Bridging the Gap | How Web3 Moves from Geek Culture to Mass Resonance

Time: April 7, 2025

Event Name: HK Web3 Festival

Host: Du Yu, Executive Director of Wanxiang Blockchain, Head of Wanxiang Blockchain Lab

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 themed "Bridging the Gap: How Web3 Moves from Geek Culture to Mass Resonance," engaging in an in-depth discussion 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 emergence of blockchain concepts to the current technological proliferation, she believes that the definition of technology should not become a constraint; the key lies in whether it truly creates value for users. She also pointed out that Web3's breakthrough into the mainstream does not rely on "educating users," but rather on products that solve real-world problems and win natural usage from the public.

In addition to industry observations, He Yi discussed the original intentions and responsibilities of entrepreneurs, emphasizing the importance of continuously creating real value and giving back to the community in the long term.

Below is the complete transcript of the conversation:

Opening

Du Yu:
Welcome to the roundtable discussion segment. We are very honored to invite He Yi, co-founder of Binance, also known as the familiar "Sister Yi." Before we officially start, Sister Yi, please say hello to everyone.

He Yi:
Hello everyone, first of all, thank you, Mr. Du, for the invitation. I am the familiar "Chief Customer Service Officer of Binance." All along, Binance's journey to today has been supported by community users and industry partners, including Mr. Du, Mr. Xiao Feng, and others. I am also very honored to have this opportunity to communicate with everyone in Chinese.

Although I couldn't be there in person today, I can already feel the enthusiastic atmosphere in Hong Kong. Thank you, everyone!

On the Evolution and Understanding of Web3

Du Yu:
Our theme today is "Bridging the Gap: How Web3 Moves from Geek Culture to Mass Resonance." You entered this industry in 2013, and I just happened to have been in it for ten years. Over these ten years, we have experienced the evolution of the discourse from "blockchain" to "Web3," and some may wonder if this is just a change of terminology.

So my first question is: How do you view the concept of "Web3"? Has your understanding of "blockchain" or "Web3" changed during your more than ten years in the industry? You once said, "I 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 personally do not like to be overly defined. Many times, we define a new concept to find a position within a longer historical dimension.

From the perspective of human society, we have gone through the agricultural era, the industrial era, and now the information era. The core resources of each era are different: the agricultural era was land, the industrial era was machines and organizational management, and the information era is data and connections. Yet we are still searching for the core productive materials of the "information era."

In this context, Web1.0 was about information transmission, Web2.0 was about connecting people, and Web3 may be our attempt to establish new trust mechanisms and organizational methods using blockchain technology. But these definitions are not absolute, and like buzzwords such as "metaverse" and "RWA," they are constantly evolving.

Binance's slogan has always been "Exchange the World." We are building a platform that allows people to trade, pay, chat, and even make friends. For us, the most important thing is not which technological stage we are at, but whether we provide truly valuable products for users.

As Steve Jobs once said, the essence of technology is to serve as a tool for users; technology that cannot meet user needs is meaningless. We hope to use blockchain technology not just for transactions, but to build ecological infrastructure, such as BNB Chain, to help more entrepreneurs explore possibilities.

How Web3 Achieves Popularity

Du Yu:
Yes, technology ultimately needs to serve users. Let's talk about the issue of mass resonance. I saw a set of data: by the end of 2024, the number of people globally holding crypto assets is about 659 million, but only 200 million are actual Web3 wallet users. Compared to the total number of internet users, this ratio is quite small.

Binance currently has about 270 million registered users, and you have mentioned multiple times the vision of "attracting the next billion users." What do you think are the main obstacles in the process of Web3 reaching the masses? How is Binance and its ecosystem addressing these issues?

He Yi:
First of all, I do not quite agree with the notion of "educating users." I studied education myself and really dislike being "educated." Users truly accept a technology because it can genuinely improve their lives.

For example, Pinduoduo, whether it's an 80-year-old grandmother "chopping a price" or a 60-year-old fruit farmer selling apples on it, they are not educated into using it; they use it because the product is useful to them. Similarly, blockchain products must have "real value."

