Star Xu, CEO of leading cryptocurrency exchange OKX, has stated that he will not give in to his friends’ pressure to list more brc-20 tokens on the exchange. Xu explained his reasons in a long thread on X, explaining how he chooses market sustainability and integrity over quick gains.
“A lot of friends urging me list more brc-20 tokens. Thanks for these kindly suggestions. I want to clarify, as an exchange if we use the simplest strategy that is just list all tokens, I believe it may help exchange make more quick money, but will destroy the market,” wrote Xu on X.
Xu went ahead to state that being the most aggressive listing exchange in the crypto economy is not in his company OKX’s bucket list. Instead the company chooses to abide by its core philosophies against all odds.
“OKX never wants to be the most aggressive listing exchange in the industry. Although OKX is not the industry biggest leader, we still have our long term philosophies like building the infrastructure, don’t be evil, as transparent as possible and always be technology driven. Send spam listing requests to me on twitter will never works,” continued Xu.
Xu Reiterates OKX’s 5 Major Principles for Listing
Like other major exchnages in the crypto industry, OKX also has its own criteria for on-boarding new tokens to the exchange. In his X post, Xu went ahead to highlight the requirements for a token to be enlisted in OKX.
“In the past many years practices, OKX CEX build our 5 major principles for listing:
1. Whether the token is blockchain technology and product driven.
2. The popularity of the token in the community
3. Whether the project founder and investors team are long term builders
4. Legal and compliance review
5. We don’t accept pitching, but pick up projects from the market base on our research.”
BRC-20 Tokens Hit Total Market Cap of 2.2B in the Past 48 Hours
BRC-20 tokens were up over 35% within the last 48 hours, striking a walloping 2.2 billion market capitalization. As of this writing the market cap had dropped to 2.032B as per CoinGecko live analytics. The market surge this season must have influenced the gold rush, which put pressure on OKX and other exchnages to do a mass BRC-20 token listing.
Bitcoin is currently down 2.1% and trading at 42.7K as of this writing at 2:49 PM UTC, Dec. 26. There’s also high anticipation of a massive Bitcoin surge post ETF-approval, which may also influence the whole BRC-20 ecosystem. The SEC has given a December 29 deadline for all BTC Spot ETF amendments as crypto enthusiasts wait, fingers crossed.