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Binance, the world’s largest crypto exchange, has announced that it will move Shiba Inu (SHIB), 1INCH, Trust Wallet Token (TWT), and Frax Share (FXS) out of the innovation zone on April 18.
The move comes after Binance conducted its periodic project review and deemed that these tokens meet the high standards required by the exchange.
Following this announcement by Binance, Shiba Inu (SHIB) is trading at $0.00001152, down 0.69% in the last 24 hours, and Frax Share (FXS) has seen a drop of over 3%, now trading at $10.10.
Meanwhile, Trust Wallet Token (TWT) trades have increased by 5%, trading at $1.31, and 1INCH price soars 1% to $0.564. These tokens leaving the Innovation Zone might experience an upward movement in the coming days.
Binance will move SHIB, FXS, TWT, and 1INCH out of the Innovation Zone and into the official trading zone on April 18. Binance stated that projects that meet the standards after regular review will be removed from the innovation zone. https://t.co/I6ZgpePrVY
— Wu Blockchain (@WuBlockchain) April 17, 2023
Their expected removal from the innovation comes after Shiba Inu (SHIB), 1INCH, Trust Wallet Token (TWT), and Frax Share (FXS) demonstrated meaningful development activity, trading volume, and community involvement. With this change, traders will have more trading options and feel safer exchanging these tokens.
The innovation zone provides users a safe space to trade new and innovative projects. Projects that prove their worth and meet Binance’s high standards are moved out of the innovation zone.
Binance criteria for selection
The innovation zone was established to offer a secure trading environment for new and cutting-edge projects. Binance regularly assesses the initiatives to ensure they adhere to the requirements.
Binance considers several factors when conducting these reviews, including the team’s dedication to the project, the volume and caliber of development work, trading volume, liquidity, network stability, and safety from attacks.
Other factors include network/smart contract stability, degree of public communication, responsiveness to recurring due diligence requests, signs of unethical/fraudulent behavior or negligence, and contribution to a strong and sustainable crypto ecosystem.
Notably, this won’t impact other token-related services, and users will have complete access to these tokens starting on April 18.
Binance’s decision to remove these tokens from the Innovation Zone underlines the value of upholding strict standards and giving users a secure trading environment.