Introduction

With the development of AI technology, the technical threshold for Web3 products has relatively lowered, leading to intensified competition in marketing for attention and liquidity. However, market capability has always been an important aspect that most project teams tend to underestimate. Based on this, XDO attempts to launch this "Web3 Market Annual White Paper," aiming to report market experiences: deconstructing and sharing excellent marketing design ideas, hoping to assist entrepreneurs and industry marketing practitioners.

In 2025, the changes in market activities are very clear: project teams are forced to shift from previously over-pursuing "seemingly prosperous" DAU to pragmatic targets such as transaction volume and TVL, which directly generate revenue. As a result, the number of activity templates has decreased, and the gameplay has become simpler, with both project teams and users adopting a more pragmatic mindset. Users are also beginning to care more about the safety of their principal and the certainty of returns, while project teams are more focused on obtaining real liquidity, real trading users through market activities, and a sustainable business growth curve that can be seen by platforms and markets before listing.

In summary, 2025 is the "Year of New Settlement Indicators" and the "Year of Entry Competition." As growth targets shift to "fund retention/transaction occurrence" based on actual benefits or value, competition naturally turns to "who can keep users' fund-related behaviors within their own ecosystem."

This is also why wallets are being redefined in their strategic significance. Taking Binance as an example, the Binance wallet has gradually become a new entry point for the ecosystem: driving traffic to the main site, pre-listing project pools, and binding trading behaviors into products through points and tasks. The platform seeks not just a lively number of participants but sustainable liquidity and users who can continuously generate transactions. Consequently, activities are no longer just unilateral subsidies from project teams but a tripartite interest structure involving the platform, projects, and users: the platform uses liquidity and trading users as advantages, project teams exchange tokens and budgets for traffic and trading behaviors, and users exchange attention and trading for predictable returns.

However, the harsh reality of 2025 is here: as activity expectations become more pragmatic, attention cycles are compressed, and the "freshness period" for new projects is absurdly short. Once TGE occurs, market attention towards projects sharply declines, leading project teams to concentrate resources on Pre-TGE launches and sprints, while the ongoing operations post-TGE are long underestimated, with Post-TGE gradually becoming a hollow zone; users are aware of whether there is continuous activity after TGE, but the reality is that few projects can maintain an active state after listing. On one hand, there are very few projects with a sustainable business model, and on the other hand, project teams often do not pay much attention to ongoing operations after TGE. Once a project enters a silent period post-listing, it becomes harder and more expensive to bring users back after they have churned—this is a warning left by 2025 and a topic that must be addressed head-on in 2026.

A deeper issue is the cultural disconnection: many projects create impressive pre-listing metrics but overlook that long-term consensus requires cultural and spiritual symbols to sustain it. The relationship between the community and the founding team increasingly risks becoming a one-time collaboration of "completing tasks—receiving rewards—dispersing," with projects exerting effort in data but remaining hollow in culture, or lacking any community consensus beyond exploiting rewards. Meanwhile, project teams are overly reliant on KOLs, with more and more activities becoming tailored for KOLs, separating them from the basic user group, and transforming the community from participants into bystanders. When projects only care about the KOL group, it inadvertently creates a sense of opposition with retail investors. Additionally, KOCs (Key Opinion Consumers)—core groups in the community who participate long-term, are willing to produce content, and voluntarily spread the word—are often overlooked.

This "2025 Web3 Market Annual White Paper" will unfold around three levels:

• Reviewing the most representative types of market activities in 2025: platform-based activities, TVL deposit activities, community participation activities, simplified narrative & promotional rhythm dissemination, and clarifying their respective driving mechanisms and result amplification methods.
• Summarizing the common shift in mindset between project teams and users in 2025: users value certainty and redeemable returns more, while project teams view market activities as tools for acquiring liquidity, trading users, and pre-listing momentum, with attention cycles shortening, Post-TGE hollowing out, and cultural and community management being long underestimated.
• Looking ahead to 2026: how these activity logics will continue to evolve, and the core trends and challenges that project teams need to face head-on.
• Thank you for reading this far. If you are not a marketing staff member of a project team, you can skip directly to Part 3.

