The CEO of Binance has provided essential insights on how to have cryptocurrency listed on the trading platform. Changpeng Zhao alluded to this in a recent interview.
According to him, the volume of active participants is the most important factor to consider while launching cryptos on Binance.
Many other factors, according to the executive officer, include the total number of active addresses on the blockchain online platform, as well as the number of followers. However, the number of users has the most impact.
He also claimed that a currency with a large number of users would be listed. as such, the most important component, he used the example of a joke token, which he claimed he doesn’t comprehend but which Binance has listed because most people use it.
He concluded by stating that Binance follows the will of the community and that any individual decision is meaningless.
The volume factor, according to Changpeng Zhao, is just one of numerous options for launching a cryptocurrency on the decentralized market.
He stressed that the bigger the number of contacts, the higher the product’s value. And it is only the most rudimentary count.
It’s also a good idea to include the figures in the application form. It has a prominent effect on the app. Changpeng Zhao went on to say more about Binance listing advice.
This is what Sergei Khitrov, a pioneer in the crypto-listing space, had to say. Minor tokens are avoided by major crypto exchanges. He believes they make more money from trading than from listings.
Sergei went on to say that Listings are not used by the major exchange platforms. Nevertheless, most projects are unable to comprehend this notion.
Building an audience in a broader community should be the first step for any initiative. It doesn’t have to be 500 or 10,000 individuals via social media, but a sizable natural audience will suffice. He suggested that newcomers should start with the undiscovered minor exchanges.
Binance currently assists up to 346 different coins. Prominent cryptocurrencies, like Bitcoin and Ethereum, are included in the collection.
Other well-known meme coins, such DOGE and SHIB, are also accessible. Other altcoins can be found on the platform as well. Binance currently trades up to $28 billion every day.
Notwithstanding, OKEx, Binance’s nearest rival, has 312 coins listed, making Binance the most popular crypto trading site.
The platform operates 24 hours a day, seven days a week, with a daily trade volume of about $7 billion. Coinbase is the third exchange platform.
The company is based in the United States and only supports 123 tokens. Within 24 hours, Coinbase had a total trading value of $6 billion.
Furthermore, because they offer the majority of the coins, decentralized exchanges (DEX) are large platforms. As a result, PancakeSwap, a BSC-based DEX, has 3200 tokens listed, whereas Uniswap has almost 1800.
PancakeSwap launched a new coin called SQUID in October. This was a crypto-scam perpetrated by a movie theater. A short time after its inception, the token grew by roughly 45000 percent.
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