As an analyst with over a decade of experience in the financial markets, I find Bybit’s recent move to establish a comprehensive listing and delisting framework for cryptocurrencies commendable. With my background in risk management and market analysis, I can appreciate the importance of maintaining transparency, security, and market integrity – especially in the rapidly evolving and often unpredictable world of cryptocurrencies.
Bybit has introduced a broad, updated system for adding and removing cryptocurrencies, with the aim of enhancing user security.
On August 13th, a press release was issued by the exchange, which is currently the second largest in terms of trading volume worldwide. In this statement, Bybit disclosed that they now control over 20% of the spot market and have added 151 new tokens to their platform in the year 2024.
Due to its expanding influence within the industry, Bybit, founded in March 2018, expresses a stronger commitment to maintaining openness and safeguarding the integrity of its business activities.
In essence, this setup introduces a novel structure for adding and removing digital assets, featuring various elements intended to protect users and uphold market credibility.
At the heart of this new venture lies a mechanism set up before the market opens, designed to prevent market manipulation and foster a more organized trading atmosphere. Bybit stated that this tool will bridge the divide between secondary and primary markets, thereby facilitating a smoother process for the transition of newly listed tokens.
Furthermore, Bybit’s latest structure prioritizes continuous compliance evaluation. This means that Bybit will routinely examine the projects it lists to make sure they consistently adhere to their established standards.
As a researcher, I can share that Bybit has announced its intention to implement a transparent process for delisting underperforming or non-compliant projects from their platform. This move underscores their commitment to maintaining a secure and efficient trading environment for all users.
As per the announcement, they plan to establish their token delisting procedures based on specific performance indicators they’ll clearly outline, along with verifying the tokens for reliability and security to maintain a safe trading environment for only those tokens that meet these standards.
After being listed, numerous newly-minted cryptocurrencies frequently experience a decline in value following an initial surge, particularly when the excitement leading up to the listing subsides. A relevant instance is a recent study conducted by Coin98 and reported on crypto.news. The findings suggested that almost every cryptocurrency token added to Binance‘s exchange in 2024 had dropped significantly, with many losing over 90% of their value since being listed.
Starting in May, Binance followed a similar approach to revamp its token listing strategy. This leading global cryptocurrency exchange announced its intention to bolster backing for smaller and mid-tier projects via platforms like Launchpool or Megadrop.
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2024-08-14 12:38