Author: Spirit, Golden Finance

Introduction

The once significant "listing wealth-making effect" in the crypto industry is weakening. The phenomenon of price surges after the new currency is listed is no longer common, but is replaced by violent price fluctuations and subsequent declines, especially represented by Meme Coin. Market liquidity also declined accordingly, and investors gradually lost patience with short-term speculation projects. The core reasons for this transformation are many, including venture capital and insiders' high control over token issuance, which leads to retail investors taking over at high levels; there are loopholes in the arbitrage mechanism between DEX and CEX, giant whales on the chain make profits in advance, and CEX retail investors are damaged; and the meme coins themselves lack value support and are extremely susceptible to market sentiment, and their inherent vulnerability makes it difficult to sustain the wealth effect.

Faced with this trend, the cryptocurrency industry urgently needs to transform. Although exchanges such as Binance benefit from listed currency trading in the short term, in the long run, user trust and regulatory pressure will increase. The industry should shift from excessive speculation to value investment, promote project parties to build a more practical and sustainable token economic model, and establish a fairer and transparent token issuance and trading mechanism, so as to reshape market confidence and achieve healthy development.

Chapter 1 Binance Coin Listing Mechanism: Seeking the Optimal Solution between Prudent Supervision and Market Vitality

Looking at the development history of the cryptocurrency market, early rapid expansion and irrational prosperity have gradually become a thing of the past, and the industry is entering a new stage of standardized and mature development. The combination of the following factors has led to the decline of the effect of making money on the coins. First of all, venture capital institutions and project parties have a high early control over token issuance and price, making it difficult for ordinary investors to benefit from the medium and long term.

The entire market is facing serious selling pressure caused by VC coin unlocking

Secondly, the time difference and liquidity differences between DEX and CEX are used by market participants for arbitrage, further harming the interests of CEX users. The deeper reason is that the market is highly speculative, and MEME coins that lack actual value support account for most of the newly listed projects, and their inherent vulnerability makes it difficult to sustain the wealth effect.

Since the beginning of 2024, the new MEME token issuance platform represented by Pumpfun has quickly gathered considerable market liquidity with its convenient token creation and issuance mechanism, injecting new vitality into the Solana ecosystem. However, as some token issuance platforms driven by celebrity effect exposed problems such as the uneven quality of project quality and lack of long-term value support, market speculation has suffered a severe blow. In addition, some celebrity token projects have run away or sharply pullbacks, resulting in a cliff-like decline in overall market trading volume and capital inflows. The market has begun to re-examine whether this type of asset issuance model has truly brought innovation and value.

1. Common challenges in the industry and the breaking innovation of Binance: NewMarket performance differentiation after currency listing

Faced with the increasingly diversified and complex crypto asset issuance model and the continuously evolving market environment, Binance has continuously adjusted and optimized its currency listing mechanism, striving to find the best balance between effectively protecting user rights and interests, prudently controlling market risks and fully stimulating market innovation vitality.

Although the current poor performance of new currency listing in the crypto industry is common, Binance's new online projects still lead the market. Data shows that the median return of Binance's tokens listed in 2024 reached 126.64%, far exceeding the 60% average of the other six major exchanges, and Coinbase is only 30%. Even if the latest price return is observed, the median retracement of Binance's listed projects is controlled at -52.49%, 10 percentage points better than the industry average. But Binance still needs to face the gap in investors' sense of investment returns.

From the second half of 2024 to the beginning of 2025, Binance actively embraced market changes, combined with the advantages of BNBChian's technology ecosystem, providing users with diversified asset allocation options. Market-related data shows that the return performance of its newly listed tokens has begun to rebound. Recently, a number of high-quality projects with outstanding market performance, including KAITO, BERA, etc., have emerged.

Note: The above is K-line statistics, not the start and end data of the listing, and is for reference only.

