Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange Binance, explained why they can list meme tokens, but at the same time ignore more serious projects. Speaking with Fores, Zhao said the number of users is a key factor in deciding whether to add a particular asset.
“If the coin has many users, we will add it. The significance of this factor is off scale. Take meme tokens, for example. Although I personally don’t understand them, if they have a large user base we will list them. We follow the community, my opinion does not matter, ”he said.
The Binance website has listing guidelines for CZ itself. The list contains 25 items and, along with the number of users, includes the number of addresses on the blockchain, audience on social networks and code updates.
“If you have many users, your product has value. This is the easiest to measure. Include user statistics in your ticket. It will help a lot, ”Zhao writes.
To date, Binance supports 346 digital assets and has processed $ 28 billion in applications over the past 24 hours. For comparison, Huobi with 358 coins has a turnover of $ 4.5 billion, and KuCoin with 546 has a turnover of $ 3.5 billion.
In a conversation with Forbes, Zhao also noted that it was not the listing of a large number of coins that helped Binance to become the market leader, but its focus on the international community, while other sites served customers mainly in their regions:
There are many other factors. For example, from a product perspective, on most sites, you had to scroll up to view the graph and then down to place an order. We said that this is not how trading should work. Therefore, we created our own full screen trading, even two versions. Subsequently, we were copied by the rest. I can go into details for a long time, but the point is not only in the number of coins. “
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