Wu talks about blockchain Wu talks about Real December 22, 2024 09:00 Shandong
Editor | Wu talks about blockchain
This article is a text summary of the online AMA on the theme of Binance Wallet Reboot recently held by Binance. 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's views.
Youtube Listen:
https://youtu.be/T4oQcvMfU5E
Listen to Xiaoyuzhou:
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He Yi: Over the past year, I feel that we have not done particularly well in our wallet business, so after a period of introspection, we decided to completely rewrite the wallet from the bottom up. Thus, we have today’s reborn version—the Binance Wallet, and I want to reclaim everything that belongs to us. But in this process, we still need the participation and more feedback from community friends to help us grow together and create the best wallet that everyone envisions. Thank you.
Winson: Let me briefly introduce myself. I have been in the cryptocurrency industry for over ten years; I started buying Bitcoin in 2013. I am also a firm believer in cryptocurrency and a HOLDER. In addition, I also come from a programming background and have worked in large Web2 internet companies before starting my own ventures in mobile internet and the cryptocurrency industry. My most recent entrepreneurial direction was in wallets. In this process, I gained a more comprehensive and in-depth understanding of the wallet business and realized that the barrier to entry in this field is very high; to put it bluntly, it is very costly.
The objective reality is that when I realized that the fragmented silver in my hands was insufficient to continue, I was grateful to Sister Yi for finding me, taking me in, and giving me an opportunity to continue fulfilling my unfinished aspirations on the larger Binance platform. Therefore, my current status at Binance is not much different from my previous entrepreneurial state. I am very happy to combine what I have always wanted to do and like to do with the mission of the Binance platform itself, so I am also very pleased to have this opportunity to communicate with everyone about our newly launched products.
Our current product still has many shortcomings, but I also believe that good products are built together with the community, not something we create in isolation. We sincerely welcome everyone to try our products and provide us with feedback.
He Yi: Everyone expects every coin on Binance to rise.
Wu said: Everyone knows that Binance has faced many controversies in listing coins this year, and Binance itself is probably very anxious because everyone seems to have expectations only for Binance, thinking that coins listed by Binance must rise, but there are no such expectations for other platforms. This has led to the difficulty of listing coins on Binance because other platforms can earn fees by listing coins, but Binance might not be able to list them, or face some criticisms from the community. So how does Binance now introduce its so-called Binance Alpha? What considerations are behind this? Can you explain the background of this?
He Yi: First, I believe that Binance has indeed been heavily commented on regarding coin listings; people think that any coin listed by Binance must rise, haha. And, well, perhaps on other platforms, there could be dozens or even hundreds where people think just one success is impressive, right?
But for Binance, everyone expects every coin to rise. Indeed, I think there is a rather cruel reality: when the user base of Binance itself reaches a certain scale, it will directly determine the coin that is listed; even if its market value is very small, it will quickly push its market value up, so its overall performance is very likely to enter a downward trend after a short-term spike.
Therefore, we are also trying to find various optimal solutions throughout this process, including doing Pre-market, hoping to suppress the price within a more reasonable space before the official listing. But from the early indications, this phase of suppression does not seem to be well received; people feel that this is not the optimal solution.
In fact, comparing the crypto space with the traditional Web2 IPO process, you will find that traditional projects must establish a substantial real user base or have good financial data before entering IPO.
However, in the crypto space, many projects have very short cycles from establishment to TGE (Token Generation Event), and many projects have inflated on-chain interaction data, such as fake data created through airdrops; these are not real users. Moreover, many projects lack business models; people say that having a business model is not worth much because you can assess how much a project is worth using traditional Web2 models. Therefore, the entire industry is currently in an awkward phase.
I understand this matter to be that the essence of blockchain is the transformation of production relations, where users, entrepreneurs, and founding teams should share the fruits of their labor. But currently, many projects do not have genuine labor output; people are dividing air. It’s like a pot with only a few grains of rice, and everyone is fighting to divide the water.
I believe the industry ultimately needs excellent entrepreneurs to create businesses that benefit society, so that there can be revenue to share the fruits of labor with the community and token holders. At the same time, I see that the policy direction in the United States has made a 180-degree turn, and the new policies will help the industry mature, driving the transformation from production relations to labor outcomes.
After saying this, everyone can also understand why it is very difficult to list coins currently. Because Meme projects may have a few surviving, but most will go to zero; this is a cruel reality. In this process, which coins can survive long-term, I cannot predict, nor can I define which projects are good Memes. At this stage, we choose to include a large number of projects, including VC coins, infrastructure projects, DeFi projects, and Meme coins, in the observation list.
