At every Binance Camp, I pay close attention to the rebate program. Compared to the noisy KOLs on social media, I often encounter some low-key, high-earning rebate kingpins whose earning power far surpasses most content creators. I still vividly remember the scene from a couple of years ago when the top rebate earners announced their multi-million dollar annual earnings at a Camp. Rebate data, user acquisition growth/decline, and other metrics are among the most important data points for centralized exchanges (CEXs), so I'm quite interested in understanding the changes in rebates this year and the ease of user acquisition. Currently, the profit-making effect is still there. Even with this year's predominantly bear market, over 100+ people have earned over 1 million USDT in rebates, and over 190 new participants have earned over 10,000 USDT within six months. Even considering the impact of the reopening of old account activation channels, the results are better than I initially expected. I thought I was going to be incredibly unlucky . Binance's timely shift to US stock and precious metals trading should have been a significant factor. During offline tea breaks and discussions with our new user acquisition partners, the feedback was that the current strategy focuses more on attracting new and existing users to trade using US stocks, while the appeal of altcoin narratives has diminished significantly. Recently, the volatility of BTC/ETH and similar cryptocurrencies is comparable to stablecoins compared to US stocks and precious metals. Retail investors naturally gravitate towards more volatile markets. Binance's own marketing efforts are increasingly focused on leveraging new products like gold, silver, and US stocks to attract new users and further engage existing ones. However, I personally believe a major bottleneck to achieving large-scale expansion and user acquisition is the secure RMB-to-USD exchange rate. Currently, many referral bonuses still involve transferring funds between various centralized exchanges (CEXs) to cultivate existing crypto users. For those outside the crypto space, acquiring USDT and trading on CEXs' C2C platforms is too risky, and using Hong Kong bank cards adds further complexity. Several friends in China who wanted to trade US stocks got stuck at this stage. As the US stock market declined, their efforts fizzled out, which is quite frustrating. BTW, the venue Binance Camp chose this time is amazing! It really suits my taste, I have to give it a thumbs up! Binance BinanceCampus @sisibinance