In 2024, Binance will celebrate its seventh year. In the past seven years, Binance not only quickly became the world's largest cryptocurrency trading platform within 165 days of its establishment, and has maintained its leading position to this day, but also wrote exciting chapters at every critical moment in the industry. , plays a vital role in every market cycle transition.

Today, let us take the opportunity of its seventh anniversary to detail Binance’s key role in every bull market over the past seven years, re-understand Binance, and feel its important role in the industry, as well as its continuous pursuit of excellence and innovation. Have faith.

2017: Binance is born, pioneering the Wild West

Binance was born in 2017, when the cryptocurrency market was still like the Wild West, full of opportunities and challenges. The overall market was in the bull market of the industry in 2017, with a large number of exchanges competing for limited users and liquidity. Launching a brand new exchange under the background of time and space at that time was undoubtedly a challenging decision. However, the Binance entrepreneurial team still firmly believes in the huge potential of blockchain and cryptocurrency technology, and launches a cryptocurrency exchange with the mission of "promoting the freedom of money circulation".

With the profound technical background of founder Changpeng Zhao and the introduction of various new marketing strategies by co-founder He Yi into the currency circle, Binance has not only successfully attracted many users, but has also widely absorbed a large amount of market liquidity. , while gathering traffic, let the outside world feel the vitality and power of Binance. In just a few months, Binance’s single-day trading volume has reached 3 billion U.S. dollars, ranking first in daily trading volume and becoming the world’s largest cryptocurrency exchange in terms of trading volume.

2019 drives the IEO wave and saves the market from trough

In 2019, the cryptocurrency market is experiencing a period of low ebb, investor confidence has been severely hit, and market vitality has gradually faded. At this time, Binance stepped forward and brought a ray of light to the sluggish industry by introducing the latest product Launchpad. On February 3, 2019, Binance publicly announced the first Launchpad project for the first time. It raised US$7 million in less than 15 minutes and brought an increase of more than 10 times after the opening. The success of the first Launchpad project not only caused various exchanges to follow suit, but also created a butterfly effect on the entire industry.

This IEO (Initial Exchange Offering) token issuance model seems to have nothing to do with the overall market trend, but in fact, this product of Binance is like a spring breeze, awakening sleeping investors and injecting fresh blood into the market. Since then, the liquidity of the primary and secondary markets has begun to recover, emerging projects have begun to receive venture capital support, and exchange users have returned to participate in IEOs; the secondary market has also regained its vitality, saving the crypto industry that has fallen into a trough. currency market.

2021 Binance Smart Chain ecological explosion

Although the exchange itself is a centralized entity, the Binance team has always emphasized its confidence in the "decentralized financial ecosystem" during many interviews during its early days, and continues to grow through the growing Binance ecosystem. Further promote the development of the DeFi field. In 2021, with the support of the community, Binance finally fulfilled its original promise to bring Binance Smart Chain (BSC) to the stage. With its low transaction fees and high efficiency, it attracted a large number of developers and users, becoming a multi-chain An important driving force for ecological and DeFi innovation, forming a prosperous ecosystem.

Although the first wave of the DeFi wave in 2021 came from the Ethereum ecosystem, due to the high on-chain handling fees, the general public was unable to participate at all. In the later stages of its development, Ethereum's DeFi ecosystem almost became a playground only for giant whales and large investors. However, BSC has broken this dilemma. Low on-chain transaction fees have made many outsiders no longer resist on-chain interactions and actively participate in DeFi applications. Although Ethereum is the source of DeFi innovation, BSC has truly achieved mass adoption "for the public".

During this period, Binance’s efforts in technological innovation and ecological construction were like a trickle, converging into a vast river. It not only continued the wave of DeFi innovation that may have stagnated, but also laid a solid foundation for the further development of the cryptocurrency industry. Base. Today, BNB Chain has formed a complete ecosystem of its own and has become one of the leading public chains in terms of daily active users.

