Binance, the largest centralized cryptocurrency exchange, is implementing new methods to involve users in platform governance, including voting on token listing and delisting.
What is Binance's Community Co-Governance?
Binance's co-governance model allows users to vote on token listings or delistings. This is a response to the rapid increase in new tokens and the need to maintain high-quality offerings while managing risks.
How Does the 'Vote to List' Mechanism Work?
The 'Vote to List' mechanism lets users vote for projects they believe should be listed on the platform. Users need at least 0.01 BNB in their accounts to participate. Projects receiving enough votes undergo due diligence to meet Binance's standards.
'Vote to Delist': Keeping the Platform Clean
The 'Vote to Delist' tool allows users to vote to remove tokens that fall short of expectations. Problematic tokens such as those with inactive communities or lacking product updates are subject to this mechanism, maintaining the quality of Binance offerings.
Binance's new co-governance structure enhances community involvement in platform governance, increases transparency, and ensures only quality projects remain on the exchange.
