Binance Labs' head Ella Zhang explains Launchpad concerns, reveals Binance Web3 wallet testing.

Media Wu Shuo Bao reported on the recent message records of Binance founder and head of Binance Labs, He Yi, explaining the community's concerns about Binance Launchpad and the news of staff layoffs at Binance. In addition, He Yi, head of Binance Labs, also responded to the listing standards and released news that Binance is testing a Web3 wallet.

Binance Labs Head He Yi: IEOs are not dependent on connections, Binance will downsize periodically

Overall performance of Binance IEOs still the best

He Yi, head of Binance Labs, stated that despite various criticisms of Binance's IEOs, the platform still focuses on the wealth effect. When considering the percentage of projects trading below their initial listing prices across all platforms, Binance's performance is currently the best.

Binance does not control the secondary market of Launchpad

He Yi, head of Binance Labs, mentioned that Binance Launchpad aims to offer projects at the lowest prices to users, ensuring that users who participate in IEOs can make a profit. However, the secondary market prices are beyond Binance's control. While Binance does not interfere with who obtains cheap tokens or who sells early, the issuing party must adhere to the disclosed unlocking schedule, which Binance monitors.

He Yi stated that Launchpad monitors the issuing party's wallets and market maker accounts. As part of mutual supervision, tokens from Launchpad projects are currently required to be held by multiple parties.

No insider trading on Binance Launchpad

He Yi, head of Binance Labs, clarified that there is no insider trading on Binance and no tokens related to relatives or close friends. Note: Rumors circulated in the community linking the token EDU team to He Yi.

He Yi stated, "Who do I need to take care of? I am already busy taking care of Binance. I couldn't get projects listed on Launchpad by establishing relationships earlier, so I made a few close friends. The reason is that their projects were not listed?" indicating that teams unable to enter Launchpad spread rumors. "There are not many hot projects in the market, and it's not surprising to speculate on which hotspots are high. Issuing parties are now unlocking single-digit percentages, which we cannot control."

Binance receives criticism regardless of listing decisions

He Yi of Binance Labs believes that Binance will face criticism regardless of listing decisions. She mentioned that if a project with hype does not get listed, people will criticize it as foolish, while if a token does not have a pre-IEO airdrop to generate interest, people will call it "wool shearing" because they lack tokens. The performance of Launchpad should be proven with data.

Periodic downsizing at Binance: Business operations unaffected

The news of downsizing at Binance has sparked discussions about the exchange's operations during the bear market.

In response, He Yi of Binance Labs stated, "Binance downsizes a bit every 3 months and significantly every 6 months. The number of employees doubled from last year to this year during the bear market, so some eliminations are necessary. Some are dissatisfied and call it a 'nursing home' for the crypto industry. This does not affect business operations; it only increases efficiency. Thank you for your concern."

Is Binance testing a Web3 Wallet?

Recently, the Web3 Wallet promoted by rival exchange OKX has garnered attention, with some community members inquiring whether Binance could enhance the convenience of interacting with Web3 wallets. He Yi of Binance Labs mentioned that the Binance Web3 Wallet is currently in the testing phase and continues to add support for multiple blockchains. It was revealed that Binance will also integrate products that highly integrate exchanges with self-custody wallets.