Binance's CZ Unveils New Token Model: YZi Labs Now Accepting Project Applications

Binance founder CZ has announced that YZi Labs, the venture capital arm of the cryptocurrency exchange, is now accepting project applications from adopters of a new token model. The initiative aims to support long-term builders and provide them with priority review from YZi Labs.

In a recent post, CZ outlined the criteria for supporting projects that adopt the new token model. He emphasized the importance of mission-driven and trusted founders. The new token model involves initially unlocking and selling 10% of the tokens on the market, with the funds raised used for project team development, platform/product development, marketing, salaries, and other related expenses.

The subsequent unlocks must meet specific conditions, including a minimum of 6 months since the last unlock, the token price must have stayed consistently above twice the price at the last unlock for the 30 days before the unlock, and a maximum of 5% of the tokens can be unlocked each time.

This announcement comes as part of Binance's ongoing efforts to support and foster innovation in the cryptocurrency space. By providing resources and support to projects adopting the new token model, Binance aims to encourage the development of sustainable and responsible cryptocurrency projects.