Binance CEO Reveals One Key Factor For Token Listings

　　The number of users plays a critical role for a token to get listed on Binance, Changpeng Zhao said in an interview.

　　The CEO of Binance, the world's biggest cryptocurrency exchange by volume, has uncovered some data on the best way to get listed on the trading platform.

　　The main rules for posting a cryptocurrency on Binance is the quantity of clients, CEO Changpeng Zhao, otherwise called “CZ,” said in a Forbes meet on Monday.

　　CZ went on to say that there are many other factors like the number of active addresses on blockchain, social media audience and code commits. However, the number of users is “the key metric,” he said, adding:

　　“If a coin has a large number of users, then we will list it. That‘s the overwhelming significant attribute. Consider for example meme tokens, even though I personally don’t get it, if it‘s used by a large number of users we list it. We go by the community, my opinion doesn’t matter.”

　　As per Binance's posting tips from its CEO, the quantity of clients is only one of many variables for posting a token on the crypto exchange. “Assuming that you have countless clients, your item has esteem. That is the simplest to gauge. Do remember the client measurements for the application structure. It will help essentially,” the CEO's assertion on Binance listings peruses.

　　As per Sergei Khitrov, organizer of crypto posting centered platform Listing.Help, major crypto exchanges like Binance don't have to list minor tokens, as they procure for the most part from trading volumes rather than listings.

　　“This is one of the main problems that many projects do not understand. They should start with building a community. And that means not 500 or 10,000 people in a Telegram channel, but a much larger audience,” Khitrov told Cointelegraph. He added that token creators are recommended to start from smaller exchanges.

　　At the hour of composing, Binance upholds a sum of 346 cryptocurrencies, including significant cryptocurrencies like Bitcoin (BTC) and Ether (ETH), just as well known image tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), as indicated by information from CoinGecko. Binance's every day trading volume is assessed at $28 billion.

　　In correlation, OKEx, the second-biggest crypto exchange by trading volumes, has listed 312 coins and has a trading volume of generally $7 billion. US based crypto exchange Coinbase upholds only 123 tokens with an every day trading volume of about $6 billion.

　　Some major brought together exchanges (CEX) have a greater number of tokens listed than Binance does, with Bittrex posting throughout 450 cryptocurrencies at the hour of composing.

　　Instead of a CEX, decentralized exchanges (DEX) are the world's greatest platforms as far as the quantity of listed cryptocurrencies, as DEXs like PancakeSwap don't need reaching an exchange or asking authorization. All things considered, PancakeSwap, a DEX running on the Binance Smart Chain, has more than 3,200 listed tokens, while Uniswap records north of 1,800 cryptocurrencies.

　　Last month, PancakeSwap listed the Squid Game (SQUID) token, a cryptocurrency scam enlivened by the eponymous Netflix show, which posted more than 45,000% development in a couple of days after dispatch. The token is listed on Binance-possessed crypto site CoinMarketCap, while contenders, for example, CoinGecko withdrew from posting SQUID due to being “undoubtedly a scam.”

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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