Looking at the performance of new projects launched by Binance in the past year, it is truly a bloodbath and shocking!
In the past year, Bitcoin has risen from less than $30,000 to now $100,000, but apart from that, 99% of projects have performed extremely poorly, especially the new coins launched on Binance in the past year, which have been continuously declining! As the largest exchange in the crypto space, Binance cannot be entirely absolved of responsibility! Objectively speaking, it is not entirely Binance's fault; the fundamental reason is that there are currently too many meaningless money-grabbing projects. In 2020, Binance had about 180 projects, and now it has grown to over 350, not including the millions of projects on web3. With so many projects and limited funds, it is not surprising that this bull market has performed very bearishly.
But if this continues, the vast majority of investors will suffer losses and ultimately leave in disappointment. The crypto space will be finished, and the exchange will also be doomed. As the leading exchange in the crypto space, Binance should adopt a long-term perspective and not lose direction or blindly follow trends just to earn a little more in trading fees. The crypto space has reached a critical moment of survival!
The author has a few suggestions that I hope the exchange can take note of:
1. In the future, when launching new projects, strictly filter and be cautious about listing coins.
In the future, for every new project that Binance lists, it should eliminate three poorly performing projects, gradually reducing parasitic projects. Even when there are no high-quality new listings, Binance should select 2-3 trash projects each week for elimination.
2. Eliminate all meaningless trash projects, such as various money-grabbing fan tokens and meme coins.
3. Establish an ST board; any project that has not been profitable after 24 months of listing should be placed on the ST board to help investors avoid pitfalls.
4. Binance can allocate some funds or BNB to establish a self-regulatory committee in the crypto space, responsible for supervising trash projects, and provide weekly research reports on the projects (for example, with 300 projects, there could be a supervisory committee of several thousand people, each corresponding to supervise some projects. Those who perform outstandingly in crisis warning and opportunity discovery could receive BNB rewards).