Sharing some thoughts and feelings about this round of crypto and stock market trends (just my understanding so far). In our view, $bstocks is a much bigger narrative than the AI hype during the Lobster era or the wallet craze during Binance Life, but in reality, there’s very little actual support for $bsc—mostly just slogans being shouted. The bull market came as a surprise, unrelated to products. Mars is like a VC—related to products but has little connection to retail investors. Crypto, $bstocks, and utility are strongly correlated, but it’s more of a one-off wave. As for whether this crypto-stock trend has ended or is just an appetizer, it’s hard to say. It depends on the official stance and whether the product goals are achieved. But judging by the current impact of $bstocks, it’s actually not performing as well as the data suggests. There’s still a long way to go—reaching 3 billion users isn’t something that can be done with 24/7 trading alone. Looking ahead, this bull market poses a huge challenge for Binance. The CEX business is shrinking significantly, while DEX platforms are full of fierce competition. If they’re not careful, they could be overtaken on the curve—it’s already a very risky situation. That’s why $bstocks should be Binance’s top priority. If tokenized stocks can be effectively implemented, it would be a major boost for Web3. The last bull market showed that there was no external traffic coming in—it was all internal circulation, big fish eating small fish. Honestly, I think even the 10/11 event was premeditated. With no external traffic, they had to find ways to extract funds from within the ecosystem. Right now, both Web3 and Web2 are lacking confidence. Everyone knows it’s full of scams and exploitation, so why would Web2 users want to move into Web3? Just because it’s 24/7? That’s not enough. There needs to be more confidence-building. Put users first—platforms need to give their users opportunities to make money and see potential, not just empty slogans. Only when existing users have a chance to profit will people outside the ecosystem be interested in exploring Web3. Otherwise, why would they step into an unfamiliar space just to get exploited? You have to give to gain. Let go of prejudice and arrogance. Only by enabling your platform’s users to make money can you build confidence in Web3 and Web2. First, meet user needs and let users benefit. Then, Binance benefits. Win-win, respect, and give-and-take.