Binance Announces New Feature to Onboard Global Users onto 'Tokenomics': All Details

Binance has partnered with CoinMarketCap for the launch of this feature.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 12 September 2024 19:09 IST

Binance Announces New Feature to Onboard Global Users onto 'Tokenomics': All Details

Photo Credit: Binance

The term ‘tokenomics’ refers to economic analysis of crypto tokens and projects

Highlights

The feature is currently available on the Binance website
It will see a mobile app release soon
Binance will show detailed information about tokens with this feature

Binance is expanding its services portfolio to maintain its competitive edge in an increasingly crowded industry. On Thursday, September 12, the exchange introduced a new ‘token unlock and vesting schedule' feature, which it says will make tokenomics more transparent and accessible for users. Vishal Sacheendran, Binance's head of regional markets, noted that the feature is designed to enhance the trading experience for its global user base, which exceeds 210 million.

Understanding Tokenomics and Binance's New Feature

'Tokenomics' refers to the economic analysis of cryptocurrency tokens and projects, focusing on factors like token value, stability, demand, supply, and distribution.

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With its latest feature, Binance has streamlined these insights, making them easily accessible alongside the names of cryptocurrencies. Users can now view key data, including each token's circulating supply, the proportions of locked and unlocked tokens, upcoming unlock dates, and a countdown timer. All of this is now displayed on the Binance website.

To implement this feature, Binance has partnered with CoinMarketCap, a leading crypto asset price tracking platform.

Explaining the concept further, Binance stated, "Token unlocking and vesting refer to the scheduled release of a specific volume of tokens into the open market over a set period. This approach offers predictability and transparency for market participants."

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Details on the Rollout

The schedule is now live on Binance's official website and will be available on the mobile app soon, though the exact release date has not yet been announced.

"Our Token Unlock and Vesting Schedule is a first for any crypto exchange. It's a highly intuitive feature that equips our users with additional information to enhance their experience on the platform," added Vishal Sacheendran.

This initiative aligns with a key piece of advice from crypto analysts – DYOR (Do Your Own Research). With over 2.4 million cryptocurrencies now circulating globally, experts consistently urge investors to thoroughly research the tokens they plan to invest in.

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Further reading: Cryptocurrency, Binance, CoinMarketCap, Tokenomics

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More