2 mins read Binance has been the world’s largest exchange for many years, and continues to list new tokens and delist old tokens every week. The reason so many enthusiasts want to see their tokens listed is due to the extreme growth they generate from the listings, sometimes doubling in value within seconds after being added to the exchange.
The process to get a token listed on Binance and other major exchanges have been in secrecy for years. As soon as a project begins to talk to a major exchange about listings, they are quickly told to sign non-disclosure agreements for all discussions.
The metrics that exchanges look into, the amount of time it takes to get listed, and the costs associated with these exchanges have been a mystery for cryptocurrency holders.
Many crypto enthusiasts who trust in the technology behind blockchain want to see more utility-based projects succeed. They believe this is the way that the world will change its view on digital currencies and allow for mass adoption. While some of these utility tokens have made their way onto top exchanges, many have struggled. To further the frustration, exchanges like Binance have opted recently to add meme coins over some utility-based projects.
On Monday in an interview with Forbes, Binance CEO, Changpeng “CZ” Zhao stated that the number one criteria for getting listed on exchanges had nothing to do with real-world utility or value. Instead, the number one criteria to get listed was by the number of users.
This has made quite a few crypto enthusiasts angry as it seemed these top exchanges do not care about the longevity of blockchain-based projects, but instead want to cash in on ‘hyped' projects.
To further the frustration, CZ went on to say that if the project has more users, it has more value. This means that a project redesigning healthcare, redefining finance, or revolutionizing the shipping industry has less value than a meme coin because it does not have as many speculators.
Statements like this hurt the image of cryptocurrency as a real-world utility and give firepower to the critics who claim digital assets are only for speculation. Real-world utility tokens may have a long road ahead of them to reach these top exchanges. If their product can successfully reach millions of users worldwide, then they can have a chance to be recognized. Otherwise, their applications might get buried under overhyped coins.
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