Date: April 8, 2025
Event Name: Hong Kong Crypto Finance Forum
Host: Vito, Founder of MetaEra
Guest: He Yi, Co-founder of Binance
On April 8, at the recently held Crypto Finance Forum, Binance co-founder He Yi participated in a fireside chat online with MetaEra founder Vito, discussing Binance's development path and new trends in crypto finance.
He Yi first responded to the reason for her "high-frequency online presence" on social platforms recently, believing that founders must be on the front lines, listening to user voices and perceiving industry changes. She candidly stated that whether in product creation, community building, or compliance communication, the core point should always be: "Are we truly solving users' problems".
In her sharing, she also expressed views on the current market's hot subdivided tracks: rather than blindly chasing concepts, it's better to focus on solving needs; a clear business model and users' willingness to pay can support a Web3 project's long-term success.
Below is the complete interview transcript:
Opening
Vito:
Hello everyone, welcome to today's fireside chat. We are honored to have Ms. He Yi, co-founder of Binance, here to discuss "Viewing New Trends in Crypto Finance from Binance's Development".
Reasons for Returning to Social Platforms
Vito:
This year, especially after the Lunar New Year, we observed a notable change: the big sister started being highly active on X (Twitter), which is in stark contrast to the past few years. Some even suspect it might be managed by a proxy. Could you share what changes have occurred behind this?
He Yi:
Long-time Binance users might know that I've always called myself the "Chief Customer Service". Since 2017, I've been active on various WeChat groups, Weibo, and other social platforms, interacting frequently with users. Such interactions allow me to more sensitively discover product issues and user demands, and promptly bring them back to the product team.
Now, "Founder Model" is popular in Silicon Valley - founders should stand on the front lines. I feel we've been in this mode from the beginning. It's just that Weibo was blocked, which led to my temporary exit from Chinese social media.
In the English-speaking world, everyone knows CZ was very active online. Now that he has stepped down, we found that Binance's communication with users in the Chinese sphere had become disconnected, so I returned to the social media "battlefield".
Additionally, I often emphasize to the management team that we actually serve two types of subjects: users and employees. External users need to be heard, and internal employees also need support. As managers, we must create an atmosphere where employees are willing to strive and proudly say "I work at Binance".
Binance's essence is three things: first, create good products; second, serve users and employees well; third, communicate effectively with regulators. These three points constitute our core competitiveness.
Logic and Challenges Behind High-Frequency Interaction
Vito:
Thank you for your sharing. I'd like to ask, what stage results have high-frequency interactions brought? Have you discovered any new problems in the process? Will you continue to maintain this high frequency in the future?
He Yi:
I certainly hope to "replicate" many versions of myself, allowing more employees and executives to have the "Chief Customer Service" mindset. If they can do better than me, I can step back from the front lines.
However, the current reality is: we've entered the Web3 era, where information dissemination has shifted from "unidirectional" to "multidirectional", with every person being an information node. The problem this brings is information overload, where 99.99% of information might be useless to you, but that 0.01% of "gold" is extremely valuable.
Moreover, when everyone is a KOL, information can easily be distorted, blurred, and even evolve into rumors. These rumors are absurd, but you can't spend time clarifying each one.
So you need strong willpower and a firm sense of direction. You know who you are, where you come from, and where you're going. Negative voices are unavoidable, but you must be able to withstand them and realize: this is the "purgatory" that all mature founders must face.
From Sunshine Airdrop to Alpha 2.0: Underlying Logic
Vito:
You mentioned multiple actions like the "Sunshine Airdrop" wallet and on-chain Alpha 2.0 launch. Is there a unified strategic logic behind this? What goals do you want to achieve?
He Yi:
We must admit: Binance wallet, compared to top industry wallets, indeed still has gaps. When product capabilities are insufficient, we must work harder in other aspects, letting users wait for us while we improve.
Ultimately, any product must return to users' core needs. Many people distinguish wallets and exchanges very clearly, but users have actually already "mixed" these two services.
If a wallet is just a wallet, why can't an exchange become a wallet when users are doing on-chain transactions? I myself am a low-frequency trading user, and my exchange account is my wallet.
Today, many on-chain wallets don't require KYC or anti-money laundering review and can trade hundreds of tokens; while centralized exchanges have higher compliance thresholds and can only list a few hundred coins. This isn't about who is higher or lower, but different choices under regulatory policies.
Binance wallet is conservative because we've been burned before and can't afford to fail on compliance again. This is responsibility, not "stupidity".
Industry Trend Changes and Binance's Adaptation
Vito:
So Binance's series of adjustments are actually a response to industry trend changes. What fundamental changes do you think are happening in the entire crypto industry?
He Yi:
The industry is indeed changing. In the early years, cryptocurrencies were a small circle of geeks and idealists. But today, even the most mainstream traditional financial systems, like the US government, are beginning to accept it. Why? Because once technology proves its value and can improve efficiency, it can be absorbed and utilized by the mainstream.
Crypto ETF is a sign, a product of traditional finance and crypto world integration. Regulation is also becoming clearer, with more countries and regions issuing specific frameworks.
On the other hand, the crypto industry itself has developed from initial public chains and exchanges to broader application layers, such as stablecoin cross-border payments, DeFi, and even DePIN scenarios, which now have actual use value.
This is like Silicon Valley evolving from hippies in the 60s to today's tech backbone. Web3 is the same - initially rebellious, but ultimately maturing to serve the masses.
Not Fixating on Tracks, Returning to User Needs
Vito:
So how do you view the current various "tracks" - DeFi, RWA, DePIN, etc.? Which direction are you more optimistic about?
He Yi:
I think instead of "which track to be optimistic about", we should ask: what problem have you solved? Are people willing to pay for your product?
Many Web3 startup projects' problems are: no business model, speaking profoundly but users can't understand, pumping data to get listed on exchanges and then stopping. This is unsustainable.
We can't just chase concepts. What problem have you solved for whom? What's your user scale? Does this product have rigid demand? These are the real questions.
I also dislike the "Web2 vs Web3" label-based distinction. Essentially, human nature is interconnected, and business is universal. Whether you use blockchain or not, if you can create a truly useful product that gives back to the community, it's worthy of respect.
Successful companies share several common points:
1. Timing: standing on the right era's wind; 2. Location: doing what you're good at correctly; 3. Harmony: having a reliable team; 4. Extreme willpower: can you withstand all difficulties.
Look at NVIDIA, Tesla, even Binance - many times we "escaped death", but it's precisely because we persisted one step more than others that we survived.
