The core of the Chaoshan money house is "the money of our own people does not flow out," achieving absolute internal circulation of funds and value accumulation. The development path and cultivation system of BNB Chain also seem to be moving in this direction.

"The entire process from asset issuance to trading and leverage is embedded within the ecosystem" is the cornerstone of this model. Binance, through its position as a universal CEX, attracts retail users and funds from around the world, especially in Asia. Then, through a series of designs, it ensures that these funds and user activities remain within the BNB Chain ecosystem under its control, forming a powerful value closed loop:

• Entry (Deposits): Users deposit funds through Binance CEX, purchase BNB to participate in Launchpad/Holder airdrop/trading/withdrawals.
• Asset Issuance (Value Transfer): Platforms like Four.Meme play the role of "asset factories," continuously creating new Meme coins to provide speculative targets for funds within the ecosystem.
• Trading (Currency Exchange/Circulation): PancakeSwap serves as the "central market" within the ecosystem, accommodating almost all trading demands, with transaction fees and other values captured on-chain.
• Leverage (Credit Expansion): "Direct" projects like Aster and Lista DAO provide lending services and staking trading services, allowing the existing funds within the ecosystem to be amplified, further boosting trading activities and accelerating capital circulation.

This process is akin to a money house that, after absorbing deposits, does not invest in external markets but instead engages in lending, investing, and trading internally, with all generated profits and values remaining within the system, ultimately enhancing the value of the entire ecosystem (and $BNB).

Reference for Chaoshan money house discussion: https://x.com/agintender/status/1930854170988597557

I. Three-layer Funnel Structure of Absolute Internal Circulation and Value Accumulation

First Layer: Traffic Entry and Asset Issuance (Four.Meme)

The core role of Four.Meme is to serve as a "factory" for traffic entry and asset issuance.

Industrialized asset issuance platform: Pump.fun created the launch platform model for Meme, while BNB Chain has "industrialized" it through platforms like Four.Meme. This means BNB Chain has established an efficient, scalable "production line" that can continuously create new Meme coin assets. This ongoing "new product" capability is key to attracting speculative and high-return-seeking retail users, bringing a steady stream of traffic and attention to the entire ecosystem.

Engine for capturing retail users: The core user profile of BNB Chain is a large global retail user base, especially in the Asian market. The low entry barrier, high volatility, and community-driven characteristics of Meme perfectly align with the preferences of this user group. Therefore, supporting platforms like Four.Meme is equivalent to mastering the core engine for attracting and converting these users.

Second Layer: Price Fairness and Value Anchoring (Aspecta.ai)

Aspecta.ai, as a price oracle (one of Aspecta's functions), serves as the "yardstick" for the entire DeFi system. All leverage and lending activities (such as those conducted on Lista) rely on the fair prices provided by the oracle to calculate collateral ratios and trigger liquidations. If leverage is the "accelerator," then the price oracle is the "dashboard" and "brake." By supporting its own oracle, Binance ensures the reliability and consistency of the most important foundational data source within the ecosystem, avoiding the risks of data manipulation or single points of failure that may arise from relying on external oracles. This is akin to the "money house" having its own exclusive and absolutely trusted asset appraiser, ensuring the accuracy of all collateral valuations, which is the cornerstone of the entire credit system's stability.

Third Layer: Core Leverage and Financial Infrastructure (Aster, PancakeSwap, Lista)

If Four.Meme is the "front door" attracting users, then Aster, PancakeSwap, and Lista are the "core halls" that facilitate deep economic activities for these users and funds.

1. PancakeSwap: Core of Liquidity and Trading As the absolutely dominant DEX on BNB Chain, PancakeSwap is the liquidity center of the entire ecosystem. All assets issued through Four.Meme ultimately need to be traded and provide liquidity on PancakeSwap. It is not only a trading venue but also a key indicator of ecosystem activity. Controlling PancakeSwap means controlling the lifeblood of asset pricing and liquidity within the ecosystem.
2. Aster Dex & Lista DAO: Direct Providers of Leverage

• Aster Dex is a rapidly growing decentralized contract trading platform. Its total locked value (TVL) skyrocketed by 570% in a short time, reaching $2.34 billion, and recent incentive trading activities have directly driven the growth of active addresses on BNB Chain.
• Lista DAO "lending" is the most direct and core leverage tool in DeFi. Lista provides funding support to the ecosystem through the stablecoin lisUSD. Stablecoins are the foundational modules in DeFi Lego, serving as the prerequisite for all complex financial activities such as lending, leveraged trading, and derivatives.

II. Wealth Amplification Cycle: The Complete Path from $1 to $n

This cycle clearly demonstrates how various products collaborate and interact to amplify the initial capital (taking circular lending as an example).

Step 1: Investment

You bring $1 and are attracted by a new project from Four.Meme.

You use this $1 to purchase a Meme asset you are optimistic about on PancakeSwap.

Step 2: Collateral

You deposit the Meme asset (or other assets like BNB) you hold into Lista DAO or Aster as collateral.

Step 3: Valuation

Aspecta.ai (price oracle) immediately provides a fair valuation of the collateral and informs Lista/Aster how much your asset is worth and how much funding you can borrow.

Step 4: Lending

Based on Aspecta.ai's valuation, you successfully borrow a certain amount of stablecoin lisUSD (for example, worth $0.6) from Lista DAO.

Step 5: Reinvestment/Amplication

You reinvest the borrowed lisUSD stablecoin into PancakeSwap/Aster, purchasing more of the same Meme asset or opening contracts, or other promising new assets.

