Original | Odaily Planet Daily (@OdailyChina)
Author | Fu Ruo (@vincent31515173)
Today, the Binance Chinese community officially introduced the new features of the Binance Web3 wallet—Binance Alpha—during a Space event.
In this event, Binance co-founder He Yi and Winson, head of Binance wallet business, appeared together to answer users' questions about the new features and provided an in-depth analysis of the latest industry trends. The Space invited several Web3 Chinese media and well-known KOLs to participate in the discussion and posed questions to He Yi and Winson regarding hot topics such as Binance's listing policies.
He Yi shared his views on the current industry situation during the event, responded to recent controversies regarding Binance's listings, and elaborated on the future development plans for the Binance Alpha zone.
The following is a transcript of the Space, organized and edited by Odaily Planet Daily.
Q: Binance has faced numerous controversies regarding listings in the past year. How do you view this phenomenon? What prompted Binance to launch Binance Alpha? Can you elaborate on the background of this initiative and whether the project selection process is the same as for futures and spot listings?
He Yi: Binance listings indeed have higher user expectations; everyone hopes that every listing will rise, but the reality is that after a listing, the market value spikes in the short term and then falls back. This situation has led us to continuously seek optimization solutions, such as suppressing coin prices through pre-market pricing, but the effect is limited.
The entire industry also has some structural issues:
The project token issuance cycle is short, lacking real users and solid business models. Many on-chain interaction data are artificially "washed" out, lacking value support.
The current market enthusiasm is more about distributing "air," with projects themselves lacking labor results and profit models, making it difficult to support long-term development.
The global regulatory environment is complex, and the participation costs and risks for excellent entrepreneurs are high, leading the industry into an awkward phase.
The original intention of launching the Binance Alpha zone is to provide users with an "observation zone," listing popular but still immature projects in the market, including hot meme coins, VC-supported projects, local chain projects, etc. Users can trade these coins through the wallet, but their entry into the observation zone does not mean they will eventually be listed on Binance's spot or futures. Most meme coins will go to zero in this wave, and only a few can survive; this is a harsh reality.
The significance of the Binance Alpha zone lies in providing users with tools to filter high-probability projects while reminding everyone to participate rationally in new projects and conduct thorough research. Ultimately, we hope to find those projects that truly have social value, can produce labor results, and give back to token holders. Nevertheless, whether in the Binance Alpha zone, spot, or futures listings, it is a continuous process of selection and elimination, and we cannot guarantee that every coin will survive long-term or make users money.
For the market's hot meme coins, we understand their appeal and will include them in the Alpha zone to provide users with early value capture opportunities. However, the healthy development of the industry ultimately depends on whether excellent projects can truly generate social value and share the results of labor.
Q: Are there specific project selection criteria for Binance Alpha? Will the projects listed in Binance Alpha potentially be listed on Binance's main board in the future? Will Binance Alpha favor projects within the BNB ecosystem?
He Yi: The project selection for Binance Alpha does not solely rely on whether it will eventually be listed on Binance's main board. The selection criteria focus on the project's popularity and attention rather than the mere fact that entering Binance Alpha guarantees a listing. In other words, while many projects entering Binance Alpha have high exposure and potential, not all will ultimately be listed; this depends on more market and internal evaluation factors.
As one of the hot public chains in the industry, BNB Chain is indeed a key focus for Binance. Due to the strong competitiveness and high attention of the BSC ecosystem in the market, its projects are more likely to be included in Binance Alpha. However, this does not mean that Binance Alpha is limited to the BNB Chain ecosystem; other excellent projects will also be considered.
Q: Industry competitors are investing heavily in wallet services (with team sizes reaching 500-1000 people). What is the current size of the Binance wallet team? In the face of such strong competitive pressure, is Binance adopting a defensive or offensive strategy?
Winson: Currently, the Binance wallet team has just reached 100 people, but the team is still continuously expanding, especially in technical positions, and we welcome excellent engineers to join.
The Binance team expresses great respect for the significant investments and achievements of competitors in the wallet field and actively studies and learns from their strengths. However, Binance will not simply replicate others' models but will explore a differentiated development path.
From the market demand perspective, users do not need two identical wallet products, so blind imitation is not feasible. Binance believes that the wallet space is large enough to accommodate different differentiated products. Based on years of practice, the team has clarified its development path and is confident about it.
The strategy of the Binance wallet is neither defensive nor purely offensive but focuses on exploring new paths:
Providing simple, user-friendly, comprehensive, and secure wallet services to meet the on-chain operation needs of most users.
Centering on user experience, making the usage process more enjoyable, and providing security and data support.
We acknowledge that Binance started late in on-chain services and spent a lot of time in the past year recruiting excellent talent, rebuilding the wallet team, and reconstructing the system from the ground up. Although we are still in the "clean water house" phase, the team has clarified future plans, aiming to gradually improve functionality based on user needs.