In fact, there is currently a list of hundreds of projects in the market; many projects have attention or solid teams and strong technology, but many projects have issues, possibly with flawed token models or inflated data. This may make it difficult for them to eventually get listed, so we keep these projects in an observation phase.
During the observation process, there will also be rumors of insider trading; hence we decided to place these projects into the Alpha zone of the Web3 wallet, where everyone can trade these projects. Not all projects that enter the observation area will ultimately be listed on Binance. The Alpha zone and observation area mainly cover market hot projects, and their success rates may be higher than the projects that are blindly followed. Our goal is to find those projects that can survive long-term.
But that doesn’t mean we predict they will survive long-term; many projects will eventually be eliminated. As a trading platform, we hope every project listed can succeed and users can earn money. But objectively speaking, the vast majority of project tokens may not ultimately succeed.
For these projects, the project parties need to understand that whether it's in the Alpha zone, spot, or futures listing, it’s a process rather than a result. Successful projects need to create actual 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 capture early value.
We understand this phenomenon; indeed, some Meme coins gradually appreciate from zero, and we hope users can benefit from this. Ultimately, the Alpha zone will accommodate some community hot Meme coins.
If everyone feels that all of this is illusory, but in the illusion, they can gain value, that is also meaningful. I believe there are thousands of projects in the market, but if most projects cannot build real value, they will eventually go to zero. Although some project founders may earn profits in the short term, that does not imply they can achieve long-term success; I believe long-termism is key.
The Binance Wallet team has over a hundred people, with a goal of differentiation.
Wu said: Winson, I want to ask you, you must know that the number of teams of competitors in the industry is enormous. There may be 500 to 1000 people making wallets. How many people are in your team now? Faced with this competitive pressure, what have you decided to do? Is it a defensive strategy or an offensive strategy?
Winson: The previous question mainly asked about our strategies towards competitors, including team size. First, let me say that our Binance Wallet team now has over 100 people, but we are still expanding, so I take this opportunity to recruit engineers and technical positions.
Regarding competitors' investments in wallet businesses, I believe everyone has also seen the significant achievements they have made. We have conducted in-depth research on them and borrowed some of their successful experiences. But I want to emphasize that Binance Wallet's strategy will not 100% imitate and follow competitors; we will carve out a differentiated path in the learning process.
From personal experience, many business competition cases show that simple and mindless copying has no way out. Users do not need identical products; there are already enough similar products on the market, and the key to competition lies in innovation.
I believe wallets are a field with a high ceiling and vast exploration space, so there is plenty of room for differentiated products. I have been working in this field for four years and am confident in my ability to carve out a differentiated path; this path is very clear. Just as Wu mentioned earlier, we are neither on the defensive nor offensive but are exploring new pathways.
We have a very clear plan for the future. Although there has been some progress in the Q4 stage of this year, we already have a clear plan and know what to do in Q3 and Q4 of next year. We are very confident in our direction.
He Yi: I want to add that regarding our wallet strategy, I believe that whether it is CEX or on-chain operations, the real core is to meet the needs of the majority of users. Users want something simple and easy to use, safe and reliable. Only in this way can we serve more users. Therefore, our Web3 wallet is designed to meet the needs of all users.
Competitors are investing heavily and have high professionalism; we respect their products. However, for Binance, our Web3 wallet project is not defensive, but rather about gradually improving our product by meeting user needs, just as we did with contracts, albeit a bit late; we are fully prepared in terms of resource investment and confidence in Winson.
The new Binance Wallet is positioned as 'newbie-friendly', competing independently with Trust Wallet.
Chain Hunter: Hello everyone, I am a reporter from Chain Hunter. I want to ask Winson what the long-term development positioning and plans of the new Binance Web3 wallet are? How does it differ from the positioning of Trust Wallet in the Binance ecosystem?
Winson: Our positioning for Binance Wallet is actually a newbie-friendly wallet. Of course, this statement may be misunderstood, meaning that our product only cares about newcomers and not veterans, but that's not the case. Because in our basic judgment principle, if a product can be understood by newcomers and rookie users, then veterans can use it too; it’s just that they may find some aspects of the experience a bit unfamiliar.
Our own goal is to focus on serving these industry veteran users while also paying special attention to newcomers, as we hope to genuinely contribute to the mass adoption of Web3.
