Binance, the world's largest crypto exchange, has recently faced criticism for failing to meet the expectations of creators on Binance Square. Despite their promises of significant commissions, many creators, including myself, have experienced disappointing results. Here’s a detailed account of my experience and the broader implications for the Binance community.
The Promise vs. Reality
Binance has publicly proclaimed that they would provide a 5% commission to their creators on Binance Square, with plans to increase this to 30%. However, my personal experience has been starkly different.
In the past week, my posts and articles garnered 55,000 views, generating substantial engagement. Despite this, I received nothing in terms of commissions. This stark contrast between Binance’s promises and the reality highlights a significant issue.
The Engagement Comparison
To put this into perspective, similar levels of engagement on Twitter (now X) would result in hundred of dollars in earnings. The complete lack of compensation from Binance for substantial engagement raises serious concerns about their commitment to supporting creators as promised.
Long-Term Implications
Such failures to deliver on promises have broader implications:
1. Creator Retention: Binance risks losing its dedicated creators. Many have joined Binance Square without any initial greed for profits, driven by passion and the platform's potential. However, continued neglect will lead to disillusionment.
2. Community Decline: A lack of proper rewards will result in a decline in active creators, affecting the overall quality and vibrancy of the community.
3. Reputation Damage: Binance’s reputation could suffer significantly. If creators start perceiving the platform as unreliable, it could cast doubt on other Binance projects and initiatives.
My Experience
I've been active on Binance Square since its launch, contributing regularly without expectations of high profits or commissions. However, Binance’s public proclamations led me to believe that there would be some form of acknowledgment or reward for the high level of engagement my content received. The reality has been quite the opposite, with zero compensation for substantial contributions.
Call to Action for Fellow Creators
I urge fellow creators to share their experiences with Binance’s #write2earn🌐💹 initiative. It is crucial for us to collectively voice our concerns and highlight the discrepancies between Binance’s promises and the actual rewards provided.
Conclusion
Binance is undoubtedly a major player in the crypto world, but its failure to honor its commitments to creators is disheartening. Such actions can lead to widespread disappointment and doubt among the community. If Binance continues to attract creators under false pretenses, it risks long-term damage to its credibility.
Creators are the heart of Binance Square, and attracting others with false promises will only lead to discontent and reduced participation. Binance must address these issues promptly to maintain a thriving and honest community.
Steps for Improvement
1. Transparency: Binance needs to clearly communicate how commissions are calculated and ensure that creators understand the process.
2. Regular Updates: Regularly update creators on their earnings and any changes in the reward structure.
3. Community Feedback: Actively seek and incorporate feedback from creators to improve the Write2Earn program.
4. Consistent Payments: Ensure that payments are made timely and fairly, reflecting the engagement and contributions of creators.
By addressing these steps, Binance can rebuild trust and ensure the longevity and success of Binance Square. Creators like myself are committed to the platform and its potential; it’s time for Binance to reciprocate that commitment with transparency and fairness.
