BNC & CZ Discussion | BNB, stablecoin, RWA and the Decentralized Future

Introduction of the guests for the discussion:

David Namdar (X@namdar): CEO of BNC and co-founder of Galaxy Digital, with over a decade of experience in cryptocurrency and capital markets. He currently serves as the CEO of BNB Network Company (BNC), a Nasdaq-listed company, leading a digital asset treasury project centered around BNB, which is referred to by outsiders as the “MicroStrategy of BNB.”

CZ: The founder and former CEO of Binance, he is one of the most influential entrepreneurs in the global cryptocurrency industry.

David: Good morning, CZ. Nice to see you.

CZ: Good morning, David. Nice to see you.

David: I am very excited to start this conversation with you. We have known each other for a long time, and it has been an exciting journey all the way. The recent market has also been very exciting, especially today as BNB is reaching a new historical high. How is everything on your side? Where are you connecting from?

CZ: The situation is quite good. I'm in Tokyo right now. Just like you said, BNB is hitting all-time highs. I'm not quite sure what caused what, but I believe your efforts have definitely contributed, so thank you. Overall, everything is pretty good.

David: I'm very happy to hear that. I want to review our journey in the crypto space from the beginning. It has been an exciting journey. Back in 2017, when BNB was just launched, the wave of ICOs and functional tokens was in full swing. BNB really stood out in that wave; it was the first project to break the mold and was quite innovative at the time. How do you view the evolution over these years now? Did you ever think it would grow into such a thriving ecosystem?

CZ: That's a very good question. Initially (in 2017), BNB was an ERC-20 token on Ethereum, used solely for fundraising. At that time, we knew we would develop a blockchain, which would be open, decentralized, etc. However, I did not actually expect it to grow into a complete ecosystem. So seeing all of this now really gives me a sense of fulfillment. To be honest, for most of the past seven or eight years, I've been busy operating a centralized exchange, and during that time, I didn't actually spend much time on the BNB chain. For the past couple of years, I've also had to deal with the U.S. government, handling cases in the U.S., flying there, and serving four months in prison, among other things. So in these 7-8 years, we haven't really invested a lot of time and energy into the BNB chain. Nevertheless, the community has still grown. Especially this year, we've started to pay more attention to the BNB chain. I'm now also putting more focus on the BNB chain—there's really nothing else for me to do.

CZ: Moreover, you are also in this ecosystem, which is really powerful. This year we have seen the BNB chain really thriving. This is truly a good thing. I believe that even today, the BNB chain is still “underdeveloped”, and the entire ecosystem is also still “underdeveloped”. This means there are still many opportunities for different projects to grow. Overall, I think it’s great.

David: Yes, I completely agree. Recently, I have indeed been carrying the flag for BNB outside and doing my best to explain to investors the difference between BNB (as an asset) and BNB Chain (the entire ecosystem), as well as how it has developed to no longer be tied to any single company. How do you usually explain this difference to everyone?

CZ: Yes, many people get confused because many media outlets like to refer to BNB as “Binance Coin.” This is related to history: it was indeed called that name at the beginning. We later tried several times to rebrand in hopes of distinguishing the two.

BNB initially had more privileges on the Binance centralized exchange, but now, as you said, it has become a thriving ecosystem in its own right. BNB is a native asset on multiple blockchains, currently including BNB Smart Chain, Greenfield, and opBNB, and previously had the BNB Beacon Chain based on Tendermint. In the future, BNB will also be the native token of multiple blockchains adopting newer technologies.

CZ: BNB is a token that provides the driving force for a decentralized ecosystem on the BNB blockchain, and it is very different from the “token of Binance Company.” While Binance's centralized exchange still uses BNB to offer trading fee discounts, that is just one of many use cases. Centralized exchanges also provide BNB holders with opportunities to participate in some yield-generating airdrops, such as Launchpad, Launchpool, Binance Alpha, etc. But once again, this is just a part of the rights associated with BNB. BNB itself is a very vibrant and large ecosystem: there are multiple DEXs, perpetual contract DEXs, lending protocols, stablecoins, and more on-chain. There are many, many things on the BNB blockchain. In fact, I also find it quite difficult to explain this clearly to many people; it can be confusing for everyone—so I think you do a better job in this regard than I do. Thank you for your help.

