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2025 EOY AMA with CZ
Recorded: Dec. 18, 2025 Duration: 1:05:51Space Recording
Short Summary
In a recent AMA, BNB Chain's leadership discussed significant growth metrics, including a 600% increase in trading volume and over 2 million daily active users. The conversation also highlighted emerging trends in prediction markets and the integration of AI in trading, alongside the launch of EasyLabs as a major fund for Web3 innovations.
Full Transcription
Thank you. Thank you. Thank you. Thank you. Hello, hello, testing, testing. Just a quick mic check before we start. Can everyone hear me OK? It's loud and clear.
Oh, let me just mute that.
Yeah, OK, I'm assuming it's all good to go.
Can we just do a quick mic test for the speakers as well,
just to make sure everything's OK?
So Ella, Nina, if you guys can just
do a quick mic check for me.
Hello. Can anybody hear me?
Yep, loud and clear, loud and clear.
Ella, everything okay on your end?
Okay, maybe some issues there.
Sorry, I did get some feedback that my mic was moving.
I will keep it as still as possible.
Hopefully, then that's okay.
So we're currently waiting for the esteemed guest to join.
So I guess we'll maybe just give it a minute or two,
and then we can get started.
Okay. get started. Thank you. okay okay the esteemed guest is joining us so whilst CZ is joining I'll just get into the intros introduce what's going on today how it's going to go down and then we get straight into it
so first of all welcome welcome welcome everyone. Welcome everyone to see the end of year
AMA. It's really good to see so many people tuning in for it and I'm sure we'll have plenty
more join as we get going. For anyone not aware, I am Liam from the social team at BNB Chain and
I will be moderating today. There's also Esther who is behind the dev account, who is kindly helping me in
the background for invited speakers and controlling there.
So thank you, Esther.
We also have Nina and Ella, who are, who had to do a mic check before,
and they'll also be here on hand to chime in and add more context around specific questions if
needed so i'll tell you what before we get cc onto the stage and speak how about we just have
a quick intro to both nina and ella so you guys are familiar with who they are if you're not
already familiar um so if we can start maybe with nina and then if uh ella
you can then take over i'm aware that tz might have just got kicked off so we need to saw that
in the background as well so please do uh bear with us a minute um and nina if you can just give
us your intro please oh i. Great to see everybody here.
Nina here from the BIMB Chain team,
along with all my other team members.
Great year, great 2025 for BIMB Chain.
Very excited to end the year with you all.
Thank you, thank you.
Oh, hey, CZ.
Yeah, sorry, I took a little bit of a setup.
No worries, no worries.
Well, it's great to have you with us.
I don't know if Ella's around to give just a quick intro before we get into the main.
Yeah, perfect. Okay, Ella, take it away for us.
Technical problems.
Hi, everyone. Very glad.
It's 4.30 a.m. here, but I'm so excited to talk to everyone.
I'm head of EasyLabs. EasyLabs is a 10 billion ecosystem fund to help Web3 AI and biotech
to grow. We invested in a different stage of companies and looking forward to back great
founders with long-term vision. Thank you all.
Awesome, awesome.
Thank you so much, Alan and Nina, for helping us out with CZ's AMA today.
We're going to get started in a minute or so,
but just a quick rundown of how this AMA will work.
So it's scheduled to last about 45 minutes.
Just be aware that nothing said here is financial advice. Please, please, please do your own research. We're going to have a couple of questions from
our side first, and then we'll bring community members up to the stage to ask some questions
directly to ZZ a bit later on as well.
So with that said, let's kind of get going.
CZ, first of all, it's great to have you here.
Thank you for taking the time out to do this.
How's everything today?
Pretty good, pretty good.
Yeah, thanks everyone for coming.
And yeah, we can get started.
Awesome, perfect.
Let's get straight into it then.
So CZ, 2025 has been, let's say, uh, a hell of a year, uh, to put it lightly. It's been very busy, great year. Um,
as we close it out, uh, I want to start on more of a personal notes with a twofolded question.
Um, so we would like to know how has this year been for you personally especially this new chapter
post pardon and how has that experience changed how you think about life work and how you spend
your energy now uh sure uh well i think yeah it's um the last couple years have been a roller coaster
obviously um and it's great to be pardoned. I think that at least on some psychological
level there's some level of freedom, vindication, approval-ness, however you call it. There's
different labels for it, but there's a feeling of finally being freed again. But practically not much have changed, to be honest.
I still do spend my time the way I do before.
So I really spend time on four things, I think.
There's Giggle Academy, which is kind of my pet project.
It makes me happy when I spend time on it.
I think Giggle Academy is teaching more than 90,000
kids.
It's a team of 60 people.
They're building new
features, improving the product,
and they're growing. There's a community behind
them, etc. It's a complete
free education platform.
That's one of the four things I'm working
on, I think. There's Easy Labs,
which I get involved with with talking to funders,
helping builders, etc.
So again, I'm more of a mentor, coach kind of role.
That's also quite fun.
And I kind of like to help new builders and interact with them, etc.
There, I always have an assumption that other people know what I have in my head.
So I think some of the things which I thought was pretty obvious, sometimes are not so obvious to first-time funders.
So that's kind of interesting and rewarding as well.