Projects that Left a Deep Impression in 2025 Marketing

For project teams, user behavior and psychological states change every year, and the flow of attention and distribution channels also evolve. Therefore, before designing long-term strategic marketing, three things must be clarified. First, what type of users do you want to attract? Second, what benefits can you offer them? (Ideally, this benefit should not overdraw your own tokens but be provided by a third party). Jiayi has previously elaborated on how to design a core business long-term marketing strategy method of "Wool Comes from the Pig" for further reading. Third, is it smooth for users to participate in your activities? Are there any bugs to exploit? And the art of balancing the interests of the studio and current task indicators.

2.1 Using Core Advantages to Exchange Target Object Tokens and Other Benefits to Capture the Market, Exemplified by Binance Wallet's Dominance Over OKX Wallet

Wallets were once passive tools but have now become a constructible marketing infrastructure. @Binance Alpha is a typical case where platform capabilities align closely with user motivations. It has surpassed OKX Wallet significantly through the aforementioned long-term marketing strategy method.

Binance Alpha represents a true breakthrough innovation in crypto marketing, with the key change being: wallets have transformed from "asset storage tools" to "project discovery centers." Binance has directly integrated the discovery entry for early projects into @BinanceWallet. Users no longer need to go to external platforms to find new projects; they can explore projects and receive incentives directly within the wallet. Binance Alpha prominently showcases projects with momentum, and if a project performs well on Alpha, it may also be considered for future spot listings. The entire system forms a positive cycle:

Projects seek exposure and traffic → Users join and receive rewards → Projects gain highly matched new users → Binance achieves higher wallet usage rates and more trading activity.

In the Binance Alpha system, the most critical point is: rewards are given to users who genuinely trade, bring liquidity, and are willing to pursue new projects. Binance's advantages lie in liquidity and user volume, while Alpha simply transforms these two advantages into a more efficient distribution channel, further squeezing the survival space of second and third-tier players:

• Project teams issue tokens as costs → Exchange for Binance's exposure and traffic, striving for liquidity + further listings.
• Binance directs users through the wallet → Users generate trading behaviors.
• Users trade and complete tasks → Exchange for rewards → Simultaneously contribute trading and liquidity to projects.

Binance aims to maintain a user structure in Alpha that can generate transactions, and as projects develop, the user structure also changes, so it must continuously optimize mechanisms and activities to ensure that core value users for projects can win effortlessly.

2.2 From Completely Focusing on KOL Marketing to Valuing Overall Community Culture Building—Different Volume Marketing Strategies from Kaito to Sahara

In the first half of 2025, an innovative solution for project teams' public domain traffic attention, @KaitoAI, emerged, and most project teams began to use Kaito activities as their main marketing approach. However, Kaito's incentive structure inherently favors "whoever has greater influence is more likely to be seen and rewarded." Thus, market promotion formed a fixed route: projects seek volume through collaboration with KOLs, KOLs produce content, and ordinary users observe. The entire process can indeed create a lively atmosphere for a while, but retail community participation feels weak, and the collective memory of the project is perceived as KOLs advertising for airdrops. Consequently, project teams' traffic is initially concentrated on the Kaito platform. From Kaito's perspective, it is undoubtedly successful, as it operates according to the core principles of strategic activity design I previously mentioned.

The transition of UGC from third-party platforms to self-platforms began with XDO's client @SaharaAI during its ICO on @buidlpad. Its starting point for UGC is "to engage the community, allowing them to participate and benefit before the project issues tokens." Sahara's UGC activities do not rely on monetary incentives, do not require users to complete tasks, and do not set up various leaderboards. Instead, it first introduces a clear cultural symbol representing the Sahara AI community and brand—mascot Bitsy (the ears in my current avatar represent Bitsy, which is so cute that I still use it). Coupled with the timing of Sahara's ICO on @buidlpad, it encourages community evangelists to better participate in the ICO qualifications early on. This group no longer focuses solely on free tokens but consists of individuals who have a strong love and trust in the project.

