Recently, KK, the founder of Hash Global, and Ms. Peng Jing, the global CEO of Noah Olive, exchanged views on the development stage of Web3, the value of the BNB ecosystem, and digital asset allocation at the Noah Black Diamond Client Annual Meeting. The content is as follows:

Jing: Hash Global has been investing in Web3 since 2018, engaging in both early project investments and secondary markets; it has been an early node in the BNB Chain and has launched crypto funds aimed at institutions and families. One could say it has experienced the industry through a "full cycle, full link." Looking back from 2018 to today, what has been truly disproven in the crypto industry, and what are the long-term directions you are increasingly confident in?

KK: What has been truly disproven, in my opinion, is the excessive construction that is detached from actual demand, done purely for the sake of vision. There are many things in Web3 that stem from the belief that "the metaverse needs this, so I will build it." These infrastructures will be abandoned, much like the overlaid submarine cables in the early internet. In recent years, there have been many meaningful attempts in the Web3 industry, such as socialfi and gamefi, but none have really taken off yet. I believe these belong to a phase of being disproven, and I trust there will be another wave in the future, perhaps the third wave will succeed. Many things that were initially unviable or immature will become mature and feasible once the business environment and policies are ready, and when there are enough users for real Web3 products. From my perspective, the technology is already there; now we just need to identify the weak links in existing business models and the true first-dimensional pain points, and have the right teams develop new models. The AI industry is similar; development is a spiral ascent, and many things that have been "disproven" may simply have been done too early. You can't create Yahoo in 1990 or Google in 1996, no matter how strong the team is; this is an objective law of development.

In recent years, while we have seen bubbles and falsehoods in this industry, it has been steadily progressing every year, with many advancements. I often say that the Web3 industry is too close to "money," making entrepreneurs easily "distracted," unlike those in the AI industry who are very focused. Some former entrepreneurs may have left the industry, but more people are coming in. I recently heard from a friend that this year's Wanxiang Shanghai Summit had a very large turnout, more than in years past, even more lively than the Hong Kong Bitcoin Conference. The Wanxiang blockchain team and Mr. Xiao Feng have been continuously promoting the spiral ascent of the entire industry.

Web3 technology has already demonstrated tremendous power in the financial and payment sectors, but as the infrastructure of the next generation internet, it has not yet been widely applied. Some friends in the industry are even asking if Web3 is just a form of Fintech. We believe that the significance of Web3 for business is akin to that of Bitcoin for finance. When the underlying ledger technology changes, both finance and business will change. However, the Web3 user base is still too small, and the network effect has not yet formed. Web3 is a network-based technology that requires crossing a certain user threshold, which is different from the singular nature of AI technology. AI is productivity and explicit, while Web3 is a relational technology; when it erupts, it does so quietly and subtly. Our parents may use it without even realizing it.

Web3 applications now need to focus on solving business problems. We have already seen some projects using Web3 technology to effectively improve the operational efficiency of internet products. While reducing costs and increasing efficiency, some entirely new business models are emerging. For example, fans and creators can bind through Web3 technology to verify and distribute benefits. Because it is commercially viable, we are very confident in the long term; it’s just a matter of who can execute it first and grow it.

Jing: What is the role of BNB within the entire Binance ecosystem? From an external perspective, people know that Binance has exchanges, chains, Launchpad, and ecosystem projects, but may not be clear about the actual role BNB plays in this entire system. What is the long-term "value anchor" of BNB? In the next 3-5 years, where will BNB's focus in the ecosystem shift from and to?

KK: BNB is the ecological token issued by Binance and is the core value carrier of the BNB ecosystem. If you pay close attention, we generally do not say Binance ecosystem or Binance ecology, but rather the BNB ecosystem.

To understand BNB, let me give you an example. If Tesla had not yet issued stocks on Nasdaq, I believe Elon Musk would issue Tesla tokens on-chain, allowing Tesla owners to use these tokens for discounts at any charging station worldwide. Elon could use Tesla tokens to bind the interests of shareholders, users, management, and all upstream and downstream participants in the ecosystem, and it could also be used in the ecosystems of brother companies like SpaceX. In the Web2 world, it is difficult for companies to interconnect their points; however, in Web3, points or tokens are naturally interoperable because they exist on a single ledger (chain). Tesla tokens could also extend beyond Musk's business empire. This represents a brand new organizational model that does not require complete decentralization to stimulate significant economic growth and user emotional value. As long as Tesla stock (data) leaves the databases of Nasdaq and DTC (the U.S. Depository Trust Company) and becomes an on-chain token, various business entities around the world can exchange value through Tesla tokens and Musk's business system, achieving verifiable commercial trust. In contrast, Tesla stock can at most bind management and shareholders, which is the value of Web3 technology. How could Web3 possibly be just a Fintech? BNB is the ecological token of Binance, and this BNB has been practically running for 8 years; our model is already there.

