The largest cryptocurrency exchange Binance is revising the process of adding new tokens, giving the community a voice. Now users will be able to vote for the addition or removal of certain assets, influencing the formation of the list of available trading pairs.
Criticism of the listing process
Previously, co-founder and former head of Binance Changpeng Zhao criticized the existing listing mechanism, calling it imperfect. He noted that new tokens often rise significantly in price on decentralized exchanges before being added to centralized platforms like Binance. However, after that, they face a wave of sell-offs, which negatively affects their value.
Coinbase offers a different approach
The issue of listing new assets is relevant not only for Binance but also for Coinbase. The company's head, Brian Armstrong, proposed switching to a blacklist model that will allow automated algorithms and users to filter out fraudulent projects.
According to him, nearly a million new tokens appear every week, making it impossible to manually verify each one. 'Regulators also cannot keep up with such a vast number of new assets,' Armstrong added.
How will these changes affect the market?
The new voting mechanism on Binance could increase the transparency of listings, making the process fairer. At the same time, the proposed Coinbase blacklist model will help combat fraudulent tokens more effectively, reducing risks for users.