Binance Officially Launches Voting for Token Listing Event
Binance today officially started the voting event for token listing, with a total of 9 tokens participating in the first round of voting, including popular meme tokens Mubarak, TUT, and Broccoli. In light of the enthusiastic community voting, some community users have raised concerns, questioning whether using community voting to list on Binance implies that individuals intent on doing so could simply spend a small amount to create multiple accounts to boost their chosen token. In response to these concerns, Binance co-founder He Yi stated that measures will be taken to clean up votes and eliminate cheating.
(Background: Binance initiates its first “Voting for Token Listing” event with $Broccoli, $Mubarak among the 9 meme coins selected; users holding 0.01 BNB can participate)
(Additional Background: Has Binance allowed employees to trade tokens? Allegations of relaxed lock-up regulations with a yearly limit of $5,000; how does the community view this?)
Binance Upgrades Token Listing Mechanism
Binance had announced in early March that it would upgrade the token listing mechanism within the exchange, which includes the introduction of “Voting for Token Listing” and “Voting for Token Delisting” mechanisms to enhance community participation, allowing users to have a greater say in the token listing process.
Today, Binance officially released an announcement stating that it would kick off the first voting event, inviting users to participate in selecting the first batch of tokens to be listed on Binance by voting under the official post on Binance Square. In this voting event, 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 event period (from March 20 to February 27), but they must log into a verified Binance account and hold at least 0.01 BNB for their vote to be considered valid. Each account can only vote once for the same project and can vote for a maximum of 5 projects. After the voting ends, Binance will select 2 tokens to be listed.
Will Project Teams No Longer Need to Pay Listing Fees?
On the other hand, Binance released an announcement in early March regarding the “Community Governance” mechanism for token listings, proposing several changes:
- Binance will not profit from token listings and will continue to disclose the marketing costs of each project in the listing announcements, distributing airdrops to Binance users based on token unlock timelines;
- Introducing “Voting for Token Listing” and “Voting for Token Delisting” mechanisms to achieve community governance;
- Exclusive TGE (Token Generation Event) projects directly accessible to Binance Wallet’s Alpha listing observation selection pool.
It is known that listing on mainstream exchanges usually requires a significant fee. If Binance genuinely no longer charges listing fees, this could be a positive direction for ecological development; however, there is no such thing as a free lunch, and Binance’s decision to waive listing fees suggests that they need to recoup losses through other channels, and the long-term effects require further observation.
He Yi: We Will Eliminate Cheating Votes
After the release of the voting for token listing on Binance, many users actively participated in the voting. As of now, the voting rates for the leading tokens are very close, with Mubarak currently in the lead with a vote rate of 19.1%, followed by:
- Broccoli (714): Vote rate 13.3%
- TUT: Vote rate 12.6%
- BANANAS31: Vote rate 12.5%
- SIREN: Vote rate 10.9%
Since Binance has already listed the contracts for these tokens earlier, the community is discussing whether to go long on the top two projects and short those with lower voting rates. However, the effectiveness of this strategy is uncertain, as whales might act contrary to retail investors’ expectations, reminding investors to remain cautious of risks.
However, some community members have questioned whether using community voting for listing on Binance means that individuals with intent can simply spend a small amount to create multiple accounts for vote boosting, with one user stating, “Voting can allow one to list on Binance without spending a penny, truly incredible.”
In response to various comments from the community, Binance co-founder He Yi earlier replied on the X platform, stating that they will take action against malicious cheaters:
We will clean up the votes, no rush.
He Yi: I Believe Users’ Interests Align with Binance’s Interests
On another note, Binance today selected 5 of the best questions from the AskBinance event tweet released in early March and provided answers in order. When addressing the question, “How does Binance’s new community governance mechanism enhance user participation in token listings and platform development?” He Yi personally posted a response, stating:
We believe that the interests of users and Binance are completely aligned. Binance can only continue to grow with the support of its users.
Our starting point is:
- To reduce industry fees as early as possible;
- To provide higher quality services;
- To establish industry compliance standards to ensure positive industry development;
- Our management team is always at the forefront, prioritizing user needs. Currently, Binance’s management team provides customer support at least once a quarter to directly address issues faced by regular users.