The reason I say this is that, to be honest, from my personal experience in this track, most products actually treat this term merely as a slogan without any practical actions. However, here we have many specific practical actions to do these things, and I personally believe that although I have only joined Binance for a short time, I am acutely aware of the exploratory contributions made by Binance in the industry, including expanding the boundaries of the industry. Therefore, even though I have just joined, I believe that Binance Wallet will take this matter as its mission or responsibility. Perhaps other small entrepreneurial teams or practitioners in other industries do not need to consider these issues, but I believe Binance must consider them because, as an industry leader, there is a natural obligation to contribute to the industry and to expand its boundaries.
Regarding the second question you mentioned, our long-term plan is to implement the goal we just discussed in phases. In each phase, we will focus on solving some key user experience challenges that users face when using wallets or Web3 products. So until we completely remove all barriers and eliminate all obstacles, this is our plan and goal.
Then regarding the second question you mentioned, the differences between us and Trust. Trust Wallet is also an excellent product within the Binance ecosystem, currently holding a very high market share. The differences in positioning between these two products are often questioned.
It’s actually quite simple: because Binance itself, as the platform, has the Binance wallet integrated into the same app as the main Binance operations. We are inherently deeply integrated, which is the first difference.
The second point is that our Binance Wallet is also based on KYC, fulfilling compliance requirements. This also distinguishes us from Trust, which is a relatively independent part of the Binance ecosystem; this is the difference between us. We are also simultaneously serving different user groups, which also counts as a difference.
He Yi: I believe that from the perspective of the entire ecosystem structure, whether it's Trust or the current wallet, we hope this product can serve more people and enable more individuals to use it easily in the Web3 field.
At this stage, I think we certainly still have certain competition; this is an objective fact, but perhaps at this point, we can consider it a race again. However, this race is not a life-and-death competition for Binance internally but rather a differentiated competition.
The primary selection criterion for Binance Alpha is popularity; entering Alpha does not guarantee listing.
Qin Xiaofeng: I have two questions about Binance Alpha. Everyone currently expects that the projects listed in Binance Alpha may eventually be listed on the Binance main board. Are there specific project screening criteria? For example, what type of projects does Binance prefer?
And one of the core issues that everyone might pay most attention to: since this is done by Binance, does Binance Alpha favor Binance's ecosystem and projects from the BNB Chain?
He Yi: First, I think regarding the selection of Alpha, as long as there are hotspots and attention in the entire industry, it may still not meet our standards for listing on Binance, we will include it, so everyone should understand that the probability may not be that high. It does not mean that just because it enters Alpha, it will inevitably be listed.
The second point is that BSC is currently still one of the more prominent public chains in the entire industry ecosystem, and it is also one of our key support targets.
Jason: I have two questions here regarding Alpha. The first is whether the coins listed in the new Binance Alpha section are selected by Binance itself, or will there be other methods such as project party applications or community voting? This is the first question.
The second question is, for the assessment scope of successfully graduating to the Binance main board, what might it include? And how to avoid the issue of inflating numbers and creating fake data?
He Yi: Two points. The first point is our entire screening process, which actually includes the current screening. It encompasses both the current registration methods and the current research, based on different industry modules, such as from public chains to infrastructure, then to DeFi, and then to Meme. In fact, we have outlined various modules, and there will be on-chain data tracking, and there will also be people checking and auditing the information submitted in the registration list every day.
So you can understand that we currently have a very extensive project list, but which projects will be included depends on the project's popularity and whether the project itself has a solid foundation but may not yet have sufficient popularity, and these will all be placed in Alpha. So Alpha itself is a relatively large pool. The method of selection is actually a combination of active and passive; this is not an absolute proposition.
The second question is, in this model, will we open up some interesting gameplay that currently exists on-chain? I think we are also researching this. I believe that in the future, some fun elements may be added to the Alpha zone, and we have this plan. If anyone has good ideas or suggestions, you are welcome to discuss them with us, which is also the purpose of this AMA.
Finally, I feel quite deeply in this process. Recently, I have chatted online with some friends in the industry, and many people feel that starting a Web3 business is not easy. For example, some projects may feel that they are capable, but ultimately find that they did not gain Binance’s favor and end up shutting down, with the founders changing careers. Therefore, I believe that entrepreneurship is a combination of personal ability, luck, and teamwork; there are no absolute advantages or disadvantages, especially in the early stages, which is very important.
