Binance introduces the “List to List to List” and “Lote Leatist To Leatist” mechanisms to introduce community governance to token lists. Exchange has previously hosted listing votes, but it is very rare.
Binance also introduces a pool of potential lists and listings, so users cannot tokenize to vote at their own discretion. However, exchanges have several mechanisms to facilitate user participation and feedback.
Binance to host token list voting
Binance, the world’s largest crypto exchange, could consistently affect token prices with list announcements. Every time an exchange announces that it will list one, its assets will skyrocket, which is a very opaque process.
However, after the “trial and evaluation” period, Binance is increasing transparency by having regular community votes decide on token lists.
“Binance is strengthening its listing mechanism and introducing a new community co-government mechanism for listings. The exchanges claimed on social media are “voting for listings” and “voting for listings” and “voting for listings” mechanisms, which will increase community participation and allow users to give stronger audio in the listing process.
Exchanges do not establish a complete democracy in these cases. Binance can enter the voting pool by selecting a project in the “Alpha Observation Zone” and the community can decide whether a list will occur.
Additionally, the token project in question must pass the Binance due diligence test. Listing votes also apply to coins from certain pools only.
In the past, Binance occasionally allowed community votes to determine a list of tokens, which is a very rare event. Last month, the exchange allowed votes for the PI network, and was overwhelmingly successful.
However, the actual list has not yet been realized. Going forward, this process could become an important part of Binance’s due diligence process.
Ultimately, however, the increase in transparency is net positive. Recently, after listing some young meme coins, Binance has been attacked for a controversial list.
Critics accused the company of promoting pump and dump scams, and leadership took the issue very seriously. Voting on the list helps Binance build the strength of the community.
Still, Binance left room to act independently of these votes. However, these actions can also encourage community involvement.
For example, yesterday we were planning to list Redstone Red Tokens, but the team suddenly changed the conditions for the airdrop. Binance paused the list, and the community’s rage prompted Redstone to reverse that decision.
Overall, it is a positive step in vinance. A community-driven approach can help increase the transparency of exchange and maintain its reliability.