I also spent, the third thing I spent quite a bit of time on is just
helping with a B&B ecosystem, right? So again, it's kind of overlaps with EasyLabs
and there's a lot of like there's a large number of projects EasyLabs
investing who are on the B&B chain ecosystem so I kind of naturally also
spend time on that on the B&B chain ecosystem. There I'm not very technical
anymore so I just you know chat with people and kind of really
just again mentor, kind of coach them and just sort of really get their mindset so that
they're basically pumped up. They're actively building, they're long-term driven, just to
align like sort of mission value systems, etc. So that's that.
And then I spent a bunch of time advising governments as well.
That's actually taking up way more time than I have anticipated.
So I talked to about a dozen governments at a fairly serious level,
both officially, unofficially, publicly, or privately.
There's a number of them that all of them think somehow I know a lot about crypto. I think
compared to them, I probably do. But there's a lot in crypto I still don't know. I think the
space is moving at a very fast pace. But no, they want my advice on how to shape their regulatory frameworks,
how to bring the industry to their countries, what to do, what not to do, etc. And of course,
I'm very, very happy to help with that. So some of the more noticeable ones is Pakistan,
like very large country. UAE, I help in unofficial capacity. I live there, so I'm kind of in their backyard, and they come to me all the time with different
requests, different questions, requests, etc.
I'm not in any official role, but I'm more than happy.
I'm always happy to answer questions when people ask me.
So those are the four main things that take up on my time.
I've been working from home for a long time.
I still work from home.
And I also, yeah, so life has been pretty good.
I also try to keep fit.
So one of the things I want to take away from prison.
So I still work out only like 30, 45 minutes almost every day,
different exercises, et cetera.
And I try to do a bit more outdoor sports
given that I officially don't have a job.
But again, so life has been pretty good.
Yeah.
That's awesome.
That's awesome.
It sounds like you definitely got a lot to keep you busy
at least anyway.
And we've all seen the famous Plunge image
on Twitter earlier this year so that
was uh that's always pretty cool uh i guess then maybe keeping on that personal note uh when you
look back at 2025 uh what are the kind of milestones across the maybe all of the areas
that you've uh that you deal with that you're most proud of?
And why do you think that they might matter beyond just the crypto numbers and crypto as a whole?
Yeah, I think if we look at the numbers,
just some numbers on the top of my head.
There's a lot of numbers that I sometimes come across, like either publicly or privately, etc.
I think number one is on Giga Academy, that's like we're reaching 90,000 kids.
I said that earlier.
So that's, I think, a pretty big achievement for a very small team.
It's larger than a university.
For B&B chain, the volume really increased this year.
I think for B&B chain, to be very frank with everyone, like BNB chain was somewhat neglected for the past few years. And then this year, finally,
there's more attention and there's more drive and there's more energy put into it. And we can see
the growth pretty clearly. I think the year-on-year volume, trading DEX volume growth is about 600%.
So they've grown 6x. And they have more than 2 million
daily active users on it. I think the last number I posted was like 2.4 million. I think that's
unique addresses, but you know, number of users probably a bit less than that, but it's going to
be pretty close to 2 million, I think. That's pretty amazing. And also the trading volumes on
BNB chain is quite high now. I think it's probably one of the highest. I don't track other chains that closely.
I just encourage the builders to build. And sometimes I follow BNB chain's Twitter, obviously,
so I see more of their numbers.
And then EZ Labs, I think, also had a very meaningful revamp. We welcome Ella back from her startup
back into being an investor.
And there's quite a bit of activity going on.
I think we made close to 70 investments in 2025 alone,
reviewed more than 1,000 projects.
So that's pretty...
And also, we have multiple programs going on,
easy residency, two seasons, like 30, 40 projects combined. So that's going well.
Also, finance is doing well, even without my involvement there. It's reached 300 million
users. I think everybody knows that. So that's a pretty
significant milestone for a trading platform, for crypto trading platform to reach that kind of
number. And it's still growing pretty quickly. So I think, and also we're only tapping about
single digit penetration for crypto so far, depending on if we count number of people versus
amount of wealth. I think amount
of wealth will probably less than 1% penetration for existing wealth. And I think crypto can
increase wealth by a few magnitudes. So yeah, so what else? Yeah, I think those are those are interesting numbers um yeah yeah no no that's great there's a lot going on
there um and lots to celebrate uh in terms of achievements uh okay cool so uh just in the
in the instance that's right my brain uh in in the necessity of time I just want to shift gears just a little bit and go on to a couple of more focused questions.
So I want to zoom into one area that's seen a lot of momentum this year, which is prediction markets.
We're seeing kind of like multiple different project markets launching on B&B Chain and Yeezy Labs has backed several projects in this space.
What convinced you that prediction markets are worth betting on now, pardon the pun,
and how do you see this category evolving in 2026 and beyond that?
Sure. I think it's hard to predict.
Sorry for the pun. It's hard to predict the future. It's hard to predict markets. So prediction markets historically has been pretty large.
It's a large time, total addressable market, right? So there's a large potential. The market is there. And it's a new thing to crypto somehow.