David: No, no, it's not that yet, but thank you for the compliment. Listen to me, the one thing I am truly doing out there right now is providing explanations as much as possible. You know, we’ve talked about this many times: I have been in this field for a long time and have witnessed various evolutions. I’ve seen many people come and go, and I’ve seen iterations and innovations, especially driven by regulatory factors. Right? So for me, being able to explain clearly how this “evolution happens,” including the things you've built over the years, and that you are one of the best builders in the industry, is a wonderful thing.

David: In my opinion, BNB is a collection of many things, and it has already shown that it may be the chain that can sustain iterative upgrades the most over these years. Each chain—such as Ethereum—has its own roadmap, many different ideas, and visions for upgrades. We also know that Bitcoin has many “political factors” in terms of BIP (Bitcoin Improvement Proposals), and there are many iterations as well. So, in a sense, BNB can be considered one of the most successful chains in completing upgrades and evolution over these years.

CZ: Yes. I think every chain is actually evolving continuously. The BNB chain has indeed evolved more because it has developed from a Tendermint-based blockchain. It initially started as an ERC-20 token, later migrated to the Tendermint blockchain, and then became an EVM-compatible chain, also growing into a layer two (opBNB). Then, we also have Greenfield (focused on storage). Now there are also some new variants being considered and developed by developers. From this perspective, we have evolved structurally more. Most other blockchains start from one architecture and then maintain it; while from the perspective of the BNB chain, the BNB token is the native asset of multiple blockchains. The underlying technology can evolve over time.

CZ: I have discussed several times with some core developers. They are looking at what the “next generation” will be: the next generation architecture needs to provide 100 times, 1000 times the throughput, greater capacity and stability, lower costs, and be “fully aware of AI and ready for AI”; at the same time, it should natively support stablecoins, RWA, and so on. There has been a lot of related discussion. I hope our mindset, as well as the community's mindset towards BNB, is: this coin will be the native coin of multiple blockchains, and the technology will continue to evolve rapidly. I hope we can achieve this together.

David: Yes, I completely agree. Moreover, a large part of it is about the community, as you mentioned. Over the years, the community has been motivated by you, as well as by the BNB Chain team and all participants. I have also been observing and seeing a high level of enthusiasm from the outside. You mentioned stablecoins multiple times just now, so let's delve deeper. The “stablecoin narrative” is timely: recently Circle went public, and coupled with Ethereum's performance over the past few months, Wall Street and many investors are starting to realize the potential of stablecoins, and the passing of the “Genius Act” has also made an impact. I would tell everyone that, in many aspects, we see very strong growth in stablecoins on the BNB Chain, even surpassing Ethereum at certain stages. So how do you view the landscape of stablecoins on the BNB Chain? From a global perspective, would you consider stablecoins as a kind of “ETF for the dollar”?

CZ: There is so much to discuss about stablecoins. People are now realizing that stablecoins might be one of the biggest businesses in crypto. The centralized exchange Binance has a strong influence on aspects such as “which projects can go live,” but in terms of profitability, I believe Tether may be the most profitable company per capita in human history. For example, they earn about $13-15 billion a year with around 200 employees, which is incredible. So now everyone wants to create stablecoins. Circle has also achieved some success. In fact, about two years ago, BUSD was halted by NYDFS, but it grew from $0 to $23 billion in two to three years; and that was during a relatively “anti-crypto” government period (the Biden administration's “war on crypto”). However, USDC was not halted, so it continued to grow and is now publicly listed.

CZ: There are now thousands of projects trying to create stablecoins, which is great. I think it will bring more diversity; some will offer higher yields, and some will have new features, etc. But if you really look at the landscape of stablecoins, my impression is that they are not actually that necessary within the United States. Although today in crypto, the largest stablecoins are all denominated in and pegged to the US dollar, there is ACH in the US, and domestic transfers are relatively easy. The widespread use of stablecoins is actually in international scenarios outside the United States. Stablecoins help make the dollar more dominant globally; to be honest, every country wishes that their currency is used more globally. For example, China’s renminbi also hopes to become a dominant global currency, and other countries feel the same. Stablecoins are one way to achieve this. They help crypto and the blockchain industry better integrate into the traditional financial system, and they also provide crypto practitioners with a stable value anchor, at least valued in fiat currency, within the ecosystem; at the same time, this is very helpful for various countries. So from a purely economic interest perspective, countries should encourage the development of their own stablecoins.

