Looking at the development of the BSC ecosystem, the evolution trajectory of the leading coins in each cycle is worth reviewing.

**First Cycle**: TST surged to a $500 million market cap, becoming the focus at that time.

**Second Cycle**: Mubarak took over, reaching a peak market cap of $250 million.

**Third Cycle**: Binance's projects and two leading coins each gained momentum, reaching $500 million and $450 million respectively, with combined ecosystem scale approaching $1 billion.

A clear characteristic of the first three cycles is—**speed**. The rise of these projects was very short, generally completing the full process from cold start to peak within a few months.

**The Fourth Cycle is here**. Currently, the leading projects in this cycle are still in the incubation stage, with the highest market cap fluctuating around $50 million. Compared to the explosive pace of the previous cycles, this one appears much slower. Is it due to declining market enthusiasm, or does the new cycle require a longer accumulation period? It's hard to say for now. But based on historical experience, such rapid surges on BSC do exist, though participants need to be more cautious in identifying them.