You will see many users not just completing assignments but sincerely expressing themselves as members of Sahara. Some create videos using AI, some draw, some write serialized novels, some produce promotional music and shoot music videos for the community, and some even handwrite diaries daily, recording their experiences in the Sahara community and why they love Bitsy and the Sahara AI team. When users are willing to document their stories in this project through diary writing, it indicates that they have integrated this project and community into their life stories.

• The main force of this UGC activity has shifted from the KOL group to ordinary community users, and the KOC users mentioned above played a significant role in this activity. Sahara AI's UGC content is no longer concentrated in the hands of a few; the community has begun to spontaneously produce and disseminate content.
• The community has developed a common language, shared symbols, and collective memories with the Sahara AI team. The mascot Bitsy has become a meme and identity marker that everyone in the community understands; whenever they see the yellow-eared fox, they know it's Sahara AI. The cost of discussion has decreased, and the speed of dissemination has increased.
• The real data brought by the spread of community sentiment led the activity topic #AIforALL to reach the second place on Twitter's trending list, with a total of 330,000 users participating in the entire event. Sahara's new listing on Buidlpad exceeded the original target by 700%.
• There were certainly users engaging in volume manipulation. However, the final rewards were for ICO participation qualifications, and the team manually screened each UGC creator's content. Therefore, the ROI was extremely high, and based on this result and innovation, the ICO UGC activity has become a regular feature continued by Buidlpad.

However, Sahara AI also has a regret: while Sahara's UGC activity was able to ignite the community for a month in the market, it did not follow up with sustainable cultural extensions, leading to a drop in enthusiasm. This is a common issue for many projects; they can ignite interest but fail to sustain it. Although Sahara has proven to the market that culture can retain users, only continuous cultural output and community mechanism management can serve as a "religious" firewall to create a long-term moat. The cultural continuity post-TGE must continue and even require more effort.

2.3 Simple Slogans + Precise Rhythm Control = Beautiful Sentiment Before Listing; Marketing Rhythm Control for Projects Like Sign and Kite (To B, Weak Community Sensation, Difficult to Perceive Products)

@sign has created a Web3 orange dynasty with the slogan "Sign Everything." The goal of Sign's rhythm is to first strengthen and expand the core user group, using the simplest slogan to brainwash users into equating Sign with major projects. It is important to note that, for the market, Sign does not belong to the category of projects that can be quickly established as "king" through technology or product narratives. The founder @realyanxin once said, "The important thing is whether we can have 100 people in our community earn seven figures." He also mentioned that after TGE, the foundation would use tokens to support internal entrepreneurship within the community, essentially making the community recognize that "following Sign can lead to profits; TGE is not the end, but the beginning of the next stage."

I still remember that during the peak popularity of Sign, Yan Xin and the community's official Twitter account interacted frequently with users, prioritizing interaction with those whose Twitter profiles featured Sign elements. This provided users with a clear feedback: as long as they participated earnestly and were "one of their own," they would always be seen by the official team (see the sign). Being seen could lead to becoming one of the community members who earn money through Sign. The dissemination of Sign resembled a natural flow of water; everyone engaged in simple activities, and then the official team provided ample affirmation, with the community sharing tweets and mutually supporting each other, leading users to optimize and package their accounts, gradually forming a positive feedback loop where the more users participated, the more visible they became, and the more willing they were to continue participating.

Another example is @GoKiteAI, which uses extremely simple keywords and precise rhythm to convey project value to ordinary users, quickly aligning community understanding. Kite, as a public chain born for AI payments with AI technology as its core advantage, faces the challenge that such technical projects often fail to communicate effectively, making it difficult for users to see their differentiated value. To add, in the early cryptocurrency industry, public chains that did not communicate effectively would make users more FOMO, but that era has long been eliminated.