For instance, when we held BBW in Dubai, a young man from Kenya shared that he uses Binance to send his salary home, which is low-cost and fast. This is a "usable" real experience, and he doesn't need to understand what blockchain is.

Many people separate "exchanges" and "wallets," but this is actually unnecessary. For me, I don't trade coins; my exchange account is my wallet. The boundaries between centralized and decentralized are not clear-cut; the key is whether it meets a specific need of the user.

Public Perception and Regulatory Trends

Du Yu:
Indeed, technology is a means, and solving problems is the core. However, the public's perception of this industry still leans negative, partly due to media focus on price fluctuations and partly due to some industry chaos. At the same time, countries are gradually strengthening regulation. How do you think Binance, as an industry leader, should establish a positive industry image? How can we "guide" the public to better understand this field?

He Yi:
The public's misunderstandings are actually understandable. Human nature instinctively seeks order and security, so every new technology is questioned at its inception.

During the Industrial Revolution, people were obstructed by those with big knives when trying to build railways; when the internet first emerged, we had to sneak online. Now, Web3 is the same.

Satoshi Nakamoto's initial vision was indeed "anti-traditional," so many early participants were idealists. But I believe the key today is to find that "sweet spot" between ideals and reality. The technology of Web3 has indeed brought efficiency improvements, helping us build a more efficient and elegant financial system.

The gradual involvement of regulation is also a good thing; it represents the traditional system beginning to acknowledge the value of Web3. What we need to do is to continuously emit positive voices, allowing the public to see real technological applications and value.

The Fusion Imagination of AI and Web3

Du Yu:
Speaking of new technologies, I want to add a topic—AI. In the past two years, from ChatGPT to DeepSeek, AI is influencing various industries. You previously mentioned in an interview that you are optimistic about the AI sector. How do you view the impact of AI on Web3? What new opportunities do you think the combination of "AI Native" and "Crypto Native" will bring?

He Yi:
I believe AI is a "revolution of productivity," while blockchain is a "transformation of labor relations."

Binance is a great example: we only raised $15 million back then, but today we have given back to countless token holders. Technology has brought about new production relationships, and once you can combine effective productivity with production relationships, it will lead to tremendous change.

The further question is: What problem do you want to solve using AI or blockchain technology? Who are your users? Are they willing to pay for it? These are the most critical issues in entrepreneurship.

Many Web3 projects have good intentions but do not make money. If you can't make money, users will accuse you of "harvesting leeks." I am not one of those very "fundamentalist" Web3 people; I operate with a very traditional business logic: good products, a viable business model, and a community that can sustain development.

If you genuinely want to help users, you need to consider long-term sustainability and a sense of responsibility. Web3 entrepreneurship is not a model of "harvesting once and leaving." The issuance of every token is, in fact, a responsibility.

Advice for Chinese Entrepreneurs

Du Yu:
We also congratulate Binance on just receiving a $2 billion investment from the Abu Dhabi Sovereign Fund MGX, which is one of the largest investments received by Chinese entrepreneurs in recent years. Many people say that Web3 lacks applications, while Chinese developers actually have a particular advantage in application development. Can you briefly give some advice to Chinese entrepreneurs?

He Yi:
I tend to look at problems within an organizational framework.

Our generation benefits from China's strong basic education and possesses high levels of diligence and resilience. These are our advantages.

But I want to remind everyone not to be intimidated by the world's "fragmentation." You need to be an "optimistic pessimist"—to bloom the most optimistic flowers in the most pessimistic soil.

Success is not about whether you have a smooth journey, but whether you are willing to persevere and give back to the community. When you achieve success, you must "not forget the green grass and trees," and remember that it is the community that has supported you to this day.

Du Yu:
Thank you, Sister Yi, for your wonderful sharing! Today, time is limited, and we feel there is still much to discuss. We look forward to meeting offline next time for a deeper exchange. Thank you, Sister Yi, and thank you, everyone!