The CEO mentioned in summary that although Binance started late in the on-chain field, the team's confidence and resource investment are sufficient, just like when Binance developed its futures business, and we will also make significant progress in the future.
Q: What is the long-term development positioning and plan for Binance's new Web3 wallet? How does it differ from the positioning of Trust Wallet within the Binance ecosystem?
Winson: The positioning of Binance's new Web3 wallet is "beginner-friendly," but it is not limited to serving novice users. The team believes that if a product is very easy for beginners to use, then experienced users can also easily get started, even if they may feel a bit unfamiliar. Therefore, the goal of the Binance wallet is to serve veteran users in the industry while focusing on new entrants, aiming to promote the large-scale adoption of Web3, especially contributing to the popularization among mainstream user groups.
The team also plans to implement specific improvements in phases to address key experience challenges users face when using the wallet, ultimately eliminating all barriers so that users can use Web3 products without any thresholds.
Differences from Trust Wallet:
Platform Integration:
The Binance wallet is deeply integrated with the Binance main site and belongs to the same app, while Trust Wallet is a relatively independent product.Compliance:
The Binance wallet is designed based on KYC (Know Your Customer) requirements and complies with regulatory requirements, while Trust Wallet is a more independent product without deep compliance integration with the Binance main site.User Base:
The Binance wallet serves a relatively broad user base, including existing Binance users and new Web3 users, while Trust Wallet focuses on providing an independent wallet experience aimed at a broader decentralized user base.
Although there is some competition between the Binance wallet and Trust Wallet at this stage, it is not a "kill or be killed" competition within Binance but rather "differentiated competition," aimed at providing differentiated services for different user groups and promoting the popularization of Web3. The team stated that such competition will help the overall development of the industry, and the goal of the Binance wallet is to enable more people to smoothly enter the Web3 field and simplify the user experience.
Q: Are the projects in the Alpha section launched by Binance selected by Binance itself, or are there other methods, such as community voting or open registration? If a project successfully "graduates" and is listed on the Binance main board, what aspects will the main board assessment cover? How to avoid issues of inflated volume and fabricated data?
He Yi: The project selection for Binance Alpha includes both proactive selection and active registration or community recommendations from external sources. Binance's selection relies not only on industry popularity but also involves detailed research and analysis covering multiple areas, such as public chains, infrastructure, DeFi, NFTs, etc. This selection process combines on-chain data tracking and daily submission information from projects. Therefore, projects may enter Alpha through registration and community recommendations, but whether they are ultimately selected still depends on their popularity and market performance; the Alpha section is essentially a relatively broad pool.
For those projects that successfully "graduate" and have the opportunity to be listed on the main board, the assessment criteria will cover multiple aspects. These mainly include project quality, compliance, and development potential, ensuring that projects not only have popularity but also possess the ability for long-term development. To avoid issues of inflated volume and fabricated data, Binance will conduct strict reviews of the authenticity of projects during the selection process, including the sources of data and trading behaviors, ensuring compliance with platform requirements and maintaining market fairness. Binance is also exploring whether to introduce more interesting gameplay in the Alpha section and welcomes the community to provide innovative ideas or suggestions.
Inflated volume and fabricated data are difficult to completely avoid in the industry, especially as some projects use airdrops or volume-boosting tools to increase popularity. Binance believes the key is to continuously assess value and leverage industry experience to identify which data is real and which is fabricated.
Binance uses the Alpha section as a filtering mechanism, allowing projects to first showcase and accumulate data, observing which projects can continuously attract users and create value, and which are merely inflating volume. This is the core purpose of launching the Alpha section, aimed at filtering out truly promising projects.
Q: How does the airdrop platform section in the Binance Web3 wallet select airdrop projects? Can users obtain more benefits early by participating in airdrops?
He Yi: Airdrops are a tool provided by Binance for project parties and users, primarily aimed at attracting users for project parties and providing more opportunities for retail investors. Airdrops may be a target for retail investors, but for project parties, it is more a means to acquire users. Binance hopes to connect more quality projects and users through this platform, avoiding inflated volume and ensuring that projects can interact with real users.
In addition, Binance is also considering how to enable users to gain more benefits through on-chain operations while ensuring that these operations are simple and secure. Besides airdrops, Binance plans to collaborate with the industry through an open platform to jointly promote the development of Web3 and create more valuable scenarios and projects.
Winson: Binance's airdrop platform is a sub-section of its open platform, aimed at connecting Binance users with project parties. The core value of the platform lies in helping project parties promote their products to the right users through precise user data. Binance does not intend to overly filter projects but rather allows any project party to initiate airdrops through an open approach.
