Some observations and wild guesses:

(1) Secondary exchanges like Bybit and OKX are suspected to have reached a certain tacit understanding with Solana regarding token listings, with Bybit Alpha and OKX DEX prioritizing support for Solana ecosystem tokens; meanwhile, Binance, Gate, and other exchanges continue to focus on BNB Chain assets.

At the same time, Solana itself is trying to transform its entire chain into an on-chain CEX, beginning to introduce assets from other public chains so users can directly trade assets from other chains on the Solana network; it is also introducing tokenized stocks and other RWA assets.

Over the past year, Solana has been under pressure due to Binance's suppression and now seems to be seeking ways to reduce dependence on top-tier exchanges: collaborating with second-tier exchanges and trying to position itself as a top-tier exchange in some sense. But this is just the beginning.

(2) A few days ago, CZ retweeted Trump’s speech and said he hopes to help the US become the world’s blockchain capital; this morning, NINA, the growth executive responsible for BNB Chain, followed the SOL Foundation’s Toly.

Tonight, Binance Alpha surprisingly launched SOL meme tokens for the first time in over half a year. The Sol memecoin has returned to Binance’s main stage. This meme is based on the White House concept, supported by a16z, and after launching on Binance Alpha, it quickly reached a $200M market cap.

Based on these observations, some wild guesses:

(1) Competition among exchanges remains fierce, and a scenario similar to the three kingdoms may emerge in the future, with weaker second-tier exchanges forming alliances to counter Binance in certain areas.

(2) The recent improvement in Solana’s token listing difficulties suggests that the Solana ecosystem still has the potential to flourish again.

The biggest current issue for Solana is finding its own positioning. It is not as decentralized as Ethereum, nor does it have Hyperliquid’s high performance. Currently, Solana’s positioning feels more like an on-chain version of a top-tier exchange or a public chain centered around consumer applications.

(3) Binance’s token listing strategy may be changing, and this warrants ongoing observation. It perhaps reflects Binance’s desire to intensify efforts to re-enter the US market.