It wasn't big in crypto before. And now with KOSI, Polymarket, I think Polymarket really sort of put
that in the spotlight during the last election. It was more accurate than many of the pools
because people have to bet with money. So I think it's a great thing but I don't know how it's gonna
play out. It could be like one will take off really well or all of them
will do well. We don't know. The fundamental why EZ Labs impact multiple?
It's very simple. EZ Labs never make exclusive bets, especially at incubation,
like when the project just launches. We help all strong teams. Sometimes they like to work
together, sometimes they like to work separately. We just look at fundamentals. We look at the
team, we look at the idea. The idea, obviously, usually in the prediction market, we think
that there is a market for it. And we look at the execution ability, etc.
And then we look for mission-driven founders.
We encourage or even sometimes shape the investment
so that we kind of push them to be long-term focused.
So there's really no magic to it.
There are multiple strong teams
working in this particular sector.
And I do think that we will see
some strong successes.
And we don't know which one,
to be very frank.
But it's not a horse race, per se.
In any market,
there's always multiple players.
Even if you look at a centralized exchange,
yes, Binance is really big,
but there are other centralized exchanges too.
And so it takes quite a long time for markets to converge on one.
So in the early days, it's better to have multiple people trying multiple things.
And then eventually they may merge, they may combine, they may win or lose over time. So I think the more players we support in this early stage,
the stronger the sector will be and the faster it will grow.
So competition actually does not,
competition usually makes the pie bigger because different people are trying different things,
different people in different regions,
attracting different users, et cetera.
So I think it's a good thing. I personally did not
dictate we have to invest in multiple or only invest in one, etc. EZ Labs just backs strong
teams. And of course, from a BNB chain perspective, the chain is a public open blockchain. Anyone can
deploy on there. And we of course, I being a bnb holder welcome more and more projects to
deploy on bnb chain and bnb chain provides a large amount of support both in terms of potential
funding uh users um if it's a strong project uh bnb chain will tweet about it um so we want to give
us much uh all the all the all the builders as much support as we can. And we're pretty equal from our perspective,
at least from my perspective.
But again, there's some competition,
but I think it's good for, especially for a brand new sector.
Yeah, no, I think that makes sense.
And as an employee of BNmb chain definitely deploy on it
uh for sure to be selfish for a second there uh okay so again just for the the sake of time i'm
just gonna do another big shift um so we can get to the community part uh but basically i want to
focus on another big topic for this year which has been stable coins now we're clearly seeing more of a
diverse ecosystem emerging particularly on bnb chain when it comes to stable coins
cc what kind of role do you think that a that the change should play in shaping the ecosystem. And as stablecoins usage shifts from humans to AI agents
and automated systems,
what kind of needs to change at the protocol
or let's say project level to then support that?
Sure. I think stablecoins, in my view, is a very large market.
And I think we have only seen stablecoin 1.0.
The 2.0 stablecoins have not really, are just beginning to start.
I think there's some, stablecoins traditionally is a very simple concept.
You know, you put US dollars into a bank account for US dollar stablecoin,
then you issue a stablecoin, and then that stablecoin,
because it's a token on the blockchain, it moves very fast. This allows different arbitrage traders to
arbitrage across different exchanges, etc. in different countries. If you're going to move
US dollars through banks to different countries, it's going to be much slower, much more expensive,
etc. So, and then, you know, stablecoin has grown to be a really big business, right? So, and then, you know, stablecoins grown to be a really big business, right?
So, but the current largest stablecoins don't have much yield.
And then now, sort of the 1.5 generation, we're seeing kind of yield generation.
I think very simply, people want to have a stablecoin that give you good yield and allows
you to trade at the same time.
Just a very simple one. And it should be adopted by mostly, no, the stablecoin has, I believe,
a very strong network effect. And Tether leads in that because it's the first mover.
And, but I think other stablecoins, but Tether doesn't have very, Tether is not strong on yield.
I think other stablecoins, this gives other stablecoins a window of opportunity to sort of compete.
And I think there are more and more innovative ways for people to do this.
I think Athena did a very good job, and I think EZ Labs invested in Athena.
But Athena's adoption rate is also limited by the exchange adoption.
So I think the best stablecoin would be easy to trade on every exchange, adopted by a large
number of exchanges, and then also provide yield. It's very simple, but it's also quite
difficult to get all of that done. I think we encourage more teams to do it. Also, I think the current environment
is different from a year ago.
Now, in the US, there's a
Genius Act. In other countries,
stablecoins are less
what the
most regulators are not super hostile
to stablecoins.
I think the regulatory environment is much more
open now.
So I think that we'll see more opportunities.
And again, also on BNB chain,
BNB chain for a long time did not have a native stablecoin deployed on there.
You know, the tether on BNB chain was, I think was, what do you call it, wrapped.
And then, so USD1 was pretty much the first.
I think there was FDUSD and then USD 1.
FDUSD, for whatever reason, did not grow very well.
I think the friction on the fiat channels was high.
So that kind of limited the growth.
USD 1 is a very strong one from the US.
And I think today there was an announcement of Project U.
And I think U has some really interesting potential as well. So again, from a BNB chain
perspective, it's an open blockchain. Anyone can deploy a smart contract on the chain,
and that's all you need to do to launch a project. But the chain ecosystem, the BNB chain team,
obviously, will want to welcome as many projects as possible and give you the strongest support.
