Thoughts after reading the 'Binance Listing Application Form': 1️⃣ Level of detail: Spot >>> Futures ≈ Alpha. The amount of information required for the spot listing application is almost three times that of the other two channels. Binance is indeed the most cautious when it comes to spot listings. 2️⃣ For Alpha and Futures, the focus is on whether the application is submitted directly by the team and the project's sector. 3️⃣ The spot listing application is mainly divided into three sections: 'Applicant / Project / Binance-related.' It asks very detailed questions about tokenomics, project solutions, and project revenue sources, all of which are mandatory fields. 4️⃣ Spot listing applications clearly have higher requirements for the project's legitimacy and compliance, requiring a significant amount of legal documentation. 5️⃣ Judging from the form alone, projects that are willing to 'integrate into the BSC ecosystem / adjust tokenomics / lower valuation' might have a higher chance of success. This implies that projects need to make some compromises, while Binance uses this to develop the BSC ecosystem and reduce the occurrence of 'listing and dumping' scenarios.