TL; DR Breakdown
- Binance CEO has given a tip on how to get your coin listed
- When it comes to listings, number factors becomes an important aspect
Binance CEO has brought forward important details on ways to have crypto listed on the exchange platform. During an interview with Forbes, Changpeng Zhao alluded to this factor. He stated the most critical aspect for listing cryptos on Binance is the volume of active participants.
The executive officer further mentioned several reasons, including the total lively addresses on the blockchain—online platform followers, among other things. Yet, the volume of users is the primary influence.
He further stated that a coin with many users would be listed. Because that is the crucial deciding factor, he cited an example of a joke token, where he claimed he doesn’t understand, but because most people use it, Binance has listed it. He completed by saying Binance goes by the community’s demands, and any individual decision doesn’t count.
Several ways to Fast track your coin listing
As per CZ, the volume factor is only among the several ways for listing a token on the decentralized exchange. He clarified that the higher the contacts, the more value the product has. And that is the most superficial count. For that matter, it is wise to incorporate the figures in the application form. It has a massive effect on the application. CZ continued stating on Binance listing tips.
Sergei Khitrov, a pioneer of the crypto-listing arena, had this to say. Big crypto exchanges avoid minor tokens. He believes they earn more trading rather than listings.
The major exchange platforms do not rely on listings. However, most projects cannot fathom this concept. The first step is a project should look into is building an audience—a larger community. The figures don’t have to be 500 or 10,000 people from social media, but a substantial natural audience. Sergei added. He hinted that the best way for newbies is to begin from the unknown small exchanges.
Currently, Binance supports up to 346 unique cryptocurrencies. The compilation includes significant cryptocurrencies such as Bitcoin and ethereum. Besides, other famous meme coins such as DOGE and SHIB are also available. Other altcoins are also available on the platform. So far, Binance trades up to $28 billion daily.
Binance is the highest crypto trading platform
On the other hand, Binance’s closest competitor OKEx has so far listed 312 coins. The platform has a 24-hour rundown with a daily trading volume of around $7 billion. The third exchange platform is Coinbase. The firm is based in America and is supporting 123 tokens only. Coinbase has a total trading value of $6 billion within 24hours.
However, decentralized exchanges (DEX) are massive platforms as they have listed the most cryptocurrencies. Therefore, PancakeSwap, a DEX operating on BSC, contains 3200 tokens, and Uniswap has over 1800 listed cryptos.
In October, PancakeSwap listed a new token called SQUID. This was a crypto scam that emanated from a movie store. The token saw a growth of about 45000% a little time after launch.