The positive change in the above data is closely related to Binance's long-term strategies such as its long-term adherence to the concept of value investment, implementation of cryptocurrency review standards, and the continuous construction of a strong platform ecosystem. Especially recently, the circuit breaker mechanism has been tried. Although it is possible to reduce liquidity in the short term and limit price discovery, its positive significance is more significant. This mechanism can effectively curb excessive market fluctuations, provide investors with a safe buffer, reduce risks for small and medium-sized investors, and reduce market manipulation space, thereby enhancing user trading security and platform trust. In the long run, the circuit breaker board will help the cryptocurrency market move closer to a more mature and standardized traditional financial market, attract institutional investors, promote rational value investment in the market, and ultimately achieve the long-term and healthy development of the Binance platform and the cryptocurrency market.

The distribution of tokens listed on Binance is also more balanced, and we keep paying attention to high-quality projects in each sector.

Binance is clearly aware that industry development is accompanied by opportunities and challenges. Faced with the common problem of general poor performance in the cryptocurrency industry after the listing of the new currency in the crypto industry, Binance not only did not choose to lower the listing standards to cater to short-term market speculation, but chose to adhere to the long-term orientation of value investment and continuously optimize and improve the listing process, which not only improved the professionalism and transparency of project review, but also actively guided users to establish rational investment concepts.Together with all parties in the industry, we will jointly promote the long-term and healthy development of the industry ecology. At the same time, Binance is also actively exploring innovative models such as LaunchPool and BNB pledge voting listing, aiming to provide a fairer and more efficient value discovery and issuance platform for truly potential high-quality projects, and create more opportunities for users to participate in early high-quality projects and share the long-term value growth of projects.

2. Paradigm transformation of the currency listing mechanism: from "platform strict selection" to "community co-governance"

Binance is actively promoting profound changes in the currency listing mechanism, striving to gradually transition from the traditional "centralized platform strict selection" model to a more open, transparent and decentralized new paradigm of "community co-governance".

- Significantly reduce project coin listing fees: Binance has significantly reduced project coin listing fees to near zero, and will give back all the platform revenue generated to community users and project developers through innovative forms such as Launchpool. In 2023 alone, Binance platform has allocated a total of US$180 million of new online tokens worth up to US$180 million.

- Continuously improve transparency of coin listing process: Binance is committed to continuously improving transparency of coin listing process, gradually revealing relevant information on key links such as project due diligence, technical security audit, and internal IC (coin listing committee) review to the community, and accepting wider market supervision.

- Forward-looking exploration of community participation in governance: Binance plans to officially launch the "BNB pledge voting and listing" mechanism in the second quarter of 2024, aiming to delegate part of the decision-making power for the project to community users. By introducing a community voting mechanism, it can achieve innovative upgrades of the platform governance model and build a more open listing ecosystem.

Binance executive He Yi publicly stated in a recent community event, "We do not pursue perfection, but we will never stop the pace of evolution." At the same time, Binance also actively disclosed relevant data on the platform's internal anti-corruption in the past two years at the event, including handling a total of 120 internal violation investigations, firing 60 illegal employees, and recovering more than US$30 million in detailed information - Binance hopes to operate "sunshinely" and disclose "data-based" to effectively respond to market suspicion and reshape user trust with practical actions.

Chapter 2 Adhere to the concept of decentralization: Binance seeks a balance between value discovery and protection

The inherent cyclical fluctuations of the cryptocurrency market are a severe test for all market participants. In a complex environment where market sentiment is susceptible to external factors and user confidence faces challenges, the Binance team has always adhered to the concept of decentralization, committed to maintaining market order and promoting the healthy development of the industry.

1. Respond to market cyclical fluctuations and maintain the cornerstone of user trust.

The cryptocurrency market has significant high volatility characteristics, and irrational market behavior and user panic sentiment are easily amplified. Looking back on 2023, the Binance Coin Listing Team conducted a comprehensive and rigorous review of more than 2,000 crypto projects, and the final coin listing rate was less than 4%. All projects that have been successfully launched must be passed including the agentMultiple strict screenings including code security audits, economic model stress testing and community consensus assessments are used to ensure project quality and user asset security to the greatest extent.

Binance's currency listing mechanism is the core of seeking a dynamic balance between innovative vitality and risk control, and putting user interests first. Since the beginning of 2024, Binance has launched more than 130 crypto tokens, covering multiple cutting-edge fields such as Meme coins, AI protocols, and DeFi. While actively capturing market hot spots, it also takes into account the diversified construction of the ecosystem. Judging from the market data performance, Binance has maintained a relatively stable operating trend in mainstream centralized exchanges and has made positive contributions to maintaining market confidence.