Result: Initially using only $1 of principal, you now hold assets worth $1.6. You have completed your first leverage amplification. (Aster can amplify even more times)

Cycle ➔ $n

As long as the price of the collateral asset rises, the borrowing limit will increase. Participants can repeat steps 2 to 5, continuously amplifying their positions, ultimately theoretically amplifying the initial $1 to $n (while also amplifying the risk).

This three-layer structure forms a powerful flywheel effect:

Four.Meme (Entry) ➔ PancakeSwap/Aster (Trading) ➔ Aster/Lista (Leverage) ➔ PancakeSwap (Reinvestment)

And Aspecta.ai is the "value cornerstone" that runs through it all, ensuring that the entire leverage system does not collapse. Through this precise collaborative design, BNB Chain has created an efficiently operating capital amplification machine for retail users.

III. Strategic Intent: Why Must Leverage Be Controlled Internally?

Binance views these projects as "direct" to cultivate, primarily because it must maintain control over the core financial aspects of the ecosystem—especially leverage.

Risk Control and System Stability: "Things can go wrong during liquidation" is key. Leverage is a double-edged sword; it can accelerate prosperity but can also trigger chain liquidations during market downturns, leading to systemic collapse. By supporting "direct" lending, stablecoin, and contract trading projects with leverage attributes like Aster and Lista, Binance can gain deeper insights into the ecosystem's leverage levels and risk exposures, possessing the ability to intervene and coordinate in extreme situations, thus avoiding catastrophic impacts on the entire BNB Chain due to the collapse of third-party protocols.

Accelerating the Flywheel Effect: Leverage is the "amplifier" of ecosystem growth. Users can collateralize their assets on Lista, borrow stablecoins, and then go to PancakeSwap to purchase new Meme coins or other assets. Alternatively, they can open positions with n times leverage on Aster. This process greatly enhances capital efficiency, creating more purchasing power out of thin air, thereby boosting trading volume, TVL, and network activity. This allows the "Binance flywheel" to spin faster, making the ecosystem's prosperity even more pronounced.

Value Closed Loop: By ensuring that core processes such as asset issuance, trading, and lending are all completed by "direct" projects within the ecosystem, Binance can ensure that the vast majority of value (such as transaction fees and lending interest) is retained within the BNB Chain, ultimately feeding back into the value of $BNB, forming a commercial closed loop.

Binance's strategy is to build a vertically integrated financial ecosystem:

Using Four.Meme as the engine for asset issuance, continuously generating "fuel" to attract retail users; then through core infrastructures like PancakeSwap, Aster, and Lista, providing these users and funds with venues for trading, accumulation, and leverage, thereby maximizing the economic vitality and system stability of the ecosystem.

IV. Centralized Trust and the "Guardian" Role

Underground money houses do not rely on external laws but on the credibility of core figures. The operation of BNB Chain also heavily relies on the implicit endorsement and strong intervention of Binance as the "guardian."

The degree of decentralization of BNB Chain has always been criticized, with a small number of validator nodes considered closely related to Binance. However, this "centralization" has, to some extent, become an advantage in attracting retail investors:

• Credibility as Guarantee: Project parties choose to develop on BNB Chain, and users choose to trade there largely due to their trust in the "Binance" brand. Investments from Binance Labs or selection in the MVB program act like a "stamp of approval" from the money house owner, significantly reducing users' trust costs.
• Strong Intervention for Safety: A typical example is in 2022, when BNB Chain chose to "pause the entire chain" due to an attack on the cross-chain bridge. From a decentralized fundamentalist perspective, this is unacceptable. But from the logic of a "money house," this is the "guardian" taking decisive measures to protect "family" assets during a crisis, preventing runs and collapses. This approach sacrifices the principle of decentralization but caters to the simple needs of its retail user base for fund security.

V. High Efficiency, Low Threshold, and Specific Community Services

The existence of underground money houses is due to their speed, flexibility, and understanding of the needs of "our own people" compared to traditional banks. The success of BNB Chain is also attributed to its precise service to a specific group—cost-sensitive global retail traders.

Extreme cost and speed advantages: During the DeFi summer of 2020, BNB Chain offered extremely low transaction costs and fast confirmation times compared to Ethereum's high Gas fees. This is crucial for speculative activities like Meme/DeFi operations that require high frequency, small amounts, and quick entry and exit. It is akin to a money house bypassing the cumbersome processes of banks, providing the most direct and efficient service.

Serving specific cultural communities: The rise of BNB Chain is closely related to the participation of Asian communities, especially the Chinese-speaking community. It successfully provided a "perfect breeding ground" for the explosion of Chinese Memes, resonating culturally (such as the "Binance Life" meme) and aligning with the trading habits of this large community. This is similar to how the Chaoshan money house serves the Chaoshan business group, possessing a natural cultural and trust foundation.

Summary

Comparing the BNB Chain model to a "Chaoshan underground money house" is not derogatory but rather an insight into its business model's essence. It reveals a fact: the prosperity of BNB Chain is not a purely decentralized, organically emerging ecosystem but rather a highly controlled, meticulously planned, and efficient on-chain economy that achieves internal circulation of capital and value, orchestrated by Binance.

Although this model deviates from the decentralized forms of the crypto world, it is undoubtedly commercially successful. It pragmatically meets the core needs of the broadest retail user base: low cost, high efficiency, and reliance on the "guardian" in a chaotic market.

Beneath human nature, above mechanisms—this is life.

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