Being acquired is too comfortable for this type of application, with a few cases standing out: Ethena, Renzo, and similar ones like @hedgeyfinance, @magna_digital, @tokentable. Why haven't similar ones been acquired? Perhaps because the main color of other applications isn't blue. These products mainly help projects with token airdrops, investor token unlocking services, and sometimes also provide witch services, facilitate OTC, and handle taxes. The main goal is to create a barrier based on the scale of managed assets, simply put, it's a one-stop service for token distribution. What is the scale of these applications? Hedgey currently manages around 300M, and Debank can check multi-chain assets. Liquifi Ena + Rez might also be in the hundreds of millions, but they may not manage that much now. Magna claims to be at 10B, which is very likely, as many tokens on SOL use them because of their virtual market cap, exceeding 10B is quite easy. TokenTable at 4B mainly serves Ton, some new public chains like Bera, Zeta, and Kaito, and Virtuals, showing strong BD capabilities. Are these applications profitable? Some profit data for reference: TokenTable distributes 4B in token value, with revenue of 15M (unclear if this is pure profit), and other products are definitely smaller in scale, likely with similar profit margins, so one can imagine the profitability of these products.