Editor | Wu Blockchain about Blockchain
This article is a text summary of the online AMA on the theme of Binance Wallet restart recently held by Official Twitter. The guests participating in this AMA include Binance co-founder He Yi and Binance Wallet product manager Winson.
The following is the text of the AMA. The audio transcription was completed by GPT, which may contain errors. It has been edited to keep the content compact. The content is the spokesperson's opinion and does not represent Wu Blockchain views.
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He Yi: In this year, I feel that we have not been doing particularly well in our wallet business, so after a period of reflection, we decided to rewrite the entire wallet from the bottom up. So we have this reborn version today - Binance Wallet, I want to take back everything that belongs to us. But in this process, we still need the participation of community friends and more feedback to help us grow together and create an ideal and imaginary best wallet that everyone wants to see. Thank you.
Winson: Let me introduce myself briefly. I have been in the cryptocurrency industry for more than ten years. I started buying Bitcoin in 2013. I am also a firm believer and holder of cryptocurrency. In addition, I am also a programmer. I have worked in a large Internet company in WEB2 before. Later, I had entrepreneurial experience in mobile Internet and cryptocurrency industry. The most recent entrepreneurial direction is wallet. In the process of starting this wallet business, I have a more comprehensive and in-depth understanding of the wallet business. At the same time, I also realized that the threshold of this track is very high, to put it bluntly, it is very expensive.
The objective fact is that when I realized that I didn’t have enough money to continue, I was grateful to Sister Yi for finding me, taking me in, and giving me an opportunity to continue to fulfill my unfinished ambitions on the larger platform of Binance. So in fact, my current status at Binance is not much different from my previous entrepreneurial status. I am very happy to be able to perfectly combine what I have always wanted to do and what I like to do with the mission of the Binance platform itself, so I am also very happy to have this opportunity to communicate with you about our newly launched products.
Our current products still have many shortcomings, but I also believe that good products are built together with the community, not just by ourselves. We sincerely welcome everyone to try our products and give us feedback.
He Yi: Everyone expects every coin on Binance to rise
Wu Blockchain: Everyone knows that Binance has faced a lot of controversy in listing coins this year. I guess Binance itself is also very anxious, because after all, everyone seems to have expectations only for Binance, thinking that the coins listed on Binance must rise, but they don’t have this expectation for other platforms. As a result, it is actually more difficult for Binance to list coins, because other platforms can earn transaction fees by listing coins, but Binance may not be able to list them, or face some criticism from the community. So Binance has now launched the so-called Binance Alpha. How did you consider this? Can you tell us the cause and effect of this matter? For example, the idea of launching this, why did you decide to launch this?
He Yi: First of all, I think that Binance listings have indeed been commented on a lot by everyone. Everyone thinks that the price of a coin listed on Binance must go up, haha. Then, um, there may be dozens or hundreds of other platforms, and everyone thinks that as long as one succeeds, everyone thinks it’s awesome, right?
But as for Binance, everyone expects that every coin will rise. Indeed, I think there is a cruel fact that when the user scale of Binance itself reaches a certain size, it will directly determine the coin you list. Even if its market value is very small, it will push its market value to a very high level in a short period of time. Therefore, its overall performance is very easy to enter a downward trend after a short-term surge.
Therefore, we are trying to find various optimal solutions throughout the process, including pre-market, hoping to suppress the price of the currency to a more reasonable range before the official listing. However, from the early stage, this staged suppression does not seem to be accepted by everyone, who thinks it is not the optimal solution.
In fact, if you compare the IPO process of the crypto and traditional Web2, you will find that from the establishment to the IPO, traditional projects will have to obtain a large number of real user bases, or have good financial data, before they can enter the IPO.
But in the crypto, many projects have a very short cycle from establishment to TGE (token generation event). The interaction data on many project chains is inflated, such as fake data created through airdrops, which are not real users. Moreover, many projects lack business models. People say that having a business model is not valuable because you can use the traditional Web2 model to evaluate how much a project is worth. Therefore, the entire industry is currently in an awkward period.
