The phrase "dare to be the first under heaven" proposed by Binance is actually exactly the same as the concept during Tencent's phase of reckless expansion years ago. This statement is quite counterintuitive in the realm of business competition because everyone assumes that innovation and being the first to take risks are necessary for success. However, the first person to eat a crab is also more likely to end up poisoned by a spider, ultimately becoming a cannon fodder that helps others pave the way. For small companies without resources or background, they have to rely on overtaking in curves to make a last-ditch effort to gain some first-mover advantage in terms of time. But for large companies with immense capital and traffic, they can completely exchange space for time. I let you run 300 meters ahead first, and once the dead and wounded are settled and the situation becomes clearer, I will then surge forward.

But it's actually understandable for large companies to act this way, after all, new directions emerge every day. Large companies must have their own main lines, as pulling one hair can move the whole body. They need to have strategic stability, with every move being monitored by the entire industry. They cannot act recklessly, nor can they remain stagnant; they can only move once they have a clear understanding.

So this is the soul-searching question that most internet entrepreneurs faced when seeking funding ten years ago: What if Tencent does it?

In fact, Tencent has always been daring to take the lead in everything, from social networking to gaming, from email to cloud services. I let you take the first 300 meters, and when you understand it, and when I see it clearly, then you can have it.

But gains and losses come from the same source. The biggest crisis Tencent has ever faced also stems from this. How many people still remember that famous article "Damn Tencent"? Those who are older probably have read it.

Tencent's "Come and Take It" model has led to a situation where no one in the entire internet sector dares to innovate. Both large and small companies feel insecure, which ultimately triggered the epic 3Q war in the history of Chinese internet. This also became a turning point for Tencent, shifting from a closed to an open model, from acquisitions to investments.

Tencent back in the day looks very similar to Binance now, including their behaviors and their boldness from wallets to Dex.

In fact, put into the familiar field of trading coins, this explanation is even clearer. Every day, hundreds of coins are launched, and some people are afraid of missing out on alpha, so they watch the market closely and surge into new coins, making gains from 10k to 10m. However, there are also people with larger capital who don't have that much energy, so they only look for opportunities to earn from 10m to 1B.

So when a company's scale increases, one cannot rush to surge into it.