Ravencoin (RVN) has experienced a Binance bump after being added to the exchange on Oct. 12, up nearly 200% since then. And it hasn’t been just a spike in price as the volume is up massively, which likely comes from the increased visibility. It attracted lots of new eyes on the project where it had been overlooked before. Ravencoin has been available on Bittrex, Upbit, Cryptopia, and lots of other exchanges but saw huge volume on Binance. Nearly 90% of its daily trading volume is on Binance currently.
Binance CEO CZ announced RVN would be added for many of the same reasons that we started watching it at Crypto.IQ. It’s a great, community-driven project with no ICO to put it at risk for being deemed a security. We added RVN to our Watchlist earlier this year, and it easily survived our portfolio update when we vetted each project for its vulnerability to SEC regulations.
For Binance, this must have been a feel-good move to add a project without charging them a listing fee. Binance (and other exchanges) have been taking a lot of heat for exorbitant listing fees, which have been viewed with increasing ire by the industry in recent months. Binance recently announced that it will be donating listing fees to charity and, in Ravencoin’s case, apparently waiving the listing fee altogether based on the decentralized and community-based nature of the project.
The timing of this listing is interesting as just yesterday, ten days after the listing, Ravencoin announced a major milestone via Tweet:
“The mainnet for the protocol asset layer will be released on October 31, 2018. This is the one-year anniversary of the Ravencoin founding and the 10-year anniversary of Bitcoin.”
This ‘asset layer’ is the raison d’etre for Ravencoin. From the Ravencoin whitepaper:
“In short, Ravencoin is a blockchain project that was built on top of the original Bitcoin codebase that is aiming to revolutionize how assets are transferred from party-to-party.”
It’s a tightly-focused project based on the most battle-tested blockchain, decentralized and community-driven. These are features that we like very much. It’s great to see Binance reward a worthy project with a listing and to see Ravencoin moving forward with its development with lots of new exposure.