My understanding of this is that the essence of blockchain is the transformation of production relations, and users, entrepreneurs, and founding teams should share the fruits of labor. However, many projects currently do not have real fruits of labor, and everyone is sharing air. It is like there are only a few grains of rice in a pot, and everyone is scrambling to share the water.
I believe that the industry ultimately needs excellent entrepreneurs to create businesses that are beneficial to society, so that they can earn income and share the fruits of their labor with the community and currency holders. At the same time, I see that the policy direction of the United States has taken a 180-degree turn. The new policy will help the industry mature and promote changes from production relations to labor results.
After saying this, everyone can understand why it is very difficult to list coins at present. Because a few Meme projects may survive, but most will return to zero, which is a cruel reality. In this process, I cannot predict which coins can survive for a long time, nor can I define which projects are good Memes. At this stage, we choose to put a large number of projects, including VC coins, infrastructure projects, DeFi projects and Meme coins, on the watch list.
In fact, there are hundreds of projects on the market now. Many projects have a lot of attention or a solid team and strong technology, but many projects have problems, perhaps the token model is flawed or the data is inflated. It may make it difficult for them to be listed in the end, so we keep these projects in the observation stage.
During the observation process, there were rumors of insider trading, so we decided to put these projects in the Alpha zone of Web3 Wallet, where everyone can trade these projects. Not all projects that enter the observation zone will eventually be listed on Binance. The Alpha zone and the observation zone mainly cover market hot projects, and their success rate may be higher than the projects that everyone blindly follows. Our goal is to find projects that can survive for a long time.
But this does not mean that we predict that they will survive in the long run. Many projects will eventually be eliminated. As a trading platform, we hope that every project listed on the platform will be successful and users will make money. But objectively speaking, the tokens of most projects may not be successful in the end.
For these projects, the project owners need to understand that whether it is listed in the Alpha zone, spot or futures, it is a process rather than a result. Successful projects need to be able to generate real value for society and be willing to share the fruits of their labor in the process. Not all Meme coins are garbage. We understand that if users choose to invest in a Meme coin instead of a VC coin or a popular DeFi project, they may get early value capture.
We understand this phenomenon, and there are indeed some Meme coins that have gradually increased in value from zero, and we also hope that users can benefit from it. Eventually, the Alpha area will accommodate some Meme coins that are popular in the community.
If everyone thinks that all this is nothingness, but you can gain value from nothingness, then it also makes sense. I think there are thousands of projects in the market, but most of them will eventually return to zero if they cannot build real value. Although the founders of some projects can make profits in the short term, it does not mean that they can achieve long-term success. I believe that long-termism is the key.
Binance Wallet team has 100 people with differentiated goals
Wu Blockchain: Winson, what I want to ask is, you must know that the teams of competitors in the industry are very large, and the wallets may have 500 to 1,000 people. How many people are there in your current team? Facing this competitive pressure, what do you decide to do? Is this a defensive strategy or an offensive strategy?
Winson: The question just now mainly asked about our Binance Wallet strategy against competitors, including the number of team members. First of all, our Binance Wallet team now has 100 people, but we are still expanding, so we also take this opportunity to recruit some engineers and technical positions.
As for the investment of competitors in the wallet business, I believe everyone has seen their remarkable achievements. We have conducted in-depth research on them and also learned from their successful experiences. But I want to emphasize that Binance Wallet’s strategy will not 100% imitate and follow competitors. We will take a differentiated path in the process of learning.
From my personal experience, many business competition cases show that blind copying is a dead end. Users do not need identical products. There are already enough similar products on the market. The key to competition lies in innovation.
I think the wallet market has a high ceiling and a wide space for exploration, so there is a lot of room for differentiated products. I have been working in this market for 4 years and I am confident that I can find a differentiated path. This path is very clear and precise. As Wu Blockchain said just now, our strategy is not a defensive strategy, nor an offensive strategy, but a strategy to explore new paths.
