Binance, the world's largest centralized cryptocurrency exchange, is stepping up its game by launching a new community co-governance structure that empowers 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—both designed to involve the community in crucial decisions about token inclusion and removal from the platform.
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. To ensure that only the most deserving projects are chosen, Binance has set up several guidelines, such as user eligibility, project selection, and due diligence.
"Vote to Delist": Keeping the Platform Clean
Besides allowing users to vote for the inclusion of tokens, Binance is also giving them the power to vote to delist tokens. This move focuses on improving the quality of listed projects and protecting the community from potentially risky assets.
The introduction of the new co-governance system is a significant step for Binance towards a more transparent and engaged community. It aims to maintain high platform standards while involving users in the token listing and delisting processes.
