According to a report released by CoinMarketCap, data as of June 25 showed that the new token projects launched by the four major cryptocurrency exchanges Binance, Bybit, OKX and Bitget in 2024 were affected by market conditions, and most projects have performed poorly since their initial listing. In addition to external market conditions, their different listing strategies may also be one of the reasons for the difference in performance of the four major listed coins. For example, Bitget and Bybit have launched the most tokens this year, with Bitget launching more than 310 tokens and Bybit launching more than 130 tokens. The two trading platforms are newly focused on Meme coins and related tracks. This strategy is also aimed at actively catering to the market's need for high-volatility tokens this year, which is timely but also has disadvantages. These tokens tend to come and go quickly, so in terms of the overall performance of new tokens, about 80% and 70% of the new tokens on these two major trading platforms are loss-making. Binance, as an industry leader, has adopted another strategy, with a relatively low number of listings, only about 30, which may be in order to take a more cautious approach to thoroughly due diligence before listing projects. But even so, Binance has not been immune to the downturn in overall market conditions, and about 50% of new projects are currently in negative ROI. In addition, the projects listed on Binance generally have a large market value, and these negative ROIs will have a greater impact on the overall market. This also highlights the universality of the current market downturn from another perspective. Looking at the market in the second half of 2024, we can already see a lot of opportunities, whether it is the supply shock after the halving, or the first Fed rate cut since 2021, and the upcoming US election, both Trump and Biden have expressed support for the crypto industry, which will give the crypto market new impetus.