Binance, the largest centralized cryptocurrency exchange, introduces a community co-governance system that enables users to directly influence the listing and delisting of tokens.
What is Binance's Community Co-Governance?
The community-driven governance model allows Binance users to vote on whether they want certain tokens to be listed or delisted. As part of the initiative, Binance has introduced two new mechanisms—'Vote to List' and 'Vote to Delist'—to involve the community in crucial token inclusion and removal decisions. This initiative is a strategic response to the growing number of new tokens and aims to balance between innovation and responsibility.
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 to participate. Only projects from the 'Alpha Observation Zone' and other vetted candidates are included for voting. Binance's team conducts the initial screening of projects.
'Vote to Delist': Keeping the Platform Clean
The 'Vote to Delist' mechanism focuses on tokens that underperform or pose risks. Tokens in the 'Monitoring Zone' that fail to meet community expectations may be delisted by voting of users with 0.01 BNB. This mechanism helps maintain the platform's quality, ensuring only high-grade, active projects remain.
By implementing community co-governance, Binance moves towards a more transparent and inclusive token listing process and actively involves users in the platform's development management.