CZ: Back to the BNB chain ecosystem. Historically, USDT and USDC have not provided strong native support; they only recently began native issuance. I believe Tether has not yet issued natively on the BNB chain, while Circle has, but also only recently started. So there's a gap here, a niche that can be filled. I think USD1 has filled that role very well, and we've seen its growth very strong over the past few months. So I believe stablecoins will continue to exist and will become a major player—more precisely, a very large track. Looking back a few years, I didn't quite understand it at the time. When we first started Binance, I was thinking: who would use stablecoins? Why not just use fiat?

Stablecoins do solve many problems: using blockchain for international transfers has become much easier; blockchain has no borders, which helps keep prices synchronized between different exchanges; and it is also a form of fiat currency that is easier to use. For this reason, it is growing very fast and will continue to grow. There are still many opportunities in the stablecoin sector on the BNB chain, as this area is not yet fully developed. We have seen significant growth of USD1, and I actually expect more development there.

David: Yes, I agree. This also brings us back to the NYDFS. They are indeed creating problems. Since I first entered this field, New York's Bit License has been slowing down innovation—not just in New York, but across the United States and even globally, because many regulators look at New York's BitLicense and use it as an opportunity to slow down crypto development, so the “war on crypto” actually began much earlier. Now, regarding many stablecoins, I would also go back to the original Tether. Tether was born out of industry demand: people were moving value between different exchanges, while existing financial infrastructure was trying to block that. Tether played its role and grew into what you described—one of the most profitable companies in the industry and also globally. As activity on the BNB chain increases, the demand for stablecoins will naturally be captured and will help support this activity.

David: Next is the next sector, RWA. I believe we have finally reached the turning point for RWA growth. In the past few cycles, we have seen “start and pause”: from the earliest real estate tokenization projects to some fund tokenizations. But now we are indeed seeing a lot of RWA activities on the rise. What do you think about our current position in the RWA adoption curve? And what are some observations you've made around the BNB chain?

CZ: We have been in this field for almost ten years, and we are “hardcore believers” that everything will be tokenized. Not just buildings, traditional currency market funds, but even “people” can be tokenized; virtual things can be as well. So, everything can be tokenized, but tokenization is not easy. Personally, I believe that more traditional financial instruments will be tokenized first, as they are more suited for trading. For example, real estate has less price volatility and lower trading volume, so liquidity is poor. If you tokenize a building, because the price is relatively stable, the trading volume won’t be large; without sufficient trading volume, people won’t place large orders on the order book, leading to even worse liquidity. If you want to enter or exit with several million dollars or even larger amounts, it will be very difficult, and abnormal price behaviors may occur.

CZ: Not every asset is easy to tokenize. Cryptocurrency assets tend to have high price volatility, which creates a “characteristic” that makes people more willing to trade them, resulting in higher trading volumes. Additionally, when you tokenize a building, if you want to buy the entire building, you must purchase all the tokens available on the market; the last few token holders may be unwilling to sell, driving up the price significantly. Furthermore, owning “pieces” of a building does not necessarily mean you can live in it; in other words, it raises questions about what kind of economic rights and benefits you are entitled to. There are also regulatory concerns: when you tokenize a building, does it count as a security? Or something else? Who will regulate it? This issue is particularly pronounced in large countries, as the financial market may have multiple regulators; in other countries, this may not be a problem, but the regulatory framework is still very important—what can these tokens do and what can't they do? Many questions remain unclear today.

CZ: I think RWA will be very big, it will grow larger. If stablecoins are also considered as RWA (many people indeed do so), it is already quite substantial. Other updated assets will also be very interesting. But I personally believe that traditional financial assets will be tokenized first, followed by bulk commodities that are easier to conceptualize and redeem (such as oil, gold), and only then other things.

