Bubble will burst, and those products that truly solve user needs will change the world and create history.

I. Is the Coin Circle Over?

Recently, many posts within the industry that criticize blockchain have gained popularity, and many people outside the industry have been asking me if the blockchain scam is over. Those within the industry are asking if there is no future for the industry. We are at which stage of the cycle? Comparing good news, bad news is more likely to make headlines, and bad news also tends to attract more traffic and attention. What is more worthy of ridicule than people within the coin circle criticizing the coin circle? These behaviors and emotions continue to spread, driving more traffic and attention. Even some OGs retiring have been magnified as evidence that "the coin circle is over," and some industry idealistic players also express anxiety and confusion when chatting with me.

In fact, it's not just the coin circle that is anxious. We live in a world that cannot do without the environment, water, and air. Whether the investment market is active depends on the economic cycle. Whether the economy is on an upswing or a downturn will determine where the public's budget is allocated. As an ordinary person, only when one is well-fed and clothed will they consider investing. Therefore, every piece of news from the Federal Reserve is a baton for the market direction for senior players in the coin circle, especially as the overall market size of the coin circle continues to expand, large financial institutions enter the industry, and the blockchain industry gradually matures. Especially after the approval of BTC and ETH ETFs, as a "configurable asset" in the investment category, the coin market and stock market have become two sides of the same coin.

Hindsight is always 20/20: What changes has the coin circle undergone in the past decade? I once likened the coin circle to the wild west, and those who entered the industry early were the early gold miners. In an economic upswing cycle, a small amount of capital flowing into the coin circle can also lead to geometric growth in the coin circle. In the early days of the wild growth of the blockchain industry, as long as one dared to go all in, it was not uncommon to see coins increase by hundreds or thousands of times. This was the dual blessing of the early niche market and macroeconomic factors. In such an environment, if you made a wrong move today, you could make it all back tomorrow. But as time passed, the economy entered another cycle, and consumer downgrading occurred worldwide, with more players joining the gold rush. Miners wielding shovels continued to upgrade their equipment, and more traditional market professional players emerged. Everyone feels that "it's not as easy to make money in the coin circle as before."

From Bitcoin being repeatedly called a "Ponzi scheme" by countless people, to the approval of Bitcoin and Ethereum ETFs amid countless criticisms in the mainstream media, it is indeed a remarkable victory. At the same time, we can see that the trading volume of related products in the traditional financial market is steadily expanding, such as CME and ETF trading volumes. Yes, the big players have arrived, but their approach is not the brainless buying that everyone imagined. Just like how the internet changed the publishing industry and the television industry, it was not an overnight change, but a silent and gradual process. It brought not only the rise of Bitcoin.

II. Has Binance Laid Flat?

We are the pigs riding the wind, catching the pulse of the times, and standing with users to bring Binance to where it is today. We hope that the blockchain industry is not just a playground for a small group of players. We hope that in the future, Binance can serve a billion users. We hope to become the infrastructure of the future, and we have been working towards this goal. When we want to meet the needs of the majority, it means we need to reconcile with the real world, comply with regulations, combat money laundering, and follow the existing rules of the traditional financial industry. History always repeats itself. In the early days of the internet, there were countless technological innovations, and the turning point was when companies that served the majority became today's internet giants. The absolute liberalism of the internet led to the dark web, not overnight, but silently, bringing not only the rise of Bitcoin.

We cannot predict the future, so we can only learn from history. Products need to be able to serve the majority in order to become the financial infrastructure of the future world. Binance's products start with trading, but they are not limited to trading. You will see the emergence of Earn, Square, Pay, and web3 wallets. We hope to try and explore how to bridge the gap and truly popularize blockchain technology, so that ordinary people can use blockchain, not just speculate on it. They may not understand what blockchain technology is, but they can benefit from it, just like your grandmother may not understand internet technology, but can enjoy the convenience brought by a mobile phone. Bubbles will burst, and those products that truly solve user needs will change the world and create history.

III. Has Your Coin Been Listed on Binance?

The community has been fiercely discussing the listing of coins on Binance in recent days. We have carefully considered everyone's opinions. Whether it is believed that the coins invested in by VCs on Binance in the past have betrayed the community, or that listing meme coins on Binance has lowered the listing standards, or that judging the TG game projects listed on Binance is all nonsense, all criticisms are from studio players. There have also been rumors of insider trading, and we have been paying attention and constantly reflecting. "Love deeply, criticize sharply." Those who don't care will not spend time on you. Binance has come to where it is today relying on users, and every user's opinion is valued. Let me try to explain the basic framework and process of listing that everyone is criticizing:

The listing on Binance consists of four stages: business, research, committee, and compliance review.

In summary, the aesthetic preferences retained by the previous committees can be roughly divided into:

1) Projects that meet user needs and have users and traffic. In the past two cycles, we missed many opportunities for listing. We indeed did not pay enough attention to MEME coins in the early days, so we were late to list projects such as Shib, PEOPLE, PEPE, and even more recent MEME projects, which rose significantly before being listed, causing us to be criticized. The experience and lesson here is that as a trading platform, Binance cannot just think something is good; it has to be considered good by the users.

