Benance has announced that he would seek community votes to determine that the crypto tokens should be listed or delisted on their platform. As the world’s largest exchange -donation, it faces the challenge of identifying legitimate projects amidst a bounce of floods flooding in the market. According to Binance, community input has played a valuable role in constantly evaluating tokens, which led the exchange to increase the user’s participation in its listing and delisting decisions. The purpose of this initiative is to make the process more transparent and inclusive, while it is to ensure that only reliable and high quality toenses on the platforms receive traction.
Binas Said Tokens related to only innovative, obedient and quality projects should be listed on its platform, which is said 250 million,
How will the process work
Binance will install a voting pool of the internal launched newly launched tokens from which community members can choose the tokens that they want to support.
Crypto projects that have completed their token generation event (TGE)-a new token at the point and distributed earlier-can submit a self-promotion application to be considered for listing in the pool.
For delisting, the benns will introduce a “monitoring zone” to flag the token, which increases concerns, such as inactive communities or a lack of regular development updates. Early phase projects that attempts to increase token supply without appropriate procedures or pose a risk to investors will also move to the region before the potential removal from the platform.
Members of the Binance community who want to participate in the listing and delisting process require at least 0.01 BNB tokens in their accounts. Currently, the native BNB token of Binance is trading at $ 565 (about Rs 49,330) on international exchanges. Coinmarketcap And currently the price of 0.01 BNB token is $ 5.60 (about Rs 490).
The company said in its announcement post, “We aim to promote a permanent industry by improving evaluation models and token distribution, aligning the interests of the better community.”
The tantra is not yet live, and the Benance has not provided a specific timeline for its deployment.
Concern about the increasing number of AltCunes entering the market
In January this year, CEO of Coinbase Brian Armstrong gave a warning on the risks of new altcoin launched in the Crypto market. He claimed that a million new altcoins were being injected into the market on a weekly basis, leading to personal evaluation next to the impossible. Armstrong has suggested that regulators have installed a blocked system for tokens that have not applied for regulatory approval.
Last month, Dubai’s crypto regulatory bodies dubbed groom also warned investors on the risks of trending, engaging with newly launched Memcoin. Calling him ‘highly speculative property’, the groom said that these crypto tokens pose a major financial risks for the community members.
As CoinmarketcapCurrently, there are more than 12.44 million cryptocurrency in circulation.