Nevertheless, in the face of the rapid emergence of emerging asset issuance platforms such as Pumpfun and the resulting market discussion that "low threshold issuance of coins" will eventually lead to asset bubbles, Binance adheres to its prudent currency listing strategy and continues to adopt a multi-dimensional KPI assessment framework (including the performance of the token secondary market ROI, the project's new contribution to the industry ecology, and the proportion of market share) to evaluate the value of the project to be launched, striving to identify and select high-quality assets with real long-term development potential in high-risk Meme coins and other fields. Binance adheres to the value-oriented currency listing strategy and may face certain market understanding deviations and user growth pressures in the short term, but in the long run, it is of positive significance to maintaining healthy market order and guiding the rational development of the industry.

2. Binance: An important bearer of the "value discovery" function of the crypto asset market

The value discovery mechanism of the cryptocurrency market has always been controversial. There are different views in the industry whether market value should be adjusted freely or moderately guided by centralized platforms. The role of Binance's currency listing team can be used to compare the concept of the "Feder" in the crypto market to some extent, and it is expected to maintain the market ecological health through professional screening mechanisms. Just as the Fed seeks a balance between free markets and prudent regulation to cope with economic cycle fluctuations, Binance has also tried to release high-quality asset liquidity through platforms such as LaunchPool, and uses the KPI framework to improve value discovery efficiency and support Web3 innovation. However, on the most important aspect, just as the Federal Reserve often faces difficult choices and market shocks, Binance, as the "regulator" of the crypto assets, also faces the impact and test of market sentiment.

Value-oriented selection criteria for listing coins

Binance team positioned itself as a "blockchain ecosystem builder" and built a multi-dimensional and multi-level project evaluation system to ensure the quality and potential of listing coins:

- Technology maturity and innovation: quantitative indicators such as the number of original code lines and the frequency of GitHub code base updates are important references for measuring the technical strength and innovative vitality of the project.

- Community basis and consensus level: indicators such as the number of active addresses on the chain, community participation, etc., reflect the user basis and community recognition of the project.

- Long-term value and development potential: whether the project isHaving a clear long-term development strategy, sustainable business model and continuous innovation capabilities are the key factors that determine whether it can cross the market cycle.

Binance has always believed that adhering to strict project screening standards is an inevitable requirement for the platform to fulfill market responsibilities and protect user interests. Just as the Federal Reserve may face short-term market pressure when inflationary pressure is high, it may face short-term market pressure due to insisting on tightening currencies, Binance may also face some market participants' misunderstanding when actively removing some high-risk and highly speculative projects. But Binance firmly believes that maintaining the long-term and healthy development of the crypto market and protecting the overall interests of the user group is the primary responsibility that the platform must bear.

The "counter-cyclical" characteristics of Binance's currency listing strategy

In the context of the speculation craze in the Meme currency market and the market sentiment is easily driven by irrational factors, Binance adheres to relatively strict currency listing standards and continues to improve the transparency of the currency listing process. This is undoubtedly a "path that few people take." Behind this is the line-by-line review of smart contract codes by hundreds of professional reviewers, an international expert review meeting across multiple time zones, and the courage and responsibility to withstand the short-term market profit-seeking pressure and decisively remove potential risk projects.

When the on-chain data engineer detects a security backdoor in the code base of an AI project, and when the community votes to call on the platform to retain a Meme token project with a relatively high short-term market popularity but lacks practical application scenarios, Binance's strategic choices are always clear and firm: the platform should not become a blind follower of short-term market hotspots, but should adhere to the role positioning of "value gatekeeper" and maintain the long-term and healthy development of the market. This "counter-cyclical" strategy that remains calm and rational during market fanatic times may be difficult to fully cater to the speculative preferences of some market participants in the short term, but in the long run, it reflects the responsibility and strategic vision that Binance should have as a leading trading platform.

