Whoever controls the "sequencing" holds the lifeline of the project in their hands.

Let me be more direct.

Binance is the best exit point for projects after launching their tokens and withdrawing liquidity, bar none. The disastrous performance of $MON on Coinbase should have completely dispelled any thoughts other projects might have about bypassing Binance.

When the market reaches a consensus on BNB Chain projects, they will receive priority in launching Alpha. This will naturally lead to the BNB Chain project achieving scale.

There's no way around it; liquidity is the absolute lifeline of assets, and Binance, as the liquidity center, determines and controls the fate of the vast majority of projects.

The only area left to focus on is marginal innovation. Marginal innovation refers to what replaces Kodak—not a better Kodak, but the mobile phone. From the ancient Chinese states of Qi, Qin, Jin, and Chu to the United States and Japan, these innovations originated from marginal cultural groups and continuously absorbed foreign cultural innovations.

When large companies encounter this potential "marginal innovation," direct acquisition is the best defense. If that's not possible, they can create a similar one or conduct internal competition among several companies.

After FTX collapsed, Solana's MEME program from late last year to early this year was an attempt to allow projects to withdraw liquidity directly through on-chain transactions, bypassing exchanges. In fact, even now, Solana's ICM (Internet Capital Markets) approach still aims to do this. The name itself clearly indicates its intention.

Most importantly, through MEME, Solana developers clearly understand the importance of "trade sorting" even more. It can be seen that Solana is currently trying various sorting methods, and the final direction is to control execution through ACE applications.

They probably really didn't expect that Binance Alpha would regain pricing power for new assets, and then Hyperliquid would do what it wanted to do.

Hyperliquid—perhaps no project in history has ever received such attention from Binance, not even Uniswap back in the day. Thus, APX was revived and renamed Aster, with heavy subsidies allocated to trading.

As I wrote before, Hyperliquid redesigned the microstructure of the order book, directly incorporating transaction identification into the consensus mechanism.

This seemingly simple yet revolutionary design forces Hyperliquid to mandate that nodes must process Cancel and post-only orders before processing GTC and IOC orders at the consensus layer.

The on-chain environment provides market makers with a very favorable market-making environment. However, Hyperliquid's liquidity is still concentrated in BTC. Previous attempts to issue new assets failed, and the company is now mainly focused on using Builders Coding for liquidity distribution to further acquire liquidity and revenue.

Therefore, I now truly feel intuitively that the competition in blockchain has escalated to a competition over "sorting" methods. And sorting directly determines whether market making is possible, and whether liquidity can be effectively exited by various parties.