Binance, the world's largest centralized cryptocurrency exchange, has introduced a new community co-governance model, enabling users to directly influence the listing and delisting of tokens within the Binance ecosystem.
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 on the platform. As part of the initiative, Binance has introduced two new mechanisms—"Vote to List" and "Vote to Delist"—designed to involve the community in crucial decisions. This strategic move addresses the rapidly growing number of new tokens in the market, balancing innovation and responsibility by including the community in the vetting process.
The 'Vote to List' Mechanism on Binance
The "Vote to List" mechanism allows Binance users to vote for projects they believe should be listed on the platform. To participate in voting, users must hold at least 0.01 BNB. The voting process includes only projects from the Alpha Observation Zone and other vetted candidates. Once a project receives enough votes, it undergoes Binance’s thorough due diligence to ensure it meets the platform’s standards.
The 'Vote to Delist' Mechanism and Its Role
The 'Vote to Delist' mechanism allows users to vote for the removal of tokens showing inactivity or potential risks. Tokens with inactive communities, lack of updates, or regulatory compliance issues can be delisted. Users with at least 0.01 BNB in their accounts can vote on these tokens.
By introducing the co-governance model, Binance aims to create a more open and transparent platform, engaging the community in governance and decision-making processes.