David: That makes a lot of sense. One aspect that excites me about the current cycle is that many crypto players are entering the traditional financial space like never before; at the same time, we are seeing some TradFi players trying to enter the crypto market. For example, Galaxy—I believe they are among the first, possibly the very first, to tokenize their equity recently, and you should have seen related news. We will see more attempts like this. As for whether there will really be a large demand, and whether people in the crypto circle will genuinely be interested in participating in the traditional financial market of “tokenized stocks”—that remains to be seen. Now, back to the topic of “the migration of value from centralized exchanges to decentralized exchanges” and other future areas. During the recent BNB Day, you mentioned: if you could start over and were twenty again, you would focus on being an AI Agent and a privacy-focused DEX. This resonated with me a lot. When you think about that critical point—I have also heard you talk about a lot of “future scenarios” regarding how the crypto market will transition from centralized exchanges to DEX. How do you think this will evolve?

CZ: Of course. First, let me respond to the other point you mentioned: the tokenization of stocks. I think this is the “most obvious” thing to do, because which country doesn't want their stocks to be accessible to global users? The problem is that the majority of stocks are classified as “securities.” There are very strict laws around securities in various countries (most have regulatory bodies similar to the SEC), and there is also some sort of international SEC alliance. So now there are some people issuing stock tokens who are trying to bypass many “hoops” to separate “tokens” from “securities.”

CZ: This will cause problems: the prices of tokens and stocks are not in sync, which is not right. In my view, if there is a price difference, you should buy the cheaper one and then redeem it for the more expensive one; as more people do this, the price difference will disappear. The fact is that the price difference has always existed, indicating that the entire process has not been streamlined. By my definition, this shows that this product “still cannot work.” But I do believe that tokenization of stocks is a big market, and we need regulators to provide very clear guidelines—what can be done, what cannot be done, etc. I know many countries are piloting this, whether in the U.S., UAE, or other countries.

CZ: Back to AI. I believe AI will increase the amount of interaction people have by 3 to 6 orders of magnitude, say from a thousand to a million times. In the future, each of us will have tens of thousands of agents working for us in the background. There will be agents to transcribe this content – perhaps there are already AIs transcribing this podcast episode. I hope in the future there will be agents to edit videos, pick out highlights, help me remove wrinkles, then post it online and monetize it in some way. For example, people can watch one-third first, and to see the remaining two-thirds, they would need to pay a little, or even just pay 'a small portion of a few cents.' All these transactions will be 'ultra-high frequency and ultra-low cost.' I believe blockchain is the only solution that can handle this type of transaction. AI will significantly increase the transaction volume on the blockchain.

CZ: At the same time, blockchain can do a lot for AI: for example, “secure AI,” which includes privacy protection, secure training, secure data collection and usage, all of which can be implemented in a way that is truly user-controlled through blockchain. I have also talked to some AI companies: they will use blockchain to achieve “transparency in the algorithm development process,” allowing people to peek inside, because right now it is just a black box. We don’t know what data was used for training, but it seems that AI can provide answers. For example, if I ask AI to summarize any book—if AI has that book, I’m not sure if it has paid for every book; I’m not sure if AI has paid $10 for each existing book; if I ask it to summarize a paid web page, AI seems to have it inexplicably. So, there are many potential issues that AI can solve with blockchain.

I believe again that this is a huge industry. A better way to express it is: at least in my lifetime, there are three foundational technologies - the Internet, blockchain, and AI. The Internet still has many opportunities, but the latter two are just beginning; all three have significant growth potential, especially the latter two, which have enormous potential.

David: I completely agree. I also spent a lot of time researching the AI market and its evolution. Last year, I was thinking of many ideas, such as establishing a dedicated service bank for AI agents—each of us would have thousands of agents making “trillion-level” transactions daily, beyond the scale our brains can comprehend. We need a blockchain-based, scalable ecosystem to support those activities. You mentioned that AI cannot KYC and cannot complete account openings with exchanges and banks. So, without blockchain intervention, this is impossible. Looking back to 2017-2018, I was involved in one of the earliest AI agent projects, called “Botchain,” but it didn't materialize. When you have limitless, unfathomable “robot-to-robot” communication, we need to leave traces, and those records must be verifiable and on-chain. This way, during audits, we can see: where my LLM/agent pulled data from, where yours pulled from, and what agreements they reached over a period of time.

