He Yi, co-founder of Binance, the world's largest cryptocurrency exchange, wrote an article titled "If we have different opinions, then maybe you are right" on the Mid-Autumn Festival yesterday (17th), answering the question of the crypto at once and Binance have recently been hotly debated by the community on three major issues:
- Is the crypto going to end?
- Is Binance flat?
- Binance Listing Strategy
The following is the key points of Sister Yi’s full text:
1. Is the crypto going to end?
Recently, many posts in the industry denigrating the blockchain have become popular. Many people outside the industry are asking me if the blockchain scam is over? People in the industry are asking whether the industry is running out of steam? Where are we in the cycle?
Compared with good news, bad news is more likely to make headlines, and bad news is also more likely to gain more traffic and attention. What is more worthy of ridicule than people in the crypto who sing down about the crypto? These behaviors and emotions are constantly contagious, and the traffic is becoming more and more intense. Even the retirement of some OGs has been magnified as evidence that "the crypto is about to end." Some staunch idealistic players in the industry will also reveal anxiety and confusion when chatting with me.
In fact, it’s not just the crypto that’s worried. We live in this world, so we cannot do without the environment, water and air. Whether the investment market is active or not depends on the economic cycle . Whether the economy is going up or down will determine where the public's budget is allocated. As an ordinary person, we have enough to eat and clothing to eat. Only those who are interested will consider investing, so every news from the Federal Reserve is a baton for market direction for senior players in the crypto.
Especially as the overall market size of the crypto continues to expand and players from large financial institutions participate in the industry, the blockchain industry is gradually maturing, especially after the approval of BTC and ETH ETFs as a "configurable asset" in the investment category. , the currency market and the stock market have become two sides of the same coin .
Hindsight: What changes have occurred in the crypto in the past ten years? I once compared the crypto to the Wild West, so the early people who poured into this industry were the early Western Nuggets. During the economic upturn, a little bit of funds overflowing into the crypto can also make the crypto grow exponentially. In the early days of the blockchain industry, when the industry was growing wildly, it was not uncommon to see hundreds of times or thousands of coins as long as you dared to All In. This was the dual blessing of the early niche market and the macroeconomy. In such an environment, today’s All In is wrong, stud will be right once tomorrow and come back.
But as time goes by, the economy enters another cycle, consumption around the world is downgraded, more players join the Nuggets team, Nuggets players wielding shovels continue to upgrade their equipment, and professional players at the first and second levels in the traditional market are increasingly The more there are, everyone will feel that "the crypto is not as profitable as before."
From Bitcoin being called a "Ponzi scheme" by countless people over and over again, to being criticized countless times in mainstream circles to the approval of Bitcoin and Ethereum ETFs, it is of course a great victory. At the same time, we can see that traditional finance The trading scale of cryptocurrency-related products is steadily expanding, such as the trading volume of CME and ETF.
Yes, the big one is coming, but the way it comes is different from the way everyone imagines capital taking over without thinking.
Just like the Internet changed the publishing industry and the television industry, it did not happen overnight, but slowly and quietly, bringing about more than just the rise of Bitcoin.
Extended reading: Cryptocurrency in the eyes of Paradigm: Like Mars colonization, speculators’ gambling table
2. Is Binance flat?
We are pigs in the spotlight, stepping on the pulse of the times and standing with users to get to where Binance is today.
We hope that the blockchain industry will not be a playground for niche players. We hope that Binance can serve one billion users in the future. We hope that it can become the infrastructure of the future world. We have been working hard towards this goal. When we want to promote large-scale adoption of the blockchain industry, when we want to meet the needs of most people, when we need to protect the rights and interests and asset security of the vast majority of users, it means that we need to balance ideals and reality. Find a balance between.
Binance is no longer a child, so we need to reconcile with the world, need compliance, anti-money laundering, and follow the existing rules of the traditional financial industry.
History always repeats itself. There were countless technological innovations in the early days of the Internet, and the turning point was when companies that served most people became today’s Internet giants. The absolute liberalism in the early days of the Internet eventually moved toward the Dark Web.
We have no way to predict the future, so we can only learn from history. Products need to be able to serve most people to become the financial infrastructure of the future world . Binance’s products start from transactions, not just transactions. You will see Earn, Square, pay, The emergence of Web3 wallets.
We hope to try and explore how we can bridge the gap and truly democratize blockchain technology so that ordinary people can use blockchain instead of just speculating on blockchain. They don’t have to know what blockchain technology is. , but benefiting from the blockchain, just like your grandma doesn’t understand Internet technology, but can enjoy the convenience brought by mobile phones.
Bubbles will burst, and those products that truly solve user needs will change the world and make history.
Further reading: Binance Research Report: How far are we from mass adoption of Web3?
3. Is your currency listed on Binance?
There has been intense discussion in the community about Binance’s listing of coins in the past few days. We have taken everyone’s opinions seriously. Whether in the past we thought that listing VC-invested coins on Binance was betraying the community, or we thought that listing MEME coins on Binance was lowering the price of listing. Standards, or judgments on TG game projects on Binance are all nonsense, and criticisms are all studio players, including the rumors of Mousecang, which are also involved in investigations. We are all paying attention and are constantly reflecting on it. "With deep love, there is deep responsibility." People who don't care won't spend time with you.
