The two approaches to listing coins on exchanges are worth considering. One is popular coins, with high popularity, which seem "natural" once listed, but these are often already inflated and their expectations have been overextended in advance. The other approach targets obscure small-cap projects, aiming for surprise and potentially generating unexpected returns.

It's hard to say whether the listing team at a certain leading exchange is deliberately balancing these two strategies, but based on recent coin selection results, this logic seems to be somewhat untenable. Either the hype isn't enough to support the coin's price, or the small-cap project itself has hidden risks, ultimately leading to disappointment. The approach to selecting coins here indeed needs more transparency.