The burning question in Electroneum community has been changed, from “when moon”, to “when Binance” and to a slightly lower degree “when Bittrex”.
Wondering when is ETN coming to the biggest crypto exchange by volume is on the lips of every ETN holder and many of them utter it fairly frequently on ETN community platforms.
Binance used to be the yardstick measure when assessing good project in crypto – if it was on Binance, it was worth investing in. Prices would behave accordingly, recording huge jumps. However, that high standard set at the beginning waned off and Binance started listing shady projects with some notorious pump and dump schemes going around their listings.
It is also fairly known that they have been charging big listing fees (rumor is $2 million for listing the token) and even though they have officially changed that policy (they are now giving the listing fee in charity), it is still very expensive endeavor to get yourself listed on Binance.
However, money should not be an issue for ETN as they had one of the more successful ICOs and raised well above $40 million. So, if it is not the listing free, what is the reason for not seeing ETN on Binance?
There are basically 4 ways to get listed on Binance:
1) the devs pay the fee
2) the devs make a request and if said exchange thinks it’s a good and profitable idea then they list it for free
3) said exchange just lists it anyway
4) voting for a new coin to be added, some exchanges like Binance do this, however, this could be a rigged process.
And the Electroneum team said a year ago they did apply for a lot of exchanges (but not on Binance):
Here are the exchanges that we will be applying to. We will update the application status for the exchanges when we get their responses. pic.twitter.com/kyAZSmlYGD
— electroneum (@electroneum) November 1, 2017
Exposing a coin to high volume exchanges does raise demand and thus market price in the long run. You have to be there where people are.
Every coin needs more trading pairs, especially fiat pairs. What is the most probable reason for not being listed on Binance? I would say a bear market. It languished a lot of projects’ enthusiasm and depressed the whole sentiment around them and teams probably aim to time the market – if they spot a bull entering the city, they will cough up the listing fee and use it as an edge over the competition. We know how the market behaves in the bull period – even the shittiest shitcoins go up, but some crawl while others leap which is what ETN is trying to accomplish.
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