CZ: As long as the project is strong, CEX will list it first; Treat users well, don't focus too much on competitors

On October 15th, CZ disclosed in a social media post, "An unpopular view: regarding 'listing fees' (recently witnessed similar discussions multiple times). If you are a project team and complain about listing airdrops or 'fees' (towards users), don't pay. If your project is strong enough, exchanges will be eager to list your coin." If you have to beg exchanges to list your coin, then... you need to ask yourself why and who is creating value for whom. If you complain about listing fees on competing exchanges, you can simply set your own listing fee to 0 and be happy. In fact, why not set all fees to 0? Including transaction fees? In a decentralized world, businesses can freely choose their business models. No one forces you to adopt a certain model. Focus on treating your users well and don't overly focus on competitors. If you are a holder of a certain token and complain, you should address the project team instead of the exchange. Or use a DEX. PancakeSwap has no listing fee and has a good trading volume. Furthermore, different exchanges adopt different listing models: listing all tokens on each chain. Most tokens are scam projects. In truly 'hardworking' projects, most will fail, and only a few will succeed. Selective listing and using listing fees as a source of revenue. If you can attract valuable enough projects, this is a viable business model. Many small exchanges use this model because their trading fee revenue is insufficient. Selective listing, requiring token airdrops to users or charging a security deposit increases the cost for scam and failed projects, thereby protecting users. These models are not black and white. Many exchanges use a hybrid model between spot listings, futures listings, Alpha listings, Web3 wallet purchases, etc.