Binance is one of the world's largest crypto exchanges and a major player in the crypto market. Recently, they announced the removal of four projects from their Innovation Zone: Shiba Inu (SHIB), 1INCH, Frax Share (FXS), and Trust Wallet Token (TWT). This is the success of Binance’s routine evaluation that seeks to explore new and innovative projects and give users a secure environment to trade crypto. Criteria considered include the teams’ dedication to the project, development activity, trading volume, and liquidity.
The projects were found to have achieved a level of success to meet Binance's standards and were thus removed from the Innovation Zone. The exchange also queries projects on their likelihood of suffering principal capital losses, and projects having losses higher than 50% are excluded from the zone. Additionally, projects must take responsibility for their own losses instead of attributing the responsibility to Binance.
The overall crypto market is recovering from the slowdown in Q4 of 2022 and has a total market cap of over $1.3 trillion. According to CoinMarketCap, Binance is in the leading position for daily volume, new and active user count, liquidity and web traffic. Although, it got a rating of 9.3 in the 2023 review by Traders Union, being placed fourth internationally.
In the meantime, Binance is actively exploring new collaborations, such as its recent one with the Brazilian Football Confederation and investing in NFTs. As for Shiba Inu and 1INCH, 38% and 18% holders are ‘in the money’ respectively making profits. These tokens have remained somewhat muted on their daily charts, with SHIB ranking 15 and 1INCH coming in at #105. On-chain and exchange signals suggest bearish and negative sentiments respectively.
The Innovation Zone of Binance continues to play a major role in the crypto market, helping to identify and remove innovative projects that meet its high standards. With the current collaboration of the exchange and its active investments, the future of crypto appears promising.
Matthew Mendoza
- 2023-04-17
Binance's Routine Evaluation Removes Projects from Innovation Zone
Binance recently removed four projects from the Innovation Zone. This is the success of Binance’s routine evaluation that had high standards to provide users with a secure environment for crypto trading. The crypto market is recovering, and with Binance's current collaborations and active investments, the future of crypto appears promising.