We have a very clear plan for the future. Although there has been some progress in Q4 this year, we actually already have a clear plan and know what we will do in Q3 and Q4 next year. We are very confident in our direction.
He Yi: Let me add something about our wallet strategy. I believe that whether it is CEX or on-chain operations, the real core is to meet the needs of most users. Users want it to be simple, easy to use, safe and reliable. Only in this way can we serve more users. Therefore, our Web3 wallet is to meet the needs of all users.
Our competitors have invested a lot and are very professional, and we respect their products. But for Binance, our Web3 wallet project is not a defensive one, but to gradually improve our products by meeting user needs, just like when we did contracts, although it was a little late, but we were fully prepared in terms of resource investment and confidence in Winson.
New Binance Wallet Positioned as “Newbie-Friendly” and Competing Independently with Trust Wallet
ChainCatcher: Hello everyone, I am a reporter from ChainCatcher. I would like to ask Winson, what is the long-term development positioning and plan of Binance's new Web3 wallet? What is the difference between its positioning and Trust Wallet in the Binance ecosystem?
Winson: We position our Binance wallet as a wallet that is friendly to newbies. Of course, this statement may be misunderstood, that is, our product only caters to newbies and not veterans, but it is not the case, because in one of our basic judgment principles, if a product can be used by newbies and novice users, then veterans will also be able to use it, but they may not be used to it in some aspects.
Our goal is to serve the old users in these industries while also focusing on new entrants. We hope that we can make some substantial contributions to the large-scale adoption of Web3, the so-called mass adoption.
The reason why I say this is, to be honest, from my personal experience in this field, most products only use this word as a slogan, and there are no practical actions. But here we will have a lot of specific practical actions to do these things, and I personally think that although I have joined Binance not long ago, I can still clearly remember the exploratory contributions that Binance has made in the industry, including the expansion of the industry and the contribution to the boundaries of the industry. So even though I have just joined not long ago, I also think that Binance Wallet will take this as its mission or responsibility. Maybe other small startup teams or practitioners in other industries may not need to consider these issues, but I think Binance must consider them, because as an industry leader, you naturally need to have such an obligation to contribute to the industry and to contribute to the expansion of the boundaries of the industry.
As for the second question you just mentioned, our long-term plan is that we will implement the goal we just mentioned in stages. At each stage, we will focus on solving some key user experience challenges when a very specific user uses a wallet or Web3 product. So until we finally remove all the barriers and eliminate all the obstacles, this is our plan and goal.
Then the second question you mentioned just now is the difference between us and Trust. Trust Wallet is also a very excellent product in the Binance ecosystem, and currently has a very high market share. The difference in the positioning of these two products is often asked.
It’s actually very simple, because Binance itself is the platform, and the Binance wallet is in the same APP as the Binance main site. We are actually naturally deeply integrated, this is the first difference.
The second point is that our Binance wallet is also based on KYC, which meets the compliance requirements. This is also different from Trust, which is a relatively independent business in the Binance ecosystem. This is the difference between us. We are also serving different user groups at the same time, which is also a difference.
He Yi: I think from the perspective of the entire ecological structure, whether it is Trust or the current wallet, we hope that this product can serve more people and enable more people to use it easily in the field of Web3.
Well, at this stage, I think there is definitely still some competition among us, which is an objective fact. But maybe at this time we can say that we are experiencing a revival of horse racing. However, for Binance, this horse race is not a life-and-death race, but a race of differentiated competition.
The primary selection criteria for Binance Alpha is popularity, and entering Alpha does not necessarily mean listing
Qin Xiaofeng: I have two questions about Binance Alpha. In fact, everyone now expects that the projects listed in Binance Alpha may be listed on Binance Mainboard in the future. Are there any specific project screening criteria? For example, what kind of projects may Binance prefer?
And a core question that everyone may be most concerned about: Because this is done by Binance, will Binance Alpha favor Binance's ecosystem and Binance BNB Chain's ecological projects?