David: Now I want to take a step back from the topic of CEX and DEX, because this is another intriguing question in the market. Looking back over the past few cycles, centralized exchanges have long been a key driver of many activities and the “first stop” for many people's cryptocurrency journey. Nowadays, we see rapid growth in DEX, and I believe this is a trend that we both expect to continue. How do you think this will evolve over time?

CZ: This trend is very clear. In the distant future, DEX will be larger than CEX, and this is very clear. As you said, CEX is, in my opinion, a “stepping stone” for people entering the crypto world. Users coming from Web2 find it easier to start with an email and password, with customer service and someone to help them hand in hand. The concept of custodial platforms is also easier to understand, as it is conceptually more like a bank. But as they gain more experience, they will say: I now have my own wallet, I can manage it myself, which gives me more freedom and control, but also means more responsibility (for example, to protect the device). Once people master these, they will turn to DEX.

CZ: Therefore, I am 100% confident that DEX will be larger than CEX in the future. Consequently, the ecosystem of the chain itself is extremely important. This is also why, in my opinion, the “ecosystem of the chain” is far more important than any centralized exchange in the long run. In this sense, I am forced to spend no more time on centralized exchanges, which is actually a good thing. Now I can have more time to contribute to the decentralized ecosystem. Moreover, this is quite fascinating because once you get used to it… I would say that for the average person, the decentralized ecosystem is still relatively difficult to use. Trading volume is growing and is quite substantial, but for the average user, using decentralized products involves seeing a lot of random strings and many random numbers on the screen—what to do? Even in centralized exchanges, there are many numbers, but at least they are understandable. We need to improve our products as a community to make them better and easier to use. But “on-chain and decentralized” is definitely the future; otherwise, we wouldn't be in this industry, right?

David: This is also connected to what excites me about the market today. Looking back at my career: I come from the traditional financial world, but now I am a “crypto geek” and a “lifetime cryptographer,” and I will always be so. I have been trying to connect the crypto market with the capital market: attempting to create a Bitcoin ETF, getting Galaxy listed, and helping other companies go public. In every cycle, I try to help as many people as possible see opportunities and become a small bridge between the two markets. As for where we stand today: we see a lot of activity flowing from centralized exchanges to decentralized exchanges, but at the same time, the vast majority of wealth and capital in the world is still flowing through traditional finance, through centralized exchanges and markets in the traditional world. RPC Cat Friends Association (Nine Lives Community)

David: I think the real huge opportunity right now is “Digital Asset Treasuries.” This is an achievement that Michael Saylor has made over the past five years. In fact, I just talked to someone about this: Michael Saylor hasn’t always been a Bitcoin evangelist. In contrast, you and I have always raised the banner of Bitcoin since we entered this field, while also doing our best to raise the banner of BNB, and we have always been long-term believers. I often tell people: you might be the one I’ve seen in the industry who can get everyone to take a step back and stay focused during every fluctuation — “Stay focused on holding your bids, don’t get shaken out by volatility.” Volatility is a “characteristic,” especially when you are in a rapidly growing asset class. As the regulatory environment improves and investors' understanding of the potential and value of digital assets increases, I feel that Saylor is ahead, leading the trend; there are also Simon from Japan’s Metaplanet, the current David Bailey, and Anthony Pompliano, among others, many people are raising the banner of Bitcoin to help people understand how this type of asset can enter the balance sheets of governments and enterprises as a unique asset.

David: I am also very excited to share the story of BNB with everyone, explaining how special and unique this asset is. On this basis, whether as an investor or as a CEO running an industry-leading digital asset vault company, I see a demand: we must focus on a few truly special and unique crypto assets because not all crypto assets are the same. You and I both know BNB very well - there is something special about it. Over the past few months, it has indeed outperformed Bitcoin; from the start, it has been one of the few assets that can outperform Bitcoin. When you think about digital asset vaults and a new wave, how do you view this market and the opportunities within it?