Rethinking on the concept of decentralization

Binance believes that true decentralization is by no means allowing the market to develop in disorderly manner. Binance’s currency selection mechanism also needs to fully absorb the opinions and suggestions of the community to achieve a benign interaction between platform governance and community participation. With the introduction of the BNB staking voting mechanism, Binance looks forward to hearing more rational voices from the community and discussing the deep-seated issues in the development of the following industries:

- In the selection level of crypto asset projects, should the market focus more on projects with disruptive technological innovation and solid code foundation, or short-term market popularity and user attention?

- At the level of building an industry innovation ecosystem, should platform resources give priority to supporting early grassroots developers and innovation teams, or should they focus more on mature projects with institutional endorsement and resource advantages?

The above questions have no standard answers, but they actually concern all Web3 market participants' common thinking and value choices on the direction of the industry. Satoshi Nakamoto's precious legacy for the crypto world is not just the cold code code, but also a profound set of how to build trust and promote collaboration in a decentralized networkPhilosophical thought. Binance hopes to become an active practitioner of this idea - the platform should not play the role of "hand of God", but should become the "reflector" of community consensus. Through technological innovation and mechanism optimization, it will ultimately build a more open, transparent, and community-governance crypto ecosystem.

As former chairman of the U.S. Federal Reserve System, Greenspan, said: "The effective art of regulation is to make the market believe that you will never abuse power." Binance continues to iterate and improve its currency listing mechanism, which is moving towards this goal: the platform strives to replace centralized authority under the traditional model with higher transparency and reshape market trust with wider community participation. Although the road ahead is long and challenges are numerous, Binance firmly believes that when the voting rights of BNB token holders and the code contribution of the project development team become key factors that affect the decision-making of the project online, a truly decentralized "promising land" will eventually gradually arrive in the crypto world.

Chapter 3 BNB Chain Technology Blueprint: Building a high-performance and low-cost blockchain infrastructure

BNB tokens are not only the value carrier of the Binance ecosystem, but also the key link connecting developers, users and investors, and the core infrastructure supporting Binance's decentralized vision.

In February 2025, BNB Chain officially released its comprehensive technological development roadmap, with the vision of "code-driven moon landing plan", opening the prelude to a new round of technological innovation. This technical blueprint, which is hailed by the community as the "light-year roadmap", is much more valuable than a simple accumulation of a series of performance parameters, but also lies in the deep thinking and forward-looking layout of the essence and future development direction of blockchain technology - how to build an underlying infrastructure that is enough to carry the human business civilization towards the stars under the framework of a decentralized network?

1. Break through the transaction performance bottleneck and lower the user threshold

- Sub-second block confirmation speed: Through the deep optimization of the underlying technical architecture, BNB Chain plans to significantly compress the block confirmation time from the current 3 seconds to 0.8 seconds in the sub-second level, and the transaction processing speed will be exponentially improved. Daily transaction throughput is expected to break through the performance bottleneck of the existing blockchain network and clear obstacles for large-scale commercial applications. This is not only a simple improvement of technical parameters, but also a powerful counterattack on the long-standing traditional industry perception of "decentralized networks are difficult to take into account efficiency and performance", proving that decentralization and high performance are not irreconcilable contradictions.

- Reforming fuel costs: By introducing innovative technologies such as Megafuel solutions, BNB Chain is expected to achieve a significant reduction in transaction Gas fees, and plans to fully support users to pay Gas fees using mainstream stablecoins such as USDT. This change will effectively lower the threshold for users to use blockchain applications, greatly improve user experience, and lay the foundation for the large-scale popularization of blockchain technology.

2. Continuously iterate user security and transaction experience

- New generation of intelligenceWallet: Based on the EIP-7702 standard, BNB Chain is actively developing a new generation of smart wallet solutions. The new wallet will no longer be just a simple storage tool for private keys, but will transform the traditional and complex private key management process into a more convenient and secure "silky" user experience through the integration of cutting-edge technologies such as biometrics and social recovery. In the future, the key of the blockchain wallet may no longer be an obscure string, but will become the "genetic password" for users to safely enter the Web3 world.

- Forward-looking MEV shield: In order to effectively deal with the increasingly severe risk of miner extractable value (MEV) attacks, BNB Chain plans to deeply improve the existing block voting mechanism and significantly compress the living space of malicious transactions such as "sandwich attacks" through technical means. This is not only a simple technical defense measure, but also a powerful defense of the spirit of "transaction fairness" in the decentralized network - in an ideal decentralized world, every user transaction should enjoy equal and transparent sunshine.

