Binance CEO, Changpeng Zhao, has shared some information about ways to get listed in cryptocurrency.
According to Zhao in a Forbes interview on Monday, the number of users is one of the most vital criteria for listing on the trading platform. The ones responsible in listing lists a coin only if it has a huge number of users. It is the biggest and most important factor. He mentioned that although he doesn’t understand how meme tokens work. They allows coins in the list if a large number of people use them. The community plays an important role.
The number of active addresses on the blockchain, social media audience, and code commits are some of the factors. He emphasized that the key benchmark is the number of users. The product has more value if there are a huge number of users. This is because it seems to be the easiest to measure. If the user statistics were added in the form of an application, it would be of great help.
Crypto Listing-focused Platform
Help, Sergei Khitrov, stated something about listing of minor tokens. Listing of minor tokens is not needed for major crypto exchanges like Binance. Furthermore, their earnings come from trading volumes, not listings.
According to Khitrov, many projects don’t understand that it is one of the major problems. Building a community should be the best first thing to do. He doesn’t mean 500 or 10,000. Therefore, it needs a much bigger audience on a Telegram channel. Additionally, to start with smaller exchanges. In addition, the builders highly recommends token creators.
Binance Supports 346 Cryptos
Binance supports some of the major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), Dogecoin (DOGE) and Shiba Inu (SHIB) as per CoinGecko’s data. The estimated daily trading volume of Binance is at roughly $28 billion.
The second-largest crypto exchange by trading volumes is OKEx. It has listed 312 coins and has roughly $7 billion trading volume. Coinbase, on the other hand, supports only 123 tokens with $6 billion daily trading. There are also some major centralized exchanges (CEX) that have more tokens listed than Binance such as Bittrex. Bittrex has over 450 cryptocurrencies.
People considers Decentralized exchanges (DEX) as the world’s largest platforms. It is in opposition to a centralized exchange (CEX). This is in terms of number of listed cryptocurrencies. PancakeSwap does not need to ask permission or even contact an exchange. Furthermore, PancakeSwap is an example of DEXs. The platform listed over 3,200 tokens. On the other hand, Uniswap listed over 1, 800 cryptocurrencies.
Pancakeswap creators listed Squid Game (SQUID) token, a cryptocurrency scam. SQUID token is influenced by a famous Netflix show. Binance-owned crypto website CoinMarketCap listed the token. Whereas CoinGecko withdrew from SQUID listing because of its reputation as being a fraud. The creators considered CoinGecko as one of the competitors.
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