Binance Introduces Community Co-Governance for Token Listings and Delistings
Binance Has Introduced New Community-Driven Features, “Vote To List” And “Vote To Delist,” Allowing Users To Influence Project Listings While Ensuring Transparency And No Profit From These Processes, As Part Of Its Enhanced Coin Listing Strategy.
| Key Takeaways: – Binance has launched features called “Vote to List” and “Vote to Delist,” enabling users to participate in deciding which projects get listed or removed. – The exchange committed to ensuring that it does not make a profit from these listings, will provide transparency regarding project marketing expenses, and distribute listing tokens via airdrops. |
Binance has announced a significant revision of its coin listing process, introducing two new features designed to engage the community: “Vote to List” and “Vote to Delist.”
The purpose of these features is to boost user involvement in the decision-making process and to increase transparency within the operations of the cryptocurrency exchange.
With the implementation of this new system, users will be able to vote for the projects they want to see listed on the platform. For a project to be eligible, it must complete due diligence assessments and gather a substantial number of votes from users, with the requirement that each voter holds a minimum of 0.01 BNB.
On the other hand, the Vote to Delist feature will allow users to suggest and vote for the removal of projects that do not meet specific standards, including insufficient development, lack of community engagement, excessive token distribution, or security issues.
In order to enhance transparency, Binance has committed to not generating profits from listings. Rather, it will reveal the marketing costs of projects and allocate listing budget tokens through airdrops.
Furthermore, projects that perform Token Generation Events (TGE) exclusively through Binance Wallet will have direct entry to the platform’s Alpha Observation Zone, where the Binance team will evaluate their eligibility for listing or additional community voting.
Binance asserts that these modifications will establish a more equitable ecosystem for users, project developers, and the exchange itself. By fostering a co-governance model, the company seeks to nurture innovative projects while advancing the sustainable development of the blockchain sector.
Recently, the exchange opened a voting portal that allowed users to determine if the Pi Network project should be listed. The outcome showed that 86% of those who participated supported the listing.
However, Binance has not yet announced its decision, leading to frustration among supporters of the Pi Network. In response, some users flooded the App Store and Google Play with one-star reviews of the Binance app, alleging that the exchange was taking advantage of the Pi Network community for its own publicity.
Founded in 2017, Binance continues to be the largest cryptocurrency exchange globally, boasting a daily trading volume exceeding $24 billion, as reported by CoinMarketCap. The exchange maintains a thorough evaluation process, with an independent team dedicated to researching potential listings.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
