In the past week, a leading exchange's Alpha product did not launch any new coins, but instead introduced three Futures Trading products all at once. This change in pace is quite noticeable—think back to the initial days when new coins could start Futures Trading on the same day, then it was extended to one or two days, and now it has simply been consolidated to approximately a week for batch launches.

The logic behind it can actually be figured out. The quality of those projects varies, but even for reliable coins, as the lifecycle lengthens, the speed at which investors get trapped slows down. In other words, losing money still happens, just not as urgently.

From the three futures trading coins that went live today, what can we learn? Let's take $IR as an example — its performance can reflect the current market's genuine expectations for this type of product. With the entire rhythm adjusted, the exchange is clearly reassessing the balance point between risks and opportunities. The project team also needs to adapt to this change, as a longer lifecycle means maintaining a more lasting level of enthusiasm.