Time: April 7, 2025
Event Name: HK Web3 Festival
Host: Du Yu, Executive Director of Wanxiang Blockchain, Head of Wanxiang Blockchain Lab
Guest: He Yi, Co-founder of Binance
On April 7, at the recently concluded Hong Kong Web3 Festival, He Yi, co-founder of Binance, participated in an online discussion themed "Bridging the Gap: How Web3 Moves from Geek Culture to Mass Resonance," engaging in an in-depth conversation with Du Yu, Executive Director of Wanxiang Blockchain.
During the discussion, He Yi shared her long-term observations on the development of Web3, from the early emergence of blockchain concepts to the current technological proliferation. She believes that the definition of technology should not become a constraint; the key lies in whether it truly creates value for users. She also pointed out that Web3's breakthrough into the mainstream does not rely on "educating users," but rather on products that solve real-world problems, winning natural usage from the public.
In addition to industry observations, He Yi also discussed the original intentions and responsibilities of entrepreneurs, emphasizing the importance of continuously creating real value and giving back to the community in the long term.
Below is the complete transcript of the discussion:
Opening
Du Yu:
Welcome to the roundtable discussion. We are very honored to invite He Yi, co-founder of Binance, also known as "Sister Yi" to everyone. Before we officially start, Sister Yi, please say hello to everyone.
He Yi:
Hello everyone, first of all, thank you, Mr. Du, for the invitation. I am the "Chief Customer Service Officer of Binance" that everyone is familiar with. Binance's journey to today has been supported by community users and industry partners, including Mr. Du and Mr. Xiao Feng. I am also very honored to have this opportunity to communicate with everyone in Chinese.
Although I couldn't be there in person today, I can already feel the warm atmosphere of Hong Kong. Thank you all!
On the Evolution and Understanding of Web3
Du Yu:
Our theme today is "Bridging the Gap: How Web3 Moves from Geek Culture to Mass Resonance." You entered this industry in 2013, and I just hit the ten-year mark. Over these ten years, we have experienced the evolution of discourse from "blockchain" to "Web3," and some may wonder if this is just a change in terminology.
So my first question is: how do you view the concept of "Web3"? Has your understanding of "blockchain" or "Web3" changed over your more than ten years in the industry? You once said, "I hope Binance becomes the Google of Web3." What core service role does Binance play in Web3—is it financial services or a broader application platform?
He Yi:
I personally do not like to be overly defined. Many times, we define a new concept to find a position within a longer historical dimension.
From the perspective of human society, we have gone through the agricultural era, the industrial era, and now the information age. The core resources of each era are different: the agricultural era is land, the industrial era is machines and organizational management, and the information age is data and connections. But we are still searching for the core productive materials of the "information age."
In this context, Web1.0 is about information transmission, Web2.0 is about connections between people, and Web3 may be our attempt to establish new trust mechanisms and organizational methods using blockchain technology. However, these definitions are not absolute and, like buzzwords such as "metaverse" and "RWA," they are constantly evolving.
The slogan that Binance has always adhered to is "Exchange the World." We are building a platform that allows people to trade, pay, chat, and even make friends. For us, the most important thing is not what we do at which technological stage, but whether we provide truly valuable products for users.
As Steve Jobs once said, the essence of technology is to serve as a tool for users; technology that cannot meet user needs is meaningless. We hope to use blockchain technology not just for transactions, but to build ecological infrastructure, such as BNB Chain, to help more entrepreneurs explore possibilities.
How Web3 Achieves Popularity
Du Yu:
Yes, technology ultimately needs to serve users. Let's talk about the issue of mass resonance. I saw a set of data: by the end of 2024, the number of people globally holding crypto assets is about 659 million, of which only 200 million are actual Web3 wallet users. Compared to the total number of internet users, this ratio is quite small.
Binance currently has about 270 million registered users, and you have mentioned multiple times the vision of "attracting the next billion users." What do you think are the main obstacles in the process of Web3 reaching the masses? How is Binance and its ecosystem addressing these issues?
He Yi:
First of all, I do not quite agree with the notion of "educating users." I studied education myself and dislike being "educated." Users truly accept a technology because it can genuinely improve their lives.
