Crossing the gap｜Talk with He Yi how to move from geek culture to public resonance

On April 7, at the just-concluded Hong Kong Web3 Festival, Binance co-founder He Yi participated in a fireside conversation with the theme of "Crossing the Gaps | How Web3 How to move from geek culture to public resonance" through online connections, and had in-depth exchanges with Du Yu, executive director of Wanxiang Blockchain.

During the conversation, He Yi shared her long-term observations on the development of Web3. From the early rise of the concept of blockchain to the current popularization of technology, she believes that the definition of technology should not become a constraint, and the key lies in whether it truly creates value for users. At the same time, she also pointed out that Web3 really breaks the circle not by relying on "education users", but by winning the natural use of the public through products that solve real problems.

In addition to industry observation, He Yi also talked about the original intention and responsibility of entrepreneurs, emphasizing the importance of continuously creating real value and giving back to the community in the long run.

The following is a complete transcript of the conversation:

Opening

Du Yu :

Welcome to the roundtable dialogue session, we are very honored to invite Binance co-founder He Yi, who is familiar with "No. 1 Sister". Before the official start, I will say hello to everyone.

He Yi :

Hello everyone, first of all, thank you Mr. Du for your invitation. I am the familiar "Binance Chief Customer Service". Binance has always been able to reach this day, which is inseparable from the support of community users and industry partners, including Mr. Du, Mr. Xiao Feng, etc. I am also honored to have such an opportunity to communicate with you on-site in Chinese.

Although I was unable to visit the scene in person today, I have already felt the enthusiastic atmosphere in Hong Kong. Thank you everyone!

About the evolution and understanding of Web3

Du Yu :

Our theme today is “Browsing the Gaps: How Web3 moves from geek culture to public resonance”. You entered this industry in 2013, and I have been there for just ten years. In the past decade, we have experienced the evolution of discourses from "blockchain" to "Web3", and some people may wonder if this is a different statement.

So my first question is: How do you view the concept of "Web3"? Have your understanding of "blockchain" or "Web3" changed over your more than ten years of industry experience? You once said, "I hope Binance will become the Google of Web3." Is Binance's core service role in Web3 a financial service or a broader application platform?

He Yi :

I don't actually like being over-defined. Many times we define a new concept to find positioning on a longer historical dimension.

From the perspective of human society, we have experienced the farming era, the industrial era, and then to the current information era. The core resources of each era are different: the farming era is land, the industrial era is machines and organizational management, and the information era is data and connections. But we are still looking for the core means of production in the "Information Age".

In this context, Web1.0 is information transmission, Web2.0 is the connection between people, and Web3 may be our attempt to use blockchain technology to establish new trust mechanisms and organizational methods. But these definitions are not absolute, and like hot words such as "metauniverse" and "RWA", they are always evolving.

The Slogan that Binance has always insisted on is "Exchange the World". We have built a platform that allows people to trade, pay, chat, and even join group friends. For us, the most important thing is not what stage of technology we are doing, but whether we provide users with truly valuable products.

As Jobs said, technology is essentially a tool to serve users, and technology that cannot solve user needs is meaningless. We hope to use blockchain technology to not just do transactions, but to build ecological infrastructure, such as BNB Chain, to help more entrepreneurs explore possibilities.

How to achieve popularization in Web3

Du Yu :

Yes, technology ultimately needs to serve users. Then let’s talk about the issue of public resonance. I saw a set of data: By the end of 2024, the number of people with crypto assets around the world was about 659 million, of which only 200 million were users who actually owned Web3 wallets. Compared with the entire Internet user, this proportion is actually very small.

Binance currently has about 270 million registered users, and you have mentioned the vision of "attracting the next billion users" many times. So what do you think are the main obstacles in the current process of Web3 becoming the public? How did Binance and its ecosystem solve these problems?

He Yi :

First of all, I don’t quite agree with the statement of “educating users”. I am a student of education and I hate being "educated". Users really accept a technology because it can effectively improve their lives.