While actively carrying out underlying technological innovation, BNB Chain has also keenly captured the trend of the accelerated development of artificial intelligence (AI) technology, and has begun to foresightedly plan the deep integration of blockchain and AI technology, striving to seize the initiative in the next round of technological change.

3. Build the cornerstone of data democratization and release the value of data elements

- DataDAOs decentralized data governance: Based on BSC high-performance network and Greenfield decentralized storage infrastructure, BNB Chain is actively building a decentralized data governance platform DataDAOs, aiming to truly return data ownership and control to users. In the future, every user will have the opportunity to become participants and beneficiaries of AI model training. The browsing behavior data, content creation data, etc. generated by users on a daily basis can be converted into "nutrients" for training and optimization of AI models, and data ownership will never be lost.

- Application of Trusted Execution Environments (TEEs) technology: BNB Chain plans to actively introduce Trusted Execution Environments (TEEs) technology to build a safe, reliable and tamper-proof operating environment for various AI agents and smart contracts, and lay a solid foundation for nurturing smarter and more complex decentralized applications (DApps) on the blockchain network.

4. Create a developer-friendly ecosystem and empower the explosion of innovative applications in Web3

- AI-assisted smart contract development tools: BNB Chain is actively developing AI Code Copilot and other AI-assisted code development tools, aiming to use artificial intelligence technology to understand developers' Chinese programming needs, generate high-quality Solidity code, significantly lower the threshold for smart contract development, and effectively eliminate the language and technology of traditional Web2 developers entering the Web3 field.obstacle.

- SDK developer toolkit evolution: The new generation of SDK developer toolkit will greatly simplify the development, testing and deployment process of DApps, and is expected to shorten the DApp development cycle from several weeks to several hours, so that developers' innovative ideas can be implemented faster and quickly launched to the market.

- EVM compatibility and ecosiphon effect: BNB Chain will continue to maintain high compatibility with Ethereum virtual machines (EVMs), and continuously improve its own network performance, and continue to attract developers and high-quality projects of the Ethereum ecosystem to migrate to the BNB Chain ecosystem with lower Gas fees and higher transaction speeds. Market data shows that BNB Chain has firmly ranked first in trading volume in the past 30 days, and its average daily handling fee income has surpassed the Ethereum main network. The cumulative transaction volume of leading decentralized exchanges such as PancakeSwap has also exceeded the $1 trillion mark. The above data not only confirms BNB Chain's leading position in the DeFi field, but also reflects its strong ecological siphon effect and the potential subversiveness of the community governance model on the traditional financial order.

It is worth noting that in market hot areas such as Meme Coin, Binance not only pays attention to the fluctuations in short-term market sentiment, but also focuses on guiding the Meme Coin project to a more practical direction. By actively organizing and participating in the "Meme Season" theme event, Binance has continuously strengthened its in-depth interaction with the Meme Coin community, guided developers to explore the innovative integration point between Meme culture and blockchain technology, and promoted the Meme Coin project to gradually evolve from a simple emotional value carrier to a more application scenario and actual value. Thanks to the above active guidance and ecological support strategies, the proportion of Meme currency trading volume in the overall trading volume of BNB Chain has jumped significantly from 15% to 32%, and the diversification and market attractiveness of the BNB Chain ecosystem have been significantly enhanced.

Chapter 4: Strengthening market trust: Binance and the community are rushing toward both directions

At a critical period when the overall trust in the crypto industry is facing severe challenges, Binance actively chose to use "extreme transparency" as a breakthrough and important means to consolidate market trust.

Build an "anti-corruption watchtower": Binance publicly announced the establishment of a "Sunshine Reporting Fund" with a total amount of up to $5 million, aiming to encourage internal employees and the public to actively supervise the platform's operation, and promise to synchronize internal audit reports to regulatory agencies such as the US Department of Justice and actively accept external supervision.

Strengthen the project party's information disclosure obligations: Binance's future plan requires all online projects to disclose project development progress monthly. For projects that fail to complete the development roadmap as planned, the platform will automatically include them on the "Project Observation List" to continuously improve project information transparency and reduce user investment risks.

