From an objective perspective, several issues concerning exchanges are worth discussing. First, it is understandable to emphasize trading sentiment and market fluctuations, but maintaining excitement by repeatedly squeezing users' emotional costs is a bit excessive. Users will ultimately feel fatigued. Second, the more core issue lies in the concentration of coin listing rights. Key information such as the pricing standards for coins, the coin listing review process, revenue situation, and real data should be publicly and transparently available to all users, rather than being limited to the internal coin listing evaluation team. This asymmetry of information leads to an oligopoly of power, which is not conducive to the healthy development of the ecosystem in the long run. The main value of exchanges should be in connecting rather than monopolizing.