Every public chain has a hype cycle. When a small hype arrives, it's a quick surge. When a major hype comes? A certain exchange directly launches spot trading, and then the entire chain's ecosystem projects swarm in.

But the logic behind this is intriguing: one exchange controls project exposure, listing permissions, liquidity exit, and ecosystem tilt. All the positive news, all the traffic, all the exit channels, flow into its ecosystem applications.

In plain terms, this is naked market manipulation.

The paradox is that the original intention of ecosystem decentralization has long been swallowed up. Whether other public chains can succeed is no longer determined by technology and applications, but by the resource allocation of a certain centralized institution.