But I am indeed very happy to have recently met entrepreneurs like Winson, and I hope that more people can join the Web3 entrepreneurship. Even if they do not succeed, they can come to work at Binance. If you feel that your abilities are strong but haven't found good opportunities, please feel free to contact us and apply for job opportunities. You can reach me directly through Telegram or Twitter.
Jason: There is also the question of how to avoid inflating data and numbers. Because if everyone enters a pool, they may compete to meet some possible standards.
He Yi: Yes, regarding the issue of inflating numbers, I think many projects on-chain may also have high popularity, but in fact, including some airdrops from public chains we have seen in the past, eventually, they actually ended up with nothing. I believe that the current industry largely uses methods to attract heat, including vampire tools and airdrops, which makes the issue of inflating numbers very difficult to avoid. Moreover, where is the boundary for inflating numbers?
For example, some people may use devices to batch inflate numbers or find a group of people to manually inflate. Does this count as inflating numbers? So I think the issue of inflating numbers is indeed very difficult to avoid in the industry. However, when we, as a research team, make value judgments, we must learn to distinguish which numbers are inflated and which are truly valuable. This process may be a continuous battle of wits.
Therefore, in this process, we also reflect that if projects are uncertain about their authenticity, it might be better to let them run in the Alpha zone first to see which projects are genuinely valuable and which are merely inflated numbers. This is also the fundamental reason we established the Alpha zone.
How Binance Wallet aims to become the 'largest airdrop platform' with a large and diverse approach.
Bit Wu: How does Binance Wallet select airdrop projects? How do you find good projects to airdrop to everyone? Additionally, can it be said that users who participate in airdrop interactions early will have more substantial returns?
He Yi: My personal feeling is that this wallet matter, airdrops may just be one of the means of capturing value. We hope to create a platform for project parties and involved users through different means, providing more possibilities.
Airdrops are certainly a means for many projects, including infrastructure projects and others, to obtain user data or to attract more users. For project parties, airdrops are just a means of customer acquisition, while for retail investors, it may be a goal. Therefore, we hope to connect a large number of users on the Binance platform with project parties through airdrops, and we welcome more project parties to contact us to help them create a real user data platform. This way, there is no need for anyone to inflate numbers.
Secondly, apart from airdrops, I think like the Alpha zone, it’s more about how to help retail investors gain on-chain returns and opportunities for early value capture.
The third point is that on-chain yields are actually higher than CEX yields, but the risks are also greater. We are thinking about how to enable those who enjoy on-chain operations to easily and safely obtain on-chain yields.
The fourth point is that we have an open platform to collaborate with many real quality projects in our on-chain part, to broaden the boundaries of Web3, rather than just doing simple airdrops. Only by truly creating value can we share value. We also hope that in the future, more quality entrepreneurs and project parties can think together with us about how to bring more users and scenarios to Web3.
Winson: I want to add a few points. First, our airdrop platform is actually part of our open platform. This name itself reflects our philosophy: building together with the industry and the community. This co-construction mindset determines that we will not take a selective or screening approach because if we do, it will no longer be open.
Therefore, the core value of the airdrop platform is to connect Binance's 200 million users with project parties. Project parties can find real non-bot accounts through our platform and precisely promote their products to target users.
In this process, we do not want to artificially intervene in the evaluation of projects and will not define which projects are of high quality and which are of low quality, otherwise it would go against openness.
As the platform advances, we will achieve full openness, allowing any project party to self-initiate airdrops and provide other services.
As for the screening criteria, simply put, the further we go, the less stringent the screening will be. We position the platform as a 'large and diverse' platform; this is our simple positioning.
Bit Wu: Will users who participate in airdrops early receive more returns?
Winson: I will answer this. Because there are no screening criteria, the situation of each project may differ. Therefore, there will not be a one-size-fits-all standard; specific situations will vary based on the project party's setups.
He Yi: Yes, it depends on the project party's own setup and how they define the rules of the game.
BitHappy: Will the multi-chain issue involve chain switching and multi-account management? Will the wallet consider transitioning to chain abstraction or intent wallets in the future?
Winson: Your question is a very good one. Firstly, I will answer the first question, which is whether we will consider transitioning to chain abstraction or intent wallets? The answer is yes, but there may be some clarifications needed in the description. We are not saying we will transition to chain abstraction or intent; rather, we will adopt relevant technologies to achieve corresponding goals. Ultimately, our service goal is to lower the user entry threshold, and we believe these technologies and ideas can help us achieve this.