CZ: There are many things to break down here. First, let's return to the starting point: humanity likes to understand things through “classification”, which seems easier; for example, “traditional finance vs. Web3” and “Web2 vs. Web3”. But in reality, there are no boundaries: ultimately, it's all finance, just using different technologies. Traditional finance can completely use blockchain technology; banks can use blockchain technology;

Cryptocurrency companies should also integrate deeply with traditional financial markets and market structures. We should not draw a line to separate them, but rather fully integrate – terminology is only there to help people understand better. In this sense, cryptocurrency companies should access existing markets (fundraising, finding developers, obtaining resources), and the existing financial markets should also utilize new technologies.

CZ: Regarding Michael Saylor, my intuition is that he probably started being active in the public eye around 2017-2018, maybe even earlier. Once he understands something, he has a very strong belief. We have experienced this ourselves: first learning, then a “transformation” or “complete transformation” into a firm believer, which allows one to ride through the volatility because they can see a longer-term future—not the prices of tomorrow or the day after (which are impossible to predict), but the trends five or ten years down the line. This is interesting. Saylor invented a new structure, and he has indeed tried to explain this point at different times, but I didn't quite understand it; nonetheless, I pay my respects to him. This new structure allows crypto companies to raise funds from traditional markets. The traditional market is larger, and many investors can buy company stocks but cannot buy crypto directly; by being able to buy stocks that are “indirectly related to crypto,” they gain a convenient entry point into Web3. Once they have this indirect exposure, they will continue to pay attention to crypto and will help the ecosystem grow.

CZ: In this regard, Saylor has built one of the most successful companies in the world with a very simple strategy. Although he is a hardcore fan (Bitcoin Maxi, only looking at Bitcoin), there are many other very successful cryptocurrencies, including BNB and many other public chains. Looking at the success of Binance (a centralized exchange): if it only listed Bitcoin, it would be less successful; it is precisely because it lists multiple assets that it attracts a large number of users into crypto. You and I both agree that BNB performs strongly and has many use cases. We are at the intersection you mentioned: connecting traditional finance with Web3 finance. Tools like DAT allow crypto companies to access traditional market capital and also enable traditional markets to participate in crypto, which is a win-win situation. The more people come into contact with BNB or other crypto assets (whether directly or indirectly), the greater their contribution to the crypto ecosystem.

CZ: This is something “extremely beneficial for both parties”: once a company or investor gains indirect exposure to BNB, they may recommend it to their friends; if they know developers, they might say, “Why not develop your protocol on BNB?” “Why not use BNB for this?” “Why not use another crypto asset for that?” This will help the ecosystem grow. An important point is that in a decentralized world, it is not driven by a specific company or individual. I am not “driving” everything related to BNB; I do what I need to do, but I do not manage everyone in the ecosystem, and they do not report to me.

The more people tie their self-incentives to the ecosystem, the more they will contribute, which in turn helps everyone in the ecosystem. Even in a decentralized world, if we can help more people form “mutual co-prosperity,” it will also drive the growth of the ecosystem. So I think this is a great thing: Michael Saylor has set a precedent, and now we are adopting it, and you are leading the way, which is fantastic.

David: Thank you for your recognition. As we have discussed through several crypto cycles, this situation can be said to be an unforeseen path at the beginning. You spent a lot of time communicating with governments and company leaders around the world. We envisioned early on that one day governments would buy digital assets like Bitcoin, Ethereum, and BNB. However, we did not realize that there could emerge a “corporate form” whose goal is to maximize the “amount of Bitcoin or BNB per share” to accumulate these assets and become very large holders; this provides investors with an incredible way to gain exposure to these assets and ecosystems. More importantly, as you mentioned: by gaining this exposure, everyone will gradually delve deeper into the ecosystem, which will create a special “flywheel.”

David: I often cite the example of Salvador (the one we went to a few years ago). Salvador did something special: they adopted Bitcoin to “go global.” From the perspective of “actually holding Bitcoin,” they also received good returns on the dollars they invested; but the greater return was that they “put themselves on the map,” making their name known far and wide. They attracted entrepreneurs, developers, and investors from all over the world. When 10,000, 20,000, or 100,000 people enter a small country, the compounding effect of scale can fundamentally change that country's trajectory within a generation. We see similar phenomena around the world: as long as a country opens up regulations, attracts innovators, entrepreneurs, and capital, and embraces cryptocurrency, they will ultimately reap more and more dividends over time.