Hash Global defines value-functional tokens as those represented by BNB, which have both value input support and various functional characteristics. We expect a massive explosion in the number of functional tokens in the next three years. We recently published a somewhat academic report discussing the on-chain of everything and value-functional tokens. We also invited Chairman Wang from Noah to write a commentary on our report, which you can find online. The token IDOL of Meet48, a leading entertainment industry player we invested in, is also a value-functional token, and we encourage project teams to design their ecological tokens based on BNB. For a token to have value, the underlying business model must first be healthy and sustainable.

The value anchors of BNB have at least two aspects: 1) various utilities within the ecosystem; 2) the value support provided by BNB Chain and the Binance exchange. The core of the BNB ecosystem is BNB, and through 8 years of exploration and practice, Binance has effectively concentrated various ecological benefits on BNB; the enhancement of BNB's value, the core engine of the entire ecosystem, helps attract more users, more high-quality asset issuance and trading, which in turn attracts more developers to build. This engine has been efficiently bound to all parts of the BNB ecosystem. In our view, the efficiency and power of this engine are unique in the industry.

Binance has recently obtained a full license from ADGM in Abu Dhabi. The Binance exchange has over 300 million users globally, and the entire BNB ecosystem, including BNB Chain users, has over 500 million users, which is truly the only internet-like financial infrastructure currently available. CZ, He Yi, and the Binance management team have built a massive financial aircraft carrier that will provide comprehensive services for the upcoming AI-powered digital economy after 8 years of hard work. When it emerges, it will inevitably collide with the old financial landscape and institutions. In this process, the Binance team has also endured a lot of pressure, and we have even seen some unfair treatment directed at individuals. We should be grateful to the founders and team of Binance; their contributions to the advancement of Web3 finance and ecosystem development surpass all other platforms. Precisely because this path is arduous, filled with uncertainty and pressures that most people cannot bear, and requires continuous innovation and sustained combat effectiveness, we believe that its growth path is also difficult to replicate.

In the future, all assets will be issued and traded on-chain. This is not just my assertion; it was stated by Paul Atkins, the chairman of the U.S. SEC. I would like to add that not only financial assets but also all non-financial assets and many "assets" that cannot currently be assetized will also be issued and traded on-chain. You may not know that many tokenized U.S. stocks can already be bought and sold on-chain, and more than half of the global trading volume occurs on BNB Chain. BNB has effectively become the primary pricing tool for many digital assets after they go on-chain, rather than being priced by stablecoins. Moreover, for a new stablecoin to gain liquidity and scale growth, it must also receive support from Binance. In the next 3-5 years, in this new era of everything going on-chain, we believe that the BNB ecosystem will become the biggest beneficiary, as all assets will seek liquidity support from the BNB ecosystem. BNB is not only the driving engine of the BNB ecosystem but also of the entire Web3 ecosystem and digital economy.

Jing: How should families and high-net-worth clients "get on board" for the first time? In a global multi-asset portfolio, what is a reasonable position range for Web3/Crypto overall?

KK: I believe that after an investor has allocated low-risk, foundational assets like insurance, gold, bonds, and real estate, they should allocate a certain proportion to growth assets. Among growth assets, we are most optimistic about AI and Web3. Professor Chen Ming has said that the upper layer of future intelligent business will be the productivity brought by AI, while the underlying large-scale coordination network can only be Web3. In my view, AI and Web3 are two sides of the same coin in the digital economy. Let me explain with an example: everyone is optimistic about the future explosion of agents, but the value exchange between agents cannot occur through bank accounts; it can only happen through the on-chain addresses provided by Web3. We recently held a machine economy forum during Binance Blockchain Week in Dubai with the team from Robo.AI, a Nasdaq-listed company, and Arkreen, a leading Web3 project in the machine economy field. The value exchange between machines can also only occur through Web3. Therefore, I suggest that growth assets should be split equally between AI and Web3.

Jing: From the perspective of family offices and high-net-worth clients, if we look ahead to 2025, what three main lines would you use to summarize the major opportunities and risks in investment over the next 3-5 years?

KK: 1) First, I believe that in the next 3-5 years, the risk for traditional investors, which is also an opportunity, may lie in under-allocating Web3 and over-allocating AI. Considering the high level of consensus in the AI industry, while Web3 or the digital asset industry has a lot of noise and lower attention, I think we should subconsciously increase the allocation to digital assets.

