Binance's alpha+wallet+contract+spot listing system has basically shattered the listing systems of other offshore exchanges, and it seems that everyone can only avoid its sharpness. But the real money that the exchange makes is still big currency contracts. Listing spot coins and new listings does not make money, it is more about earning users and traffic. Although OKX has basically given up listing, its contract trading volume was still second only to Binance last year, and everyone has kept a tight watch on the core profit base. Beyond its core business, OKX focuses on on on chain operations, Bybit expands into forex and gold bulk markets, Bitget primarily focuses on Payfi and cards, Gate focuses on compliance, MEXC focuses on the Middle East, HTX focuses on Russian, and a group of small firms are secretly doing business in the United States. Each company is also engaging in differentiated competition.