So again, it's not a horse race.
It's just an open garden model.
Cool, cool.
Okay.
So then shifting gears into builders for a moment.
When you and Yeezy Labs are backing new projects today,
what are the top things that you look for
in founders and ideas?
And then from the chain side
for teams building on BNB chain,
what kind of support should they realistically
expect from the ecosystem?
Yeah, sure.
I think fundamentally, I personally like to build, to help builders
who are mission driven, like they are passionate about something. And then the market has changed,
right? So yesterday was, you know, memes that was hot. Today was like, you know, prediction
markets, then there will be stable coins. but they have to be really passionate about the thing that they're working on pivoting the
products market fit is good but if you pivot entire project over like every
three months then that means you're not really sort of passionate about
something and also the reason people want to start a startup is a bit different.
Some people just want to make a quick cash,
and they may have a number, like say, I don't know,
10, 50, 100 million as a target.
The problem with that is once they reach that target,
what are they going to do?
They may cash out, they may just quit, they may stop, etc.
And also people may look for shortcuts to get to that target.
And in crypto, it's quite easy.
You know, launch a token and then you sell the token.
Those are not models we recommend.
So I look for people who are long-term driven, ethical,
but obviously also skilled and are smart and capable of doing startups.
Startups are really hard.
You also have to have the
stamina. It's really like a physical labor sometimes. Because you have to stay up for
a very long period of time. You have to, it's just very busy. There's a lot of work. There's
a lot of physical and mental stress. So, and other than that, we are pretty open. That's pretty much it, really.
Okay, awesome, awesome. That's cool.
So that's pretty much all of our questions done.
So now for the part that the community has been waiting for,
the community part of the AMA.
So here's how it works just before we kind of get into that.
We'll start by inviting three people at a time to the stage and I'll call on one person at a time
to ask their question to ZZ. We'll let them answer and in the meantime we'll rotate each person off
the stage once the question has been asked so we can get through as many as
we can. Now bear with us a second as we sort out the speakers as I see there are
currently a flood of requests coming in to speak. So if I can just ask Esther if
you can just bring people up to the stage for me just whilst I do that. Just a
couple of things to go over, apologiesologies. Whilst we're adding speakers to the
stage, please keep it to one question that's short and to the point and no shilling or token
promotion whilst on the stage. Otherwise, we will have to remove you and we don't want to do that.
So we've got a couple of people coming up onto the stage now. So let's start with
Joseph. Do you want to ask your question first?
Can you hear me?
Yeah, I can hear you. Maybe just if you can speak a little bit clearer into the mic.
Hello? Yeah. Okay. So thanks for picking me and I'd like to have a brief intro about myself.
So I've been joining the BMB chain marching program since the first quarter of 2024.
I really like the vibe of the BMB chain and good to know fantastic people like Walter,
Esther, Tain, Cindy, and etc.
So here's the case.
I came from a technical background
and I'm about to graduate with a software engineering cert,
but actually I found that I enjoyed to interact
and communicate with others
rather than just sitting in front of the desktop
tapping a bunch of quotes, which might not be a cup of tea, might not longer be my passion
anymore.
So the personal goal for 2026 is about to transit to another aspect that interests me more like BD, marketing
or marketing.
I'd like to ask Zizi, as a person with a technical background and education,
what was your path like to learning business and managing people?
And my second question is a piece of advice that you would give me as a person that I would like to cultivate
more skill sets on the business entry areas.
Sure.
Okay.
I'll be a little bit harsh here.
I think that's a very wrong way to ask the question.
For the future questioners, please be very concise, like one sentence, introduction,
and then ask the question directly.
It's a very worded question.
I don't want to be like, well, we listen to that.
So I think my advice in this case may be a little bit harsh.
I apologize.
I think EQ is very important for a tech person to be successful in the business world. So you have to have a very
good gauge of the right environment and being able to connect with your audience, etc.
So I feel that you, coming from a tech background, you should be very good on tech first. And then
you have to have one strong point at least
before you branch out into other things.
Otherwise, you're basically not strong in anything.
That's usually not good.
It sounds like you're probably a relatively young person
from a young experience, less experience.
I would recommend, for me, my path is,
I worked in Bloomberg for a number of years.
I did a number of, I was involved in startups before and after that.
And then I built a network of people around me who are all strong in their respective fields.
So it takes time to build that network.
There are some funders who just found an idea and then grow quickly. There's a few of those. But by and
large, most founders take time to build a network before they actually hit the sort
of big win. So that would be my recommendation. And I think for entrepreneurs, there's no set recipe.
There's so many different ways to be successful.
So don't take my advice too harshly.
I just want to set the tone for the future question so that we don't spend a lot of time
for everyone.
So yeah, that's pretty much it.
But also, there's so many more opportunities in the
future. So just keep building, keep learning, and go from there. Yeah.
Yeah, I think that's great advice. Cool. Okay, let's go straight into the other one.
So Yellow Panther, I think you second there. So if you want to go next,
just a reminder
on keeping it short and sweet.
Thanks.
All right.
Thanks for having me, guys.
And HelloCZ,
Nina,
Ella,
and the BNB team.
