The worlds largest crypto exchange, Binance, has now announced a new program for the crypto “whales” who move more than 1000 BTC per month. The service will start a trial period which is set to last two to three weeks.
The program, which is only for the spot markets on the international version of the site, opens up the Market Maker Pair List, which will be periodically updated. One of the key points of the program is the fact that members of this list will have higher API limits and be able to trade with a reduction in fees. Not only that the users will receive a composite score that will track their progress on the exchange and depending on their rankings, they will also receive different benefits.
Binance have said that the main characteristics that will be tracked are volumes, total order size, the duration of the orders, bids and offer spread and weight-adjusted on specific pairs, too.
So what is the point?
Binance wants to keep attracting people (whales) to trade at their exchange. This product will enable the platform to have higher liquidity and be the best place to trade for profitable users. OKex started something similar a while back and it seems that is is a direct response to them.
One thing is for sure to keep active profitable traders happy in a very competitive market place you need to innovate and Binance are clearly doing that.
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