Kite's first rhythm was established by showcasing names like @PayPal Ventures and @generalcatalyst, reducing uncertainty and providing initial credibility anchors, allowing users to make a realistic judgment: if even the king of the PayPal payment track is willing to heavily invest in Kite as a bet on AI payments, it at least indicates that the team's technical capabilities are reliable and their capital resources are strong, amplifying the possibility of becoming a leader.

The second rhythm is that Kite AI connected its story to the unified payment standards that the AI payment industry needs to adopt, making it easier for community users to understand what it is doing. Kite is well aware that the narrative of the AI Payment Chain is inherently difficult to convey; if it simply explains to users "how AI agents pay, how settlements work…", most people would not understand and would not have the patience to learn. Therefore, Kite first makes users believe that the project is on the path that the mainstream will take. Kite leveraged the hot topics of 402 and PayPal, releasing news in a compact timeframe about the collaboration with 402 and investment from @coinbase, as well as partnerships with PayPal. By pushing x402 towards a universal standard for AI-driven payments through Coinbase, it also created an imaginative space for which major companies might become its clients before the official online launch. When everyone sees Kite associated with these names, they can naturally guess and feel reassured about the project's layout capabilities.

Kite AI has reduced the cognitive cost for users. The community no longer needs to read white papers or study technical details; they can start trusting Kite AI just by scrolling through a few news articles.

2.4 Transition Based on Behavioral Mining Design — How to Turn "Liquidity" into "Participation" in Yield Projects Like Plasma

In 2025, TVL yield projects exploded, with a large number of locking activities appearing in the market, but there are not many projects that can truly convert "liquidity into participation and retention." However, those deposit activities that performed well typically combined staking with token issuance expectations, quickly achieving FOMO effects through partnerships with liquidity giants. For example, @Plasma and @zerobasezk first attracted a large amount of liquidity through activities on Binance, then pulled this liquidity into their own ecosystem, forming deep participation; this is the essence of their market design. Additionally, Buidlpad's HODL—depositing to exchange for ICO quotas and a series of projects with lower valuations—also achieved very good results.

The starting point of Plasma's strategy is to attract users by promoting the continuous stock behavior of stablecoins within the ecosystem. Plasma partnered with Binance Earn to launch an on-chain USDT yield product, allowing users who participate in Plasma's USD₮ periodic locking to enter the airdrop range for $XPL. This design is not a one-time event; it is based on a daily snapshot and a time-weighted holding accumulation reward mechanism, where long-term holding and higher holdings amplify the final XPL rewards.

At that time, the entire market was densely packed with TVL projects, and many projects offered seemingly "high" subsidies, but the design still followed the "last one to rush" model. In contrast, Plasma's design is time-weighted— the earlier you deposit, the longer you hold, and the more you lock, the more your contribution becomes real, quantifiable, and calculable. This brings about a shift in the behavioral incentive structure: Plasma relies on the cumulative weight of locked contributions to determine distribution. This allows retail investors to genuinely feel that even depositing 10 U can yield equivalent $XPL returns, significantly lowering the participation threshold for small amounts, and the high subsidies combined with TVL attracted many retail investors.

Zerobase similarly established a connection with Binance Wallet, allowing users with high Alpha points in the Booster Program to participate in priority allocations. This design also first uses the exchange's own points and traffic mechanisms to bring users in, then leverages point contributions/transaction behaviors to form real distribution rights, ultimately bringing liquidity into its own ecosystem. Like Plasma, they both emphasize user behavior thresholds in their activity designs.

Note: This article discusses the effects of activities more, but excessive reward airdrops will inevitably have some impact on the secondary market. Our industry has already entered a cycle where both doing business and market-making must be strong.

The designs of Plasma and Zerobase indicate:

1. Capturing liquidity from exchange entry is fundamental — collaborating with Binance as a deep traffic channel is a prerequisite for the explosion of overall market participation.
2. Transforming TVL/behavior into computable rewards — genuinely linking reward formulas with contribution to earnings.
3. Secondary market strategies cannot be ignored — Plasma's spot trading incentive design ensures that liquidity does not just remain in locked data but stays within the real market ecosystem, forming a stronger value cycle.

