Building and scaling the ecosystem

Constructing one among immediately’s busiest blockchain ecosystems takes targeted execution, and BNB Chain’s Sarah Music shares how she’s driving that progress.

What does it take to steer enterprise improvement at one of the energetic blockchain ecosystems immediately? To know this, we spoke with Sarah Music, Head of Enterprise Improvement at BNB Chain on the Binance Blockchain Week in Dubai, about ecosystem progress, developer assist, RWAs, stablecoin funds, and growth into rising markets. She additionally shares her perspective on constructing credibility within the trade and exploring management as a girl in web3.

Q: Sarah, what initially impressed you to affix the blockchain trade, and what led you to BNB Chain particularly?

Sarah: Again in 2017 or 2018, I used to be invited to an occasion hosted by HKUST, which can be the college I graduated from. The occasion introduced in specialists from the crypto house, and that was the primary time I heard about Bitcoin and peer-to-peer digital cash.

I used to be very impressed by Bitcoin’s idea, and by the imaginative and prescient and mission of individuals working in crypto. After that occasion, I began researching blockchain expertise extra deeply, trying on the infrastructure layer, Ethereum, and different protocols. In a short time, I made a decision that I needed to affix the crypto and blockchain trade.

Since I didn’t have prior expertise, I joined one of many main Layer 1 protocols on the time, in 2018. I labored in ecosystem and ecosystem fund roles, talking with builders, supporting initiatives, and even investing in a few of them.

From the start, my objective was to assist builders and builders create issues which are usable and precious on blockchain, issues which are decentralized, extra environment friendly, and that may profit buyers, retail customers, and even web2 customers.

When it got here to BNB Chain, it is among the most energetic and broadly used Layer 1 ecosystems within the trade. I felt that becoming a member of a bigger platform would permit me to work with extra actual builders and builders. That’s why I joined BNB Chain in 2023.

For the previous three years, I’ve been main the BD workforce. We’re a workforce of 10, and our function is precisely what I needed to do from the beginning: construct relationships with builders, infrastructure suppliers, and key companions, and assist them construct DeFi, GameFi, RWA, and different options on high of BNB Chain.

Q: Given BNB Chain’s give attention to DeFi, gaming, and different sectors, which areas are you most enthusiastic about proper now?

Sarah: On the finish of final 12 months and the beginning of this 12 months, we recognized three major areas to give attention to. These are AI, stablecoin funds, and RWAs.

RWAs specifically have grown very quick on BNB Chain. At first of the 12 months, there was solely about $4 million in RWA-related TVL. As of early December, that quantity has grown to round $1.6 billion.

We’ve onboarded many main gamers within the RWA house, together with BlackRock’s BUIDL, Franklin Templeton’s BENJI, and USYC. We additionally work with Securitize and a number of other Asian establishments similar to China Retailers Financial institution and China Retailers Securities.

We’ve additionally diversified the forms of RWA property on BNB Chain. It’s not simply cash market funds. We now have tokenized shares stay on mainnet, pre-IPO property, digital gold, tokenized artwork collectibles, and different property. We’re even exploring tokenizing issues like wine and Pokémon playing cards.

Stablecoin funds are one other main space. This 12 months, stablecoin circulation on BNB Chain grew from about $7 billion to $40 billion. We’ve launched a local stablecoin and onboarded a number of regional and European stablecoins.

We additionally launched a stablecoin switch marketing campaign the place customers don’t want BNB for fuel charges when transferring stablecoins. This led to robust progress in stablecoin utilization, and BNB Chain is now one of many high chains for stablecoin exercise.

AI continues to be early, however I’m very bullish on areas like AI brokers, AI funds, and AI instruments that may assist merchants with analysis and decision-making. We’re actively working with AI protocols and onboarding them to BNB Chain.

These three areas, RWAs, stablecoin funds, and AI, will proceed to be our major focus over the subsequent few years.

Q: What makes a venture top quality in immediately’s crypto atmosphere?

Sarah: First, the workforce wants to obviously perceive product–market match. You shouldn’t simply come into crypto to launch a token. It’s essential to perceive how your product creates worth and the way it can maintain itself.

Second, the workforce itself is essential. We at all times have a look at the founders’ backgrounds, how they know one another, and whether or not they can work collectively long-term. Robust relationships and shared imaginative and prescient matter so much.

We additionally have a look at what the venture is constructing and whether or not it aligns with the instructions we imagine have robust potential, like AI, RWAs, or funds.

Q: As BNB Chain expands into rising markets like Asia and Africa, what challenges and alternatives do you see?

Sarah: In lots of rising markets, the normal monetary system shouldn’t be very accessible or straightforward to make use of. That creates robust alternatives for stablecoins, funds, DeFi, lending, and even easy asset holding.

The primary problem is knowing native customers. You want individuals on the bottom who perceive native wants and issues. Since our workforce is comparatively small, we will’t be in all places without delay.

To handle this, we host occasions, journey to totally different areas, and work with robust native companions and establishments. This helps us educate builders, assist native builders, and develop collectively in these markets.

Q: What has been essentially the most stunning or difficult a part of your function at BNB Chain?

Sarah: One massive problem is which you can’t assist each venture in the identical means. Some initiatives we incubate, some obtain funding assist, and others get assist by way of partnerships or alternate relationships. You possibly can’t make everybody completely happy.

Clear communication is essential. We have to clarify our requirements, expectations, and the way assist works. Since market developments change rapidly, we additionally must preserve builders up to date so we will keep aligned.

One other problem is that the trade continues to be determining what actually works when combining blockchain with areas like AI and real-world adoption. We experiment so much, brainstorm internally, and take a look at concepts. It’s unsure, nevertheless it’s additionally thrilling.

Q: Web3 continues to be a male-dominated discipline. How has your expertise been as a girl in a management function?

Sarah: To start with, it was tough. Individuals typically questioned my age, my look, and whether or not I actually understood blockchain expertise.

However after many conversations and dealing carefully with builders and groups, individuals began to see the worth I carry. Respect comes from exhibiting your functionality and delivering outcomes.

The state of affairs for girls in crypto is bettering. There are extra girls entering into vital roles, and that’s encouraging. In my very own workforce, I work with many proficient girls who’re passionate and succesful.

I attempt my finest to assist younger girls who’re getting into this trade, and I hope we will proceed to construct a greater and extra inclusive house collectively.

Learn extra: Nina Rong of BNB Chain on constructing for builders and world progress