Binance CEO Richard Teng wrote "Incumbents and Insurgents in the Era of Blockchain Innovation", in which he pointed out that Binance's breakthrough in user numbers 200 million an important milestone in the history of innovation. Blockchain and Web3 are developing at an unprecedented rate. The cycle of technological disruption is accelerating. The launch of Bitcoin in 2009 laid the foundation for a new asset class that has attracted global mainstream attention in less than a decade. The time from the emergence of the technology to the widespread deployment of accessible consumer applications based on the technology is very short. Today, millions of people around the world use digital assets to efficiently transfer value online, participate in decentralized finance (DeFi) activities, and benefit from a variety of smart contract-enabled features, from digital art to decentralized autonomous applications.