The Common Shift in Mindset Between Project Teams and Users in 2025

Change 1: Activity KPIs Shift from "DAU" Orientation to "Long-term Profit Contribution" Orientation, Focusing on Core Revenue Scenarios and Sustainable Behavioral Incentives. Simply using subsidies to activate without measuring revenue recovery is outdated.

The "hundred billion subsidy" market logic was extremely rampant in the previous cycle, where project teams relied on airdrops, subsidies, and tasks to attract users, making DAU look impressive. This led to a period of "on-chain prosperity" in the last public chain cycle, but many active users did not correspond to real demand scenarios, let alone sustainable income and retention.

Thus, in 2025, the market has reawakened to the realization that:

• DAU is no longer the goal and can no longer independently prove value.
• The goals of activities are more directly grounded in sustainable revenue scenarios.

This shift has been forcibly solidified by platform rules and activity structures: in addition to the previously shared logic of acquiring Alpha Points based on "asset balance and Alpha trading behavior," this effectively anchors the value of activities in the early asset flow and trading behaviors that can be settled.

This is also evident in the growth structures of Perp DEX/staking-type financial instruments (such as prediction markets), where most project teams' incentive mechanisms follow the path of "trading volume/deposits → points → rewards." Users either earn points by depositing funds or by continuously trading, with the core of the activities being to exchange trading and capital occupation for future rights or rewards.

Meanwhile, the evaluation methods on the user side are also changing in sync: because the anticipated altcoin bull market did not materialize in 2025, participants in activities naturally place greater importance on "principal risk" and "return certainty." When users evaluate activities in 2025, they typically first look at:

• Is the principal safe (will it be clawed back, are there any pitfalls in the rules, is the exit smooth)?
• Are the returns calculable (is there a guaranteed minimum, is the cash-out predictable)?
• What remains after the subsidies stop (product retention, revenue logic, long-term demand)?

The activity design of trading as mining was first introduced by an exchange called Fcoin seven years ago, quickly seizing a large market share and even shaking the exchange landscape in the short term. However, due to massive wash trading leading to a secondary market collapse, insolvency, and the team fleeing, it came to an end. Trading mining is an effective market capture activity, but very few projects can be played sustainably or have the strength to do so.

Change 2: Attention Cycles Shorten, Project Teams and Users Enter a Vicious Cycle of Rapid Token Issuance and Monetization

Attention is not just an issue in the crypto space; it reflects the underlying changes in society as a whole: from long videos needing to be sped up to short videos that are barely watched to completion; long articles are increasingly difficult to read in full, much like this article.

The crypto space is a microcosm of the real world, leveraging the effects of capital and time, where industry narratives update quickly and project lifecycles are short. Consequently, the attention cycle for projects has been further compressed to extremes, with new projects becoming "old projects" in just two weeks. Both project teams and users have formed a default consensus: the days surrounding TGE are often the times of highest liquidity, so everyone's attention converges at the same point in time. Project teams focus on Pre-TGE data, users on cashing out during TGE, and platforms on trading volume, ultimately leading the entire industry to become a "top-heavy" structure—extremely crowded in the first half, long-term hollow in the second half; the first half relies on marketing to get exchanges' attention, while the second half seeks profits through the secondary market. Such mainstream operations are destined to lead to a trend of altcoins going to zero.

The consequence is that after TGE, everyone quickly turns to the next TGE, with Post-TGE systematically abandoned. Project teams lack the motivation for long-term operations, and users have even less reason to stay. The market appears to have new projects every day, but behind this is merely the stock liquidity being shuffled between different pools, while truly driving mass adoption through new narratives, products, and scenarios becomes increasingly difficult.

For project teams, continuously maintaining community relationships, retaining users, and forming a positive business model should be as important as TGE, if not more so, rather than burning the entire budget at the moment of TGE. Once users scatter after the token listing, the cost of recalling them will be very high, which is the biggest hidden danger I see from the market rhythm in 2025.