Straight to the point,
2.4 million daily active users,
7.8 billion in DeFi TVL,
surpassing Tron recently.
Stablecoin as well, massively growing.
And you guys innovating in the AI segment.
I just want to say, BNB has it all and still continue to push all the boundaries.
But before all these success, BNB was actually once an underdog and also doubted. So actually CZ, I would like to ask
what you think that BNB chain did correct years ago
during the initial growth phase
that led to becoming one of the largest blockchain today?
And what is one key trait that separates BNB
and other chains?
Okay. I think that's pretty common for anything that's successful.
Nothing starts from day one being the biggest, best industry-leading thing, token-wise or any business.
So most successful businesses have to go through a very long period of building, etc.
If you look at NVIDIA,
the most valuable company on the planet today,
they spent 40 years to get there.
And the first 20, 30 years,
until recently,
no, they were not this big.
But they continue to work on it.
And their CUDA sort of ecosystem wasn't, when they first launched,
everybody hated it.
All the investors hated it
because it wasn't bringing money or revenue.
And they're a public company.
So the investors are very short-term oriented.
Every quarter report matters.
So for B&B chain, I think, look,
my mindset is very simple.
We just got to continue to build.
For the people who are really building,
you mostly keep your head down building.
And once in a while, you lift your head,
you look at the competition,
you look at the landscape,
you see where you're going.
But most of the time, you keep your head down.
And whether you're number one, number two, number three,
that doesn't matter.
You just got to continue to do what you do best,
which is to continue to build value.
You won't always be the most money-making thing.
You will not always be the most sexy thing.
You will not always be the even successful thing.
Sometimes you make mistakes.
Sometimes there are setbacks.
But you just keep building.
So I think, for me, BNB was always the long-term
thing. I've always said many, many times that the BNB ecosystem should be larger than any sort of
other businesses, like any other individual businesses within the ecosystem. This includes
centralized exchanges, DeFi protocols, etc. So we just continue to build.
There is also, it is also possible that, you know, the ecosystem, the fundamental layer of
the ecosystem may be smaller than any particular token. If you view it this way, right? So many
companies that are listed on Nasdaq are way more valuable than NASDAQ itself.
So it's also possible that way.
So any of the combinations could be possible.
But we build a team,
and the team does what they do best,
which is to build this public blockchain ecosystem.
And they will continue.
It's already had product market fit a long time ago. And you
may not be the biggest, the most expensive, et cetera, et cetera, over time, but we'll just
continue to build value into it. So for me, it was just like, this is sort of what I talked about
for builders. They have to have this long-term marathon mentality too. It's like a marathon
plus a boxing match combined. You're boxing at a marathon length.
You just got to keep going.
So what you said,
I appreciate all the nice words about B&B Chain today,
but what B&B Chain was
or when he was sort of an underdog,
it didn't bother me.
Well, of course, it bothered to the level
that we want to contribute more value,
but we just
got to keep building.
Sorry, that's a boring answer, but let's move on.
Thank you so much, CZ.
Okay, awesome.
So then I think next we have Barrett.
Yeah, Barrett.
Hey, CZ, good evening.
Hope you're doing good.
So, most crypto conversations
still start and spread on X,
but crypto platforms are now adding...
Hello.
Did I get cut out?
Yeah, I can't hear it.
Yeah, okay.
I think, okay, let's just mute that one for now,
and then we'll go straight into, is it Broleon?
Hi, thanks.
Thanks for the host, and hi, CZ.
I'm glad you had the chance to ask you again.
Yeah.
Yeah, I'm a KOL, and I just passed the introduction part.
My question is, I'm really glad to hear you spent a lot of time tonight talking about the stable coins.
That's actually what I'm most interested in later.
So what my question is, I noticed that Binance has supported FDUSDE for a long time and also invested in Asna, the USD and supported its list in Binance as well.
More recently, I find Binance also brought support for USD1.
So, and you mentioned that the You Project tonight, right?
And you mentioned that the U project tonight, right?
And it's also loose get a lot of support from you and the balance.
So I just wondering, so is that kind of horse racing model that people discuss a lot recently on social media?
So do you think you are trying to let the stablecoins fight with each other and then
find the best one according kind of a horse racing model?
Well, it's not, it's only a horse race if you let them, well, in this case, I don't think,
I don't think horse race is the right name for it.
There's multiple e-commerce on the internet.
There's multiple search engines on the internet.
Those are not horse races.
Just like when you have an open garden platform or ecosystem,
many people will start projects.
And everyone sees that stablecoins, especially given the recent rumored or alleged
valuation for Tether 500 billion, etc. And the alleged revenues of tens of billions a
year, people want to start competing projects. And if you look at centralized exchanges,
there's so much horse racing, right? There's thousands of exchanges, et cetera. So it's just a natural, what do you call it? It's just how the business world works.
And from a support perspective, B&B chain, EasyLabs, B&B chain is an open blockchain.
B&B chain, EasyLabs, they're all, B&B chain is an open blockchain.
EasyLabs is an investor.
Investors are very rarely going to go exclusive in one sector.
Some do.
Those guys usually invest in much, much later stages.
So it's not a, so I wouldn't say it's a horse race strategy by anyone, it's just how the
market works.
