Binance founder Chanpen Zhao stated that when choosing projects to support, he primarily focuses on the motivation and values of the leaders. According to him, the most important factors are a genuine desire to bring the idea to fruition and true passion for what the team is creating. Zhao notes that adapting to market demand is a normal phase, but frequent and radical pivots every few months indicate a lack of commitment to the project's development.
Key Qualities of Crypto Startup Leaders
Zhao highlights several characteristics that, in his view, distinguish teams with real potential. These qualities help a project endure the long journey of product creation and market launch.
- Genuine motivation and passion for the project are key to ensuring the team perseveres.
- Focus on long-term development rather than quick monetization.
- Clear values and a mission that leadership is ready to implement.
What Harms the Crypto Industry
Zhao points out practices that undermine trust and stability in the sector. Among them, he highlights behaviors aimed solely at quick financial gain rather than building a product and ecosystem.
- Pursuit of fast profits and preset financial goals instead of focusing on the product.
- Frequent changes in direction and radical pivots occurring every few months.
- Launching tokens with the intent to subsequently dump assets on the market, damaging project reputations.
Criteria for Support from Chanpen Zhao
When deciding on support, Zhao considers not only the idea but also the team's willingness to work consistently over the long term. He emphasizes that he does not seek to impose strict frameworks on founders but values sustainable motivation and the ability to see plans through to completion.
- Readiness for long-term work on the project and resilience during challenging phases.
- Having a mission and a real ability to fulfill it, not just marketing statements.
- Absence of rigid restrictions from Zhao himself — alignment with values and goals is more important.
Why This Matters
The news about Chanpen Zhao's criteria is useful for understanding which projects have a chance of receiving support within the BNB Chain ecosystem and from the entrepreneur himself. For market participants, it signals a priority on long-term commitment and corporate values over quick financial results.
For miners, this means projects genuinely focused on sustainable development with a clear mission are more likely to gain support, while projects aimed solely at rapid monetization carry higher risk. Additional context on token issues and failures can be found in the article about failures of new tokens.
What to Do?
If you have from one to a thousand devices and want to reduce risks, it’s helpful to develop simple rules for selecting projects to engage with. These will help filter out projects with a high likelihood of quick collapse, saving time and resources.
- Assess the team’s motivation: look for signs of passion for the product, not just financial goals.
- Check the history of project direction changes; frequent radical shifts are a warning sign.
- Be cautious with tokens from projects whose launches are accompanied by aggressive quick-profit goals.
- Prefer projects with a clear mission and a well-defined implementation plan, as such teams tend to focus on the long term.
These simple steps don’t guarantee success but help reduce the chance of engaging with projects that, according to Zhao, harm the industry and pose increased risk to market participants.