Annabelle Huang, Managing Partner of Amber Group, Paul Wang, Founding Partner of PSE Trading, Mihai Alexandru Radu, Investor Relations Head of SphereX, and George Cao, Founder of AscendEX, convened at the "Web 3.0 Open - Meta Era Reunion in Dubai." They initiated a panel discussion centered around the topic of "Deep Dive: Investing with CeFi or DeFi?"

Annabelle Huang stated that there is a considerable amount of speculative activity within both CeFi and DeFi, yet opportunities for value investment are also present. Retail traders may lean towards speculation, whereas institutional participants tend to focus on value investment through various strategies, including holding Bitcoin and engaging in staking.

Paul Wang emphasized the importance of DeFi but suggested that new investors start with CeFi first, as CeFi is more structured and user-friendly. CeFi also provides a variety of regulatory services, such as custody and auditing, which indeed offer a certain level of security. However, he personally favors DeFi for its innovation and the opportunities it presents for early involvement in new projects. He recommends that new investors can begin with CeFi and gradually transition to DeFi.

Mihai Alexandru Radu expressed that determining whether current investment behaviors in CeFi and DeFi are classified as value investment or speculation largely depends on the investor's level of expertise and experience. While all market participants engage in some form of investment and speculation, conducting complex operations such as arbitrage requires in-depth knowledge and the right resources. Mastery of DeFi demands time and practice, encompassing operational experience in CeFi and an adaptation to high risks and potential significant losses. The DeFi space is replete with opportunities but also carries uncertainties and risks, akin to the early days of the Wild West.