I remember many years ago, Liu Qiangdong once spoke the truth in an interview. He said that JD.com could definitely drag down Taobao with subsidies because Taobao's users are ten times that of JD.com, and with the same level of subsidies, Taobao would definitely not dare to compete.

Understanding this, Qiangzi talked about the most effective strategy in business warfare: small attacking big, new attacking old. Subsidies.

Why does JD.com have such confidence in its delivery subsidies and employee benefits? Its confidence comes from having fewer users.

This method applies in web3. Small exchanges attacking large exchanges, small wallets annoying large wallets, small wealth management pools annoying large wealth management pools—this can be used everywhere!

I think this is the most successful aspect of Binance's alpha.