Introduced the "Market Maker Transparent Index": In order to effectively prevent secondary market price manipulation and insider trading risks, and effectively protect the legitimate rights and interests of ordinary trading users,An innovatively launched the "Market Maker Transparent Index" mechanism, aiming to transparently transform the trading behavior of platform market makers, and disclose the real trading data of market makers to the market, help users better understand the dynamics of market microstructure and identify and prevent potential market manipulation risks in advance.

Binance hopes that through the above series of "combination punches"-style transparency measures, it will not only enhance the credibility of the platform itself, but also hopes to jointly build a more transparent and credible market environment with community users and reshape the cornerstone of the healthy development of the industry. Binance knows that it is impossible to consolidate trust in the crypto world to achieve overnight, but as long as the platform and users can treat each other sincerely and go in both directions, the industry will definitely be able to get rid of the crisis of trust and usher in a brighter future.

Chapter 5 Binance's vision for future development: Focusing on application innovation and community governance

Looking forward, Binance's strategic vision is not only to consolidate its leading position in the global crypto asset trading field, but also to become an active promoter and value contributor to the Web3 innovation wave. BNB Chain is expected to become the preferred platform for global Web3 developers and innovators, especially among the huge potential Chinese developers and global developers, to build a more innovative, dynamic, open and inclusive Web3 innovation ecosystem.

1. Focus on the innovation and explosion of Web3 application layer

Continuously optimize Web3 infrastructure: At the underlying technical level, we will continue to increase investment in R&D in BNB Chain infrastructure, and continuously optimize BNB Chain's network performance and user experience through cutting-edge technological innovations such as Account Abstraction (AA) technology and Decentralized Identity (DID), significantly lower the threshold for Web2 developers to enter the Web3 field, attract more traditional Internet developers and innovative forces to join the blockchain ecosystem, and jointly promote the prosperity and development of the Web3 application innovation ecosystem.

Foresighted support for segmented innovation fields: At the application ecosystem level, Binance will not only focus on traditional hot tracks such as DeFi and GameFi, but also focus on segmented innovation fields such as SocialFi and CreatFi that have more explosive potential and are closer to the real needs of users. Binance will give full play to its global platform advantages and resource integration capabilities, provide developers and innovation teams in the above-mentioned sub-sectors to provide more accurate resource docking and greater support, give full play to the unique advantages of the Asian developer group in application innovation and model innovation, and set off a new wave of innovation in the Web3 application layer.

2. Promote in-depth participation of the community and realize the return of universal value.

Actively listen to the voice of the community: At the platform governance level, Binance plans to hold various forms of online and offline activities such as developer summits and community open days from time to time, actively collect opinions and suggestions from community users and developers on the future development of the platform, and gradually delegate the platform governance rights to the community to exploreA more decentralized community autonomy model can achieve in-depth binding between platform development and community interests.

Verify the long-term value ideology: At the value-oriented level, Binance will not only focus on short-term market hotspots and traffic effects, but will also vigorously advocate long-term value ideology, and continue to reward and support high-quality project parties who do not pursue short-term market speculation, but focus on long-term operations and technological innovation, and focus more on the long-term value creation and sustainable development potential of the project.

Conclusion

The development of the cryptocurrency market is a process full of challenges and change. Binance knows that in the evolving market environment, only by adhering to the original intention of decentralization concept remains unchanged, continuing to carry out technological innovation and mechanism optimization, and establishing deeper and stronger trust with users and communities can we lead the healthy development of the industry. Looking ahead, Binance is not only committed to the long-term value empowerment of BNB tokens, but also continuously improves and iterates the coin listing mechanism of community governance, but also strives to build transparency and compliance to consolidate market trust and give back to users' expectations.

Binance firmly believes that true decentralization is not an ideal country that can be achieved overnight, but a dynamic process of continuous evolution and improvement, which requires the joint construction and continuous investment of all market participants. On the road to the ideal state of Web3, Binance is willing to take technological innovation as its engine and user needs as its heading, seeking a dynamic balance between compliance and innovation, market popularity and long-term value, centralization and decentralization, and constantly explore a more open, transparent, and community-driven crypto future.