He Yi: First of all, I think from the perspective of Alpha’s selection, as long as there is a hot topic and attention in the industry, even if it does not meet the current standards for Binance listing, we will put it in, so everyone should understand that the probability may not be that high. It does not mean that as long as it enters Alpha, it will definitely be listed.
The second point is that BSC is currently a relatively popular public chain in the entire industry ecosystem, and is also the object of our key support.
Jason: I have two questions about Alpha. The first one is about the newly launched Alpha section of Binance. Are the currencies selected by Binance itself, or will there be other methods such as project registration or community voting? This is the first one.
The second question is, if you have the opportunity to graduate successfully and be listed on Binance Mainboard, what might the assessment scope include? And how to avoid the problem of fake volume and data?
He Yi: Two points. The first point is our entire screening, which actually includes the current screening. It includes both the current registration method and the current research based on various modules of the industry, such as from public chain to infrastructure, to DeFi, and then to Meme. In fact, we have drawn various modules, and then there will be on-chain data tracking, and someone will check and review the information of the registration list submitted every day.
So you can understand that we actually have a list of projects, which is actually quite a lot, but as to which projects will be included, I think it still depends on the popularity of the project and whether the project itself has a solid foundation, but it may not be popular enough, so all of them will be put into Alpha. So Alpha itself is a relatively large pool. This is the first question. The selection method is actually a combination of active and passive, which is not an absolute proposition.
The second question is, in this mode, will we open some more interesting gameplay like the current chain? I think we are also studying it now. I think that in the future, some more interesting gameplay may be added to the Alpha area. We have this plan. If you have any good ideas or creativity, you are also welcome to discuss with us. This is also the significance of opening this AMA.
Lastly, I was deeply touched during this process, because I recently talked a lot with some friends in the industry online, and many people felt that it was not easy to start a Web3 business. For example, some projects, although they felt that they had good abilities, eventually found that they failed to get the favor of Binance, and finally the projects were shut down, and the founders switched to other careers. Therefore, I believe that entrepreneurship is a combination of personal ability, luck, and teamwork. There is no absolute advantage or disadvantage, especially in the early stages, this is very important.
But I am really happy to have met entrepreneurs like Winson recently. I hope that more people will join Web3 startups in the future. Even if they don’t succeed, they can come to Binance to work. If you think you have strong abilities but haven’t found a good opportunity, please contact us and apply for a job opportunity. You can contact me directly via Telegram or Twitter.
Jason: There is also the question of how to avoid brushing data and volume. Because if everyone enters a pool, they may compete to meet some possible standards.
He Yi: Yes, that’s right. Regarding the issue of fake volume, I think many projects on the chain may be quite popular now, but in fact, including the airdrops of some public chains we have seen in the past, in the end, there is actually nothing. I think the current industry uses a lot of methods to attract heat, including vampire tools and airdrops, and it is actually difficult to avoid the problem of fake volume. And where is the boundary of fake volume?
For example, some people may use equipment to increase the volume in batches, or find a group of people to increase the volume manually. Does this count as increasing the volume? So I think the problem of increasing the volume is indeed difficult to avoid in the industry. But when we make value judgments as a research team, we must learn to distinguish which volumes are increased by inflating and which are truly valuable. This process may be a continuous battle of wits and courage.
So in this process, we also reflected that if we are not sure whether a project is truly effective, it might be better to let it run in the Alpha zone first to see which projects are truly valuable and which projects are just fake. So, this is also the fundamental reason why we set up the Alpha zone.
How Binance Wallet achieves its goal of becoming the “largest airdrop platform” with “large and abundant”
BitWu: How does Binance Wallet screen airdrop projects on the airdrop platform? How do you find good projects to airdrop to everyone? In addition, can we assume that users who participate in airdrop interactions in the early stage will have more substantial benefits?
He Yi: My personal feeling is that, for wallets, airdrops may just be one of the means of capturing value. We hope to create a platform for project owners and participating users in different ways to provide more possibilities.
