Binance, the world's leading centralized cryptocurrency exchange, is implementing a new community co-governance structure that allows users to influence the listing and delisting of tokens.
What is Binance's Community Co-Governance?
The co-governance model aims to empower Binance users by allowing them to vote on token listing and delisting. New mechanisms, 'Vote to List' and 'Vote to Delist,' have been introduced to involve the community in the platform's critical token selection processes. This approach seeks to balance innovation with responsibility, maintaining high standards for listings.
How Does the "Vote to List" Mechanism Work?
The 'Vote to List' mechanism allows Binance users to vote for projects they wish to see listed on the platform. Users must hold at least 0.01 BNB to participate. Projects undergo a rigorous due diligence process to ensure compliance with quality and regulatory standards. Moreover, projects can self-nominate for listing consideration after completing their TGE.
"Vote to Delist": Maintaining Quality
The 'Vote to Delist' mechanism enables users to vote for the removal of tokens that do not meet community expectations or present risks. Tokens with low activity or regulatory non-compliance are placed in a monitoring zone. If they fail to improve, they may be delisted.
Binance's new co-governance model illustrates how exchanges can integrate users into decision-making processes, sustaining high standards for listings and enhancing the transparency of the process.
