BSC—BSC is still mostly a game of CZ vs. HY interaction and expectations for listings).
- Looking for contract-based, strong-whale-controlled targets inside Binance (along with trading U.S. stocks + blue-chip large coins).