1. The relationship between Labs and Binance
1. Binance labs has been renamed as Yzi labs and operates independently. Ella Zhang is the person in charge and CZ directly manages Labs. Currently, there are thousands of projects invested in, and only a very small percentage of the projects are listed on Binance. From the first day of the establishment of Labs, these are two completely independent teams, making independent decisions.
2. The coins listed on Binance are isolated by layers of firewalls, but one thing that is undeniable is that if Binance is willing to give a certain amount of coins as airdrops to users, it will serve as a reference indicator.
3. Labs staff and public investment project information, as well as the names of other investors in the market. Investment information is basically public information in the market. If there is a record of bribery, we welcome evidence and public supervision. If any Binance or Binance-related employee asks for money, shares, or tokens from any project or partner, we will definitely send them to jail and ruin their reputation.
Reports about Labs can be directly sent to CZ or Ella. For reports about Binance and He Yi, please send them to the publicly available Binance internal audit email. Reward reports have always been valid.
II. He Yi and her best friends
1. Every day in the market, countless people claim to be He Yi's best friends, friends, or relatives to profit personally. Some even claim to be CZ's godson, or He Yi's fiancé in a scam. Please do not be deceived. He Yi has refuted this countless times, but it does not stop people from being more willing to believe in so-called backdoors. Historically, Labs has always welcomed any other investment institutions to recommend projects. Labs welcomes any institution or project party to become 'Labs' best friend'. I hope Labs and all industry practitioners and investors can become best friends.
2. Considering that everyone is so obsessed with the matter of 'He Yi's best friend', Labs is currently directly managed by my best friend Ella, who is also one of the original founders of Labs. If you firmly believe in this best friend matter, you are welcome to contact Ella to become Labs' best friend.
3. As a co-founder of Binance, I believe in 'user first'. Whether you are a retail investor or an industry professional, whether it is product suggestions or management advice, I will listen carefully. It is not surprising if any KOL, retail investor, or user says 'He Yi listens to me' and shows conversation records. On average, I have more than 100 such conversations each year, and I welcome more effective suggestions.
III. What happened to the market?
As a BNB holder, I am a practitioner of 'value investment'. I firmly believe that whether in entrepreneurship or investment, value creates price, and everyone's understanding of value is different. The following is solely my personal understanding.
During the 2017 cycle, all web3 entrepreneurs gathered around infrastructure because infrastructure projects have high valuations and only require a small and elite team, without needing to consider business models or revenue. At that time, it was said that 'projects that are understandable are not worth money', including the just-launched BNB.
As time progresses, the so-called impossible triangle of decentralization, speed, and cost has been broken. In 2021, we welcomed DeFi, the metaverse, and GameFi. However, looking at it today, the general performance of token prices is poor because no one wants to touch the high-pressure line of security tokens, even with complete infrastructure. The most successful applications in this industry, trading platforms, and stablecoins are struggling amidst regulatory policies.
The rise of the market in 2024 is essentially driven by traditional finance entering the game and the rise driven by ETFs. The biggest problem in the cryptocurrency circle currently is the lack of 'effective/quality assets', and in any investment market, quality assets are a scarce resource. At the end of the year, we welcomed Trump, a crypto-friendly president. The direction of US regulatory policies has driven continuous enthusiasm in the market. We hope that new policies can enable cryptocurrency entrepreneurs to assign value to tokens in the future, rather than just governance tokens or memes as cultural phenomena. Without attached value, there is naturally no risk.
On the eve of crossing the chasm, the already complete and endless infrastructure projects have gone unnoticed. Once applications are involved, they may touch the high-pressure policies. The winners before dawn are memes, bubbles, and emptiness, after all, no one needs to take responsibility.
But dawn will always come.
IV. Thoughts on the value practices in the cryptocurrency circle
The cryptocurrency circle has gone from a geek community over a decade ago to being widely criticized today for lacking value. In my countless AMAs, I have mentioned that if AI is a revolution in productivity, then blockchain is a revolution in production relations. Currently, projects generally do not create 'labor fruits', whether those seemingly innovative on-chain interactions, airdrops, or 'xx to earn'—they are more form than content. After all, there is no rice in the pot; can we really turn water into rice? Innovative models may bring heat, but if they do not create value, they will ultimately lead to zero.
The unique asset issuance model in the cryptocurrency circle allows any entrepreneur to quickly become a 'successful person' with assets worth millions or even hundreds of millions after token TGE. After all, it is not uncommon to have 1-3% of tokens circulating online. They can easily drive up prices in the market and gradually sell to on-chain or trading platform users. If merely issuing tokens can lead to 'financial freedom', how many people can maintain their original intention and become 'value creators'? I mentioned this during the ICO boom in 2017, that your 'success' is merely a one-time mortgage of your lifelong credibility, not equivalent to IPO cashing out.
Success is always against human nature. The law of the universe is that assets are distributed to those who do not love money, to those who want to make the world a better place. If BNB is worth $10 and the Binance team cashes out, there would be no BNB aiming for $1000 today, nor would there be today's Binance. I often say that if a person is solely focused on making money, then that person is unlikely to be very successful. Those who can create quality assets not only need the ability to change the world but also the right mindset. If you are such an entrepreneur, you are welcome to contact us in any way.
Although this road is long, there will always be someone holding a torch against the wind.
V. On public opinion and criticism
In 2018, I encountered a baseless slander when a post on Reddit fabricated a story about me discriminating against a female entrepreneur, trying to drive me out of Binance. At least one point in the article is true: 'He Yi cannot speak English.'
In 2019, I encountered a rumor of 'sending underwear' in the Chinese community, which is still reported by mainstream media today. However, one thing is true: 'I argued with others in the group'. At that time, I was still concerned about public opinion, and I tried to explain every misunderstanding about Binance regarding me, until I felt like I became the one who had to cut open my stomach to prove how many bowls of noodles I had eaten. It was then that I began to learn to turn darkness into nourishment and sharpen my soul with pain.
Destruction is always easier than construction. Every day, countless people lose money due to market fluctuations, and they can easily blame He Yi. The unsightly insults have long become routine; black, white, and gray are all part of this world. The higher your goals, the greater the resistance. If you hope to achieve something, you will inevitably affect the interests of others. Rumors are the lowest-cost pollutants, but no successful company is managed by rumors, nor does any successful company rely on rumors for its existence.
When you are a woman, during this Spring Festival reunion period, many women across China's vast land are not worthy of sitting at the dinner table. The dinner table is only for men. They can easily write down a few names, tell a story, and create a whirlwind, while I need to repeatedly use my pen as a knife, cut open my stomach, and show that my heart still cannot prove itself. It requires repeated internal audits of all employees named, to clarify who Chris is, for example. If you have any evidence of employees involved in bribery or insider trading, please contact us.
We welcome evidence; any evidence can bring the bad guys to justice and leave a clean space for the industry.
We welcome criticism; criticism allows us to reflect.
Believe in the light; time will provide the answer.
