Key Points
- Binance’s co-founder Yi He recently addressed the Chinese community.
- She talked about security, AI, listing and delisting coins, and writing emails to Changpeng Zhao.
During a recent AMA session, Binance’s co-founder Yi He addressed important matters regarding the listing and delisting of coins, privacy concerns, AI, and emailing CZ.
Binance’s user security advancements
First of all, Yi He addressed security at Binance, highlighting that there is no absolute security, therefore vigilance is needed. This applies to exchanges but also to asset security management.
She said that security investment is an ongoing process. They recently implemented dual risk control for wash trading, meaning that when huge price fluctuations are involved, big data captures info and alerts the exchange. Manual confirmation comes next.
Regarding users who suffer losses due to clicking and plugins, the exchange now has higher standards for security and risk control teams.
She also highlighted her belief that a well-operated trading platform would not engage in theft as it undermines a healthy business model.
High FDV, low-circulation projects, opening prices, and token distribution
Yi He said that in the blockchain industry, scenarios such as trading, asset management, and inflation prevention, have mature business models.
The biggest challenge is how to truly promote blockchain mass adoption. Gaming and social networking are not too viable in this case.
She also said that the anti-VC wave and the popularity of memecoins are reflecting the market’s lack of utility assets. Lots of VCs invest in projects with high valuations, but these fail to produce good business models.
Yi He said that airdrops are data maneuvers, and trading platforms are pressured by user demand, they list the projects but in the end, no one is satisfied.
She continued and said that when the exchange recruits projects, they aim to find low-valuation teams with good business models, while recruiting market makers.
The problem with high FDV is that only a few project parties profit while users and investors suffer. She also said that she hopes that the market will have more supporters willing to solidify work on projects, as success requires enduring human nature’s challenges.
She hopes to see more blockchain assets used by entrepreneurs.
Binance Launchpool and Megadrop projects
Regarding the issue of selecting the projects on Launchpool and MegaDrop, Yi He said that they are not selecting them based on whether they go to these two platforms first. They first select the project and then decide if it suits Megadrop or Launchpool.
Launchpad was first, but due to regulatory issues with token pre-sales in more countries and regions, they switched to airdrops.
They first launched Launchpool and found out that many project parties want to acquire real users and Binance’s token holders are more genuine. Binance‘s Web3 wallet has KYC which proves that users are real.
Binance chooses to list projects because the parties involved are willing to provide more airdrop shares. They also reflect and listen to user feedback.
She said that for example, high FDV projects listed on other platforms with low circulation, see short-term increases, but then prices drop.
Delisting standards for zombie coins
Regarding the management and removal of zombie coins, Yi He said that the exchange conducts regular reviews of tokens that are already listed, not limited to social media activity, but also includes ongoing product development, liquidity, and any important news.
They also evaluate tokens based on regulatory requirements in different countries and regions. When high-risk tokens are found, they are flagged for monitoring and observation.
She said that delisting causes harm to project parties and token holders, so Binance strives to remain objective and strictly enforce listing and delisting standards.
Views on AI
Yi He also talked about AI developments saying that it’s a significant productivity transformation. She believes that if AI is used well, it can save translation costs and improve efficiency.
She said that she believes that in the future, AI’s productivity enhancements will be reflected in more areas, including design, marketing, and more, reducing costs and increasing efficiency.
The two critical industries supporting AI development are energy and data.
Writing emails to CZ and self-requirements
Yi He said that she writes emails to Changpeng Zhao reporting work and sharing life events.
She also talked about people’s material heritage – children. They are basically an extension of your DNA.
She also noted that if you have the chance to truly change the world, you should try.
Her self-requirements are divided into more modules. The first one is health, the second is self-iteration, and the third is leaving something behind in the world.
