Core Insights - The "撸毛" (crypto airdrop) sector has shifted from a "get-rich-quick" mentality to a "collective retreat" as of 2025, with significant declines in profitability and participation [3][4][6] - The absence of a "shanzhai" (copycat) market has been identified as a primary reason for the drop in airdrop earnings, as the dominance of Bitcoin (BTC) has limited liquidity and new project growth [6][9] Summary by Sections Market Trends - The "撸毛" sector has experienced a drastic reduction in earnings, with many projects offering only $5 to $10 in airdrop rewards, compared to previous rates exceeding 10% [4][6] - Many teams have either shut down or pivoted to more stable businesses like cross-border e-commerce due to the unsustainable nature of current earnings [4][6] Airdrop Dynamics - Airdrop values have diminished significantly, with many new projects launching at valuations of only a few million dollars, contrasting sharply with previous valuations of $10 billion or more [9][10] - The lack of price appreciation for airdropped tokens has led to a situation where initial investments in gas fees and resources often yield negligible returns [9][10] New Strategies - The emergence of "嘴撸" (content-driven airdrops) has diversified the airdrop landscape, allowing high-quality content creators to earn rewards through project analysis and engagement [11][12] - Platforms like Kaito and Cookie have popularized this new approach, making it easier for participants to earn tokens without extensive technical engagement [11][12] Binance Alpha's Role - Binance Alpha has been a significant source of income for many teams, providing stable funding and high airdrop frequencies during peak periods [13][14] - However, since October, the profitability from Binance Alpha has declined, with many users reporting reduced earnings and increased competition for airdrop opportunities [14][15] Investment Strategies - Despite the downturn, "打新" (new token launches) remain a viable strategy, with some projects still offering substantial returns during their initial trading days [16][17] - "稳定币理财" (stablecoin yield farming) has emerged as a critical component for maintaining steady income, with products offering high annualized returns [18][20] Future Outlook - The "撸毛" sector is not dead but has adapted to a more challenging environment, emphasizing the need for strategic participation and research [27][28] - The focus for 2026 will be on refining strategies, leveraging new opportunities, and maintaining a steady accumulation of wealth despite market fluctuations [28]

Core Insights - Binance has reached a new milestone with over 300 million registered users, marking a significant growth in its user base and positioning it as a key player in the global financial ecosystem [31][34][42] - The company has implemented a dual CEO structure to enhance its governance and compliance capabilities, with one CEO focusing on regulatory relations and the other on user engagement and community feedback [6][29][30] - Binance's operational scale is comparable to that of a medium-sized economy, necessitating robust systems for order matching, risk control, and asset custody [11][34] User Growth and Market Position - By the end of 2024, Binance reported over 250 million registered users, a 47% increase year-on-year, with total user assets under custody reaching approximately $160 billion [8][34] - The trading volume across all products has surpassed $100 trillion, indicating Binance's significant market presence [34] - The user base is comparable to the total number of securities accounts in several medium-sized economies, highlighting Binance's substantial role in the financial landscape [11][33] Regulatory and Compliance Developments - Binance has engaged in a $4.3 billion settlement with U.S. authorities, which has influenced its global operational strategy and compliance framework [12][34] - The company has obtained a global license under the Abu Dhabi Global Market framework, becoming the first crypto exchange to do so, which enhances its regulatory standing [34] - Regular compliance and security reports are being published, demonstrating Binance's commitment to transparency and user asset security [13][34] Innovations in Product Offerings - The launch of Binance Alpha, a pre-listing observation pool for new tokens, reflects a shift towards a more structured approach to token offerings, akin to an IPO pipeline [15][36] - Binance Pay has seen explosive growth, processing approximately $72.4 billion in transactions in 2024, with user numbers reaching 41.7 million [38] - The number of merchants supporting Binance Pay has surged from about 12,000 to over 20 million within ten months, indicating widespread adoption [38][39] Market Dynamics and Future Outlook - The global cryptocurrency market capitalization surpassed $4 trillion in mid-2025, with Binance positioned as a critical liquidity provider amid evolving regulatory frameworks [19][40] - The integration of Binance's services with local payment networks, such as Brazil's Pix, illustrates the practical application of crypto in everyday transactions [39] - As institutional interest in cryptocurrencies grows, Binance's infrastructure and compliance efforts will be crucial in navigating the evolving landscape of digital assets [20][42]