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In the past few days, I've been following the discussions in the industry about Xu Mingxing and He Yi @Yi He regarding the conversation about 'threshold'. The more I ponder it, the more interesting I find it; they sound like they are from two parallel worlds.
Old Xu's words are quite sincere: 'In the crypto industry, if you don't have 10 BTC, you are like a wandering soul without roots.' The later addition is even more direct: 'If you don't have a BTC, don't come to the conference next year.' After hearing that, you understand which path OKX is taking—it's like a high-end clubhouse, emphasizing circles and depth, serving that group of people who have already made it. They need meticulous cultivation and a focus on compliance and stability.
But on He Yi's side, it’s a completely different style. She says, 'At Binance, you don't need to have BTC, ETH, or even BNB.' The following phrase 'Do nobles have different kinds?' really raises the bar. The meaning is very clear: my door is wide open, just come in, there will always be a way that suits you. This is typical internet plaza logic; first, there is popularity, then we talk about the rest.
In fact, neither of them is wrong; they are just facing fundamentally different groups of people. One is serving 'old money within the circle', while the other is connecting with 'the broad masses'. Behind this are actually two completely different survival logics: one is the financial upgrade path, focusing on deep value; the other is the scale network path, focusing on building a large ecosystem.
Now the industry has reached a watershed. The global regulatory framework is gradually becoming clearer, and competition among platforms is no longer just about grabbing users, but about who can build a more sticky ecosystem. You will find that those taking the high-end route are quietly creating down-market products, while those taking the mass route are also starting to establish VIP service areas—these two paths might blur together as they progress.
Ultimately, I think the best outcome of this debate may not be who convinces whom, but rather that this ecosystem can have both private tea rooms and lively markets. After all, some people pursue safety and depth, while others crave opportunity and excitement. The world inherently needs different containers to hold different dreams.
Old Xu's words are quite sincere: 'In the crypto industry, if you don't have 10 BTC, you are like a wandering soul without roots.' The later addition is even more direct: 'If you don't have a BTC, don't come to the conference next year.' After hearing that, you understand which path OKX is taking—it's like a high-end clubhouse, emphasizing circles and depth, serving that group of people who have already made it. They need meticulous cultivation and a focus on compliance and stability.
But on He Yi's side, it’s a completely different style. She says, 'At Binance, you don't need to have BTC, ETH, or even BNB.' The following phrase 'Do nobles have different kinds?' really raises the bar. The meaning is very clear: my door is wide open, just come in, there will always be a way that suits you. This is typical internet plaza logic; first, there is popularity, then we talk about the rest.
In fact, neither of them is wrong; they are just facing fundamentally different groups of people. One is serving 'old money within the circle', while the other is connecting with 'the broad masses'. Behind this are actually two completely different survival logics: one is the financial upgrade path, focusing on deep value; the other is the scale network path, focusing on building a large ecosystem.
Now the industry has reached a watershed. The global regulatory framework is gradually becoming clearer, and competition among platforms is no longer just about grabbing users, but about who can build a more sticky ecosystem. You will find that those taking the high-end route are quietly creating down-market products, while those taking the mass route are also starting to establish VIP service areas—these two paths might blur together as they progress.
Ultimately, I think the best outcome of this debate may not be who convinces whom, but rather that this ecosystem can have both private tea rooms and lively markets. After all, some people pursue safety and depth, while others crave opportunity and excitement. The world inherently needs different containers to hold different dreams.
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