Binance presents “voting on the list” mechanisms and “vote for the establishment” to introduce community governance into the token lists. The exchange has sometimes hosted registration votes before, but they are exceptionally rare.
Binance also presents pools for potential lists and delisters, so users cannot put a token for a vote at their own discretion. However, exchange has several mechanisms to encourage participation and user comments.
Binance to accommodate the list of tokens
Binance, the largest crypto exchange in the world, can constantly have an impact on the prices of tokens with its registration advertisements. Whenever the exchange announces that it will list one, its asset increases, but it is a very opaque process.
After a period of “testing and evaluating”, however, Binance increases transparency by allowing regular community votes to decide on the list of tokens:
“Binance improves its registration mechanism and introduces its new community co-government mechanism for lists. The “voting on the list” and “voting for radiation” mechanisms will allow greater participation of the community and will give users a stronger voice in the registration process, “said exchange on social networks.
The exchange does not establish full democracy with these procedures. Binance will select projects in its “Alpha Observation Zone” to enter the Pool of Voting, and the community can decide whether a list will occur.
In addition, the token project in question will have to pass the reasonable diligence inspections of Binance. The delimitation of votes will also apply only to parts in a specific pool.
In the past, Binance has sometimes allowed community votes to decide lists of token, but it is a very rare event. Last month, the exchange granted a vote on the PI network, and it succeeded in massification.
However, the real list has not yet materialized. In the future, this process could be a key element in the reasonable diligence process of Binance.
In the end, however, any increase in transparency will be a net positive. Recently, Binance was under fire for controversial lists after listed a few young pieces of memes.
Critics accused the cabinet of facilitating pump and blows scams, and leadership took the question very seriously. With the list of votes, Binance can help build the power of his community.
However, Binance left a room for maneuver to act independently of these votes. However, these actions can also feed the participation of the community.
For example, yesterday, he planned to list the redstone Red token, but the team suddenly changed the terms of its air card. Binance suspended the registration and indignation of the community has prompted Redstone to cancel its decision.
Overall, this is a positive step for the binance. A community -oriented approach will likely increase transparency for exchange and will help maintain its credibility.
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