For example, Pinduoduo, whether it is an 80-year-old old lady who "cuts" or a 60-year-old fruit farmer selling apples on it, they are not educated, but because this product is useful to them. Similarly, blockchain products must also have "real value".

For example, when we held a BBW in Dubai, a Kenyan guy shared that he would use Binance to send his salary home, which is low cost and fast. This is the real experience of "useful use". He doesn't need to understand what blockchain is.

Many people separate the "exchange" and "wallet" from the "wallet", but it is actually not necessary. For me, if I don’t trade coins, the exchange account is my wallet. The boundaries between centralization and decentralization are not clear, the key is whether it solves a specific user's needs.

Public impressions and regulatory trends

Du Yu :

Indeed, technology is the means, and solving problems is the core. But the public's perception of this industry is still negative, partly because the media pays attention to price fluctuations and partly because of chaos in some industries. At the same time, countries are gradually strengthening supervision. How do you think Binance, as an industry leader, should establish a positive industry image? How to "guid" the public to better understand this field?

He Yi :

Public misunderstandings are understandable. Human nature instincts pursue order and security, so every new technology will be questioned at the beginning of its birth.

During the Industrial Revolution, railway construction was blocked by people holding big swords; when the Internet was just emerging, we had to sneak around the Internet. Back to now, the same is true for Web3.

Satoshi Nakamoto’s original idea was indeed “anti-traditional”, so many of the early participants were idealists. But I think the key today is: find that "sweet spot" between ideals and reality. Web3's technology has indeed brought about efficiency improvements, helping us build more efficient and elegant financial systems.

The gradual intervention of regulation is also a good thing, and it represents the traditional system beginning to recognize the value of Web3. What we need to do is to continue to make positive voices and let the public see the real application and value of technology.

The convergence of AI and Web3

Du Yu :

Speaking of new technologies, I would like to add a topic - AI. In the past two years, from ChatGPT to DeepSeek, AI is affecting all walks of life. You also mentioned in an interview that you are optimistic about the AI ​​track. So how do you view the impact of AI on Web3? What new opportunities do you think will be brought by the so-called "AI Native" plus "Crypto Native"?

He Yi :

I think AI is a "revolution of productivity" and blockchain is a "change of labor relations".

Binance is a good example: We only raised $15 million back then, but today we gave back to countless Token holders. Technology brings new production relations, and once you can combine effective productivity with production relations, huge changes will occur.

Then the further question is: What problems do you want to solve with AI or blockchain technology? Who is your user? Are they willing to pay for it? These are the most critical things in entrepreneurship.

Many Web3 projects have good intentions, but they don’t make money. If you can’t make money, users will scold you for “cutting leeks”. I am not the kind of person who is very Web3 "fundamentalism". I am a very traditional businessman logic: good products, business models, and sustainable development of the community.

If you really want to help users, you need to consider long-term and sense of responsibility. Web3 entrepreneurship is not a "cutting a wave" model. The issuance of every token is actually a responsibility.

Suggestions for Chinese entrepreneurs

Du Yu :

We also congratulate Binance on just receiving a US$2 billion investment from Abu Dhabi sovereign fund MGX, which is one of the largest investments that Chinese entrepreneurs have received in recent years. Many people say that Web3 lacks applications, and Chinese actually have particularly advantages in application development. Can you give some advice to Chinese entrepreneurs in a brief way?

He Yi :

I am used to putting the problem in an organizational framework.

Our generation benefited from China's strong basic education and also had extremely high diligence and resilience. These are our strengths.

But I want to remind everyone not to be intimidated by the "separation" of the world. You have to be an "optimistic pessimist" - bloom the most optimistic flowers in the most pessimistic soil.

Success does not depend on whether you are smooth sailing, but on whether you are willing to persist and whether you are willing to give back to the community. When you have success, you must not forget the green grass and trees. Don’t forget that the community supports you to this day.

Du Yu :

Thank you for your wonderful sharing! Today is limited, and I still don’t want to finish my wishes. I also look forward to meeting offline next time for more in-depth communication. Thank you, sister, and thank you everyone!