A question that many people must have ever wondered, well, given that Binance was lucky enough to survive the “economic massacre” in China and they could partly took advantage of the collapsed exchanges, but even so, at the end of 2017, there were many exchanges with higher liquidity, stronger capital, more users, so why Binance could have been unique and made itself stand out as the market leader?
Binance reached the peak thanks to the following factors:
Firstly, thanks to user support with a right mindset to PR and communications. From the very first days, Binance has always tried to maintain credibility with customers by proving that customer ‘s interests were always placed highest. In addition, with the strategy of using the head of the company as KOL, Binance has created a feeling for users that they are always ready to talk and negotiate, whenever in need.
Secondly, robust technological foundation is another strength. With a CEO having a background in technology, Binance has a reliable security system that other platforms could ever dream of. In addition, while most exchanges only target multiple trading pairs and more coins, Binance has envisioned a more sustainable development: transforming itself into a platform for other projects to build on…
Saving the best for last, the most important reason is… money game
It goes without saying that even if performing excellently in both criteria mentioned above, at last, a cat comes back to its skin; a trading platform is still just a trading platform. If ever wished to become the crypto hegemony, an anonymous exchange must have cards that no one has ever had and done things that no one has ever done. And the first card of Binance is:
Binance Coin – BNB
Back in 2017, stemming from the idea of a unique coin used for a particular trading platform is still quite dubious. Intentionally or unintentionally, on the way of their development, BNB became the most important “ace up the sleeve ” for Binance to impose its influence on the entire market. Starting from utilizing BNB pay transaction fees, creating a demand for users, to working with partners to expand the network in conjunction with the process of coin burning, with a view to cutting supply and continuously bettering Binance platform similar to that of Ethereum. When Binance’s opponents in turn succumbed to the pressure of the market, Binance with the unlimited supply of BNB, was still hale and hearty, being able to maintain profits because they can create their own codes, sell to investors and trade for fiat money to develop businesses further.
Difficulties were not over yet. When Binance had already held a large enough amount of money, it then faced a bear market. As if this were the case of your business, what would you do? 3 fiat-crypto trading platforms, 3 market research agencies, a series of upgrades in the system were all the answers of Binance to minimize the impact of the market price slumps on its business model. Then one day, waiting for the right opportunity, Binance will declare its mainnet was ready, the BNB would abandon the Ethereum network to become the foundation for other projects; and we know that Binance’s shield is now invulnerable.