Guest: Viane, Head of Operations at Binance Square

Host: AB Kuai.Dong

When the market is discussing who will be the next social leader, Binance Square's monthly active users have already surpassed 35 million, with a large number of emerging bloggers and social players actively participating on Binance Square.

Since the product is built into the main Binance site and integrates features like chat rooms, copy trading, and transactions, users can easily access it from the Binance homepage to browse posts and participate in discussions.

In mid-2024, Binance co-founder He Yi @heyibinance frequently invited everyone to join and experience Binance Square through various public channels, and there are rumors in the market that this is a project He Yi values highly internally. It has been over two years since this social platform was launched.

In this episode, we conducted an online interview with Viane, the head of operations at Binance Square, to learn about the untold stories behind it.

1. Why did you think of creating Binance Square internally at that time?

Viane: The birth of Binance Square was actually a significant step for Binance in laying out its content ecosystem. In addition to the Square, Binance also has platforms for education, news, blogs, research, and live streaming, all aimed at providing users with more valuable information.

The growth of the Square can be divided into two phases:

Initially, in October 2022, we launched Binance Square primarily as a content aggregation platform, integrating content from KOLs, project parties, and media to provide users with the latest cryptocurrency updates.

However, we later realized that simply aggregating content was not enough; community users wanted more. So, in 2023, we repositioned the platform, renamed it Binance Square, and transformed it into a social platform that supports user-generated content.

This aligns well with our philosophy of valuing community. Beyond trading, we want to provide users with more value. We aim to create an open and transparent discussion space, eliminating the information noise found in traditional social media, allowing everyone to focus more on sharing and discussing knowledge about cryptocurrency and Web3, enhancing interaction and participation.

Now, the Square has over 35 million monthly active users and 800,000 active authors, covering 26 languages.

2. What expectations did He Yi have for you at the beginning?

Viane: At that time, the expectation was to create a community-driven social platform that truly promotes knowledge sharing and communication in the Web3 and cryptocurrency fields. Not only the boss, but the team also hoped that the Square would be more than just a place for information aggregation; it should be a community where users can deeply participate, share insights, and learn from each other.

To achieve this goal, the overall product design includes some unique mechanisms. For example, users must go through KYC to post, ensuring the authenticity and credibility of the content. The commenting feature requires users to have holdings, encouraging those who genuinely participate in the market to engage in discussions.

Additionally, by sharing holdings, users can obtain real trading certifications, allowing everyone to see the trading background of the poster more intuitively, increasing the reference value of discussions. These settings are all aimed at making the Square's ecosystem healthier and more transparent, distinguishing it from traditional social media.

3. Will there be any calculations or bonuses related to the Square for Alpha points in the future?

Viane: Currently, there are no specific plans for linking Alpha points with the Square. The original intention behind the design of Alpha points is to keep it simple, mainly calculating based on users' asset holdings and trading activity within the Binance Alpha and wallet ecosystem.

Internally, we want to avoid making the Alpha points system overly complex, so we have not included behaviors from the Square in the points bonus plan for now.

4. How much budget is allocated each year for content mining and content subsidy rewards?

Viane: There is currently no fixed upper limit for the budget regarding content mining and content subsidies. First, the rewards for content mining entirely depend on the performance of the creator's content. For example, previously @yixing_web3 earned 2689U from just a 66-word post, indicating significant potential.

As for how much is allocated each year, it's hard to quantify because it directly correlates with the quality of content, interaction volume, and market conditions.

Additionally, writing competitions are usually sponsored by project parties, with Binance Square initiating and organizing them, and the rewards are directly given to the creators, with the Square taking no cut.

So, this part of the budget actually depends on the scale of investment from project parties. We welcome any interested project parties to come talk to us about collaboration and submissions!

5. What do you think about many media platform readers turning to the Square?

Viane: Honestly, we are really happy to see more and more people starting to pay attention to and use Binance Square. This shows that everyone recognizes the direction of our efforts. But ultimately, when users choose a content platform, the most important factors are still content quality and community atmosphere.

There are still many areas where the Square can improve, such as ensuring the authenticity and diversity of content, creating an open and active communication environment. We hope to build a more solid content ecosystem in the future, making the community atmosphere livelier, attracting more people to join, and encouraging them to stay.

6. He Yi previously mentioned that Binance does not look at educational background; what is the situation with the team now?

Viane: I myself do not come from a prestigious school, and I do not specifically track everyone's educational background. However, from what I understand, there are still some colleagues around me with impressive education and experience, and the abilities of team members are quite diverse.

Currently, when hiring, the focus is still on how well candidates understand the industry, whether they truly understand cryptocurrency, and if they can connect with the community, understanding user needs and community dynamics.

7. How does the team view competitors also engaging in social and information sectors?

Viane: The social and information sectors are becoming increasingly important in the industry, and we feel this deeply. Users now particularly want short, frequent, and precise content that can quickly highlight key points.

