CZ 🔶 BNB(cz_binance) Message

[CZ's Year-End AMA: Top 10 Questions and Answers] The BNB Shareholders' Year-End Meeting has just concluded. After listening to CZ's year-end AMA, I've selected 10 questions and answers to summarize below 👇 Key Points: Market prediction, the stablecoin war 2.0 hasn't even started yet. 1. How did you feel after being pardoned? CZ: "Psychologically, it felt like vindication, finally free." But my actual life hasn't changed. He still works from home every day and exercises for 30-45 minutes daily, a habit he picked up from prison. 2. What does CZ do every day? Four things: • Giggle Academy – His "pet project," a completely free educational platform with a 60-person team, serving 90,000 children. • YZ Labs – A $10 billion ecosystem fund, investing in nearly 70 projects and reviewing over 1,000 by 2025. • BNB Ecosystem – No longer focusing on technology, primarily mentoring young entrepreneurs. • Advisoring governments – Discussing regulatory frameworks with high-level officials in over a dozen countries, including Pakistan and the UAE. However, this last item took far more time than he expected. 3. His proudest figures for 2025? • Giggle Academy: 90,000 students, larger than many universities. • BNB Chain: 600% annual growth in transaction volume, 2.4 million daily active users. • Binance: 200 million users. • Crypto industry: Wealth penetration rate may still be less than 1%. He added: The market capitalization of cryptocurrencies can still grow by several orders of magnitude. 4. Why invest in multiple prediction markets simultaneously? Is it a "horse race"? Someone asked, "You've invested in several prediction markets (like Probable), aren't you creating a 'horse race,' letting them compete against each other to see who comes out on top?" CZ denied this, providing a clear framework: it's not a horse race, it's an "open garden." "There are multiple e-commerce platforms and multiple search engines on the internet. Would you call that a horse race? That's just how the market works naturally." YZ Labs' principle: We never make exclusive investments. Especially in the early stages of a project, as long as the team is strong, we support them. Why invest in multiple projects in the early stages? CZ's logic: 1. Competition expands the market. Different teams try different directions, serving users in different regions. 2. Validating which features users truly want. For example, Probable's "locked funds earning interest" feature—if users like it, others will copy it; if nobody cares, no one will. 3. Even strong teams can fail. A good product doesn't guarantee a successful project; various reasons can cause problems, so we invest in multiple projects. How does he assess early-stage projects? "I look at the product, but actually, I use the product to judge whether the team can deliver." Today's features aren't important; what's important is whether they can respond and iterate quickly if the requirements change tomorrow. CZ believes the next major battleground is the World Cup. Polymarket exploded during the US election (more accurate than polls), and CZ says the industry is now focused on the 2026 World Cup. "The team that works non-stop will win, at least in the short term." But he also says: the real victory is in the long term, it's about who can persevere, who has execution power, and who is mission-driven. 5. The Future of Stablecoins? The Stablecoin War: 1.0 Ended, 2.0 Hasn't Even Begun CZ explains this part most clearly, almost dividing the industry into generations. Stablecoin 1.0: Simple and Crude Model: Deposit USD in a bank → Issue tokens → Tokens are instantly transferred on-chain → Arbitrageurs use them for cross-exchange arbitrage. Problem: No returns. You hold USDT, Tether uses your money to buy government bonds and earn interest, and you get nothing. Tether, leveraging its first-mover advantage and network effect, is now rumored to be valued at $50 billion, with annual revenue in the tens of billions. Therefore, many people want a piece of the pie. Stablecoin 1.5: Starting to Offer Yields CZ specifically praised YZ Labs' investment in Ethena's USDe. However, the problem is: Ethena's adoption is limited by exchange access. Not all exchanges support it, leading to friction in usage. Stablecoin 2.0: Yields + Liquidity + Compliance, a Three-in-One Solution CZ said the ideal state is simple: "A stablecoin that gives you good returns and can be traded on most exchanges. Sounds simple, but is very difficult to achieve." Why is it difficult? To convince a bunch of exchanges to list your token, you need to ensure sustainable revenue streams and comply with regulations (which is easier now). The Stablecoin Landscape on the BNB Chain CZ summarized it: USDT on BNB is a wrapped version, not native. FDUSD was supported by the BNB chain, but its growth is limited by "significant friction with fiat currency channels." USD1, a strong project from the US, is now a relatively native option on the BNB chain. U, a newly announced project today, which CZ says has "some really interesting potential." The Regulatory Environment Has Changed This is crucial. CZ said it's completely different a year ago: The US has the GENIUS Act underway. Regulators in other countries are "no longer extremely hostile to stablecoins." "The regulatory environment is much more open now, and we'll see more opportunities." Will there eventually be only one left? CZ's judgment: Network effects will eventually kick in, and users will gradually concentrate on the most compelling option. But it's still early; everyone is trying different models. He "loves seeing it." 6. What do you value most when investing? In short: mission-driven. CZ says he fears two types of people most: 1. Those who only want to make a quick buck and run ("Cash out and leave once you reach 10 million/100 million"). 2. Those who switch tracks after three months ("That means you're not passionate about anything"). You also need stamina. Entrepreneurship is physically demanding; it requires a long period of perseverance and immense pressure. 7. Will AI trading agents be the next big thing? CZ presents a logical paradox: "If an AI algorithm can truly make a lot of money, why sell it to others? Unless you lack capital. But now it's too easy for good teams to raise funds." An even more fatal problem: the more people use the same strategy, the worse the effect. The market is about mass psychology; the first person to use a strategy wins, the last person loses. His conclusion: AI will be used for trading by everyone, but in their own customized way, rather than by buying off-the-shelf platforms. 8. Can RWA tokenization truly be implemented? CZ says he is seriously discussing the tokenization of national assets with high-level officials from multiple countries. For example, US shale oil was originally difficult to extract, but thanks to a developed capital market, oil companies went public and raised funds, enabling them to invest in technology research and development. Tokenization can replicate this path: Countries tokenize rare earth/mineral resources → raise funds → develop the industry. It's not about selling resources, but using tokens to leverage capital. Another viewpoint: AI and robots will definitely use cryptocurrencies in the future. Why? Robots can't open bank accounts, can't do KYC, can't verify with selfies, and can't swipe cards. Traditional finance is designed for humans, not for agents. 9.BNB How can blockchain make a comeback? CZ's answer: Focus on building. "You won't always be the most profitable, you won't always be the sexiest, and you won't always be the most successful. But you just keep doing what you're good at." He used an analogy: a marathon + boxing match. You run and then throw a few punches, but you just keep going. Nvidia took 40 years to become the most valuable company. The first 20-30 years? Nobody thought they'd succeed. 10. The Last Bonus Message Someone asked: If all your speeches and tweets were deleted, and you only had 60 seconds to leave a message for the world, what would you say? CZ said: "I don't think I'm defined by my content. If everything was gone, I'd probably just say 'Good morning,' and I'd still get a lot of replies." This was probably the most CZ-esque answer of the entire event. Dear BNB shareholders, did you receive CZ alpha? @cz_binance @yzilabs @ellazhang516 @nina_rong