Seeing discussions about Yaobi occupying my timeline, in my view, exchanges cannot completely ban Yaobi. Their main revenue comes from transaction fees, and there are no hot spots on the platform. Mainstream assets fluctuate daily, with volatility not exceeding 5%. Without these active market makers creating targets, trading frequency would definitely be lower. Without new targets, no sentiment, no stories, the market would quickly enter a cycle of "low volatility → low trading → low income." From a rational business perspective, exchanges should welcome Yaobi, as they contribute a lot of transaction fees and generate buzz. The role of Yaobi is essentially to artificially create volatility and attention. Most importantly, the costs are not borne by the exchange. When both sides fight, the onlooker benefits.

Moreover, this is also a good opportunity for second-tier exchanges to overtake through a curve. Many small coins have better liquidity on second-tier exchanges, or can only be traded there, so liquidity flows to second-tier exchanges. The strategy of second-tier exchanges is quite clear: listing coins faster and being willing to take on early liquidity.