Currently I’m thinking of how recent crypto projects tend chose to launch on BSC. As of today, here is the number of token contracts on BSC and ethereum:
- Ethereum: 454,238 token contracts
- BSC: 1,197,934 token contracts
BSC is only 1 year old, yet it has more than 2x token contracts. It is clear that the main reason BSC is so popular today is because the transaction fees are so small that people are enjoying trading on BSC and its DEX-es. I have joined a telegram crypto groups whose members bought very small amounts of meme tokens on PancakeSwap. Just a few dollars to a hundred dollars worth.
Other good strategy by other projects worth mentioning is that they don’t depend too much on centralized exchanges. Instead they launched their project on PancakeSwap first. A good example is Flourishing AI which was launched on September 21, 2021. In only 5 days, its volume reaches $1,152,977 and the number of holders on chain is 8,205. Compare it to FX, which get $394,875 of volume on Uniswap and 4,944 holders on chain. Yet Uniswap trades is 7% of total volume of FX. Many centralized exchanges show very little volume compared to Uniswap.
My suggestion is FunctionX should expand their presence to popular non-ethereum DEX-es. Look for low fees. A good candidate would be BSC and PancakeSwap. DEX are gaining more and more popularity among traders. If we want to boost volume, being available on PancakeSwap is a very important step.