CZ: Absolutely. I completely agree. Before Michael Saylor, if someone had told me “you can create a public company to buy crypto assets,” I would have thought it was too crazy: how could that work? This also reflects my insufficient understanding of the public market and traditional markets - even though I have been in the fintech industry for many years, I have never operated a public company, so I don't understand.

Saylor is obviously more experienced, he has figured it out. Then there's Saldor, which is also interesting: this is a very clear case of leadership - President Booker. Without his push, we wouldn't have gone there (why would I go there?).

If it weren't for his push, Binance wouldn't have set up a customer service office there. I think this is a classic case: a country that quickly or sufficiently early adopts new technology can gain greater benefits.

CZ: Let's take another look at the UAE. The UAE has always been “pro-crypto, pro-AI”, attracting many new entrepreneurs. The UAE doesn't have many natural resources - it has oil, but not much else; it is a desert. But now it has become a (two) world-class, prosperous city. Everyone loves it there, the economy is performing well, and the country is growing rapidly. I believe that those countries that adopt technology in the early stages and in the right way will grow very quickly. This brings us back to the innovations we see: RWA, AI, etc. If a country can adopt these new things, the economy will continue to grow.

David: I also like this kind of example. The achievements of the UAE in the next 10-20 years are quite remarkable, and the growth is due to compound interest. To wrap up, if we talk about your vision for BNB and the entire crypto ecosystem in the next 10-20 years: what do you think about “possibilities and potentials”? How would you measure “success”?

CZ: My perspective is: how many people can we help with BNB. Many companies do not focus on poor countries and underdeveloped nations, such as Africa and Southeast Asia, because the ROI is not obvious at the moment. But if you look at Binance (the company, not the BNB chain), today there are many users in Africa, and these users currently bring very little income; I believe that in ten years, they will bring a lot of income, and there will be no one else there. We help them first by enabling them to access finance; afterward, they will reap the benefits, and the platform will also be rewarded in an appropriate way, which is a win-win.

CZ: There are greater opportunities for BNB because it is a decentralized and open network and protocol. What I want to do is to bring the next several billion people to the next wave and provide them with the next stage of financial technology - “next generation financial technology.” As the world's population is likely to continue to grow, we should empower 10 billion people or more and provide them with financial services. That is the goal in my mind. It is not a price target, nor is it about competing with other public chains or surpassing Bitcoin. As you said, BNB has indeed outperformed Bitcoin historically, which is remarkable and challenging; but I believe that is not the correct “benchmark.” The correct “benchmark” is: as a community, how many people can we help? The more people we help and the more people join the community, that is the phenomenon of self-growth. We should continue to do this.

David: I think this is a very beautiful answer, thank you. Every time I try to keep everyone in the right mindset: focus on the long term, focus on building, focus on helping others. This is a beautiful vision. RPC Cat Friends Club (Ninth Life Community)

CZ: That's right. I think you have that mindset. You are one of the best personalities I've encountered in the industry, and you've been in this field for a long time, showing a strong sense of mission. So when you say you're willing to take the lead, we are all very happy. Whether you need support from me personally, YZi Labs, or any of our affiliated companies or teams, we are happy to provide assistance. At the same time, we are also very willing to seek help from other participants in the ecosystem or those outside the BNB Chain ecosystem.

CZ: I believe it is very important to have the entire ecosystem collaborate and grow the ecosystem, as this will benefit everyone.

David: Absolutely. This has always been my way of doing things: collaboration. I also like to tell everyone that I've defined “why I love crypto”: it's the “most non-zero-sum game” in the world. Good participants are all working hard to grow market share. In fact, there's one more point I want to summarize: think about the “next billion, the next two billion” people; they will only live in a world where crypto becomes increasingly important. This is a beautiful vision for the future.

CZ: Absolutely, absolutely.

David: CZ, it is my honor. This conversation has been very pleasant, thank you, it was a great discussion.

CZ: Great, thank you very much.

David: See you soon.

Text Organization: RPC Cat Friends Club (Nine Lives Community)

h#ps://www.readyplayerclub.com/

h#ps://x.com/rpcn7club

Original interview video:

David J. Namdar: h#ps://x.com/namdare