We do invest in multiple strong teams.
And then we also see that, you know, many times when we like a team, and the team is
strong, sometimes the project doesn't work for various other reasons.
We want every project to work.
And also there will be competition.
And as I said before, competition kind of helps to grow the market and helps to validate which features, which designs users like.
So I think that's a very healthy thing, especially in the early stage sector.
I think now everyone realizes, okay, stablecoins can be large and can make a lot of money.
So a lot of people are trying different models.
I love to see that.
So, well, I love seeing it.
So we are supportive on multiple projects.
Over time, I think the network effects will eventually kick in.
The users will gravitate towards the most compelling ones.
I think the, also what I mentioned, like right now we're seeing stablecoins generation one. I think generation two stablecoins will be much better, I think the, also what I mentioned, like right now we're seeing stablecoins generation 1,
I think generation 2 stablecoins will be much better, I think.
So yeah, that's kind of my view.
Perfect, perfect.
Should we try Barrett again?
We're down to the last five minutes so we can just make it a nice quick one and then
we can get moving.
We can probably go a little bit longer, maybe 10-15 minutes longer.
Okay, perfect.
Awesome.
As long as you're okay with that.
Hey, CZ.
Good evening.
Hope you are doing well.
So most crypto conversations still start and spread on X.
but crypto platforms are now adding social features inside their own apps.
But crypto platforms are now adding social features inside their own apps.
So do you think this conversation will ever move more into crypto-native platforms,
or will X always remain the main public square?
And where do you see Binance Square fitting into that future,
since it was one of the earliest crypto-native social platforms?
to native social platforms?
Sure.
Sure.
I think there's always convergence in terms of feature overlaps, right?
So once the platform is more mature, they will add more other features.
And also, any social feature you can add to your product helps retention
and also helps activity as well, right?
So when people discuss trading, etc., more on your platform,
then it's generally more volumes on your platform.
And also, X is more of a global town square.
There's quite a lot of politics, other topics being discussed on X.
And the X user base is a little bit more, I would say, Western focused. There
is a lot of Chinese content, I see other languages as well, but it's slightly heavily skewed
towards the Western sort of discussions. And politics is a big part of it. So I think Binance,
Square, and other platforms developing social features there, discussions, forums, however you call them, is good.
Also, any platform that develops more chat programs to let users connect with each other,
chat functionality-wise is really easy to implement.
But from a growth perspective, to have a large number of users chatting with each other in a secure way, I think there's a lot of room to be done there. I think there's
a lot of opportunities there. I think we can see from even the X chat that the encrypted
chats, the more privacy-driven chats, I think are really needed features. I like telegram.
I don't hate telegram.
I know Preval as a friend.
And the telegram default is the chat is not encrypted, right?
So and you have to manually encrypt them and then the encrypted chats do not share across
platform and do not share across your devices, etc.
Where Signal does that, I think, a little bit better.
I think we're looking to see what XChat can do.
I think any large platform should have their own chats.
And also chats helps with customer support,
with users connecting with each other, etc.
So I think all of those are interesting.
And also the social platforms adding more crypto features,
like letting users pay,
earn, buy crypto, etc. I think it's great for crypto. So there's some overlaps. Not to say
which one's good or bad. That's just natural course of business evolution. So I do encourage
all platforms to develop more features that can retain, attract, and help users.
And yeah, so I don't think it's a strict conflicting
anything, but I think overall though,
it's relatively difficult for a financial platform
to develop into a social platform.
They're just very different genetics
in terms of risk, compliance, security, et cetera.
Reverse is also quite difficult.
For social platforms to develop into financial platforms,
also social platforms are very easy engaging.
They don't have any KYC, really.
And once you put a KYC onto a social platform,
they will lose a lot of users.
So they have a larger number of users,
but the total lifetime value for each user is much lower.
They're not financial transacting users.
So the genetics, again, the security level for social platform is much lower.
And we've seen that with many, that actually causes many problems, even for crypto.
So there's a lot of differences between those two type of platforms and the genetics behind
them.
So I think it's quite difficult for them to take
each other's market share. But I do encourage both sides to develop more features to complement
themselves.
Perfect. Okay then, so we have A.B. Kuai-dong. Sorry, I've butchered the name there. But if you want to go next.
Hi, thank you for taking us up.
Since there are already quite a few prediction markets now,
could you please share what differentiates Probable,
the prediction markets jointly launched by PancakeSwap and YZ Labs?
And is there any plan for Binance Wallet to support or integrate Probable
in the future? Okay. I always thought you were a guy. I follow you on Twitter. I see a lot of
your posts, which are quite insightful. Good to hear your voice. So, short answer is I don't know
what differentiates them, to be very frank. They're all probable is a new project
launched by a team that we know relatively well. But also at this stage, the features they offer
today or even on day one may not define them. They may, most projects at this early stage,
will take a few pivots to find their sort of product market fit. So I wouldn't bet on what they have today,
or I wouldn't even, like the way I look at projects at this early stage is,
okay, I look at the product to see if the product is good or not.
But more so, I want to look, by looking at the product,
I'm trying to judge whether the team can deliver.
So basically, based on this set of requirements, did they do a good product?
What if the product requirement changes tomorrow?