In the future, Binance's open platform will further expand, allowing more project parties to promote on the platform without restricting project selection. Thus, Binance's goal is to create a diverse platform that provides more opportunities for both project parties and users.
Q: Will the wallet shift towards chain abstraction or intent wallets in the future? If so, will it adopt its own technology or that of other projects?
Winson: The Binance wallet will indeed adopt technologies related to chain abstraction and intent wallets, but it will not completely shift to these two approaches. The goal is to lower the user entry barrier and achieve a more convenient user experience through these technologies. The Binance wallet will not simply replicate existing solutions in the market but will conduct in-depth technical research, combining its own user needs to design a suitable solution. While technology serves the product, Binance emphasizes that technology should be integrated with user scenarios to ultimately bring higher value to users, rather than merely following technological trends.
Q: Will Binance adjust its selection criteria or display list based on user feedback on displayed tokens? How will Binance respond if a displayed token encounters widespread negative feedback?
He Yi: Binance will arrange the display of projects according to its own logic, considering factors such as the token's price fluctuations and listing time. Users can arrange them according to their own needs, and Binance's focus is on maintaining the platform's transparency and flexibility, allowing users to sort as they wish.
For negative feedback during on-chain operations, Binance will notify users, especially when high-risk projects arise. Since Binance operates purely on-chain, it cannot close functions like deposits or withdrawals as CEX platforms do, so it mainly relies on a warning mechanism to alert users. Regarding feedback channels, Binance is considering establishing a Telegram group to facilitate user feedback and ensure timely responses to project risks.
Q: What is the core idea behind positioning the Binance wallet as the largest airdrop platform? How does the Binance wallet help newcomers lower the barriers to on-chain interactions, or what are its advantages and considerations as an airdrop distribution platform?
Winson: The strategy of the Binance wallet is not solely focused on becoming the largest airdrop platform. While the airdrop platform is an important means for the Binance wallet, it is not the only core strategy. The goal of the platform is to bridge the gap between users and project parties, capturing user value through the airdrop platform while helping achieve a win-win situation for both sides. The positioning of the airdrop platform is to provide users with a convenient airdrop participation experience, rather than merely serving as a distribution platform.
The Binance wallet has made significant optimizations to guide new users in lowering the barriers to on-chain interactions. The focus is reflected in several aspects:
Guidance Experience: Providing users with step-by-step tutorials to guide them through each step.
Airdrop Management: Helping users manage airdrop earnings through the Reward Center feature, avoiding manual management and enhancing user experience.
User Lifecycle Management: Offering a one-stop solution from project launch to airdrop collection and earnings management, minimizing user operations and leaving the rest to the platform.
Through these optimizations, the Binance wallet strives to simplify the user participation process and enhance user experience.
From the perspective of project parties, the Binance wallet is not only an airdrop platform but also a precise marketing platform. Project parties can ensure that airdrop tokens are distributed to the target user group through the Binance wallet, which is also the direction for future product iterations of the Binance wallet.
Q: How does Binance define the growth of its wallet? What experiences and lessons has the Binance wallet learned during its development process?
He Yi: The growth of the Binance wallet is defined not only as an expansion of a wallet platform but also as an important entry point for the entire Web3 ecosystem. The goal of the Binance wallet is to become a convenient channel for users to deposit fiat, register, complete KYC, and perform on-chain operations. Its core idea is to simplify the operational process and provide a smooth cross-platform experience, allowing users to complete their operations seamlessly whether they are engaging in on-chain activities or using centralized exchanges (CEX) for financial management.
The Binance wallet positions itself as an entry point to Web3, helping users understand hot topics in the crypto space and eliminating the boundaries between blockchain and traditional finance. Whether users choose to interact on-chain or invest on CEX, the Binance wallet aims to provide the simplest solutions to enhance user experience.
During the growth of the Binance wallet, the major lessons learned focus on the following points:
Insufficient professional talent reserves: In the past, the Binance wallet lacked sufficient reserves in Web3 technology, primarily leaning towards Web2 operational models. While it could operate efficiently, there were still shortcomings in deeply understanding and applying Web3 technology. This is an important reflection point, and Binance hopes to attract more professionals to join and promote the platform's further development.
The detours taken: Binance has faced challenges in compliance and technology. For example, it experienced difficulties and setbacks in the past with the use of Compass, compliance, and license applications, especially regarding solutions in Web3 technology, where there were some missteps. Through these experiences, Binance has placed greater emphasis on compliance and made significant investments and adjustments.
The transition to Web3: The transition from a traditional Web2 platform to Web3 has not been easy. Although the company's operational model was very successful in a Web2 environment, the thinking and technical requirements of Web3 are different, and Binance has certain technical shortcomings in this regard. These detours have helped the team understand that to truly become an industry leader, breakthroughs in Web3 technology and thinking are necessary.
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