Have you heard of the innovation zone?
Yeah, something like that now exists and it is a great blessing though with a high risk as well.
CZ, Binance CEO made a statement about BNB saying that most of its early investors reaped about 200x of their investments.
He continued by saying imagine those investors were not allowed to trade BNB then because of its volatility as a new coin, they would have just been robbed of their benefits.
So the innovation zone was created to help more people embrace the idea of investing in new tokens and make profits while making sure they are trading in a safe environment.
In this article, I will share with you the following:
- Brief description of the innovation zone
- How to access Binance’s innovation zone
- Some coins that have been listed on the Innovation zone
- FAQS about the innovation zone
Brief description
The innovation zone is like an environment specially prepared by Binance for the sake of new tokens.
According to the Binance team, the innovation zone was created in order to allow users to trade newer token offerings from their comfort.
Read what they said:
“Our team has created the Innovation Zone, which will allow users to trade newer token offerings from the comfort of their Binance account, while at the same time protecting less suited users from being exposed to the “risk” that comes with trading them.”
They claimed that they will help minimize the risk that comes with trading new coins on Binance through the innovation zone.
So all they aimed to accomplish is to create a safer environment for trading these new coins.
What led them to create the Innovation Zone is their dedication to giving Binance users a safe place to trade new, innovative projects.
Read what Changpeng said
“Right now, the typical way of accessing many of these tokens and projects is through DEXs (decentralized exchanges).
However, trading on a DEX or directly from a self-managed wallet requires a high degree of capability and understanding. Forgot your password/seed phrases? Your funds are gone. Sent a wrong tx? Better luck next time.
By forming the Innovation Zone, we can provide our users with a safer space for accessing newer tokens that will likely have higher volatility than other tokens. This way, we are able to prevent more untoward scenarios for our users who just want to access certain projects. ”
How to access the Binance’s innovation zone
The innovation zone was created for Binance users but not all uses will be able to access it.
This is due to the fact that you’ll be asked some questions.
Zbao said that before any user can be permitted access to the innovation zone, they ‘ll be asked questions like:
- What is the likelihood that you will incur losses or even a total loss to your principal capital by trading in this zone?
- A) 50% or more
- B) Less than 50%
If the user’s answer is ‘less than 50%’, he won’t be able to trade in the Innovation Zone.
According to him:
“Good traders can lose more than 50% of their trades and still make profits. This typically comes in the form of many small losses and a handful of big wins.
This question is to filter out people with mindsets that are incompatible with the Innovation Zone, like those who think trading is “low risk.””
SECOND QUESTION: If you incur losses, or even a total loss, whose fault and responsibility is it?
- A) Your own, it was a choice that you alone made.
- B) Binance’s Zhao’s remark on this was that:
“if you blame the exchange (or anyone else for that matter), then you probably shouldn’t be trading at all and should reevaluate your approach in general. Remember, no one is forcing you to trade. And buying everything an exchange lists without doing your own research is not a good strategy.”
Projects may have multiple positive and negative developments at any time that affects their price. You must understand what you are buying.
He continued,
“We hope by asking the very explicit questions above, we will be able to filter out those who should not be trading Innovation Zone projects from the more advanced traders who have the right mindset, risk management, etc.
This way, we satisfy both groups of users.
Below are some steps you can follow to access the innovation zone on Binance:
Step 1: Click on “Market”
Step 2: Click on “zones” (if available)
Step 3: Click on “innovation”
Step 4: Select the token you want
Coins available on the innovation zone
Here, I will disclose some of the coins that are available in the innovation zone.
Though I will not be listing all of them, I will still list a handful of them so as for you to know what to expect when you get there.
They are as follows:
- Litecoin (LTT)
- Shiba Inu (SHIB)
- BinaryX (BNX)
- Convex finance (CVX)
- SuperCoin (SUPER)
- POND
- Bakery (BAKE)
- Trufi (TRU)
- Sushi (SUSHI)
- Sun (SUN)
- Alice Coin (ALICE)
FAQS
What is Changpeng Zhao’s advice about innovation zones?
His advice was to warn users to always do their research well before making any investments.
As always, DYOR (do your own research). Some of the projects may do incredibly well, but most will likely not.
What are the examples of tokens that grew big very fast?
If you want to invest in new tokens with future potential, then it is good for you to check tokens that have amazed us in the past.
Examples include:
Binance coin (BNB) which blessed its early investors with about 200x of their investments.
Another example is Ethereum (ETH), the second biggest crypto currency in the crypto space.
Another upcoming coin is Evergrow coin (EGC), though it is not yet as big as BNB or ETH but it has got some momentum.
The founders of EGC are doing their best to continually burn EGC tokens to reduce it’s flow in the market and increase its value
Overall, new tokens are always very volatile, so make sure to do your research very well before investing.
EGC is not available on Biinance yet but if you wish to, there’s a method to import it to your Binance account.
See how you can buy Evergrow coin on Binance
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