Airdrops are definitely a means for many projects, including infrastructure projects and other projects, to obtain user data or to attract more users. For project owners, airdrops are just a means to acquire customers, but for retail investors, it may be a goal. So we hope to connect a large number of Binance platform users with project owners through airdrops, and we also welcome more project owners to contact us to help them create a real user data platform. In this way, everyone does not need to inflate the volume.
Second, in addition to airdrops, I think like the Alpha zone, it is more about how to help retail investors obtain on-chain returns and early value capture opportunities.
Third, the income on the chain is actually higher than that of CEX, but the risk is also greater. We are thinking about how to enable users who like on-chain operations to obtain on-chain income simply and safely.
Fourthly, we also have an open platform. How can we make our on-chain platform cooperate with a large number of real high-quality projects to broaden the boundaries of the entire Web3, rather than just doing simple airdrops. Only by truly creating value can we share value. We also hope that in the future there will be more high-quality entrepreneurs and project parties who will work with us to think about how to bring more users and scenarios to Web3.
Winson: Let me add a few points. First, our airdrop platform is actually part of our open platform. The name itself reflects our philosophy: to build together with the industry and the community. This idea of co-construction determines that we will not take the path of strict selection or screening, because if we do so, it will no longer be open.
Therefore, the core value of the airdrop platform is to connect the 200 million Binance users with the project owners. Project owners can find real non-robot accounts through our platform and accurately promote their products to target users.
In this process, we do not want to artificially intervene in the evaluation of projects, and we will not define which are high-quality projects and which are low-quality projects, otherwise it will violate openness.
As the platform advances, we will achieve full openness, allowing any project party to initiate airdrops on their own and provide other services.
As for the screening criteria, to put it simply, the further we go, the less screening we will do. We position the platform as a "large and abundant" platform, which is our simple positioning.
BitWu: Will users who participate in the airdrop in the early stage get more benefits?
Winson: Let me answer this. Because there is no screening standard, the situation of each project may be different. So there is no unified one-size-fits-all standard, and the specific situation will vary depending on the settings of the project party.
He Yi: Yes, it depends on the project party’s own settings and how they set the rules of the game.
BitHappy: Will the multi-chain issue involve chain severance and multi-account management? Will the wallet consider moving to chain abstraction or intention wallet in the future?
Winson: This is a very good question. First, let me answer the first question, will we consider turning to chain abstraction or intent wallets? The answer is yes, but there may be some corrections in the description. We are not saying that we will turn to chain abstraction or intent, but we will adopt relevant technologies to achieve the corresponding goals. Ultimately, the goal of our service is to lower the user's usage threshold, and we believe that these technologies and ideas can help us achieve this goal.
Then, regarding the second question, what kind of technology to use, this question is very specific, so I can't answer it directly now. But what is certain is that we have done a lot of technical research in this direction. We will come up with a set of solutions suitable for our users, rather than simply copying other people's technical solutions.
Although I am also a technical person, after years of entrepreneurial experience, I am very clear about one thing: technology serves products and serves value. We should not pay too much attention to technology just because it exists, but we should deeply combine technology with user scenarios to bring user value that technological innovation should bring. Therefore, we will be guided by the final effect and results, and work backwards to figure out what kind of technology should be adopted, rather than blindly following the popular technology in the market. This is also our principle.
Binance Alpha tokens can be arranged by users themselves without interfering too much with users’ on-chain operations
Yuyue: Will Binance Alpha consider filtering and adjusting the entire screening criteria or display list based on user feedback and suggestions on the displayed tokens? If a token in these lists encounters some widespread negative feedback within the community, will Binance have a quick response measure?
He Yi: I think there are two points. The first one is about the arrangement of the projects themselves. We may adopt Binance's own arrangement logic more in the arrangement, such as considering the rise and fall, or the order of listing. Therefore, this part may allow users to customize the arrangement according to their own needs. But I think the second question is more interesting, because it is an on-chain operation, which means that we may not be able to provide bottom support for all project parties. Negative situations may be inevitable, and in fact CEX will also have similar scenarios.