Change 3: The Overall Size of Crypto is Growing, but the Initial Spirit and Belief Have Disappeared—“Token Value” Has Squeezed Out “Spiritual Symbols”

In 2025, many projects' market actions increasingly resemble a pure "numerical engineering" approach: points, leaderboards, tasks, and subsidies can be scheduled weekly, KPIs can be reviewed daily, and growth can be dissected by funnel. However, founders are talking less about dreams and are less willing to spend time clarifying "who we are, why we exist, and what needs we want to solve." The community and the team also more easily become two separate language systems—the team is only responsible for pushing the data up, while the community is only responsible for completing tasks to earn rewards.

After the absence of spiritual symbols, it becomes difficult for a sense of participation to solidify into a sense of belonging. Behind any great business lies a cultural revolutionary symbol. Blockchain, BTC, ETH, and Binance have all achieved their current status due to this cultural consensus. However, today, the path taken by successful individuals is quickly forgotten by entrepreneurs and the market.

This is also a pitfall many projects fell into in 2025: they put in a lot of effort to generate buzz and participation in the early stages but lack a sustainable mechanism and rhythm. After completing one round, they mistakenly believe "the culture has been established" and then leave the subsequent growth to the community. The reality is that culture is not like data; it does not automatically compound after a one-time spike. It resembles "repetitive labor"—you must continuously provide the community with a reason to participate, a symbol that can be retold, and a scenario that can solidify identity. The ROI may not initially be attractive; many things require persistence and what may seem "unwise" but can catalyze significant power in the long run. Yes, I want to mention again that Binance became the first exchange to propose a "not-so-wise" plan to refund profits to users after the Chinese government's crackdown on exchanges in 2017, resulting in hundreds of users from around the world eventually becoming long-term Binance Angels, the core spark for Binance's international community.

Change 4: Over-Reliance on KOLs → Alienation from Retail Investors; KOCs (Key Opinion Consumers) Are Overlooked

In 2025, I see many project teams mistakenly believing that "the market" = "KOLs."

It seems that as long as they gather the top influencers, fill the topics, and pile up the heat, users will naturally stay. However, KOLs, while important as a significant channel for voice, can amplify the message but do not necessarily build relationships. They can elevate emotions but do not guarantee consensus. When projects allocate resources and benefits solely to KOLs, ordinary users naturally develop a sense of being spectators, even feeling like they are merely there to provide liquidity, data, or background. Once this mentality forms, activities shift from "closing the distance" to "creating opposition."

A recent example is Aster's Human vs AI trading competition: the official event was a "quota-based" funded trading competition, where not all users could directly sign up to participate; instead, they watched a group of KOLs trade, leading to a ridiculous yet inevitable scene of someone allegedly "arbitraging $10,000" and leaving. Such activities are certainly strong in terms of dissemination and can easily create dramatic conflict, but they also amplify a problem—when the main stage of the activity belongs only to a few people, retail investors naturally lack a sense of participation, and what remains is often discussions of "watching the excitement" rather than strong connections relevant to users._

KOLs are an important part of the industry, but their value has been exaggerated too much in 2025. Many projects mistakenly believe that doing marketing means only developing KOLs, neglecting that the real connectors of public domain traffic are KOCs—KOCs may not have the highest exposure, but they are certainly the most stable supporters, organizers, and long-term participants within the community, even penetrating into other communities. They can sustain the heat of an event into a routine over time and can steer discussions back to constructive directions when projects face fluctuations and doubts.

KOLs are very important community representative partners. However, activities must prioritize users, especially not overlooking the power of KOCs, treating them as core assets to manage, and establishing mechanisms for their identity, participation paths, and long-term material and spiritual incentives.

### 2026 Marketing Trends and Challenges

My thoughts on the marketing trends for 2026 are based on the premise that a bull market driven by national and traditional capital giants will find it difficult to enter the altcoin market; attention will become even more fragmented, with marketing focused solely on public domain traffic seeing its ROI approach negative infinity; the era of AI will make it harder for projects to differentiate themselves technically and product-wise, while the homogenized content of "全民创作者" (universal creators) on X will gradually lead to user disinterest; and more open regulations will give rise to increased competition for attention in both public and private domains.