In the dispute between Neiro and Neiro, it was also due to community criticism that we have been reflecting more on what makes a good MEME. If the essence of the MEME community is another "Occupy Wall Street movement," and the token is highly concentrated, and the price has been pumped up, is the bubble that will burst at some point still a MEME? Or is it a Ponzi scheme disguised as a MEME? Therefore, we have listed several relatively decentralized and low market cap MEME projects. Initially, there were more than ten projects in the selection, and many of them failed due to compliance review and token concentration.

2) Projects that have longevity. Starting from the past two cycles, some traditional VCs have begun to enter the coin circle in a big way, making frequent and generous investments. Subsequently, everyone found that any project that showed promise in the industry saw a surge in value. After the project teams obtained valuations of hundreds of millions or even tens of billions of dollars from VCs, they had a large amount of money to experiment and adjust their direction. The boom of infrastructure projects like Matic, which sold tokens at a low valuation, is gone. With a large amount of cash in hand, who would be willing to sell their tokens at a valuation of tens of billions of dollars for just a few million dollars? What determines the token price is not Binance, but the token model, circulation, buying pressure, and selling pressure. These top-tier teams with high valuations have a large number of market makers willing to advise them to maintain high market values, and a large number of exchanges are eager to cooperate with them, especially with the rise of DEX brought about by AMM. Even without a trading platform, it is still possible. However, it cannot be denied that while other projects rise and fall, they have longevity and more opportunities.

Many people will say that this indicates that Binance is losing its voice. Yes, of course, there is no absolute authority. This is precisely the characteristic of decentralization in the industry, and it is the result of the joint efforts of financial professional players and the rise of DEFI. Both are key to taking the industry to the next level. Without the intervention of capital, how could cryptocurrencies become a hot topic in the US election? Decentralization means there is no absolute authority. Isn't this the charm of this industry?

3) Projects with solid business logic. In the past decade, we have often heard a statement: "Coin circle projects do not need a business model. Once there is a business model, the valuation can be calculated." But I believe that whether it is Web2 or Web3, the essence of entrepreneurship is to create something that the world needs, and naturally, someone will pay for it. The way of financing may change, but the essence of entrepreneurship does not change. Since the ICO boom of ETH in 2017, I have been conveying a concept: issuing tokens is issuing debt, using long-term credibility as collateral to obtain your startup funds. It is easier than finding VC financing, and liquidity is stronger, but the responsibility is also greater. If you issue tokens and then sell them off for retirement, then a person's credibility is truly bankrupt.

Because we like projects with solid business models and revenue, we hope that the team is reliable and has entrepreneurial potential, can take on responsibility, and we also hope that your valuation is not too high, and can take care of the community's common growth. We hope that you can empower the token, because if you stand with the users, your users will stand with you. If any project meets these criteria, please contact us or leave a comment under this post.

The public application link is as follows: binance.com/en/my/coin-app…

Official business TG contact: @BResearchBD

In terms of the listing process and prevention of insider trading, Binance, as a system, has considered isolating all information at every stage, just like the outside world saying that the Binance listing team has been through several rounds of bloodshed. Currently, the people at Binance conducting listing research do not discuss business, and they do not know which projects enter the observation pool when discussing business terms. Each person only knows the progress of the project they are responsible for. Even after passing the IC vote, these projects are subject to compliance review and may be canceled at any time.

From a compliance perspective, the current Binance listing process is monitored, and any insider trading will be reported to the US Department of Justice and the FinCEN resident inspectors. Employees involved in insider trading will be held criminally responsible.

We can establish rules to constrain people, but we do not rule out the possibility that the current system or information may still have blind spots. Therefore, we are offering a high reward: we welcome all reports of any corrupt behavior related to listing or other activities, or any "listing observation indicators" that are blind spots for us. For verifying the Binance team, we will provide a security vulnerability reward of $10,000 to $5 million while keeping your identity confidential. Report email: audit@binance.com

IV. If We Disagree, You Might Be Right

In the past few months, I have rarely posted on social media. The more I read, the more I feel ignorant and full of awe for the world. We are all just a grain of sand in the tide of the times, swept up by various coincidences. Everything I have today is a product of the times, brought about by the rapid economic development of globalization, the rise of information flattening in the internet era, and the opportunities created by the emergence of the blockchain industry. It's not because I am exceptionally talented, but rather because in the early days of the industry, "there are no heroes, just the right time for a hero to emerge." This means, "I may not necessarily be right," because according to the logic of listing mentioned earlier, even if Bitcoin were born today, it might not necessarily pass the IC. My unintentional or incomplete and inaccurate expressions may lead to unnecessary misunderstandings and overinterpretations in the community, so I have become increasingly lacking in the desire to express myself. However, I will still try to explain when I occasionally see misunderstandings, as they tend to get worse.

The world that each person can see is not the same. We may be the intersection of different parallel time and space. If my words have touched you in any way, and if they can make investors DYOR and make entrepreneurs willing to move forward, then I am deeply honored. Each person can only see their own future. What you believe in, you will build. We will continue to explore the future, just like the first day we entered this industry. Thank you for being on this journey with me.

ps: The accompanying image is from the community. Thanks to the community creator ❤️

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