Binance, the world's largest cryptocurrency exchange, introduces a new co-governance structure empowering users to influence token listing and delisting.
Binance's Community Co-Governance
The community-driven governance model allows Binance users to vote on token listings and delistings. As part of this initiative, 'Vote to List' and 'Vote to Delist' mechanisms have been introduced, enabling the community to participate in key decision-making processes. This is a strategic move by Binance in response to the rapid influx of new tokens, aiming to maintain high-quality listings while managing associated risks.
How 'Vote to List' Mechanism Works
The 'Vote to List' mechanism enables Binance users to vote for projects they deem worthy of listing. To participate, users must hold at least 0.01 BNB. Projects from the 'Alpha Observation Zone' and other vetted candidates are included in the voting pool, and after securing enough votes, projects undergo Binance's rigorous due diligence to meet quality and regulatory standards. Projects that have completed their Token Generation Event (TGE) can self-nominate for listing consideration, expanding the range of potential tokens.
'Vote to Delist' Mechanism and Its Importance
The 'Vote to Delist' mechanism empowers users to vote for the removal of tokens, focusing on improving project quality and safeguarding the community from risky assets. Tokens placed in the 'Monitoring Zone' include those with inactive communities, lack of updates, or regulatory non-compliance. If these tokens fail to meet the community's standards, they may be delisted from Binance.
Binance’s new co-governance structure makes listing and delisting processes more transparent and community-driven, ensuring high-quality projects remain on the platform.
