CZ Binance in AMA speaks on delisting, launchpad, Binance DEX, and more

05 Mar, 2019 | Updated: 05 Mar, 2019
by Colin Hawkins
CZ Binance in AMA speaks on delisting, launchpad, Binance DEX, and more

The CEO of the global cryptocurrency exchange Binance, Changpeng Zhao, sat down to do an ‘ask me anything’ livestream, answering questions comprising from crypto enthusiasts across the world as well as speaking on newsworthy topics to do with Binance.

CZ’s first order of business was going into detail about delisting. “Delisting has to be done,” CZ states, “When we list a project it must have meet a certain criteria, over time a project may fall below this standard.” He then goes into detail about why he delists certain projects. He states that “If you have a large user base you have utility value, If you don't have a large amount of users you must at least have a product, If you don’t have a project then you must have a time frame of what you plan to accomplish.f you do not have a product after your ICO then you are not looking good,” in the eyes of Binance.

Some things that Binance looks at is how active the development team of the product is and how that team is behaving as well. Binance tries to maintain active communication with all project teams, however some teams are failing to respond, and this is also a bad look when Binance is inquiring about statuses. CZ then goes on to say that there is not a ‘three strike system’ on Binance. They like to keep information confidential so the delisting process can go as smooth as possible. Binance acknowledges that delisting coins hurts themselves as well, but it is something that needs to be done.

One of the next main topics discussed was about Launchpad. Launchpads goal is to help good projects raise money, awareness and exposure. Launchpad also aims to raise projects liquidity as well as boost their chance of being listed on Binance. However the overall goal is to help good projects and help build ecosystems for these projects.
The next topic of discussion was the negative criticisms that Binance has been facing. CZ Binance prides himself on keeping in touch with Twitter users and believes he is one of the most active CEOs. However in regards to negative comments CZ chooses not to respond in the fear of giving more exposure to his haters, due to his high Twitter following. Binance has the highest community engagement and he plans on continuing to cater to this positive community.

'BNB has more use cases than most other'
CZ also spoke on the BNB token. He believes that at this moment the BNB token has more use cases than most other coins out there. They are continuing to build and add more use cases as time goes on for the coin as well. Binance is continuing to expand the BNB ecosystem and is working very hard to do so, as CZ Binance explains. The BNB token is setting up to become a native token on the Binance Chain, with the Binance Chain’s main application being the backbone of the Binance DEX.

CZ Binance then transitioned into talking about Binance Chain and Binance DEX. The Binance Chain is expected to be a very fast blockchain with the ability to achieve one second transactions. However the launch date for the mainnet is still to is still up in the air, Binance wants to see how progress of the testnet works and make sure that there are no bugs or issues of any kind when it comes time to launch the mainnet. Binance is also encouraging other ERC20 projects to migrate to Binance Chain.

The benefits for doing this consist of it being a faster chain with less congestion and the ability to send and receive tokens with ease. Creating a token on Binance Chain is very easy, CZ emphasises. In a broad sense all you have to do is supply a few parameters, give a project name, and before you know it, you have a token. There are no smart contracts to program, it is more secure and there is less room for bugs. Once moving to the Binance Chain you will gain Binance as a partner, which will in turn help you with marketing, with the Binance marketing engine working on your side. Although CZ Binance did not name the projects, he did confirm that 8 fairly large projects have already confirmed that they are migrating from ERC20 to Binance Chain.

The full livestream can be viewed below:

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