Binance has relied on its users to get to where it is today, and every user’s opinion will be taken seriously. Let me try to explain the basic framework and process of currency listing that everyone is clamoring for:
Binance currency listing consists of four links: business, research group, committee, and compliance review.
Let me roughly summarize the aesthetic preferences retained by previous committees, which can be roughly divided into:
1) Upload projects that users need, projects with users and traffic
In the past two cycles, we made a lot of mistakes in listing coins. In the early days, we did not pay enough attention to MEMEcoin , so in Shib, PEOPLE, PEPE, and even these recent MEME projects, we only realized that the price went up very high. to the point where my face was swollen. The experience and lesson here is that Binance, as a trading platform, cannot feel good about itself, but needs users to feel good about it.
In the dispute between big and small neiro, it is also because of the criticism from the community that we are more reflective about what is a good MEME. If the essence of the MEME community is another "anti-Wall Street movement", then the tokens will be highly concentrated and the price will have been Pump blows up, but the bubble bursts at some point. Is it still MEME? Or Ponzi wearing MEME clothes?
Therefore, several MEME projects with relatively dispersed tokens and low market value were selected. More than ten projects were initially screened, many of which were due to compliance review and token concentration.
Extended reading: He Yi the rumor: It has no intention to lead the trend of meme coins, and listed "Lowercase Neiro" due to its low market value and dispersed currency holdings
2) Build long-lasting projects
At the beginning of the last two cycles, some traditional VCs began to enter the crypto in a big way, making frequent and generous moves. Later, everyone found that the projects with a little bit of success in the industry were rising, and the project parties received hundreds of millions or even billions of dollars from the VC side. After the valuation, you have a large amount of money in your hand to try and make mistakes and adjust the direction. The prosperity of infrastructure projects such as Matic, which sell coins at low valuations, is gone forever. With a large amount of cash in hand, who is willing to sell for tens of millions of dollars? Your own coins?
It is not Binance that determines the price of their tokens, but the token model, circulation, buying and selling . These top teams’ high-valued projects have a large number of MMs (market makers) around them who are willing to advise them to maintain high prices. The market value has also attracted a large number of exchanges, especially AMM, which has brought about the rise of DEX. It is not impossible without a trading platform. But there is no denying that while other projects have risen and fallen, they have lived longer and have had more opportunities.
Many people will say that this shows that Binance is losing its right to speak. Yes, of course there is no absolute right to speak. This is precisely the characteristic of industry decentralization and is the result of the joint action of professional financial players and the rise of DEFI, and these two They are all key to taking the industry to the next level.
Without the involvement of capital, how could cryptocurrency become a hot topic in the US election? Decentralization and the lack of absolute authority are the charms of this industry, right?
3) There are projects with solid business logic
In the past ten years, I have often heard a saying: "Crypto projects do not need a business model, and the valuation can be calculated as soon as there is a business model."
But I think that regardless of Web2 or Web3, the essence of entrepreneurship is to create what the world needs. Naturally, someone will pay for it. Whether the customer is B-side or C-side, the financing method will change, but the essence of entrepreneurship will not change.
Since the craze in 2017, I have been conveying a concept: issuing coins is a lifelong responsibility, which is guaranteed by long-term credibility . The community will support you, but your responsibility is also greater. If you sell the coins and retire directly, then The bankruptcy of a person's credit is the real bankruptcy.
Because we like projects with solid business models and income , we hope to have a reliable team that has entrepreneurial potential and can take on responsibilities . We also hope that your valuation will not be too high and that you can take care of the community and grow together. , we want you to empower your tokens , because if you stand with your users, your users will stand with you.
If any project meets these standards, please feel free to contact us, or leave a message under this post, or fill in the information in the public application link on the site.
Extended reading: Dialogue with He Yi: Is there a rat position in currency listing? Why not disclose Binance’s market capitalization?
Welcome to report currency listing corruption within Binance
In terms of the currency listing process and the prevention of insider trading, Binance as a system has considered all aspects of isolating information. Just like the outside world said that the Binance currency listing team has been bloodbathed for several rounds, and the people currently doing currency listing research at Binance We don’t talk about business, we talk about business terms and we don’t know which projects have entered the observation pool. Everyone only knows the progress of the projects they are responsible for. Even if they pass the IC vote, these projects still need to pass strict compliance review restrictions and may be canceled at any time. .
In accordance with the exchange’s compliance requirements, all Binance employees are required to complete relevant mandatory compliance training. At the same time, Binance also has an independent internal audit team that specializes in investigating such violations. If it is verified that there is information leakage or insider trading suspicion, Binance will immediately initiate judicial procedures and transfer relevant personnel to judicial authorities. Serious cases will face criminal liability.
We can establish rules to restrain people, but it does not rule out that the current system or system may still have information blind spots, so we have issued a high reward:
We welcome all reports involving currency listings and other corrupt practices, or any other "coin listing observation indicators" in our blind spots. If verified by the Binance team, we will provide you with a reward of $10,000 while keeping your identity confidential. ~$5 million security vulnerability bounty;
Report email: audit@binance.com
