Why didn’t BYD list on Binance?

08/13/2023 09:40 • AI Insights • 101 views

Why didn’t BYD list on Binance? Because BYD started developing and promoting blockchain technology at the end of 2017. However, in early 2018, Binance.US stopped supporting token withdrawals on BYD for various reasons, resulting in conflicts between the project team and users.

According to official information, shortly after BYD listed on Binance Exchange on November 10, 2019 (Tuesday), its founders Chen Lei, Wang Haichao, Sun Yuchen, and others suddenly decided to abandon their investment in the BYD public chain project. In early December, the BYD team officially announced plans to launch the mainnet in the first quarter of 2020, but this news was denied by the community.

As for the BYD project, in June of this year, the BYD public chain was also called “mining hegemon” because of its large computational power. At that time, it was a major participant in mining BTC, but later discovered that it did not participate in mining Bitcoin. Subsequently, they announced: “We will test the BYD public chain as core members.”

According to publicly disclosed information, “the current BYD public chain has completed the design work of the first-phase white paper and is expected to be released at some point next year, when the second batch of verification nodes will be activated and the third round of network testing will begin.” However, from the current situation, only a few projects can successfully complete this process, such as the new public chain co-founded by Bitmain–Ant Group. The project is mainly driven by application scenarios, providing basic tools such as consensus algorithms, smart contracts, etc., to build its own ecological service platform and products and services for the masses. It also includes an open financial system-DEFI Index Fund.

However, if the previous lack of liquidity in BNB or the high liquidity of the fund pool prevented people from obtaining the value source of cryptocurrencies, then the BNB price may still decline now.

In addition to low transaction fees, forked tokens of BYD have other uses than BYD: 1. Improve the issuance speed and stability of tokens, and solve some problems in the current DeFi market, such as uncollateralized lending, locked asset transfer, flash exchange, etc. 2. Achieve decentralized governance and lower the user participation threshold. 3. Realize cross-chain payments. 4. Implement secure multi-signature to prevent double spending. 5. Establish a secure identity authentication system based on smart contracts to ensure asset security. (Odaily Star Daily Note: On March 17th, Huobi Global official WeChat account announced the closure of the BYD official website and WeChat public account, and will no longer continue operations).

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Why didn’t BYD list on Binance?

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