Based on this, I believe 2026 will be a return to simplicity:

1. The market will continue to compete with subsidies before TGE.
2. Low market cap projects that allow heavy community participation before TGE, with activity designs that generate profits and can cycle long-term, will become the mainstream operational strategy for successful projects.
3. Users will achieve significant results through trust built on companionship and co-creation trends (a hopeful wish, but I believe some project teams will awaken).
4. Private community management will be valued again.

Sharing for the Pioneers in This Chaotic Market

In a fiercely competitive and chaotic market cycle, becoming the next unicorn is exceptionally difficult. Therefore, at the end of this article, I want to share an eternal example of market operation from Binance, hoping to provide concrete hope for everyone.

Do not forget that in the market environment when Binance was established, it was generally believed to be very difficult to create the next centralized exchange giant; do not forget that Binance also experienced the awkward situation of launching a product that no one used:

When $BNB first ICO'd in July 2017, it was valued at $20 million, with 50% allocated for public sale. When enough chips were given to retail investors at the start, they were motivated to see themselves as "shareholder-style users" following the project team (low opening, high rise). Of course, we can see the results; Binance did not disappoint everyone, quickly establishing itself as the leading exchange, and BNB rewarded holders with thousands of times in appreciation.

Binance captured the market through gaining user trust and strong PMF business capabilities. In 2017, after the 94 crackdown, Chinese exchanges were completely banned. At that time, Binance quickly made the decision to shift its operational focus to overseas markets and chose to buy back tokens at high prices amid severe market panic and when most project teams opted to rug pull. This is the origin of Binance's hundreds of global angels, a grassroots community that cannot be imitated by project teams. From then on, Binance became their faith. Thus began Binance's rapid penetration into local markets by angels from around the world. Binance transformed from a "Chinese exchange" into a global exchange.

@cz_binance and @heyibinance, the two co-founders, have no burdens in their entrepreneurship and are very clear that becoming KOLs is the most cost-effective marketing strategy. They frequently voice their opinions on social media, maintain high exposure and communication, and engage in deep exchanges with the community through regular AMAs, effectively managing both public domain traffic and private domain management (angels).

After eight years of development, I still believe the biggest trust crisis comes from the previous massive hacking incident involving North Korean hackers. CZ faced the market with an AMA immediately, and SAFU subsequently became one of the cultural symbols. This textbook crisis management paradigm is still something many project teams have not learned. Market operations can sometimes be very simple; it is not about whether one can do it, but whether one wants to do it. I have given many project teams very effective advice. Unfortunately, the projects that ultimately fell into big pitfalls did so due to a lack of courage and decisiveness.

The growth of Binance as the world's largest exchange is a positive spiral that complements the rise of BNB. The story of BNB is not just about "the token has increased in value, so it is successful," but it has also transformed "holding" into a reason for "using": transaction fee discounts, consumption and benefits within the platform, and products continuously providing holders with clear return expectations, leading to BNB chain gas evolving into today's strong mainstream token. These mechanisms make the token not just a trading target but also create new value through the BNB wealth effect and solidify support from users, pulling user behavior back into the platform ecosystem; the stronger the platform, the more usage scenarios for the token, the stronger the willingness to hold the token, leading to a situation where people are reluctant to sell BNB for fear of missing out. Thus, it has become a mainstream token, turning many who were originally just buyers into more frequent users. Transitioning from "buying tokens" to "using tokens," and then from "using tokens" to "holding tokens." When holders continuously gain return experiences in usage scenarios, the platform's trading and cash flow can also be more easily expanded; a stronger platform will, in turn, reinforce everyone's confidence in BNB—this is what I believe to be an excellent positive spiral of "product growth ↔ token value" pushing each other forward.

Sincerity is always the killer skill in the market. Only with PMF can a startup stand firm in the market for the long term.

If you like our content, have unique insights into the market, or wish for long-term market cooperation, feel free to DM me @mscryptojiayi💌

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