Then, regarding the second question, what kind of technology to adopt, this is a very specific question, so I cannot answer directly right now. But it can be said for sure that we have done a lot of technical research in this direction. We will propose a set of solutions suitable for our users rather than simply copying others' technical solutions.
Although I also come from a technical background, after years of entrepreneurial experience, I am very clear about one point: technology serves the product and serves value. We should not focus excessively on technology just because it exists; instead, we should deeply integrate technology with user scenarios to bring the user value that technological innovation should provide. Therefore, we will be results-oriented and work backward to determine what technology to adopt, rather than blindly following the popular technologies in the market; this is also our principle.
Binance Alpha tokens can be arranged by users themselves, without interfering with users' on-chain operations.
Yuyue: Will Binance Alpha consider adjusting the overall screening criteria or displayed list based on user feedback and suggestions regarding the displayed tokens? If a certain token on these lists encounters widespread negative feedback from the community, will Binance have quick response measures?
He Yi: I believe two points; the first is about the arrangement of projects themselves. We may adopt Binance's arrangement logic more in the arrangement, such as considering price fluctuations or the order of listings. Therefore, this part may allow users to customize their arrangement according to their needs. However, I think the second question is quite interesting because it involves on-chain operations, meaning we might not be able to provide bottom-line support for every project party. Negative situations may be unavoidable; in fact, CEX also faces similar scenarios.
But in on-chain operations, it is not like CEX, where you can control deposits, withdrawals, and other behaviors. Therefore, more often it might be through notifications to warn everyone, reminding them that some projects may carry high risks. We provide warnings from a notification perspective rather than intervening in specific operations of the projects. I think this is more reasonable.
The third point is that we may consider suggesting the establishment of a Telegram group so that community members can provide timely feedback. Although the Web3 wallet currently has an official account, it may not be easy to maintain 24-hour online availability. If a group is established, the operational colleagues of the Web3 team can monitor in real-time. If a project experiences a Rug Pull or if there are high-risk situations on-chain, we can promptly notify users.
The Binance airdrop platform will provide tutorials for airdrop participation, process management, and reward statistics.
Feng Mi: Regarding the core idea of making Binance Wallet the largest airdrop platform, what are your thoughts on this? How does Binance Wallet position itself in the airdrop ecosystem? Is it hoped to guide newcomers to do on-chain interactions, or is it an airdrop distribution platform for unissued coins? If it is about on-chain interactions, what actions will Binance Wallet take to lower the threshold for newcomers? If it is as an airdrop distribution platform for project parties, what are Binance's advantages and thoughts?
Winson: OK, let me answer this question. To be more specific, actually, regarding our platform’s positioning, Sister Yi has described it very clearly. One point that needs to be corrected is that Binance Wallet will not merely take '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 question raised by Bit Wu earlier, our goal is to build a bridge between Binance's 200 million users and developers to promote mutual benefit.
As for your second question regarding how to guide newcomers to lower the threshold, this is precisely the focus of our platform update. We are not only looking at it from the perspective of project release but also optimizing the entire lifecycle of user participation. We have meticulously optimized the user experience of the entire airdrop process, from the beginning of user participation to the final receipt of airdrops, and even including the complete process of selling airdrops, we have carefully designed all of it. Although our current product still has many shortcomings, we can confidently say that the current experience of conducting airdrops in Binance Wallet is already one of the best in the market. We welcome everyone to use it.
Specifically, in addition to user interface guidance, we provide a nanny-level tutorial to help users understand step by step what they should do. In addition, we have optimized the airdrop management function, called Reward Center, allowing users to clearly see where they have gained returns on their projects, making it very easy to manage.
I have also participated in many airdrops myself, and I know that many airdrop enthusiasts are accustomed to managing their airdrops using Excel spreadsheets. In fact, what we provide here is full lifecycle management, where users hardly need to do anything themselves; everything else can be entrusted to our platform. We have done a lot of work to lower the participation threshold for newcomers, although there is still much room for improvement, and many items waiting for enhancement are lined up in the product backlog. We will continue to improve the experience.
As for your last question about whether to act as an airdrop distribution platform or guide newcomers to engage in on-chain interactions, these two aspects do not conflict. From the user's perspective, it is an airdrop platform, but from the project party's perspective, it is a precise marketing platform. In the future, we will continue to develop in this direction. We hope project parties can ensure that their airdrops reach target users accurately, which is also the direction we are striving for.
The growth direction of Binance Wallet: linking CEX to the on-chain Web3 entry.
Crypto Philanthropist: How does Binance Wallet define its own growth, and what experiences and lessons has it learned during its past development?
