Alpha: In this industry, if you don't keep up, the community will teach us life lessons

2025-10-10 10:54

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The user is not speculating on the "Binance way of life" or on "Customer Service Xiao He", but on the bit of fairness, opportunity, and consensus that has been built under these CA pillars.

Original Article Title: "Let's Cultivate Immortality Together!"

Original Article Author: Yi He, Co-Founder of Binance

Editor's Note: Early this morning, Yi He, Co-Founder of Binance, published a lengthy article on Binance Square, systematically elaborating on the thought process behind Binance's recent frequent actions. At the same time, she directly addressed the recent community controversy over contracts and meme-related businesses, openly shared her cognitive iteration in the "face-slapping moment," and, using the framework of "Dao, Law, Technique, Tool," explained her unique entrepreneurial cultivation philosophy. The following is the original content:

I generally don't like to play the role of a parent to others unless someone comes running to play that role for me.

Looking back, Bitcoin was born in the context of the 2008 financial crisis, and at that time, no one would have thought that a whitepaper, an open-source code, would become one of the best assets of the past 17 years. As times change, concepts of money change, concepts of assets change, policies change. On a path that no one has traveled before, those of us in this industry have gone from being called "pyramid scheme perpetrators" by others to self-proclaimed "esteemed Wall Street traders." On this road, our community has grown larger and larger, facing fork after fork. Each choice is a filtering process: some people get closer, while others drift further away.

As an entrepreneur who follows "value investing" and "long-termism," I believe that only businesses that solve users' problems and have someone willing to pay for them can be called entrepreneurial endeavors and construction. Holding onto Bitcoin and BNB for many years is based on my optimism about the entire industry. In this industry, BTC is the top decentralized asset, and Binance is the project with the most users and the strongest team in the industry. If this team is not yet the world's top-tier team, then I will transform it into the industry's top-tier team.

Binance has never been a high-end, perfect team. We stumbled along the way, flying and fixing the plane at the same time. We have paid a huge price in the past, so now we prioritize compliance. Binance has invested significant resources in compliance, and even third-party audits have rated us as an industry compliance leader, with compliance resources exceeding product resources by more than five times, which is heavier than traditional finance. Many of Binance's businesses were not the first to do so because when you are the first, following is a better strategy. In a sailboat race, if you are in the lead, turning when those behind you turn is appropriate. I was not the first to create a trading platform, we were not the first to do futures contracts, we were not the first to do C2C, we were not the first to have an on-chain wallet in the product, but we were the first to require KYC even for on-chain wallets. Our products all started from things that "even a dog wouldn't use." We grew up at the village entrance in Africa, walked with users through the Darién Gap in Latin America, enjoyed the cozy coffee of a small Australian shop, and experienced the typical East Asian standoff. We do not have an F1 feast; we are together with nearly 300 million users. We are running in small steps in the midst of community criticism and suggestions. In other industries, when the era abandons you, it won't even say hello. Fortunately, in this industry, if you don't run to keep up, the community will teach us how to conduct ourselves, and we will "know our shame and then be brave."

I used to think that using leverage in contracts would amplify human weaknesses. I adamantly vowed not to engage in contracts until the bear market of '19, when all coins were plummeting, and users were wailing in despair. I then hurried to learn financial knowledge, understanding what hedging and hedging meant. Later, I forced two contract teams to compete, but we also did not forget to have contract users trade after testing, nor did we forget to set a cooldown period for users who kept doubling down. My moment of embarrassment was entirely self-inflicted.

I used to think that MEME was a conspiracy disguised as a subculture, believing that only serious projects that responsibly cater to their holders were on the right path. That was until I saw those well-groomed individuals openly sharing dreams and aspirations, only to treat Binance as the final liquidity exit. Faced with professional players, defenseless retail traders were either liquidated in spot trading or wrecked in contracts. I understand their anger, but I feel powerless in the face of the industry's structural changes. I once choked up during a 6-hour AMA session because I did not know how to ensure fairness for both retail traders and professional players. If we want our users to come first, where do we start? This is the starting point of Alpha. Until I made peace with myself, I realized that most users do not expect constant profits; what they always seek is fairness—damn fairness. Users are not here for the "Binance life" or the "Customer Service Xiao He." Underneath these CAs lies a bit of fair play, opportunity, and consensus building. At this point, it is uncouth of me to remind everyone: MEME projects have no one accountable, lack long-term value support, and are not devoid of conspiracy groups. Be wary of investment risks. Disclosure: The CA includes Binance, my self-proclamation, and tweets, which do not represent an endorsement by Binance or myself. To MEME players, Binance, I, dogs, pigs, frogs, and emojis coexist in the same quadrant without any distinction. Whether opposing MEME, understanding MEME, or ultimately becoming MEME, the clown is me.

Compared to the entire financial market, the cryptocurrency industry is just a drop in the ocean, vast enough to accommodate many giants. Therefore, we do not attack friendly competitors. Instead, we learn from other entrepreneurs and project teams. If we cannot understand, we can still invest and buy because the ultimate goal of a down-to-earth business war is to satisfy user needs rather than hair pulling and mudslinging. YZi Labs plans to invest $1 billion to support the ecosystem and developers, fostering a batch of top-notch projects. This is genuine business competition. Over the years, we have been bombarded with numerous setbacks, but we used them to grow dazzling flowers. If our wallet's performance was lacking, we improved it until it was good enough. We never understood the essence of MEME existence. Still, upon seeing a CA associated with Binance, we started debunking rumors, strictly guarding against insecurities, and drawing clear lines from MEMEs, reverting to what we should actually do, even if our Daoxin has been shattered a few times.

As a new-era entrepreneurial immortal cultivator, I would like to thank everyone for taking the time to read this information-lacking lengthy article. After much contemplation, I have decided to forcefully inject some value into it, which aligns with our consistent altruistic mindset.

Entrepreneurship, trading, earning money, and immortal cultivation are actually the same thing, emphasizing on Dao, Fa, Art, and Tool. Before you fully understand this, if you make money in a daze, you will also lose it in a daze because a person can only earn the money within their own cognitive limits.

Dao is the operating rule of this world. Only by following the operating laws can one walk far and walk long. Just like our industry thrives because it adheres to the laws of world development, not because of any individual's awesomeness.

Fa is the principle, the unique cultural values of each company and organization, the user-centricity of Binance, the essence of freedom, collaboration, hardcore, and above all, humility.

Art: People are easily obsessed with routines, tactics, and marketing, but in reality, that is just superficial.

Tool: Products, tools—the most easily replaceable in mobile internet products are tool-type products.

Each individual, company, and organization has its strengths, and excelling in one area is already enough to achieve great results. Everyone can identify their own strengths accordingly. Ultimately, Binance, this sect, is still lacking talent, so this is still a job posting. Come and join us in immortal cultivation together.