The BNB shareholders' annual meeting has just concluded. After listening to CZ's year-end AMA, I picked 10 highlights from the Q&A summary👇 Key points: Predicting the market, the stablecoin war 2.0 hasn't begun yet. 1. How did you feel after being pardoned? CZ: "There is a sense of vindication psychologically, finally free." But actual life hasn't changed. He still works at home every day, exercises for 30-45 minutes daily, a habit he brought from prison. 2. What does CZ do every day? Four things: • Giggle Academy—his "pet project", a completely free educational platform, 60-person team, has served 90,000 children • YZ Labs—$10 billion ecological fund, invested in nearly 70 projects by 2025, reviewed over 1000 • BNB ecosystem—no longer focusing on technology, mainly mentoring young entrepreneurs • Advising the government—discussing regulatory frameworks with senior officials from over a dozen countries, including Pakistan, UAE, etc. However, this last item takes much more time than he expected. 3. What's the proudest number for 2025? • Giggle Academy: 90,000 students, larger than many universities • BNB chain: annual transaction growth of 600%, 2.4 million daily active users • Binance: 200 million users • Crypto industry: wealth penetration may be less than 1%. He added: the market cap of cryptocurrencies can rise by several orders of magnitude. 4. Why invest in multiple prediction markets simultaneously? Is it doing "horse racing"? Someone asked, you invested in several prediction markets (like Probable), is it like "horse racing", letting them compete and see who comes out on top? CZ denied it and provided a clear framework: it’s not horse racing, it’s an "open garden". "There are multiple e-commerce platforms and multiple search engines on the internet; would you call that horse racing? That’s just how the market operates naturally." The principle of YZ Labs: never do exclusive investments. Especially in the early stages of a project, as long as the team is strong, they support it. Why invest in multiple projects early? CZ's logic: 1. Competition enlarges the pie. Different teams try different directions, serving different regional users. 2. To validate which features users really want. For example, what Probable does with "locking funds while earning interest"; if users like it, others will copy it; if no one cares, it won’t be copied. 3. Strong teams can also fail. A good product doesn't mean the project will succeed; various reasons can cause problems, so it's better to bet on multiple. How does he judge early projects? "I look at the product, but actually, I judge whether the team can deliver through the product." Today's features aren't important; what's important is whether they can respond quickly and iterate quickly if the demand changes tomorrow. CZ believes the next battlefield node will be the World Cup. Polymarket surged during the US election (more accurate than polls), and CZ said the industry is now looking at the 2026 World Cup. "Which team works without sleeping will at least win in the short term." But he also said: the real win or loss is long-term, seeing who can persist, who has execution power, and who is mission-driven. 5. What about the future of stablecoins? The stablecoin war: 1.0 has ended, and 2.0 hasn't begun yet. CZ explained this part the most clearly, almost delineating generations in the industry. Stablecoin 1.0: a simple and crude model: deposit dollars in a bank → issue tokens → tokens can be instantly transferred on-chain → arbitrageurs use it to move bricks across exchanges. The problem: there are no earnings. If you hold USDT, Tether uses your money to buy government bonds and earn interest, but you get nothing. Tether relies on first-mover advantage + network effects, and now rumors value it at $50 billion, with annual revenues in the hundreds of billions. So, many people want a piece of the pie. Stablecoin 1.5: starting to provide returns. CZ specifically praised YZ Labs' investment in Ethena's USDe. But the problem is: Ethena's adoption is limited by exchange access. Not all exchanges support it, and there's friction in using it. Stablecoin 2.0: returns + liquidity + compliance, a trinity. CZ said the ideal state is very simple: "one stablecoin, giving you good returns while being tradable on most exchanges. It sounds simple, but it’s hard to achieve." Why is it difficult? You have to convince a bunch of exchanges to list tokens while ensuring sustainable sources of returns and compliance (this point has become easier now). The stablecoin landscape on the BNB chain: CZ outlined it: USDT on BNB, in the long term is a wrapped version, not the native FDUSD, which has been supported by the BNB chain but has "high friction with fiat channels", limiting growth. USD1, a strong project from the United States, is now a relatively native choice on the BNB chain. U, a newly officially announced project today, CZ said has "some really interesting potential". The regulatory environment has changed, which is crucial. CZ stated that the situation a year ago is completely different from now: the US has the GENIUS Act being promoted, and regulators in other countries "are no longer super hostile towards stablecoins". "The regulatory environment is now much more open, and we will see more opportunities." Will only one remain in the end? CZ's judgment: network effects will eventually kick in, and users will slowly concentrate on the most compelling options. But it's still early; everyone is trying different models. He "loves seeing it". 6. What do you prioritize most when investing? A few words: mission-driven. CZ said he fears two types of people the most: 1. Those who just want to make a quick buck and run ("Once they reach $10 million/$100 million, they cash out and leave.") 2. Those who switch tracks every three months ("That means you don’t love anything.") You also need stamina. Entrepreneurship is a physically demanding job; you have to endure for a long time, and the pressure is huge. 7. Will AI trading agents be the next trend? CZ offered a logical paradox: "If an AI algorithm can really make big money, why sell it to others? Unless you have no capital. But good teams can now easily get funding." The more fatal problem: the more people use the same strategy, the worse the effect. The market is mass psychology; the first person to use a strategy wins, and the last person loses. His conclusion: AI will be used by everyone for trading but in their customized ways, not by buying off-the-shelf platforms. 8. Can RWA tokenization really take off? CZ said he is seriously discussing national asset tokenization with senior officials from multiple countries. He gave an example: extracting US shale oil was originally very difficult, but due to a developed capital market, oil companies went public to raise funds, which allowed for technology development. Tokenization can replicate this path: countries tokenize rare earths/minerals → finance → develop industries. It’s not about selling resources; it’s about leveraging funds with tokens. Another viewpoint: AI and robots will definitely use cryptocurrencies in the future. Why? Robots can't open bank accounts, can't do KYC, can't take selfies for verification, can't swipe cards. Traditional finance is designed for humans, not for agents. 9. How can the BNB chain make a comeback? CZ's answer: keep building. "You won’t always be the most profitable, the most attractive, or even the most successful. But you just keep doing what you’re good at." He made an analogy: a marathon + boxing match. While running, you still have to throw a few punches, but you just keep going. Nvidia took 40 years to become the most valuable company. The first 20-30 years? No one thought they would succeed. 10. Last little Easter egg. Someone asked: if all your speeches and tweets were deleted, and you had 60 seconds to leave a message to the world, what would you say? CZ said: "I don’t think I’m defined by content. If it’s all gone, I’d probably just say Good morning, and many people would still reply to me." This might be the most CZ-like answer of the whole event. To all BNB shareholders' meeting, CZ alpha, did you receive this? $NIGHT
