Recently, my friends have been debating which coins should or shouldn't be listed on Binance. Here's my take: the cryptocurrency world operates as a free market 🌐. The liquidity and trading volume across Centralized Exchanges (CEX) and Decentralized Exchanges (DEX) form a collective pool. CEXs aren't isolated markets; even if Binance doesn't list certain projects, these projects still exist, and their trading volume and funds will simply flow to other parts of the industry. This includes projects backed by venture capital (VC), meme coins 🐶, localized tokens, and various speculative ventures. Once ETFs are approved, traditional financial markets will also divert funds into the cryptocurrency space 💰.

Regarding VCs, they often contribute to inflated prices, but typically raise funds from Limited Partners (LPs) for a lock-up period of 7 years (4+3 years), charging management fees and dividends. VCs generally unlock their investments one year after the Token Generation Event (TGE), although this isn’t always the case. Consequently, many VCs in the crypto world are facing bankruptcy 📉, and some LP investments may result in zero returns. Projects with significant funding have a better chance of surviving market cycles, but the value and governance of their tokens are determined by the project teams themselves, with no standard answer 🤔.

Therefore, it's crucial to conduct thorough research on project tokens before investing, including their application scenarios, release cycles, holding ratios, and initial circulation 🔍. There is no universal answer.

The rise of DeFi has enhanced industry liquidity and freedom, making it harder for CEXs to set rules, but this is the appeal of a free market in the crypto space. Always do your own research (DYOR) 📊.