An APP that does not want to be social is not a good software. This is a once very popular "social omnipotence theory" in the Internet circle. Many practical cases have also confirmed the traffic gold mine brought by the fission attribute of social networks. For example, Venmo, a subsidiary of overseas payment giant PayPal, is a very popular social payment software in the United States. Domestic payment giant Alipay has also launched short videos, Fortune Account and Ant Forest and other sectors focus on social content.

In the crypto world, Binance, a trading platform that also provides financial services, has also launched Binance Square, a one-stop content aggregation platform and social center. At the same time, thanks to Binance’s strong user base and influence, Binance Square has taken the lead in achieving user precipitation from 0 to 1, becoming one of Binance’s traffic secrets to increase user stickiness and acquire incremental users.

Transform and upgrade into a social content platform to create new traffic portals

In October this year, Binance announced that Binance Feed had been renamed Binance Square and opened UGC (User Generated Content), adding social attributes to the previous one-stop content aggregation platform. Social products are a topic that will never go out of style, and are gradually becoming a more stable second growth curve for content platforms. There are so many competitors, and good social content products often require long-term accumulation of quantity and quality of users and creators.

In terms of user needs, Binance Plaza has launched web pages and App applications, which can provide users with multiple sections such as discovery, attention, news, academy and live broadcast to meet the diverse needs of users. For example, the discovery section can make personalized content recommendations for users based on interests, interaction history, etc., and can better track market trends based on the selection of popular posts and opinion leaders; the follow section can help users track the latest content of creators they follow in a timely manner. Users can also enter keywords or creator names in the search bar to accurately find relevant content.

Of course, the functions of Binance Square are only open to all users who have completed Binance identity authentication, and a variety of anti-scam (anti-fraud) functions have been launched. This approach will effectively reduce irresponsible speech and spam caused by user anonymity, thereby improving user experience and creating a good content atmosphere.

Rich and high-quality content is also a top priority for the development of social content platforms. Binance Square allows creators to publish market analysis, expert opinions, tutorials, and updates on encryption and Web3 topics on the platform, mainly focusing on three content types: text messages, articles, and videos.

In order to help creators better manage and optimize their creative content, Binance Square’s Creator Center provides a wide range of creative tools, content data analysis, updates, and creative guidance. For example, creators can use the data center to track the number of content they publish, the number of followers, views, likes and shares they receive; popular articles/hot topics can find inspiration for content creation; the Creator Academy is a comprehensive The learning platform can provide rich creative guidance and skill sharing to help creators improve their creative skills. In addition, creators or users can also share content to X, Telegram and other social channels to expand the dissemination influence of the content.

However, in order to occupy a place in the highly competitive social content track, the introduction of incentives is essential to stimulate the enthusiasm of users and creators to participate. It is reported that the official will continue to launch more monetizable incentive programs to motivate creators. To this end, Binance Square has launched a number of benefits for creators and users. Among them, Binance Square creators have referral rebate benefits. All users who register on Binance through the shared Binance Square posts will be automatically bound as recommenders of Binance Square creators. Investors can earn a 41% referral commission from the spot and leverage trading fees they generate. Through the sharing of high-quality content, social relationships and recommendation behaviors between creators and their audiences, Binance Square can effectively expand the user base and increase the platform’s exposure. At the same time, Binance Plaza’s web page has also set up a tipping mechanism, allowing users to tip their favorite creators. While providing income for high-quality content creators, it also gives them the most direct feedback; for users, users Red envelope benefits can be unlocked by correctly answering questions set by the creator. In addition, Binance Plaza has launched multiple limited-time reward activities, allowing users to be eligible to participate in sharing the prize pool after completing specified tasks, which can mobilize users' enthusiasm for participation. For example, Binance Plaza recently launched an activity for new and old users to win free Feitian Moutai or use BNB to exchange for Feitian Moutai at an ultra-low discount.

In addition, at the end of September this year, Binance founder and CEO CZ announced on X (formerly Twitter) that Binance Plaza will soon open UGC (user-generated content), which will soon be open to all content creators, and all users can create content. As an important stage in the development of social media, if the platform can effectively utilize UGC, it will greatly increase user participation, increase brand reputation and trust, and attract more potential customers. Xiaohongshu, for example, is one of the typical cases.

According to official disclosures, as of the third quarter of this year, Binance Square has attracted more than 200 media partners, 12,000 important opinion leaders and 160 project parties in more than a year since its launch. At the same time, more than 30,000 hashtags have been used, and the web and App versions have gathered more than 10 million monthly active users. It is worth mentioning that according to previous disclosures by CZ on social platforms, the number of registered users of Binance has reached 150 million, which also means that Binance Square still has a huge traffic pool that can continue to be mined, and has a growth advantage over the native platform.

To put it simply, Binance Plaza provides a communication platform for more users by opening up the trading and information sections, and providing timely and rich content by media and opinion leaders such as PANews, which will further increase user stickiness and activity and increase the frequency of use. This will feed back the development of Binance.

The new social paradigm is coming, Binance invests heavily in in-depth layout

Web2 social media has gradually developed into a public discourse infrastructure during more than ten years of rapid development. However, due to imbalances in content governance and user rights, it has had to begin transformation to seek survival and development, especially when it cannot meet the social needs of Generation Z. At the same time, with the reconstruction of production relations and economic models, there are many SocialFi projects that are promoting the new paradigm of social network revolution. However, the social bone is difficult to crack, including star projects such as Damus and Clubhouse. They still cannot escape the ups and downs. destiny. After all, the right to speak in social networking is still in the hands of Web2 social giants. These mature social applications have already formed a huge scale of active users, powerful data resources and strong social relationships.

However, the phenomenal popularity brought by new paradigm social projects led by Friend.tech also confirms the market potential of SocialFi. At the end of last year, Binance Research issued an article saying that currently Web3 social cannot directly compete with Web2 social in terms of user experience. Rather than competing directly with Web2 applications, it can leverage its unique ecosystem in DeFi, NFT, and other verticals to provide users with unique, innovative utilities.

Binance Labs, the investment arm of Binance, has also invested in the Web3 social track, such as the Web3 social network Hooked Protocol, the decentralized social graph protocol CyberConnect and the Web3 social data portal Port3 Network. These heavy investment arrangements have continuously expanded Binance’s social influence, but in essence it is a new round of competition for incremental users.

Those who can socialize win the world. Social networking is a rigid demand of users, and the super strong traffic stickiness it generates is often considered to be the best way to reduce user churn, stimulate user activity, and tap new traffic entrances. Once the flywheel effect is achieved with the help of social networking, the enterprise will have strong explosive power. Therefore, we can also see that social products will never be absent in the process of the Internet. Various players are constantly exploring the potential "gold mine" of social. For example, payment tool products such as Alipay also want to enter the social game after gaining users. track.

From this point of view, the essence of Binance Plaza is not only to improve Binance’s user stickiness and scale based on social relationships, but also to open up more possibilities for its ecological development through the accumulation of social assets. Binance has taken the lead in launching a battle to upgrade crypto exchanges.