A Market in Transition: From Speculation to Substance
During a featured discussion at the Hong Kong Web3 Carnival, Binance Co-founder He Yi offered a candid assessment of the cryptocurrency sector's evolution. She conveyed that the initial phase of easy gains, driven largely by novelty and speculation, is firmly in the rearview mirror.
The New Imperative: Delivering Tangible Utility
He Yi emphasized that the industry is maturing rapidly. In this new era, the benchmark for success has shifted dramatically. Projects can no longer rely solely on ambitious roadmaps or token mechanics; they must demonstrate clear, practical utility by addressing genuine user or institutional pain points.
This practical value, she noted, manifests in several key areas:
- Enhancing Efficiency: Streamlining existing financial or operational processes.
- Reducing Costs: Saving significant time and resources for participants.
- Enabling Innovation: Unlocking previously impossible business models or services.
The Twin Engines of Growth: Tech Innovation and Mainstream Convergence
He Yi underscored the critical role of ongoing technological innovation, stating that advances in core infrastructure are prerequisites for powerful applications. Simultaneously, she highlighted a significant trend: growing interest and gradual adoption from established traditional finance (TradFi) institutions.
This convergence, she explained, presents a dual effect. It brings in vast new capital and user bases while also imposing higher standards for compliance and robustness, thereby incentivizing crypto-native projects to build more resilient and valuable products.
In essence, He Yi's insights chart a path forward: the next wave of growth will be captured by builders focused on creating indispensable, real-world value through superior technology and problem-solving.