Binance exchange previously announced in early March that it would upgrade the token listing mechanism on the exchange, including the launch of "Voting for Listing" and "Voting for Delisting" mechanisms to increase community participation and give users more say in the listing process.
Today, Binance officially released an announcement to launch the first batch of token voting activities, inviting users to participate in voting to select the first batch of tokens to be listed on Binance. In this voting, a total of 9 Binance Chain tokens are participating, including BANANAS31, BID, Broccoli (F3b), Broccoli (714), KOMA, SIREN, mubarak, TUT and WHY.
Users can participate in the voting during the activity period (3/20 to 2/27), but users must log in to a verified Binance account and hold at least 0.01 BNB, and the vote will be considered valid. Each account can only vote for one project once, and a maximum of 5 projects can be voted for.
After the voting ends, Binance will select 2 tokens to be listed.
Will projects no longer need to pay Binance listing fees in the future?
On the other hand, Binance released an announcement on the "Community Governance" mechanism for token listing in early March, proposing several changes:
Binance will not profit from token listings, and will continue to disclose the marketing expenses of each project in the listing announcement; and new "Voting for Listing" and "Voting for Delisting" mechanisms will be implemented to achieve community governance
Binance Wallet exclusive TGE (Token Generation Event) activity projects will be directly listed on the Binance Wallet Alpha observation selection pool.
We know that to be listed on the current mainstream exchanges usually requires a considerable fee. If Binance truly does not charge a listing fee in the future as it claims, it may be a good direction for the ecosystem development; however, there is no free lunch, and Binance not charging a listing fee means it needs to make up for it from other channels, so the long-term impact still needs more observation.
He Yi: We will eliminate fraudulent voting behavior
After the Binance token voting was released, many users enthusiastically went to vote. As of now, the top token voting rates are very close, with mubarak temporarily in first place with a 19.1% voting rate, followed by:
- Broccoli (714): 13.3% voting rate
- TUT: 12.6% voting rate
- BANANAS31: 12.5% voting rate
- SIREN: 10.9% voting rate
Since Binance has already listed the contracts for these tokens, the community is also discussing whether to long the top two projects and short the projects with low voting rates. However, it is difficult to say whether this method will be effective, as whales may also go against the retail investors based on expected psychology, reminding investors to still pay attention to the risks.
However, some in the community have questioned whether using community voting to list on Binance means that someone with malicious intent can just spend a small amount of money to have multiple accounts vote, and ultimately get their chosen token listed. Some users even directly said: "Voting can list on Binance without spending a dime, it's really amazing."
Regarding the various comments from the community, Binance co-founder He Yi responded earlier on X platform, stating that they will clean up the votes of malicious cheaters:
We will clean up the votes, no rush.
He Yi: I believe the interests of users and Binance are completely aligned
On the other hand, Binance today selected 5 best questions from the AskBinance activity tweet released in early March and provided responses. When facing the question "How does Binance's new community governance mechanism increase user participation in token listing and platform development?", He Yi also personally posted a reply, stating:
We believe that the interests of users and Binance are completely aligned. Binance can only continue to grow with the support of users.
Our starting point is:
1. Reduce industry fees as early as possible
2. Provide better services
3. Establish industry compliance standards to ensure positive industry development
4. Our management team is always on the front line, putting user needs first. Currently, Binance's management team provides customer service support at least once a quarter to directly address the problems of ordinary users.
