1/29
@binance 5 years journey - A retro
In this thread, we will cover:
• What is Binance?
• Their 5 years of hardship & achievement
• Binance universe and their resources?
• Efforts they are making to help expand the crypto use case?
@binance 5 years journey - A retro
In this thread, we will cover:
• What is Binance?
• Their 5 years of hardship & achievement
• Binance universe and their resources?
• Efforts they are making to help expand the crypto use case?
2/29
First, happy Binance’s 5th birthday 🎁
What is @binance?
Founded in 2017 by @cz_binance and @heyibinance
Area served: Global (especially US has @BinanceUS)
Products: Crypto exchanges,…
First, happy Binance’s 5th birthday 🎁
What is @binance?
Founded in 2017 by @cz_binance and @heyibinance
Area served: Global (especially US has @BinanceUS)
Products: Crypto exchanges,…
3/29
History of Binance
Downtime is a great moment to sit back & recall a once-in-a-lifetime story of current largest crypto exchange
Also, probably we could learn something like “how to build great crypto exchange from scratch”
Timeframe: 2017-2021
History of Binance
Downtime is a great moment to sit back & recall a once-in-a-lifetime story of current largest crypto exchange
Also, probably we could learn something like “how to build great crypto exchange from scratch”
Timeframe: 2017-2021
4/29
2017 - 1st chapter of the Binance Era
Struggle
Binance launch led to investors' hope in BNB to bring 5-10x ROI => BNB declined 20% => investors' disbelief.
CZ said: “It was the highest pressure period of my life”, however, CZ became CTO of Binance => things get better
2017 - 1st chapter of the Binance Era
Struggle
Binance launch led to investors' hope in BNB to bring 5-10x ROI => BNB declined 20% => investors' disbelief.
CZ said: “It was the highest pressure period of my life”, however, CZ became CTO of Binance => things get better
5/29
2017 - Harvesting
Following the motto: “customers first” => Binance quickly became winners in customers' hearts, despite other large competitive exchanges such as Coinbase, Poloniex
Achievement: End of 2017, Binance entered the race for the 1st rank global crypto exchange
2017 - Harvesting
Following the motto: “customers first” => Binance quickly became winners in customers' hearts, despite other large competitive exchanges such as Coinbase, Poloniex
Achievement: End of 2017, Binance entered the race for the 1st rank global crypto exchange
6/29
2018 - Developing Fundamentals For Binance
However, failure in the journey to success is inevitable.
Struggle: Mid-night in Japan
Hackers created Google ads => trick users into entering their Binance login details on fake websites => no fund was lost but reputation was.
2018 - Developing Fundamentals For Binance
However, failure in the journey to success is inevitable.
Struggle: Mid-night in Japan
Hackers created Google ads => trick users into entering their Binance login details on fake websites => no fund was lost but reputation was.
7/29
2018 (cont)
Number:
• $1.2B daily trading volume
• 45K pending KYC applications at a point
• 10M users
Achievement
• 2nd largest crypto exchange in the world
• Acquired Trust Wallet, launched Binance Charity
• Revealed 1st demo of Binance Chain functionality
2018 (cont)
Number:
• $1.2B daily trading volume
• 45K pending KYC applications at a point
• 10M users
Achievement
• 2nd largest crypto exchange in the world
• Acquired Trust Wallet, launched Binance Charity
• Revealed 1st demo of Binance Chain functionality
8/29
2019 - Speeding up
Highlights numbers:
• Recovered > 200 different lost tokens (> $8.8M in value) for users
• Average daily trading volume > $2.8B (ATH)
• > 15M global users
• Covered > 180 countries and territories.
• 1M+ users holding BNB (40% up vs 2018).
2019 - Speeding up
Highlights numbers:
• Recovered > 200 different lost tokens (> $8.8M in value) for users
• Average daily trading volume > $2.8B (ATH)
• > 15M global users
• Covered > 180 countries and territories.
• 1M+ users holding BNB (40% up vs 2018).
9/29
2019 (cont)
Achievement:
• Maintained the No.1 position in global crypto exchange
• Launched multiple financial services (Binance Futures, Margin trading, fiat-to-crypto solutions,..)
• Binance Chain launched
• Binance.US launched
• Invested in FTX
2019 (cont)
Achievement:
• Maintained the No.1 position in global crypto exchange
• Launched multiple financial services (Binance Futures, Margin trading, fiat-to-crypto solutions,..)
• Binance Chain launched
• Binance.US launched
• Invested in FTX
10/29
2020 - Maintaining the leading position
Highlights numbers:
• $15B in 24-hour ATH spot trading; $37B futures trading
• 60 projects using Binance Smart Chain
• 600,000 BSC wallet addresses.
