Event Overview: Hong Kong Crypto Finance Forum
On April 8, the Hong Kong Crypto Finance Forum took place, featuring a significant online discussion with He Yi, co-founder of Binance, and Vito, the founder of MetaEra. During the fireside chat, the two discussed Binance’s growth trajectory and the latest trends in the realm of cryptocurrency finance. He Yi explained her recent surge in social media activity, emphasizing that founders must remain engaged with the community to understand user needs and industry shifts. She underscored the importance of focusing on genuine user problems when developing products, community engagement, and compliance communications.
Opening Remarks
Vito welcomed everyone to the chat and expressed his excitement about having He Yi present to explore the topic of “New Trends in Crypto Finance from the Development of Binance.”
He Yi’s Return to Social Media
Vito noted He Yi’s increased visibility on social media platforms, particularly X (formerly Twitter), especially after the Lunar New Year, which has deviated from her previous low-profile approach. He asked her to elaborate on the reasons behind this shift. In response, He Yi shared her historical engagement with users as Binance’s “Chief Customer Service Officer” and highlighted her active presence in various online communities since 2017. She explained that these interactions help her identify product issues and user needs, which she relays to the development team. He Yi pointed out that with the “Founder Model” gaining traction in Silicon Valley, it’s crucial for founders to be present and engaged. After a break from Chinese social media due to Weibo’s restrictions, she returned to reconnect with the community, especially in light of the leadership transition at Binance. She emphasized that Binance’s core mission revolves around three principles: creating quality products, serving users and employees effectively, and ensuring communication with regulators.
The Impact of High-Frequency Engagement
Vito followed up by asking about the outcomes of He Yi’s intensified interactions and any new challenges that arose. He Yi expressed a desire to cultivate a culture within Binance where more employees adopt the “Chief Customer Service Officer” mindset. She acknowledged the complexities of the Web3 era, where information flows in multiple directions, leading to potential information overload. He Yi noted that while most information may be irrelevant, a small fraction can be highly valuable. This landscape also brings the risk of misinformation and rumors, making it essential to maintain clarity of purpose and resilience against negative feedback.
Strategic Initiatives: The Sunshine Wallet and Alpha 2.0
Vito inquired about the strategic thinking behind initiatives like the “Sunshine” wallet airdrop and the launch of Alpha 2.0 on-chain. He Yi stated that Binance’s wallet still has areas for improvement compared to its top competitors. In response to these gaps, Binance aims to enhance other aspects to retain user patience while they improve. She emphasized that all products must focus on user needs; the lines between wallets and exchanges have blurred as users often seek combined functionalities. He Yi shared that, as a less frequent trader herself, she views her exchange account as a wallet. She explained that while decentralized wallets operate under less stringent compliance rules, Binance’s cautious approach stems from previous challenges, underscoring their commitment to responsibility over recklessness.
Adapting to Industry Changes
Vito highlighted that Binance’s recent adjustments reflect the evolving trends within the cryptocurrency sector and asked He Yi about the primary changes she perceives. He Yi affirmed that the landscape is indeed transforming; cryptocurrency is no longer confined to niche communities but is increasingly embraced by traditional financial systems, including government entities. This acceptance is indicative of the technology’s proven value and efficiency. She cited the emergence of cryptocurrency ETFs as a blend of traditional finance and crypto. Moreover, regulatory clarity is improving as more regions implement structured frameworks. The crypto sector has matured beyond basic public chains and exchanges, now encompassing practical applications such as stablecoins for cross-border transactions and DeFi, akin to Silicon Valley’s evolution from counterculture to a technological powerhouse.
Focusing on User-Centric Solutions
Vito asked for He Yi’s thoughts on the various emerging sectors within crypto, such as DeFi and Real World Assets (RWA). He Yi responded that the priority should not be which sector is favored but rather the necessity of solving tangible problems. She pointed out that many Web3 startups lack viable business models and often get caught up in hype without addressing real user needs. This approach is not sustainable. He Yi stressed the importance of understanding the target audience and the genuine need for the product, challenging the notion of a stark “Web2 vs. Web3” divide. Successful companies share key traits: timing, expertise, a solid team, and the tenacity to overcome challenges. She cited examples like Nvidia and Tesla, emphasizing that survival often hinges on perseverance.
Closing Remarks
Vito expressed gratitude to He Yi for her insightful contributions, noting the richness of the discussion despite time constraints. He encouraged attendees to follow He Yi’s updates and continue engaging with MetaEra. He concluded with a reminder for readers to approach blockchain technology with a rational mindset, remain aware of risks, and exercise caution regarding virtual tokens and speculative ventures. All presented content is intended for informational purposes and should not be interpreted as investment advice.
