This article is reproduced from an article published by Yi He, co-founder of Binance, on Binance Square.
The following text begins:
Is the currency circle 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 cryptocurrency community who sing down about the cryptocurrency community? These behaviors and emotions continue to be contagious, and the traffic is becoming more and more intense. Even the retirement of some OGs has been amplified as evidence that "the currency circle 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 currency circle 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 warm will consider investing, so every news from the Federal Reserve is a baton for the market direction for senior players in the currency circle, especially as the overall market size of the currency circle continues to expand, large financial institutions players participate in the industry, and the blockchain industry gradually As it matures, 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 cryptocurrency community in the past ten years? I once compared the currency circle 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 currency circle can also make the currency circle 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 play hard. This was the dual blessing of the early niche market and the macroeconomy. In such an environment, today’s Stud 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 currency circle 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 ETFs for Bitcoin and Ethereum, it is of course a great victory. At the same time, we can see the rise of 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.
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. Countless technological innovations appeared 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 advent 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.
Is your coin listed on Binance?
There has been intense discussion in the community over the listing of coins on Binance these days, and we have carefully considered everyone’s opinions. Whether they thought that listing VC-invested coins on Binance in the past was betraying the community, or that listing MEME coins on Binance lowered the standards for listing. , or judging that the TG game project on Binance is all nonsense, and the criticism is all studio players, including the rumors of Mouse Warehouse, which are also involved in the investigation. We are all paying attention, and are constantly reflecting on it. "The love is deep and the responsibility is deep." I don't care. People 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) Launch projects that users need, projects with users and traffic. In the past two cycles, we have missed a lot in listing coins. In the early days, we did not pay enough attention to MEMEcoin, so in Shib, PEOPLE, PEPE, and even the recent For these MEME projects, they were all belatedly investing in them after they had soared so high that their faces were 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 blown up by Pump. I don’t know when the bubble will burst. Is it MEME or MEME? Or Pond's in MEME clothing? 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.
2) on long-lived projects; at the beginning of the last two cycles, some traditional VCs began to enter the currency circle in a big way, frequently and generously generous, then we found that the industry slightly a little like projects are rising, the project side in the VC end After reaching the valuation of billions or even billions of dollars, with large sums of money in hand to try and make mistakes, adjust the direction, Matic's low-valuation selling coins flourishing is gone, with large sums of cash in hand , who is willing to sell their coins for tens of millions of dollars? It is not Binance that determines the price of their tokens, but the token model, circulation, buying and selling. These top teams' high-valuation projects have a large number of MMs willing to make plans for them to maintain high market capitalization A large number of exchanges are flocking to it, especially AMM with the rise of DEX, and no trading platform is not impossible. But there’s no denying that they live longer and have more opportunities as other projects go up and down.
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 the 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, isn’t it?
3) There are projects with solid business logic on the Internet. In the past ten years, I often heard a saying: "Cryptocurrency projects do not need a business model. Once there is a business model, the valuation can be calculated." 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 reputation. The community will support you, but your responsibility is also greater. If you sell the coins and retire directly, then a person The bankruptcy of a person's reputation 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 responsibility. We also hope that your valuation will not be too high and that you can take care of the community and grow together. We hope you can empower tokens, because if you stand with your users, your users will stand with you. If any project meets these standards, please contact us, or leave a message under this post, or open an application on the site Link to fill in the information.
Official business TG contact information: @BResearchBD
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 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: everyone who knows about any reports involving currency listings and other corruption behaviors, or any other blind spots in our If the "coin listing observation indicator" is verified by the Binance team, we will keep your identity confidential and provide you with a security vulnerability reward of US$10,000 to US$5 million; report email: audit@binance.com
If we disagree, then maybe you're right
In the past few months, I rarely posted on social media. The more I read, the more ignorant I felt, and the more I became in awe of the world. We are all just a grain of sand in the torrent of the times, and various causes and coincidences have been swept up in the waves. Everything I have gained today is a product of the times, the rapid economic development brought about by globalization, and the rise of information flatness on the Internet. It is an opportunity that arises from scratch in the blockchain industry. It is not because of my own talents, but because in the early days of the industry, "there are no heroes who make Zhuzi famous." This means: "I am not necessarily right," because according to the As for the logic of currency listing mentioned earlier, even if Bitcoin is born today, it may not be able to pass IC. My casual remark, incomplete and inaccurate expression may bring unnecessary misunderstanding and over-interpretation to the community, so more and more The less expressive I am, I will still try to explain some misunderstandings when I see them, and everything will become darker and darker.
The world that everyone can see is not the same. We may be the intersection of different parallel time and space. If my words touch you a little, it may lead to a better position in the blockchain industry. If my words can make investors I am deeply honored that DYOR can make entrepreneurs willing to calm down and move forward. Everyone can only see their own future. Whatever you believe in, you will build. We will continue to explore the future, just like we have just entered Like your first day in this industry, thank you peers.
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