When it comes to the most well regarded and highest trade-volume cryptocurrency exchanges, even the mere hint of a new coin listing can send enthusiasts, investors and pundits wild – resulting in close speculation and often a certain level of ‘pump’ with regards to coin value.
How Do They Do It Normally?
An obvious conclusion would be that the largest exchanges choose the tokens which they are going to list in the future, for the most part, would be based on the performance of said crypto historically on other platforms beforehand. In combination with qualitative and quantitative project investigation.
Nele Maria PalipeaNele Maria Palipea, Founder OF 8-bit.io & advisor for CLOAKcoin wrote on Quora in response to a fellow user’s question, stating succinctly that
“Some exchanges only expect to be paid for the listing… [whilst] Other exchanges also research into the background of a project before listing”
Unfortunately, we have yet to see a solution which can be crowned the clear champion when it comes to exchanges’ methods behind coin listings – especially when most of the decision making is done behind the scenes without transparency.
The new methods explored are interesting in themselves, but arguably nothing beats expert qualification on behalf of a platform!
New Models from New Companies
A recent (and untarnished) example of ‘trans-fee mining’ has been implemented by an Ethereum-based trading platform called BitMart Exchange.
You might be more aware of the trading platform because it is ranked within the top 40 crypto exchanges on CoinMarketCap, or potentially due to their recent partnership with prominent Chinese blockchain community: AISI.fund.
AISI is posited to become “one of the first sponsors of the BMX Market”.
BMX (somewhat like ‘BNB’) is the name of the token which serves the basis for a foundational economic infrastructure upon which BitMart’s recently launched a project which incorporates their own approach to the F-Coin inspired concept under the moniker ‘Mission X’.
It’s a model which was previously adopted by F-Coin Exchange – which allows users to vote on their favorite coin through investment of an intermediary token.
The Binance Approach, and Criticisms
The only issue, in this case, is that F-Coin has received harsh words from Binance – with CEO Changpeng Zhao suggesting that the organization will be short-lived. This shouldn’t come as much of a surprise, however, as the companies are direct competitors! Readers should take note however that a brief search on Google suggests that Zhao’s warnings could be closer to truth than misinformation.
The Binance ‘Community Coin of the Month’ scheme allows holders of the platforms own ‘BNB’ cryptocurrency to apply their tokens proportionately towards their preferred coin from a list of potential candidates – with the highest rated coin getting added to the site’s roster with new trading pairs.
Featured image from Shutterstock.