But in the on-chain operation, it is not like CEX, where you can control the top-up and withdrawal of coins. Therefore, it is more likely to warn everyone through notifications, reminding that some projects may have high risks. We provide warnings to users more from the perspective of notifications, rather than intervening in the specific operations of the project. I think this is more reasonable.
The third point is that we may consider setting up a Telegram group so that community members can provide timely feedback. Although Web3 Wallet currently has an official account, it may not be easy to be online 24 hours a day. If a group is established, the operations colleagues of the Web3 team can monitor in real time. If a project has a Rug Pull, or a high-risk situation occurs on the chain, we can notify users in a timely manner.
Binance Airdrop Platform will provide tutorials, process management and reward statistics for airdrops
Fengmi: With the core idea of Binance Wallet to be the largest airdrop platform, what are your thoughts as a wallet? How does Binance Wallet position its role in the airdrop ecosystem? Do you want to guide newcomers to interact on the chain, or as an airdrop distribution platform without a coin issuance agreement? If it is to interact on the chain, what actions will Binance Wallet take to lower the threshold for newcomers? If it is to be an airdrop distribution platform for the project party, what are Binance's advantages and thinking points?
Winson: OK, let me answer this question. To be more specific, I have already described the positioning of our platform very clearly. One thing that needs to be corrected is that Binance Wallet does not only regard "becoming the largest airdrop platform" as our only core strategy. It can be understood that the airdrop platform is one of our means of value capture, it is not the only means, but we still believe that this part of user value needs to be taken care of. Just like the problem mentioned by Bit Wu earlier, our goal is to build a bridge between Binance's 200 million users and developers to promote win-win results.
As for your second question, how to guide newcomers to lower the threshold is exactly the focus of our open platform update. We not only focus on the project release, but also optimize the entire life cycle of user participation. We have refined the user experience of the entire airdrop, starting from user participation, to the user's final airdrop, and even including the entire process of selling airdrops. Although our current products still have many shortcomings, we can confidently say that the current experience of airdrops in Binance Wallet is already one of the best in the market. Welcome everyone to use it.
Specifically, in addition to the user interface guidance, we provide a nanny-level tutorial to help users understand what to do step by step. In addition, we have optimized the airdrop management function, called Reward Center, so that users can clearly see which projects they have earned benefits from, and it is also very easy to manage.
I have participated in many airdrops myself, and I know that many airdrop enthusiasts are used to managing their airdrops with Excel spreadsheets. In fact, what we provide here is full lifecycle management, and users hardly need to do anything themselves, and the rest can be left to our platform. We have done a lot of work to lower the threshold for newcomers to participate, although there is still a lot of room for improvement, and there are many things to be improved in the product backlog. We will continue to improve the experience.
As for your last question about whether it is an airdrop distribution platform or a guide for newcomers to interact on the chain, these two aspects are actually not contradictory. From the user's perspective, it is an airdrop platform, but from the project's perspective, it is a precise marketing platform. In the future, we will continue to develop in this direction. We hope that the project can ensure that their airdrops are accurately delivered to the target users, which is also the direction we are working towards.
Binance Wallet’s growth direction: linking CEX to the Web3 portal on the chain
Crypto Philanthropist: How does Binance Wallet define its own growth? What experiences and lessons has Binance Wallet learned from its past development?
He Yi: I think there are two points to look at this issue. The first is how to define one's own growth. I think it is better to define what the Binance wallet is. In fact, I think before defining the Binance wallet, we should first define what Binance is. I think Binance's position in the entire ecosystem is to be the leader of the industry and to bear the role of industry responsibility. This is why when Binance lists a coin, everyone thinks that the coin on Binance must rise. If Binance lists a small coin that does not meet expectations, or a coin with a solid team but no one pays attention to it, everyone will question the quality of these coins.
