I will analyze the recent actions of Binance and okx from the perspective of Kezhou: Now it is Binance’s power to maintain the liquidity of centralized exchanges, and the layout of sub-stations in various countries also needs to deliver liquidity. It is far from the time for decentralization, because four years ago in 2019, the liquidity of the entire market dropped sharply, and CEX was the most obvious. There will be new second-tier players that challenge the order. It is necessary to prevent the emergence of the next ftx, and this is already showing signs of okx (comparable to FTX), bitget, and the alliance of bybit+mexc. For early containment, it is necessary to appropriately suppress the hot projects of second-tier exchanges, such as flr, blur, core, sui, etc. Explore the potential of key areas that the second tier cannot enter, such as Binance US and JP stations. Then comes the summer of 2020defi, when a new section on the chain takes off the ETH ecosystem. Only in mid-2024 will the new section come out and be worth investing in strengthening BNB Chain to challenge ETH. At that time, I will be long on BNB Chain, optimistic about CAKE, and speculate on new products. Don't burn old stuff.