On March 9, Zhao Changpeng forwarded Kuai Dong's disclosure of market maker Web3Port, with highlights including: May Liu and his team built a "brokerage pipeline on Binance", from Spark Digital Capital to Web3Port to Whisper. At first, Spark operated under the name of VC, actually relying on market outsourcing + FA business, allowing VCs to invest in projects and obtain free tokens themselves. After 21 or 22 years of industry involvement, the project parties were unwilling to give tokens for free. They turned to the incubator model and established Web3Port to provide project packaging and VC docking in exchange for 1-3% tokens. But the incubator alone could not be liquidated, so Whisper, a market maker, was established in the name of market making, which actually created a shipping window for the free tokens in his hands. Ultimately, the system became a complete pipeline from packaging financing to exit, and Binance retail investors became the ultimate payers.