The popularity of projects like InfoFi and DeSoc actually demonstrates the value of information aggregation and community interaction, which is being recognized by the entire market. Not to mention the impact of information on market trends. A reliable piece of news or a heated discussion in the community can often ignite market sentiment, driving prices up or down. This amplification effect of community sentiment makes the role of quality content platforms crucial.

The rise of AI has also brought significant changes to this field. Previously, users had to spend a lot of time sifting through information themselves; now AI can quickly integrate vast amounts of data and even analyze community sentiment trends, helping users capture key points more efficiently and filter out useless noise.

The strategy of Binance Square is very clear: always prioritize content quality, ensure the credibility and diversity of information, and stay closely aligned with market dynamics. The Square does not just want to keep up with the industry's pace; it hopes to create a high-standard content ecosystem that helps users make more rational decisions in an emotion-driven market, truly creating value for the community and the market.

8. Will Binance Square also pursue commercialization in the future?

Viane: Binance Square is still a very young content platform, and our current focus is mainly on enhancing user experience, creating high-quality content, and building user trust.

For example, we aim to provide richer and more diverse content, reduce unreliable false information, and firmly keep fraudulent content out. Additionally, we are also working on monetization for creators, wanting to incentivize quality creators to continuously produce good content through earnings, making the entire ecosystem healthier.

Commercialization has not been considered for the Square yet; the most important thing is to get the content and user experience right first.

9. Recently, abstract and yellow content have become popular; what is your view on this?

Viane: This phenomenon actually reflects the community's love for fresh, viral content, but for Binance Square, whether this content is based on the right values is worth discussing.

We hope the platform can encourage creators to produce more high-quality artistic content or related discussions while adhering to our values, enriching the content ecosystem of the platform.

10. How do you filter sensitive posts?

Viane: The review process for the Square combines AI and human oversight. AI first screens for potential violations, such as fraudulent information, plagiarism, or inappropriate language, and then the team reviews it according to community management guidelines.

If a post is deleted or an account is restricted, we will notify the user through internal messages, explaining the reason, such as "violating anti-fraud terms," etc. However, we also provide an appeal channel; if users feel the takedown notice is not specific enough or have questions, they can appeal through customer service.

Transparency in the review process is crucial for community trust, especially in the rapidly changing landscape of the cryptocurrency market. We hope to provide Binance Square users with timely and high-quality content. Of course, user dissatisfaction with post deletions or account restrictions is indeed a problem we need to address, especially since sometimes strict reviews may inadvertently harm the experience of creators. In the future, we hope to find a better balance in the user experience for both readers and creators.

The Square values community feedback and has already accelerated the processing speed of reports. Low-quality content or authors who have been reported multiple times will face reduced visibility, encouraging everyone to help us maintain community quality.

11. With the current strong support for wallets, what progress is the Square making?

Viane: The Square will integrate Alpha coin tags, and relevant coin price pages will also embed the Square, allowing users to view dynamics and discussions in real-time. At the same time, we will also support these projects to enter the Square, open their project accounts, and initiate airdrop activities to enhance project exposure and community interaction.

Essentially, the Square and wallets belong to two different tracks. In the future, we will do more to combine trading communities with wallets, hoping to bring users more joint mechanisms and wealth codes with wallets.

12. What plans do you have regarding on-chain analysis tools that are currently popular in the market?

Viane: Currently, Binance Square's on-chain trading analysis tools are actively being prepared. In the future, the Square will integrate a calendar of major project events and on-chain data, allowing users to view wallet movements, whale dynamics, project financial reports, and trading heat. This information and data will be presented in simple and intuitive charts, enabling users to gain insights more easily.

13. Besides internal user conversion, what strategies does the Square have for reaching a wider audience?

Viane: The strategies mainly revolve around enhancing product functionality and optimizing the trading community, such as:

• Utilizing AI-driven content recommendations and trend analysis, including news summaries and community sentiment analysis, to help users efficiently obtain high-value information and attract a broader audience.
• Emphasizing trading authenticity through sharing trades, holding shares, Terminal trading competitions, and project financial report integration to enhance content credibility and community discussion quality.
• Enhancing user participation and community vitality through trading live streams, group chats, copy trading mechanisms, AMAs, and live streaming interactions.

1. What plans does Binance Square have for the future?

Viane: We aim to enhance community interactivity and authenticity. On the product side, we will promote social trading, allowing users to more easily share trades and strategies on the Square, including optimizing the trade-sharing feature so users can showcase their investment portfolios and profit/loss situations with one click, or participate in trading competitions to enhance the community's sense of reality and participation, making the trading process more engaging.

On the community side, we will establish a rewards center suitable for retail investors and KOLs, unlocking rewards through tasks. The Square will continue to deepen the creator economy and improve monetization tools. Content mining will upgrade to 2.0, collaborating with more quality authors and project parties to increase columns and project research report sections.

15. Is the team still hiring?

Viane: Yes, we warmly welcome those who love the community and are willing to participate in building it on the front lines to join us. If you are interested, feel free to message me, or Ying Ge, or apply on the Binance recruitment page.

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