Time: April 7, 2025
Event Name: HK Web3 Festival
Host: Du Yu, Executive Director of Wanxiang Blockchain, Head of Wanxiang Blockchain Laboratory
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 fireside chat with the theme "Bridging the Gap | How Web3 Moves from Geek Culture to Public Resonance", engaging in an in-depth exchange with Du Yu, Executive Director of Wanxiang Blockchain.
During the conversation, He Yi shared her long-term observations on Web3 development, from the initial emergence of blockchain concepts to today's technological popularization. She believes that technological definition should not become a constraint, and the key is whether it truly creates value for users. She also pointed out that Web3's true breakthrough is not through "educating users", but by creating products that solve real-world problems and naturally win over the masses.
Beyond industry observations, He Yi also discussed entrepreneurs' original intentions and responsibilities, emphasizing the importance of continuously creating real value and long-term community feedback.
Below is the complete transcript of the conversation:
Opening
Du Yu:
Welcome to the roundtable discussion. We are honored to invite He Yi, the co-founder of Binance, also known as "Sister Yi". Before we officially begin, Sister Yi, please say hello to everyone.
He Yi:
Hello everyone. First, thank you for the invitation, Director Du. I am the familiar "Binance Chief Customer Service". Binance's success has always been inseparable from the support of community users and industry partners, including Director Du, Director Xiao Feng. I'm also honored to have the opportunity to communicate with everyone in Chinese.
Although I couldn't be present on-site today, I can already feel the passionate atmosphere of Hong Kong. Thank you, everyone!
About the Evolution and Understanding of Web3
Du Yu:
Our theme today is "Bridging the Gap: How Web3 Moves from Geek Culture to Public Resonance". You entered this industry in 2013, and I've been here for exactly ten years. During these ten years, we've experienced the linguistic evolution from "blockchain" to "Web3", and some people might wonder if it's just a change in terminology.
So my first question is: How do you view the concept of "Web3"? In your decade-plus of industry experience, has your understanding of "blockchain" or "Web3" changed? You once said you "hope Binance becomes the Google of Web3". What core service role does Binance play in Web3 - financial services or a broader application platform?
He Yi:
I actually don't like being overly defined. Often, when we define a new concept, it's to find positioning from a longer historical perspective.
Looking at human society, we've gone through the agricultural age, industrial age, and now the information age. The core resources of each era are different: in the agricultural age, it was land; in the industrial age, machines and organizational management; in the information age, it's data and connections. But we're still searching for the core means of production in the "information age".
In this context, Web1.0 was information transmission, Web2.0 was human-to-human connection, and Web3 might be our attempt to establish new trust mechanisms and organizational methods through blockchain technology. But these definitions are not absolute and are constantly evolving, just like buzzwords such as "metaverse" and "RWA".
Binance has always adhered to the slogan "Exchange the World". We're building a platform where people can trade, pay, chat, and even make friends in groups. For us, the most important thing is not what stage of technology we're at, but whether we provide truly valuable products for users.
As Steve Jobs said, technology is essentially a tool to serve users, and technology that doesn't solve user needs is meaningless. We hope to use blockchain technology not just for trading, but to build ecological infrastructure like BNB Chain, helping more entrepreneurs explore possibilities.
(The translation continues in the same manner for the rest of the text, maintaining the professional and accurate translation style.)When it comes to new technologies, I want to add a topic - AI. In the past two years, from ChatGPT to DeepSeek, AI has been influencing various industries. You also mentioned in previous interviews that you are optimistic about the AI track. So how do you view AI's impact on Web3? With "AI Native" combined with "Crypto Native", what new opportunities do you think this combination might bring?
He Yi:
I believe AI is a "revolution in productivity", while blockchain is a "transformation of labor relations".
Binance is a good example: we only raised $15 million back then, but today we have rewarded countless Token holders. Technology brings new production relations, and once you can combine effective productivity with production relations, it will create huge changes.
The further question is: What problem are you going to solve with AI or blockchain technology? Who are your users? Are they willing to pay for it? These are the most critical things in entrepreneurship.
Many Web3 projects have good intentions but don't make money. If they can't make money, users will curse them for "cutting leeks". I'm not a very Web3 "fundamentalist", I'm just a traditional business logic: good products, viable business models, and a community that can develop sustainably.
If you truly want to help users, you need to consider long-term sustainability and a sense of responsibility. Web3 entrepreneurship is not a model of "cutting a wave and leaving". The issuance of each token is actually a responsibility.
Advice for Chinese Entrepreneurs
Du Yu:
We also congratulate Binance on just receiving a $2 billion investment from Abu Dhabi's sovereign fund MGX, which is one of the largest investments for Chinese entrepreneurs in recent years. Many people say Web3 lacks applications, and Chinese entrepreneurs actually have a particular advantage in application development. Can you give some brief advice to Chinese entrepreneurs?
He Yi:
I'm used to looking at problems within an organizational framework.
Our generation has benefited from China's strong basic education and possesses extremely high diligence and resilience. These are our advantages.
But I want to remind everyone, don't be scared by the world's "fragmentation". You should be an "optimistic pessimist" - blooming the most optimistic flowers in the most pessimistic soil.
Success is not about whether you go smoothly, but whether you are willing to persist and give back to the community. When you have achieved success, you must "not forget the green grass", and not forget that it was the community that supported you to get where you are today.
Du Yu:
Thank you for the wonderful sharing, Sister Yi! Time is limited today, and we are still eager for more. We look forward to meeting offline next time for a more in-depth exchange. Thank you, Sister Yi, and thank you everyone!
