On August 25th, Changpeng Zhao, CEO of the new Chinese cryptocurrency exchange Binance confirmed that WAVES, the native token in the Waves Platform, may soon come to the East, “there has been a lot of requests for Waves, we will put up a vote for it soon”, he stated in slack.
The possibility of entering Binance through the aforemention vote, seems to come at a great time for the cryptocurrency. As it stands, Waves has a lot of room to grow in terms of exchange listing and trading volume. Currently, Waves is listed on only one major exchange, Bittrex. While volume is considerably high by Bittrex standards, it pales in comparison to other cryptocurrencies with similar market caps. Waves has, for a long time, been a sitting duck waiting for an exchange to tap into its potential. The reason behind this could be connected to Waves’ own exchange, the DEX. However, not only was it inevitable for other exchanges to take a chunk of volume market share, there is also the potential for the volume to grow with new audiences being introduced to the coin.
Marc Jansen, CEO of WavesGO, a prominent Waves community member, also shared his thoughts about Binance potentially adding Waves on Twitter. He stated:
“Adding Waves is not just adding the crypto, but about getting the infrastructure in place for all interesting ICOs on Waves!”
China presents itself as the perfect market for Waves. China has historically been the key driving force behind the rise of Bitcoin. Not only does China account for over 60% of the Bitcoin mining power, it is also the third biggest country when it comes to Bitcoin trading. Although China once led trading volume with an astounding 90 to 99% share of the market, this percentage has decreased since the People’s Bank of China cracked down on exchanges, however, it is clear that China is still a major part of the puzzle.
Changpeng Zhao’s comments may be a turning point for Waves and some might say Waves being added to a Chinese exchange was inevitable. Russia and China sit right next to each other geographically and have shared global political goals for quite some time, especially after the sanctions issued by NATO. It is not beyond the pale to suggest that Russia’s biggest cryptocurrency startup is likely to make it onto a high volume Chinese exchange. But this is just the beginning. As we have seen, other Asian countries, like South Korea and Japan, follow Chinese trends. A consolidation in China could see a consolidation in Asia.
The Binance exchange has already seen an impressive inflow of trading volume since its opening. Binance is following the business model of other successful Chinese exchanges and is 100% compliant with Chinese authorities. Binance also is unique in the sense that it has issued it own cryptocurrency named BNB. This coin allows users to get discounts on exchange, withdrawal, trading and listing fees (as well as future fees). Furthermore, 20% of the quarterly profits from the exchange will be bought back and destroyed. This will occur until 50% of the supply is destroyed.
While Waves investors wait patiently on the vote, a glimpse on Binance slack shows a great deal of support for the Waves listing. Both the Waves and the Binance community is making their voices heard loud and clear.