Binance, the largest centralized cryptocurrency exchange, has launched a new community co-governance structure, allowing users to directly influence token listing and delisting.
What is Binance's Community Co-Governance?
The community-driven governance model allows Binance users to vote on the listing or delisting of certain tokens. As part of this initiative, Binance introduced two mechanisms—'Vote to List' and 'Vote to Delist', aimed at involving the community in crucial token-related decisions. This strategy addresses the growing number of new tokens in the market.
How Does the 'Vote to List' Mechanism Work?
The 'Vote to List' mechanism allows Binance users to vote for projects they believe should be listed on the platform. Users must hold at least 0.01 BNB in their accounts to participate. Projects from the Alpha Observation Zone and vetted candidates are eligible for voting, potentially bringing more transparency and inclusivity.
'Vote to Delist': Keeping the Platform Clean
The 'Vote to Delist' mechanism enables users to vote for removing tokens from the platform, enhancing the quality of listings. Tokens showing signs of inactivity or risk, such as inactive communities or non-compliance, are voted on in the Monitoring Zone.
Binance's new community co-governance model is a significant step towards improving the quality and transparency of token listing processes, giving users direct influence over token selection and removal.