Crypto institutions will explode in 2022, Binance stabilizes industry confidence

The cryptocurrency industry faces huge challenges in 2022, and it is no exaggeration to define it as the darkest year for the cryptocurrency industry. Many institutions including Celsius, Three Arrows Capital, FTX, Genesis, Voyager, etc. have declared bankruptcy one after another, which has not only had a huge impact on the liquidity of the market, but has even plunged the entire industry into a huge crisis of trust.

At this critical moment, Binance has once again demonstrated its leadership and responsibility. Binance launched a billion-dollar industry recovery fund to assist projects in a liquidity crisis. This move not only helped distressed companies, but also injected stability into the entire industry. In addition, Binance also first proposed that exchanges should introduce the initiative of Merkle Tree reserve verification, allowing users to self-check the wallet addresses and balances of different assets, and actively practice openness and transparency.

On the other hand, Binance, as an industry leader, also took the lead in proposing "six principles that should be followed to protect users." We call on the industry to accept regulatory policies related to user protection, such as guidance on centralized trading platform custody requirements, asset marketing, risk assessment and disclosure, etc., so that the industry can grow through this crisis.

2024 New CEO Richard Teng starts a new chapter, leading the industry towards compliance

At the end of 2023, Binance reached a settlement with the US regulatory agency on historical issues, and also ushered in its new CEO Richard Teng, marking a new page in Binance's development. Richard Teng is a traditional regulator and has extensive regulatory experience. This change not only symbolizes Binance’s determination to become a mature financial institution, but also seems to reflect the trend of the entire industry moving from unclear supervision in the past to becoming more mature and compliant. . Under his leadership, Binance has become more active in cooperating with global regulators and continues to raise industry standards. This move is like a beacon, guiding Binance and the cryptocurrency industry in a more transparent and compliant direction. .

Binance’s operations focus on principles such as transparency, compliance, and security, and are committed to leading the industry towards a stable ecosystem and laying a solid foundation for continued growth in the future; but on the other hand, Binance has not forgotten its original intention and continues to On the road of product innovation and service upgrading, it injected new vitality into the innovative development of the blockchain industry. It was also in this year that Binance reached the unprecedented milestone of 200 million global users, and its growth rate was faster than Binance’s 100 million users. Comes faster.

Give yourself a chance to get to know Binance again from its 7th anniversary

Looking back on the seven-year history of Binance, the changes in the cryptocurrency industry and Binance can be said to be almost "synchronous". From drastic innovation to the stability of the mature financial system, we have witnessed Binance's influence in the cryptocurrency industry. , and how the platform has brought the industry back on track time and time again.

Now in its seventh year, Binance has reached the milestone of 200 million users, surpassed $100 billion in total value of user assets under custody, and is the most downloaded cryptocurrency app in the world. These achievements demonstrate users’ trust in Binance and prove that Binance has been moving on the right path for many years.

It is worth mentioning that although Binance has entered its "prime" in the cryptocurrency industry, Binance has always adhered to the principles of innovation and user first.

Over the past year, Binance has continued to develop products, such as the “Binance Web3 Wallet” that makes blockchain more accessible to the public, the new token issuance platform Megadrop that bridges the distance between new protocols and users, and the BNB holders The airdrop program "BNB Holder program" launched by the operator. These new products allow Binance to move towards compliance while continuing to provide users and the ecosystem with more diverse experiences and services.

In view of the fact that Taiwan has been bombarded by many current events recently, the overall media trend is not friendly to "cryptocurrency exchanges". As an industry leader, Binance has always been inspected by various parties with various magnifying glasses, resulting in mixed messages. If you are through If you get to know Binance through traditional media, you may also receive some false negative information. In this regard, we encourage readers to re-evaluate their views on Binance with an open mind and participate in the world of cryptocurrency to experience first-hand the innovation and potential of Binance and the cryptocurrency space.

Binance has taken responsibility for past historical problems, and now the entire industry environment is becoming more mature. We believe that Binance will continue to lead this industry forward and create more value and opportunities in the future. Let us look forward to the bright chapter of Binance’s future together and witness the radiance of this dazzling star.

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