2) Second, investors may overly focus on finding Alpha while neglecting Beta. In fact, if we want to outperform BTC and BNB in Web3 investments, it is quite difficult, just as it is hard to outperform Nvidia and Google in the AI industry. Therefore, investors must first capture Beta and avoid the risk of missing out on leading assets. Look at the leaders of the internet era; they remained leaders in the mobile internet era and even in the AI era. How many times have they multiplied in value!? They occupy the leading position and enjoy the dividends of technological development and the progress of the times: Google, Microsoft, Amazon, Alibaba, Tencent, and so on. The same goes for Web3; you must first capture the leading and core scarce assets, and once you have them, do not let go. These are foundational assets, and in my personal opinion, their importance even surpasses that of real estate and other assets.

3) The third opportunity and risk is: insufficient attention to the Web3 industry. Everyone knows what to allocate in the AI industry. People may be surrounded by various research reports daily, and they might be very familiar with Nvidia and Microsoft's financial data, but is it really important to ponder so much operational data? This is something that can be tracked by Noah's professional team. Everyone can spare some time to learn about Web3. If you bought BTC, do you really understand BTC? If you had truly studied it seriously, you might not be asking me, "Is this price for BTC a good buy?"

Friends who pay attention to the Web3 industry sometimes ask me about the stocks of Coinbase and Circle. I say I don't know much, but they should be fine. I actually wonder why no one ever asks me about my views on leading digital assets like BNB. I suggest everyone spend a little effort to learn about digital assets like BNB; you can find YZi Labs' research report on BNB online, as well as our report on "Valuation Methods for Value-Functional Tokens." Trust me, you might not fully grasp the value of BTC, but if you can read Coinbase's research report, you will definitely understand the analysis report on BNB. For me, buying Coinbase stock and buying BNB is like the difference between Suning stock and Alibaba equity in 2009: one is a traditional enterprise using internet technology, while the other is a native internet enterprise. They are not on the same dimension; the value creation model of new technology is much more valuable. Coinbase is good, and you should invest, but since you are optimistic about Web3 and digital assets, you should try to choose native Web3 assets.

Last week, I spoke with two major investment institutions in the Middle East, and everyone agreed that BNB is the elephant in the room. Everyone must pay attention to BNB. I have also worked in the traditional asset management industry for over ten years. I believe that the most undervalued asset in the digital asset industry, which is also relatively easy for traditional investors to understand and accept, is BNB. Buffett called Bitcoin "rat poison," but if given the chance, I am confident I could persuade him to buy BNB. You must not miss this asset in the next decade.

I think BNB now is like Moutai stock in 2004. Before 2004, only retail investors who drank Moutai knew how good it was; after 2004, institutions began to seriously study Moutai and started building positions. Now, only people in the Web3 industry know how valuable holding BNB is; those outside the circle do not feel it and do not realize BNB's core position in the industry. I tell everyone that institutions are starting to pay attention; recently, the large asset management company VanEck submitted a product application for a BNB ETF in the U.S. Such a high-growth, high-yield monopolistic asset, if you invest in it, just hold on for ten or twenty years. Currently, the institutional holding ratio for BTC is 12%, for ETH it is 9%, and for BNB, it is only 0.4%. You can look at the stock price trend of Moutai after 2004; it increased more than tenfold in four years, partly due to its own performance growth, but a larger part of the increase actually came from institutional consensus. Institutional views are contagious.

Jing: Within Crypto, how should BTC / ETH / BNB and other assets be layered and matched?

KK: We have said for many years that BTC, ETH, and BNB are three "one of its kind" assets in the digital asset industry. In their respective categories, they are the only ones. All three assets have high long-term value, and they are completely different things. In terms of specific proportions, I would suggest 40% for BTC, 20% for ETH, and 40% for BNB. I recommend a higher allocation to BNB mainly because the ecological benefits of holding it are better, and the speed and efficiency of BNB's ecosystem development are much higher. I believe that in the short to medium term, BNB can completely surpass the value of ETH. The value of Ethereum may need to be fully realized in the Web3 ecosystem, which could take ten years? By then, we will understand how much we truly need a fully decentralized infrastructure to unfold. There is a sequence issue here, and there is also uncertainty. I must state that I am very optimistic about ETH, and we also hold ETH. However, in the commercial sector, it often comes down to who can provide better services and solve real problems more effectively, as they will be more valuable.

The ecological benefits of holding BNB currently exceed 10%, and 3-4% is burned each year, totaling nearly 15%. This benefit comes from BNB's core position in the Web3 industry, which is akin to Nvidia's position in the AI industry. Everyone knows that the AI industry has Nvidia; I tell you, the Web3 industry also has its Nvidia. If you spend a little more time learning, you can find this enormous Beta for the next decade, and the most beautiful part is that traditional large institutions are just beginning to learn and understand, just like the institutions that started looking at Moutai in 2004, while those fund managers previously did not drink Moutai.

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