• 13M BNB burned
• 953M views and 50M users on CoinMarketCap
2020 - Maintaining the leading position
Highlights numbers:
• $15B in 24-hour ATH spot trading; $37B futures trading
• 60 projects using Binance Smart Chain
• 600,000 BSC wallet addresses.
• 13M BNB burned
• 953M views and 50M users on CoinMarketCap
11/29
2020 (cont)
Achievement:
• Binance Card, accepted by > 46M merchants in 200 regions
• Launched Binance Smart Chain
• Acquired Coinmarketcap
• Direct bank transfers in Europe and UK
• Crypto purchases with Visa credit and debit cards in 180+ countries
2020 (cont)
Achievement:
• Binance Card, accepted by > 46M merchants in 200 regions
• Launched Binance Smart Chain
• Acquired Coinmarketcap
• Direct bank transfers in Europe and UK
• Crypto purchases with Visa credit and debit cards in 180+ countries
12/29
2021 - Exploding stats
Struggle: Legal status
Binance was ordered by the UK's Financial Conduct Authority to stop all regulated activity, etc...
However, Binance is trying to these overcome obstacles & seeking approvals from different countries.
2021 - Exploding stats
Struggle: Legal status
Binance was ordered by the UK's Financial Conduct Authority to stop all regulated activity, etc...
However, Binance is trying to these overcome obstacles & seeking approvals from different countries.
13/29
2021 (cont)
Highlights numbers:
• 1,150+ projects in BNB Chain
• DeFi TVL reached $17B
• 123M new wallet addresses, 2.27M daily active wallets (ATH),
Achievement:
• Introduced Binance Fan Tokens
• BUSD $10B in market cap
• Launched Binance NFT Marketplace
2021 (cont)
Highlights numbers:
• 1,150+ projects in BNB Chain
• DeFi TVL reached $17B
• 123M new wallet addresses, 2.27M daily active wallets (ATH),
Achievement:
• Introduced Binance Fan Tokens
• BUSD $10B in market cap
• Launched Binance NFT Marketplace
14/29
2022 - Leading and going beyond limits
Struggle: Market sentiment (downtrend) caused by macro-eco (e.g high inflation and high interest rates)
Stats:
• 3B transactions recorded on BNB Chain
• Binance Secure Asset Fund for Users(SAFU)at $1B
Invested $200M in Forbes
2022 - Leading and going beyond limits
Struggle: Market sentiment (downtrend) caused by macro-eco (e.g high inflation and high interest rates)
Stats:
• 3B transactions recorded on BNB Chain
• Binance Secure Asset Fund for Users(SAFU)at $1B
Invested $200M in Forbes
15/29
2022 (cont)
Achievement:
• Introduced BNB Chain
• Binance granted a Virtual Asset License by Dubai's Virtual Asset Regulatory Authority & license to provide crypto services by the Central Bank of Bahrain
Binance Labs invested in Coin98 to develop DeFi in BSC ecosystem
2022 (cont)
Achievement:
• Introduced BNB Chain
• Binance granted a Virtual Asset License by Dubai's Virtual Asset Regulatory Authority & license to provide crypto services by the Central Bank of Bahrain
Binance Labs invested in Coin98 to develop DeFi in BSC ecosystem
16/29
Baby Binance turning 5
Remarkable achievement & they deserve to harvest the success after being through suffering and hardship from the start
That contributed to the enormous resources Binance is having today that we call “Binance Universe”
Baby Binance turning 5
Remarkable achievement & they deserve to harvest the success after being through suffering and hardship from the start
That contributed to the enormous resources Binance is having today that we call “Binance Universe”
17/29
Binance is a king ecosystem of ecosystems
Binance is not solely a CEX, they have more than that after 5 years of building.
Binance consists of more than 18 minor ecosystems within.
Significant bodies are:
• Binance CEX, DEX
• #BNB Coin
• BNB Smart Chain, etc...
Binance is a king ecosystem of ecosystems
Binance is not solely a CEX, they have more than that after 5 years of building.
Binance consists of more than 18 minor ecosystems within.
Significant bodies are:
• Binance CEX, DEX
• #BNB Coin
• BNB Smart Chain, etc...
18/29
Current efforts to help expand crypto adoption
Binance is no longer belong to a single country, Binance is global.
The bigger the enterprise, the higher responsibility Binance needs to take.
-> they were given a mission to grow the space.
Let’s review their efforts
Current efforts to help expand crypto adoption
Binance is no longer belong to a single country, Binance is global.
The bigger the enterprise, the higher responsibility Binance needs to take.
-> they were given a mission to grow the space.
