Let's review the development trajectory of the BSC chain over the past few years. With each wave, the market landscape has changed dramatically.

The first phase was the craziest. Projects like TST and TUT saw their tokens skyrocket on Alpha, and the hype allowed many to make huge profits. This wave of market activity completely changed market perceptions and sparked discussions within the entire ecosystem.

The second wave brought a reversal. Projects like Mubarak and Mubarakah took over, but this time, tokens on Alpha plummeted instead of soaring. The success stories from the previous wave proved completely ineffective here, prompting the market to reflect on what kinds of projects can truly survive.

The third phase entered a period of large-scale淘沙 (refining the good from the bad). Projects like 4, Gigg, and Binance Life emerged one after another, giving rise to a genuine Chinese meme culture. Interestingly, Binance Life didn't benefit from any perfect timing or favorable conditions but still managed to go live with spot trading. Since then, although the performance of newly listed projects has fluctuated, overall stability has significantly improved.

The fourth market cycle has seen even more pronounced segmentation. Dark horse projects suddenly surged, while established projects like Laozi experienced sharp declines. This fragmented state has persisted until now. However, an interesting phenomenon remains—no matter how the market changes, Chinese tokens continue to be the focus. The leading projects haven't been fully decided, but a consensus has already formed: Chinese tokens remain the main narrative in this market.