They want to pivot to a different type of feature system.
They want to add a new feature.
They want to add a new thing.
Can they deliver quickly?
To me, that's more important than what the features that they have today.
And I will tell you, all the prediction markets, they're all going to copy each other, right?
So one of them will do, okay, the funds that's locked on a prediction will generate yield
now. Everyone else will be forced to copy them if that feature attracts
users. If that feature doesn't attract users, then people will eventually over time drop
it or they will not copy it. So I think in this early stage, there will be a lot of feature
copying, learning from each other, and also a lot of innovation as well. I think the jury
is still out which features will win. I am not that good to predict that.
I do think that ease of use, capital efficiency, fees, security, and also to some extent yield,
all of these features are important for users.
So but again, this is such a relatively new thing.
I think Polymarket did some good volumes during the last election.
I think the next big thing that everyone talks about is the World Cup.
So I think the teams that does not sleep during the World Cup probably will win, at least
in the short term.
And that would be like a very interesting,
like that's the time that you gotta have your teams
fully on standby, et cetera.
But the real battle is won in over the long run.
So yeah, sorry, I couldn't give you any detailed descriptions.
It's really the team's ability to execute
and how committed they are over the long run
okay awesome awesome
see you're just checking you still got time for
maybe one more?
yeah I think we can do two more
we can go to like
30 past the hour
depending on which time
perfect perfect
I'll ask AB B&B to ask
question and then in the meantime I'll work on some other speakers.
Assalamu alaikum, hello CZ, hi. So what the future goal of Aster I talk about Dix in
2026 or 2027? That's a question better asked for Aster. Look, I talked to the team. I helped them to the extent
that I could, to be honest. But it's really up to them. Again, I kind of give them a sort of guideline
advices, but they're not very specific. Like, I don't tell them which feature is going to win.
You need to do this and that.
I don't give those kind of advices.
Whereas how you build teams, how do you attract users,
what kind of ethical values you need to adopt, etc.
So I talk more along those lines.
Not so much on specific product features, to be very frank.
So and in fact, I haven't talked to the team for a couple weeks. So yeah, so I don't know
the answer to that question. That's an Aster specific question you should ask Aster. I
think they're pretty available, to be honest. They interact pretty well based on what I see in the community.
So yeah, I should go there.
Okay, so next up on the stage, we have Enheng.
Do you want to ask a question?
Is it possible to keep to English? Just because it's in English space. I'm Eheng. Good morning, everyone. I'm the D&D holder.
Is it possible to keep the English?
Just because it's in English space.
Unless easy, if you're OK with that.
No worries.
I can help to translate.
Oh, yeah.
Thanks, Ella.
Yeah.
Go ahead.
Oh, oh, yeah, let's move on to the next one then. Yeah.
Okay, okay, let me just check the list.
So we got Big Kids.
Hello?
Big Kids, can you speak?
Yeah, yes, I can. Can you hear me?
Yeah, yeah.
Feel free to ask. Just keep it a quick short and
no shit thank you oh yeah thank you so much uh that was unexpected thank you very much um
season my question is very simple and the response is under 60 seconds so the question is
if all your speeches your presentation and your tweets if all of them were erased from the internet, and you have like 60 seconds, so what is the most useful thought that you're going to
leave the word with? Thank you very much. That's a pretty grand one. Look, I think people, I don't
think I'm defined by the content that's out there. The content only needs to be out there once,
and people remember it.
I think if all the content are erased,
I don't think there's anything like,
there's any magical thing I need to distill to a few words.
I would probably just say good morning,
and then I will get a lot of responses back.
Yeah, all right, let's move on to the next one.
I don't know how to answer that one.
Fair, fair.
Okay.
So we got the deep-end cats.
Hello, hello.
Thanks for being invited up.
I wanted to get your thoughts, Zizi, on as we're going through a phase change in crypto right now,
moving away from
speculation to more real-world stuff, what are your thoughts on Deepin, payment rails, real-world
assets, and how they will play a role in the crypto sphere in 2026 and beyond?
Sure. Okay, so this question is more like a predict the future question, which I'm not very good at.
But based on what I've seen so far,
I think RWA or tokenization,
there's still a lot of talk.
There's a lot of talk at the country levels,
like people who interact with me at the country's senior leadership levels
about tokenizing national assets.
And the discussions are pretty serious.
And it makes sense, right?
So, you know, if you have, for example, if you look at oil,
America had a lot of oil, but it was very difficult to extract.
Luckily, America had a very good capital market,
and they raised a lot of money through the stock market, basically.
Oil companies were listing for large sums of money.
They were able to raise enough money so that they can research and develop the tools to extract the oil from the really hard-to-reach places.
And so, again, this type of situation could, I think, apply to at least some level towards tokenization.
Many of the countries have rare earth minerals or other useful things, but they can't really
monetize or grow that industry.
Maybe by tokenizing it, you can have the initial interest or initial tokenization money to
use to develop that industry
to a much better form. So it could be a very good bootstrap mechanism. It could also be a good
finance mechanism. So basically without selling the actual resources, you can sell the token.
Once you get the money, if you just spend that money, then that's bad. Then you're basically spending the country's future resources.
