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It is no longer realistic to evaluate crypto projects solely based on "which exchange they are listed on." Because in the market, we see that some projects reach billion-dollar levels even without being listed on major exchanges. For example, consider that $LIT has reached a $3 billion FDV despite not being listed on any major exchange. At the same time, some projects listed on large exchanges can still perform poorly. This shows that exchange listing alone is not a determining factor for a project's success. It is important to understand that community, technology, use case, and market demand play much more significant roles.