Let’s review their efforts
19/29
Partnership w/ @Cristiano Ronaldo
Greatest soccer players & top influencers with: ~500M followers( Instagram), 101M followers (Twitter)
Revolutionize Fan experience through their NFT platform -> bring fan & idol closer with the help of blockchain
Partnership w/ @Cristiano Ronaldo
Greatest soccer players & top influencers with: ~500M followers( Instagram), 101M followers (Twitter)
Revolutionize Fan experience through their NFT platform -> bring fan & idol closer with the help of blockchain
20/29
Binance Charity
They had been doing charity since 2018, when the company did not have much revenue
E.g: Ukraine-Russia War - Binance’s among the 1st supporters to provide food, shelters -> demonstrated the influence of crypto space to give immediate help in real world.
Binance Charity
They had been doing charity since 2018, when the company did not have much revenue
E.g: Ukraine-Russia War - Binance’s among the 1st supporters to provide food, shelters -> demonstrated the influence of crypto space to give immediate help in real world.
21/29
Invasion to TikTok territory
Binance coming to TikTok by the hottest KOL Khaby Lame => bring simple crypto education to community, growth Crypto, Web3 & Binance ecosystems
Invasion to TikTok territory
Binance coming to TikTok by the hottest KOL Khaby Lame => bring simple crypto education to community, growth Crypto, Web3 & Binance ecosystems
22/29
Serve different customers
Binance opened playground for institutional investors and VIP to invest in crypto
The Equity Crypto game is on an expansion, especially when crypto is on its way to mass adoption e.g Fidelity will offer Bitcoin in 401(k)s by the end of 2022
Serve different customers
Binance opened playground for institutional investors and VIP to invest in crypto
The Equity Crypto game is on an expansion, especially when crypto is on its way to mass adoption e.g Fidelity will offer Bitcoin in 401(k)s by the end of 2022
23/29
Support developed and developing countries
Binance:
- Hosted a show in a Canadian university to share about their journey -> bring hope to entrepreneur
- Assisted Cambodia to develop the digital assets regulations -> govern this promising industry
Support developed and developing countries
Binance:
- Hosted a show in a Canadian university to share about their journey -> bring hope to entrepreneur
- Assisted Cambodia to develop the digital assets regulations -> govern this promising industry
24/29
CZ decided not to rescue some insolvent & risk of bankruptcy company
Not bailing out any “bad debt” lending companies is also helping, because it reminds us of risk management and healthy financial statements, embracing transparency amongst companies in the crypto space.
CZ decided not to rescue some insolvent & risk of bankruptcy company
Not bailing out any “bad debt” lending companies is also helping, because it reminds us of risk management and healthy financial statements, embracing transparency amongst companies in the crypto space.
25/29
Endless CZ Tour globally to crypto adoption
CZ visited 13+ countries:
• Resulted in significant mutual crypto agreement.
• Showed signs of welcoming to learn more about crypto industry
• Asking advice for crypto regulations framework.
Endless CZ Tour globally to crypto adoption
CZ visited 13+ countries:
• Resulted in significant mutual crypto agreement.
• Showed signs of welcoming to learn more about crypto industry
• Asking advice for crypto regulations framework.
26/29
Is it an ideal time for Binance to grow?
Sentiment: Downtrend, Fear Uncertainty Doubt, if one FUD released -> spread quickly without being checked. Please DYOR!
CZ: We're in a BUILD market, that’s builders perspective & Binance always #BUIDL . But for us, bear market.
Is it an ideal time for Binance to grow?
Sentiment: Downtrend, Fear Uncertainty Doubt, if one FUD released -> spread quickly without being checked. Please DYOR!
CZ: We're in a BUILD market, that’s builders perspective & Binance always #BUIDL . But for us, bear market.
27/29
Tips to survive bear market:
• Equip knowledge in the space (stETH depeg, 3AC, debt bubble w/ juicy yield model collapsed,..)
• Look at fundamentals
• Learn finance -> earn from it.
• Priority: Risk management
• Always prepare emergency fund for black swan event
Tips to survive bear market:
• Equip knowledge in the space (stETH depeg, 3AC, debt bubble w/ juicy yield model collapsed,..)
• Look at fundamentals
• Learn finance -> earn from it.
• Priority: Risk management
• Always prepare emergency fund for black swan event
28/29
Closing thoughts
Binance,
Past: Offers good products, serve customer, #BUIDL their ecosystems
Now: Maturity & become leader in the field => more responsibilities to help grow the space
Future: Bring blockchain to solve real issues => better people’s life, better planet
Closing thoughts
Binance,
Past: Offers good products, serve customer, #BUIDL their ecosystems
Now: Maturity & become leader in the field => more responsibilities to help grow the space
Future: Bring blockchain to solve real issues => better people’s life, better planet
29/29
References
Binance Universe pt.1: coin98.net
Binance Universe pt.2: coin98.net
Binance Universe pt.3: coin98.net
References
Binance Universe pt.1: coin98.net
Binance Universe pt.2: coin98.net
Binance Universe pt.3: coin98.net
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