But if you can manage that money well,
then you have a very strong financial tool at your disposal
that you can use to help grow that industry.
So there's some really serious discussions around that.
I've had much less discussions about D-PIN.
Probably just I'm not really in that field.
But robotics is coming up.
So AI, robotics is a big field.
We have invested, EZ Labs have invested heavily in robotics, AI, etc.
I do see a future where AI and robots, agents and robots,
are going to use crypto in a very heavy way.
Today they're not, but eventually they will. There's no other way. They're not going to use traditional
money. They're not going to be able to open bank accounts. They're not going to pass KYC.
They're not going to be able to do a selfie. They're not going to be able to swipe a card.
So none of those things are designed for agents. So on those aspects, I think DeepPink
kind of ties more into the fiscal side on the robot side. So I think that would be a big sector.
But so far, I've not had that many discussions, at least based on my personal interactions.
There was another thing you mentioned, which I forgot what it was. But again, I think RWE
tokenization is probably the biggest topic of the few topics you mentioned.
Perfect. Perfect. Okay. So then next up, we'll take KM.
Okay. GM, GM, BNB, GM, CZ. First off, I would like to appreciate the BNB chain team on the
zero gas fees on the USDT. That's a zero USDT carnival. And I would like to appreciate the BNB chain team on the zero gas fees on the USDT.
That's a zero USDT carnival.
And I would like to know how long we continue because it's actually massive seeing zero fees on exchanges and all that.
And lastly, Suzy, do you actually think AI trading agents will actually be a meta in 2026?
Sorry, do I think agents will be meta?
AI trading agents will actually boom
or actually be a meta for 2026
the way prediction markets
actually skyrocket in.
Ah, okay.
I think AI agents
will be used very heavily in trading
but I think there's a few different ways
you could play out.
It might be different from prediction markets.
Almost every sophisticated trader,
large trading,
algo trading, hedge funds, etc.,
that have a team managing trading,
I would expect them to be using some form of AI already.
And even if they don't know,
they're probably already using some AI for data analysis,
etc. The real ones will be training their own AI algorithms, or at least trying.
AI trading as a platform have two potential conflicting factors. One is, if you have an AI
algorithm that can make a lot of money, why would you sell that
as a service, right? So why don't you trade yourself? The only reason is you don't have
enough capital. But today, capital is pretty easy to raise for good teams, especially if you have a
good AI that can actually make money. If you sell the AI on monthly subscription fee to other people,
then that means that you make more money selling the AI than you trade yourself.
That necessarily means the AI makes less money
than the people's combined paying for it.
There's a counter argument to that argument,
which is, I make a tool for people
to customize their AI easier
than they develop their own AIs,
and everyone uses slightly different variations of that AI.
I think that argument is a little bit weak.
It's not a very strong argument.
People tweaking their own AI is probably not going to get a huge advantage
over other people who are using native AIs on their own, in my opinion.
I could be wrong.
I most likely will be wrong.
So AI trading platforms, I think there's some counter arguments both ways. I don't
know how they will play out. This is different from a prediction market, which just is a platform
where you make predictions and they charge a fee. They make a spread or they make a very tiny fee
on each user action. There's very different philosophies. And also, an AR algorithm that's
very successful that's spread out to a larger number of users, used by one guy, will be less
effective as used by everybody in the market. The markets are mass psychology markets, right? So
you're basically trading against everybody. Everyone using the same strategy, the first guy using the
same strategy usually wins. The last guy using that strategy probably will not win, even
though they're using the same strategy. So then speed matters, performance matters, there's
a lot of other things that matter. So the good algorithms, one algorithm cannot be used
by a large number of people to make money.
In that sense, it's not an infinite game in terms of trading strategies because they kind of participate in the same market at the same time.
One trading strategy doesn't infinitely expand the market.
So, yeah, so that's my thought on AI trading.
Again, I could be very wrong.
I hope to be proven wrong and see some AI trading platforms.
But AI will be used very heavily
in trading by everyone
in their own way, in my opinion.
All right.
I think we kind of reached time limit.
Yeah, so I think we should
wrap it up for this one.
And then hopefully,
I want to do this like every month or so, roughly, don't hold me to it. And then hopefully, I want to do this every month or so, roughly.
Don't hold me to it. And then we just keep it very casual and informal. I think this
one is already a little bit too formal for my liking. I think we should probably next
time we'll just turn on spaces and have people ask questions for a while, and then we'll
see how it goes.
Yeah, perfect. That sounds great. Okay. Well, then in that case, let's wrap things up. have people ask questions for a while and then we'll see how it goes yeah perfect that sounds
great um okay well then in that case uh let's wrap things up uh before i do just want to say
thank you to cz for taking the time out to do this uh for sharing so openly i really appreciate
that uh thank you also to the team for uh hanging on to the call and being on hand at all times.
And then, of course, thank you, everyone,
who has joined us live, asked questions,
and listened in to from around the world.
If you missed any part of this conversation,
the space is recorded,
so you can immediately listen back to it.
And then, until then, I guess we'll see you in the next one.
Thank you so much, everyone.
Have a great day.
And catch you in the next space.
Thanks, EZ. Yeah, thank you so much everyone have a great day and get your next place thanks easy yeah thank you bye-bye Thank you.
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