He Yi: I think we should look at this issue from two points. The first is how to define one's own growth. I think it’s better to first define what Binance Wallet is. In fact, I think before defining Binance Wallet, we should first define what Binance is. I believe Binance's positioning in the entire ecosystem is as an industry leader, taking on the role of industry responsibility; this is why when Binance lists a coin, people believe that the coins listed by Binance must rise. If Binance lists a small coin that does not meet expectations, or lists a coin from a solid team that no one pays attention to, people will question the quality of these coins.
We understand this situation, but we hope that Binance can become the entry point for Web3. When you position yourself as the entry point for Web3, it means users can complete the entire process from registration, KYC, to fiat deposit and withdrawal very simply. Once you become a Binance user, you can browse the content of the Square and Academy, understand the hot topics in the crypto space, and get in touch with content like Bitcoin and Memecoins. If you want to perform on-chain operations, you can do so through Binance's Web3 wallet, and the operations should be very smooth.
If you feel that on-chain operations are too complex and carry high risks, you can also choose to conduct stablecoin financial operations in CEX. Regardless of which method you choose, Binance can provide you with a smooth experience. Therefore, the growth of Binance Wallet is not only a technical advancement but also serves as a bridge to enter Web3, serving more users.
Regarding experience and lessons learned, we may be lacking in professional talent reserves, which is why I previously mentioned that anyone with experience in the crypto industry is 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 are quite organized, but we have shortcomings in thinking about Web3.
We also have some shortcomings in the technical solutions for Web3 and have taken quite a few detours. For example, we made mistakes in Compass and compliance applications. However, through these experiences, we have begun to make large-scale investments in compliance and the Web3 field.
I believe that doing anything requires a win-win mindset; only by helping others can one gain more returns. We hope to collaborate with more excellent entrepreneurs to jointly build Web3 wallets and achieve greater accomplishments in both on-chain and CEX fields. Our goal is not only to become a leader in CEX but also to expand our influence on-chain, allowing more people to share in the achievements of Web3, rather than merely staying within the transformation of labor relations.
Risk Warning: The successful projects among the selected Binance Alpha projects will only be a few.
Aussie Master: Many people question whether launching this Alpha platform is equivalent to an early internal listing. Will everyone be able to rush in after Binance selects? Because it is mentioned that there may be hundreds of coins, but only a limited number of tokens will be selected by Binance for the main board; should there be a risk warning for users?
He Yi: I think everyone should clarify again that all these operations are still based on-chain, and so-called on-chain operations are actually no different from trading on DEX. In the past, there were two issues that I always wanted to solve but have not completely resolved. The first is the issue of possible insider trading at Binance. In fact, I have issued bounties and done a lot of work in on-chain data tracking. Although I have followed some clues, I have not completely solved the problem. Personally, I hope to solve this issue through transparency. Therefore, as long as a project enters the observation pool, although we may observe hundreds of projects, only a very small number will ultimately be listed on the Binance platform.
The essence of the Binance Alpha platform is still the on-chain return on investment. Ideally, we hope that the Alpha platform can provide returns exceeding those of other platforms. However, as Master Brother said, the coins in the Alpha platform do not necessarily mean they will make money. It is still a very limited observation pool, and only a few projects will be listed. Moreover, many projects in the Alpha pool may not have completed TGE; if a project's token has not gone live, we cannot include it in the Alpha pool. Therefore, everyone should understand that the Alpha platform is just an observation pool, and not all coins will become successful projects.
Aussie Master: Will Binance Alpha focus on supporting BNB Chain ecosystem projects in the future?
He Yi: Oh, I did mention that the Binance Alpha platform will observe all projects in the pool. Regarding whether we will support BNB Chain, my previous answer was that BNB Chain, as a public chain with relatively high user activity, is certainly one of our key support and observation targets. However, we will not be limited to BNB Chain. We welcome all excellent public chain projects, whether they are BNB Chain or other public chains, to be evaluated in the observation pool.
We are focusing on supporting various outstanding public chain projects, not limited to BNB Chain.
Aussie Master: Is the team selected for this Alpha pool the current Binance listing team or the Web3 wallet team?
He Yi: Both teams will participate. You can understand that the listing process at Binance is an application process, and we also have industry standards to screen projects. Therefore, both the Web3 wallet team and Binance's listing team will be involved in the screening. We are considering how to optimize this process, and in the future, we may introduce more innovative methods, such as Dutch auctions, to give project parties more flexibility.