For example, Pinduoduo, whether it's an 80-year-old grandmother "cutting a price" or a 60-year-old fruit farmer selling apples, they are not educated into using it; they use it because the product is useful to them. Similarly, blockchain products must have "real value."
For instance, when we held BBW in Dubai, a young man from Kenya shared that he uses Binance to send his salary home, which is low-cost and fast. This is a "usable" real experience, and he doesn't need to understand what blockchain is.
Many people separate "exchanges" and "wallets," but this is unnecessary. For me, I don't trade cryptocurrencies; my exchange account is my wallet. The boundary between centralized and decentralized is not clear-cut; the key is whether it solves a specific need for the user.
Public Perception and Regulatory Trends
Du Yu:
Indeed, technology is a means, and solving problems is the core. However, the public's perception of this industry still leans negative, partly due to media focus on price fluctuations and partly due to some industry chaos. At the same time, various countries are gradually strengthening regulations. How do you think Binance, as an industry leader, should establish a positive industry image? How can we "guide" the public to better understand this field?
He Yi:
The public's misunderstandings are actually understandable. Human nature instinctively pursues order and security, so every new technology is questioned at its inception.
During the Industrial Revolution, people were stopped by those wielding swords when trying to build railways; when the internet first emerged, we had to sneak online. Now, Web3 is the same.
Satoshi Nakamoto's initial vision was indeed "anti-traditional," so many early participants were idealists. But I believe the key today is to find that "sweet spot" between ideals and reality. The technology of Web3 does bring efficiency improvements, helping us build a more efficient and elegant financial system.
The gradual intervention of regulation is also a good thing; it represents that the traditional system is beginning to recognize the value of Web3. What we need to do is to continuously emit positive voices, allowing the public to see the real applications and values of the technology.
The Fusion of AI and Web3
Du Yu:
Speaking of new technologies, I want to add a topic—AI. In the past two years, from ChatGPT to DeepSeek, AI is influencing various industries. You previously mentioned in an interview that you are optimistic about the AI sector. How do you view the impact of AI on Web3? What new opportunities do you think the combination of "AI Native" and "Crypto Native" will bring?
He Yi:
I believe AI is a "revolution of productivity," while blockchain is a "transformation of labor relations."
Binance is a great example: we only raised $15 million back then, but today we have given back to countless token holders. Technology has brought about new production relationships, and once you can combine effective productivity with production relationships, it will lead to tremendous change.
The further question is: what problem do you want to solve with AI or blockchain technology? Who are your users? Are they willing to pay for it? These are the most critical issues in entrepreneurship.
Many Web3 projects have good intentions but do not make money. If you can't make money, users will accuse you of "harvesting leeks." I am not one of those very "Web3 fundamentalist" people; I operate with a very traditional business logic: good products, a viable business model, and a community that can sustain development.
If you genuinely want to help users, you need to consider long-term sustainability and a sense of responsibility. Web3 entrepreneurship is not a model of "harvesting once and leaving." The issuance of every token is, in fact, a responsibility.
Advice for Chinese Entrepreneurs
Du Yu:
We also congratulate Binance on recently securing a $2 billion investment from the Abu Dhabi Sovereign Fund MGX, which is one of the largest investments received by Chinese entrepreneurs in recent years. Many people say that Web3 lacks applications, while Chinese entrepreneurs actually have a particular advantage in application development. Can you briefly give some advice to Chinese entrepreneurs?
He Yi:
I tend to view problems within an organizational framework.
Our generation benefits from China's strong foundational education and possesses high levels of diligence and resilience. These are our advantages.
But I want to remind everyone not to be intimidated by the "fragmentation" of the world. You need to be an "optimistic pessimist"—to bloom the most optimistic flowers in the most pessimistic soil.
Success is not about whether you have a smooth journey, but whether you are willing to persist and give back to the community. When you achieve success, you must "not forget the green of the grass and trees," and remember that it is the community that has supported you to this day.
Du Yu:
Thank you, Sister Yi, for your wonderful sharing! Today, time is limited, and we feel there is so much more to discuss. We look forward to meeting offline next time for a deeper exchange. Thank you, Sister Yi, and thank you all!
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