From Our CTO: How We’re Building the Industry’s Most User-Centric Technology
Reaching 200 million registered users is a monumental achievement for a global technology company operating around the clock in an ever-evolving industry. This milestone doesn’t just underscore the resilience, security and stability of our platform; it’s also a testament to the unwavering support of our community. We’re always listening to our users, whose feedback drives our pursuit of excellence and commitment to serving them better.
Since we’ve passed the 200-million mark at the halfway point of 2024, it seemed like an appropriate time to reflect on how everything we’ve built and shipped so far this year has got us to this historic moment – driven by our philosophy of always putting you, our users, at the core of our innovations.
Better, Safer, Faster, Stronger
For almost seven years, Binance has been the industry’s leading blockchain ecosystem, with products and services stretching far beyond the world’s largest digital asset exchange by trading volume. Today, our users rely on our ecosystem to generate rewards from their crypto with Binance Earn, pay for goods and services with Binance Pay, facilitate safe transfers through our P2P marketplace, engage in community conversations on Binance Square, access DeFi applications with Web3 Wallet, and much more – including, of course, to trade with the deepest liquidity.
To be able to onboard more than 30 million new users in half a year, our engineering and product teams work tirelessly to make Binance more secure, reliable and scalable. From a performance standpoint, this year so far our exchange can process more queries per second than ever, with faster order placement latency (50th and 99th percentile), and at the lowest slippage.
We’ve also worked on several initiatives this year after listening to your feedback and understanding your needs. We’ve rolled out new product innovations like Spot Copy Trading, Mock Trading and Portfolio Margin to individual users (historically only available to our VIP users); continued to enhance our Web3 Wallet infrastructure with the quickest and most convenient bridge between Exchange and Web3; and optimized our institutional offerings with groundbreaking products like Banking Triparty.
And the list goes on.
It’s All in the Details at Binance
There’s a lot more we’ve been working on across our full suite of services, and I’ll happily dive into the specifics separately soon. But what I want to touch on next, I deem equally important to the sustainability and efficiency of our platform.
Because the thing to recognise here is how we’re able to continue moving the industry forward through the thousands of “smaller” product features and enhancements we’re always developing and shipping across all of the products we offer at Binance. It’s all in the details, and while you may not always catch them at a first glance, know that we’re always paying careful attention.
These are developments and improvements you’ve probably not read about in the media, or even in our own big-ticket announcements (though you may have come across them on our official social media channels). It’s equally important to recognise this more hidden work because it contributes to our growth just as much as the big product launches.
And every week, on our social channels, we share bits of what those details are that contribute to a better user experience for you, and that also got us to where we are today.
We refer to this as #BinanceBuild.
How #BinanceBuild Embodies Our Core Values
We believe in the power of small, consistent enhancements. #BinanceBuild is our commitment to transparency and user-driven innovation. Despite being a leading global blockchain ecosystem, one of our strongest values at Binance is we always stay humble.
No one’s perfect, and we’re always willing to improve, because we know that as our industry evolves, so do your digital-asset needs. Whether you’re new to crypto, or a crypto-native institution, it’s important that we continue optimizing your experience on our platform with powerful technology that you can always rely on, no matter which way the markets swing.
How we do this is twofold: (1) we never stop building and (2) we’re constantly open to hearing your feedback on what we can (or should) build next. And we show this twice a week on our Binance and Binance Web3 social channels.
Over a year ago we launched our Product Feedback & Suggestions platform for users to share their ideas. Just this year alone we’ve received over 21,000 suggestions so far, and have already processed hundreds into our pipeline. That’s what our Wednesday #BinanceBuild Spotlights are all about — to show you how we turn your feedback into a final product feature.
We’re also avid observers, constantly assessing how our products are performing and looking for ways to improve them. That’s what our Friday Product Highlights are there to show you; how we take a proactive approach to innovating our suite of products and services.
In a nutshell, #BinanceBuild encapsulates the essence of our mission that has driven our growth over the years: to increase the freedom of money by putting you, our users, at the heart of the Binance experience.
I’m grateful for all that you’ve helped us build so far, and I’m truly excited for what’s yet to come. Your voice matters, so keep sharing your invaluable feedback with us, and let’s continue building the future together.
#BinanceBuild
Rohit Wad, CTO