We understand this situation, but we hope that Binance can become the entrance to Web3. When you position yourself as the entrance to Web3, it means that users can easily complete the entire process from registration, KYC to fiat currency deposits and withdrawals. After becoming a Binance user, you can browse the content of the Plaza and Academy, learn about hot topics in the crypto, and get in touch with Bitcoin, Memecoin and other content. If you want to perform on-chain operations, you can do it through Binance's Web3 wallet, and the operation should be very smooth.
If you think the operations on the chain are too complicated and risky, you can also choose to do stablecoin financial management and other operations on CEX. No matter which method you choose, Binance can provide you with a smooth experience. Therefore, the growth of Binance Wallet is not only a technological advancement, but also a bridge to Web3 entry, serving more users.
As for experience and lessons, we may be insufficient in the reserve of professional talents, which is why I mentioned before that if you have experience in the crypto industry, you are welcome to apply for a job at Binance. In the past few years, we may have relied too much on the Web2 model, and the entire company's operations were relatively organized, but there were shortcomings in thinking about Web3.
We also have some shortcomings in Web3's technical solutions and have taken many detours. For example, we have made mistakes in Compass and compliance license applications. But through these experiences, we have begun to make large-scale investments in compliance and Web3.
I believe that we need a win-win mentality to do anything. Only by helping others can we get more rewards. We hope to work with more outstanding entrepreneurs to build Web3 wallets together and make greater achievements in the chain and CEX fields. Our goal is not only to become a leader in CEX, but also to expand our influence on the chain so that more people can share the achievements of Web3, rather than just staying at the transformation of labor relations.
Risk Warning: Only a few of the selected projects on Binance Alpha will be successful
Tuao Senior Brother: Many people question whether launching this Alpha platform now is equivalent to listing coins on the internal market in advance? Will everyone go for it after seeing Binance’s selection? Because it is mentioned that there may be hundreds of coins listed, but only a limited number of tokens will be selected by Binance for listing on the main board. Do users need to be reminded of the risks in this regard?
He Yi: I think we should clarify that all these operations are still based on the chain. The so-called on-chain operations are actually no different from the usual transactions on DEX. In the past, we actually had two problems that I have always wanted to solve but have not completely solved. The first is the problem of possible insider trading on Binance that everyone mentioned. In fact, I have also issued a bounty and done a lot of work in on-chain data tracking. Although I have found some clues, I still failed to completely solve the problem. I personally hope to completely solve this problem through transparency. Therefore, as long as the project enters the observation pool, although we may observe hundreds of projects, only a very small number of them may be included in the Binance platform in the end.
The essence of Binance Alpha platform is still the return on investment on the chain. Ideally, we hope that Alpha platform can provide returns that exceed other platforms. However, as the senior brother said, the coins in the Alpha platform do not necessarily mean that they will make money. It is still a very limited observation pool, and only a very small number of projects will be listed. Moreover, many projects in the Alpha pool may not have completed TGE. If the project's token is not online, we cannot list it in the Alpha pool. Therefore, everyone should be clear that the Alpha platform is only an observation pool, and not all coins will become successful projects.
Big Brother Tuao: Will Binance Alpha focus on supporting BNB Chain’s ecological projects in the future?
He Yi: Oh, I did mention that Binance Alpha platform will observe all projects in the pool. Regarding whether BNB Chain will be supported, my answer just now is that BNB Chain, as a public chain with high user activity, is of course one of our key support and observation targets. But we will not limit ourselves to BNB Chain. We welcome all excellent public chain projects, whether it is BNB Chain or other public chains, and will evaluate them in the observation pool.
Our focus is on supporting major outstanding public chain projects, not just BNB Chain.
Big Brother Tuao: Is the team selected for this Alpha pool Binance’s current Listing team or the Web3 wallet team?
He Yi: Both teams will participate. You can understand that Binance's listing process is an application process, and we also have industry standards to screen projects. Therefore, the Web3 wallet team and Binance's Listing team will participate in the screening. We are considering how to optimize this process, and may introduce more innovative gameplay in the future, such as Dutch auctions, to give project parties more flexibility.
