Today, I watched CZ's video speech at the conference in Hong Kong and suddenly understood the strategic significance of Binance Alpha.

In recent months, the on-chain environment has become particularly cold, and the only hot topic in the entire market is Binance Alpha. Previously, I simply regarded Alpha as a new listing method for Binance. Now I suddenly realize that it holds significant strategic importance for Binance.

As we all know, Binance Alpha and Wallet have two major characteristics:

First: The user experience of a centralized exchange.

Second: On-chain trading.

Regarding on-chain trading, my previous optimism was based on the logic that a large number of project parties were harvesting retail investors on centralized exchanges, leading to a significant shift of funds to on-chain, creating numerous wealth opportunities, which in turn would attract more funds. However, this logic encounters a bottleneck; after reaching a certain bubble, funds will withdraw. This is the current state facing on-chain, and the industry is experiencing a period of confusion.

CZ's speech made me realize another logic: that in the next 10 to 20 years, a large number of off-chain assets will go on-chain. The on-chain transition of these assets will create a substantial demand for on-chain trading. Additionally, future AI Agent trading will certainly occur on the web3 chain, rather than the existing financial trading system, because it needs to meet requirements such as no KYC verification, speed, and low cost.

I personally believe that companies like GMGN and OKX see the first layer of logic, which is the growing demand for on-chain trading within the web3 industry. Therefore, their product forms are designed around this underlying principle, naturally focusing on web3 wallets, on-chain trading address behaviors, and so on.

Binance clearly represents the second layer of logic. Thus, Binance Alpha and Wallet possess the first characteristic: the user experience of a centralized exchange. If the core logic of on-chain is the future transition of a large number of off-chain assets, it will be accompanied by a significant number of web2 users needing on-chain trading.

Currently, web3 is still quite friendly to new users, but the entire on-chain ecosystem is very complex. Although the industry has been making efforts, it now supports social account and phone number registrations, as well as abstract wallet multi-chain transactions, this is just the first step. New users still need to master key management, on-chain assets, and a new set of asset logic. Speaking from my own experience, every time I introduce friends to get started, I have to spend two hours explaining.

Therefore, a centralized user experience is crucial for new users, as it means being able to accommodate a large number of users who will bring on-chain trading demand from RWA and AI in the future. From this perspective, CZ's strategic vision is indeed impressive.

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