The Silence Law of Web3: Two years to learn about token issuance, a lifetime to learn to keep quiet

The Apocalypse of the Crypto Ponzi Scheme
People spend two years learning to speak and then a lifetime learning to keep quiet.
Amid the hustle and bustle of the crypto world, success and fame are synonymous. There’s almost no distance from gaining traffic to realizing profits, because it revolves around the industry of asset issuance and recovery, which can also be called the redistribution of wealth. Thus, becoming famous has become a necessity for every practitioner.
VCs are no longer high - end; they are keen on surfing Twitter daily to link up with projects.
CEXs have transformed into emotional soothers, shuffling information back and forth on X, Telegram, and WeChat groups to ensure that public relations crises are under control.
Male and female business developers hover between chasing traffic and being adrift. They burn their hard - earned high salaries in the secondary market, seeking the dream of sudden wealth.
If one is lucky enough to avoid these pitfalls or escape a public relations crisis, they will gain the most traffic. According to the formula, traffic can quickly turn into trading volume. Some say Binance’s profit is $50 billion, and some say Bitget’s year - end bonus is 50 months' salary.
True or false, its leading position is beyond doubt, but how long can it lead?
The Dilemma of the Leader - Overweight
There’s no need to spread FUD about Solana or suspect that Binance is going to sell. From the very beginning, Solana has followed the "stand - alone chain" model, which is the fundamental source of its high performance. Jump’s trading ability and SBF’s direct promotion are just cooperating with Solana, not unilaterally taking advantage of it.
The same principle applies to Binance. There is no problem with Binance’s operation. The problem is that Binance in 2017 cannot survive in 2025. If CZ was forcibly pledged for 4 months and no one could surpass him later, then CZ not keeping up with the times now is not a problem either.
Binance’s problem lies only with itself, which might be called "being crushed by its own weight":
There are internal interest groups and a phenomenon of overstaffing. From Trust Wallet being left far behind by OKX Web3 Wallet to employees frequently clashing with users, instead, co - founder He Yi and CZ are calming the market. This is almost a black humor that goes against Marxism. Originally, it should be the employees supporting the company and the boss exploiting the employees, but now it’s more like an old hen protecting a weasel.
In 2017, Binance arbitraged globally and took in the users and traffic that Huobi and OK fled with under the ban. This was the right time for Binance to start. The global migration maximized the advantages of offshore exchanges, which was the right place. And then there was dealing with the conflicts between co - founders, external investors, and the company, which was the right people. Obviously, the right time is no longer there. The US Department of Justice has virtually become Binance’s "heaven". The right place has disappeared. Binance, Labs, and BNB Chain are in different places, and the synergy of the ecosystem is hard to achieve. There is no harmony among people. Highly - educated employees are not as pure as secondary vocational school business developers who just want to make money.
When the serial dramas of TST and CZ’s Dog are staged one after another, and only start to take action after Four.Meme has made hundreds of millions on Pump.Fun. After AI Agent and Meme disappear, CZ starts to study the combination of AI Agent and BNB Chain.
This is what it means when a hero is past his prime.

At this point, the only way is self - rescue. BNB will become a true Web3 asset and needs to shoulder the responsibility of connecting BNB Chain and Binance in the post - regulatory era. Empowering BNB can ensure Binance's position in the CEX field. The空投 given by Kaito to BNB holders is just an appetizer. Next, it is crucial to truly make BNB Chain a real chain rather than a subsidiary chain of Binance. Since the wallet can no longer be relied on, CZ needs to reserve a ticket for himself to enter the future on - chain ecosystem.
In the memories of many people, the impression of BNB Chain still remains in the era of BSC meme coins in the last cycle. Now CZ starts to relearn the rules of the crypto world. After completely withdrawing from Binance, the opportunity has come to prove whether he is a king of bargains or a genuine entrepreneur.
The Fate of the Chaser - The More You Do, the More Mistakes You Make
The rapid expansion of PI only verifies one thing: the cross - circle effect of $TRUMP is not as good as when Elon Musk hyped Dogecoin in 2021. I was very optimistic about Trump Coin before, not about its price, but about its cross - circle effect.
But unfortunately, Trump's hype was too strong, resulting in a huge and short - lived decline. In 2021, Dogecoin rose slowly, and Musk's choice of hinting rather than publicly endorsing also allowed Dogecoin to have an independent market trend.
After Trump, the presidents chosen by the Solana token - issuing group all have this problem. The collateral damage effect of political figures is much more complex than that of celebrities. Why are the single - cycle and overall - cycle durations of president coins so short (from Trump to Milei, at most one month)? Perhaps the backlash from deconstructing political seriousness is too severe.
So OKX chose to "surrender" to PI, and the ripple effect was astonishing. Whether Bybit accepts it or not, and even Binance has picked up the old - fashioned way of voting for token listing. Although it may not necessarily list the tokens, it verifies the correctness of OKX's risky move - making the industry follow its rhythm and even guiding the steps of the industry leader.
Of course, after PI is listed, it will inevitably follow the established Ponzi route. But the great advantage of the crypto world is that everyone knows it's a Ponzi scheme, which is the biggest difference from traditional finance. Traditional finance doesn't admit that it's like the emperor wearing no clothes, while the crypto world chooses to admit it.
If you don't like it, you can short it, which is He Yi's answer. In Bitget's system, if I don't like you, I will say it. You talk about one thing, and I talk about another. But still, the number of levels in the crypto world is too small, and public opinion and private discourse are in quantum entanglement and cannot be separated, leading to an infinite amplification of crises.
Picture description: Token - listing performance of various CEXs. Picture source: Animoca Brands Research
"The passage of time is like the flow of water, ceaseless day and night." A foreigner explained: Confucius stood by the river, pointed at a floating corpse and said, "See? That's what you'll be like in the future."
For chasers, you have to keep doing the right things to gain a little user trust. But conversely, making one mistake may be a disaster. However, chasers can't do nothing, otherwise, the stable pattern naturally benefits the leading player with the largest share. As a result, an industry training camp where employees stay for only 4 months has emerged. Even Yan Xishan couldn't survive half a year in such a situation.
Although the leader has many problems, its volume advantage prevails over everything. All mistakes can be covered up by a BNB token 空投 and a simple price increase, and then everything returns to normal.
The big crypto companies will be more like Internet companies, and Internet companies will be more like state - owned enterprises. Everything is becoming institutionalized and becoming part of the existing order.
Conclusion

Pinduoduo caught up with JD.com by squeezing employees' toilet time and became the second - largest in China. And Temu is challenging Amazon. Being the second in two markets means being the first globally. Now the chasers in the crypto world will also learn the strategies of the Internet 5 or 6 years ago. In a word, more competitive and full - of - gossip CEXs will be the main theme in 2025. They will not be quickly replaced by DEXs like Hyperliquid, let alone the self - destructive actions of Solana - based DEXs like JUP.
Whether Solana will become the third chain after BTC/ETH remains uncertain, and now BNB Chain is also joining the battle.