CZ: Binance Launchpad was not easy during the bull market of 2021, but the bear market environment has brought more projects seeking help.

On July 31, in an AMA session, Binance founder CZ stated that the significance of Binance Launchpad is to provide a fundraising opportunity for projects. Binance launched the Binance Launchpad platform in January 2019 when the price of Bitcoin was around $3,000 and the market was in a bearish period. The Binance team noticed that during a bullish market, ICOs became easy to conduct. With a flood of funds entering the cryptocurrency market, every project performed well, and valuations could be too high. However, during a bearish market, the number of projects engaging in fraudulent activities decreased because fundraising became very difficult, and only a few excellent projects could successfully raise funds. Therefore, Binance decided to help and launched the Launchpad platform, which is a centralized platform that helps people raise funds. In fact, during the bull market in 2020 and 2021, it was difficult for projects to come to Binance Launchpad because they could raise funds themselves and obtain high valuations. It was difficult to convince them to lower their valuations and provide shares for the Binance user community. Therefore, Binance Launchpad encountered difficulties during the bull market. However, during a bearish market or a normal bearish period, we found that projects came back seeking help.