Source: binance, He Yi
I. The Relationship Between Labs and Binance
1. Binance Labs has been renamed Yzi Labs and operates independently, with Ella Zhang as the person in charge, and CZ directly managing Labs. Currently, they have invested in thousands of projects, but only a small percentage of the invested projects are listed on Binance. From the very first day of the establishment of Labs, it has been a completely independent team with its own decision-making.
2. There are multiple firewalls isolating the listing process on Binance, but it is undeniable that if a project is willing to provide a certain amount of tokens as an airdrop for Binance users, it will be considered as a reference indicator.
3. The information about Labs' staff and publicly invested projects, as well as the names of other investors in the market and their investment information, is basically public market information. If there are any records of bribery, we welcome the public to provide evidence. We also welcome public supervision. If any Binance or Binance-affiliated employees demand money, shares, or tokens from any project or partner, we will definitely send them to jail and let them be disgraced.
Complaints about Labs can be sent directly to CZ or Ella. Complaints about Binance and He Yi can be sent to the public Binance internal audit email. The bounty for reporting is still valid.
II. He Yi and Her Confidante
1. Every day, there are countless people in the market claiming to be He Yi's confidante, friend, or relative, using it as a means of personal profit. Some even claim to be CZ's godson or He Yi's fiancé, trying to defraud. Please do not be deceived. He Yi has refuted these claims numerous times, but people still prefer to believe the so-called "backdoor" connections. Historically, Labs has always welcomed any other investment institutions to recommend projects, and Labs welcomes any institution or project party to become "Labs' confidante". I hope that Labs and all industry practitioners and investors can become confidantes.
2. Considering that everyone is so obsessed with the "He Yi's confidante" issue, the current Labs is directly managed by my confidante Ella, who is also the original founder of Labs. If you firmly believe in the "confidante" thing, you are welcome to contact Ella to become Labs' confidante.
3. As a co-founder of Binance, I believe in "user-first". Therefore, whether you are a retail investor or an industry practitioner, whether it's a product suggestion or a management suggestion, I will listen carefully. If any KOL, retail investor, or user says "He Yi listens to me" and shows the conversation record, it is not surprising. I have more than 100 such conversations every year on average, and I also welcome more effective suggestions.
III. What's Happening in the Market?
As a BNB holder, I am a practitioner of "value investment". I firmly believe that whether in entrepreneurship or investment, value creation determines the price, and everyone's understanding of value is different. The following is my personal understanding.
In the 2017 cycle, all web3 entrepreneurs were focused on infrastructure building, as infrastructure projects had high valuations and only required a small and efficient team, without considering the business model or revenue. At that time, people said "the projects that are easy to understand are not worth much", including the just-launched BNB.
With the development of time, the so-called "Blockchain Trilemma" of decentralization, speed, and cost has been broken. We welcomed DeFi in 2021, as well as the metaverse and GameFi. However, the overall token price performance is generally poor today, as no one wants to touch the high-voltage line of security tokens, even if the infrastructure is complete. The most successful applications in this industry, such as trading platforms and stablecoins, are struggling in the regulatory policies.
The market rally in 2024 is essentially driven by the participation of traditional finance and ETFs. The biggest problem in the crypto market currently is the lack of "effective/quality assets", and in any investment market, quality assets are scarce resources. We welcomed President Trump, who is crypto-friendly, at the end of the year, and the regulatory direction in the US has driven the continued heat of the market. We hope that the new policies can allow crypto entrepreneurs to imbue tokens with value in the future, rather than just governance tokens or cultural phenomena like MEME. Without inherent value, there is naturally no risk.
On the eve of crossing the chasm, the already complete and endless infrastructure projects have been neglected, and once involved in applications, they may touch the high voltage of policies. The winners before dawn are MEME, bubbles, and void, as no one is responsible.
But the dawn will come.
IV. Reflections on Practicing Value in the Crypto Industry
From the geek circle more than a decade ago to today, the most criticized aspect of the crypto industry is the lack of value. In countless AMAs, I have said that if AI is a revolution in productivity, then blockchain is a revolution in production relations. However, the current projects generally do not create "labor fruits", whether those seemingly innovative on-chain interactions or "xx to earn", they are more form than content. After all, there is no rice in the pot, and adding water cannot magically produce a meal. Innovation in models may bring heat, but without creating value, it will ultimately lead to zero.
The unique asset issuance model in the crypto industry allows any entrepreneur to quickly become a "successful person" with assets worth millions or even billions of dollars after the token generation event (TGE), as it is not uncommon to have 1-3% of the tokens in circulation. They can arbitrarily raise prices in the market and gradually sell to on-chain users or trading platforms. If just issuing tokens can lead to "financial freedom", how many people can keep their original intention and become "value creators"? I mentioned this point during the ICO boom in 2017 - your "success" is just a one-time mortgage of your lifetime reputation, not equal to an IPO cash-out.
Success, ah, is against human nature. The law of the universe is that assets will be distributed to those who do not love money, those who want to make the world a better place. If BNB was worth $10, and the Binance team cashed out, there would be no BNB aiming at $1,000 today, and no Binance as we know it. I often say that if a person only wants to make money, he or she is unlikely to be very successful. Those who can create quality assets not only need the ability to change the world, but also need the right mindset. If you are such an entrepreneur, welcome to contact us in any way.
This path may be long, but there will always be people who defy the wind and carry the torch.
V. About Public Opinion and Criticism
In 2018, I encountered an unfounded slander. A post on Reddit fabricated a story about me discriminating against a female entrepreneur, trying to drive me out of Binance. At least one thing in the article was true: "He Yi does not speak English."
In 2019, I encountered a "sending underwear" rumor in the Chinese community, which is still being reported by mainstream media today, but one thing is true: "I argued with others in the group." At that time, I was still concerned about public opinion. I tried to explain every misunderstanding about Binance and me, until I felt like the person who had to open his belly to prove he had eaten a few bowls of noodles. That's when I started learning to turn darkness into nourishment and forge my soul through pain.
Destruction is always easier than construction. Every day, countless people blame He Yi for their losses due to market fluctuations. Abusive insults have become a daily routine. Black, white, and gray are all part of this world. The higher your goal, the greater the resistance. If you want to do something and not do something, you will inevitably affect the interests of others. Rumors are the cheapest pollutants, but no successful company is managed by rumors, and no successful company relies on rumors to survive.
When you are a woman, during this Spring Festival reunion, there are still many women in the vast land of China who are not allowed to sit at the dinner table. The dinner table, only men are entitled to it. They can easily write down a few names, tell a story, and stir up a tornado, while I need to use my pen as a knife, open my belly, and show my heart, still unable to prove myself. I need to have the internal audit investigate all the named employees over and over again, to find out who this Chris is. If you have any evidence of employee bribery or insider trading, please contact us.
We welcome evidence. Any evidence can bring the wrongdoers to justice and leave a clean place for the industry.
We welcome criticism; criticism makes us reflect.
Believe in the light, and time will have the answer.
