Original Article Title: "Binance Launches New Coin Listing Vote, Off-Exchange Vote Manipulation on the Rise"

Original Article Author: Asher, Odaily Planet Daily

Binance Initiates Second Round of Coin Listing Vote

Listed Tokens and Market Cap Overview

According to official sources, Binance has started the second round of its coin listing vote, which will last until April 10. Users can participate in the vote at Binance Square, and the winning project will be listed for spot trading after review. The candidate tokens include: VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, PLUME, totaling 12 popular crypto projects.

Unlike the first round where most candidate tokens were meme projects and all were BNB Chain ecosystem tokens, the projects in this round cover various tracks such as AI, DeFi, infrastructure, RWA, etc. This may indicate that the coin listing vote mechanism will become a regular listing method for Binance. As of the time of writing, according to on-chain data, the second-round candidate tokens' unit price, circulating market cap, and total market cap are as shown in the table below:

Second Round Candidate Token Secondary Data Overview

It is not difficult to notice that compared to the first-round coin listing vote, the market caps of the candidate tokens in this round are generally higher. Among them, ONDO has a current circulating market cap of up to 2.4 billion USD, ranking first among all candidate tokens; even the lowest market cap token, BIGTIME, has exceeded 100 million USD. This also indirectly indicates that in this round of voting, Binance is more inclined to choose mid-sized projects with a certain market foundation and user consensus, in order to further increase the attention and competitiveness of the listing event.

How to Participate

As long as you meet the criteria of holding at least 0.01 BNB, any real user can participate. The specific process to participate in the vote is simple. First, go to the Binance "News" section and find "Square." Then, locate the Binance Square Official account and find "Vote" in the pinned content. Finally, choose your favorite project from the 12 second-round projects to vote for. The specific steps are shown in the image below.

Binance Voting Process Diagram

Binance's Inaugural Coin Listing Vote Event Review

According to the officially released information, in Binance's first round of voting, BANANAS31 (19.4%) and WHY (18.8%) ranked first and second, respectively. However, unexpectedly, WHY did not appear in the final list of projects to be listed. Instead, Binance listed four projects in one go: MUBARAK, BROCCOLI 714, TUT, and BANANAS31, which exceeded the expectations of most users.

From the perspective of price trends, constrained by the overall market downturn, lack of liquidity, and a lack of strong narrative support, the projects listed on Binance did not bring a significant "wealth effect." Among them, the Meme project MUBARAK, which was most popular during the voting stage, saw a price decline instead of a rise after listing, continuing to weaken.

So, after the conclusion of the second round of coin listing voting event on April 10, will Binance continue the practice of the first round by finally listing four projects, or will it make adjustments based on this round's situation? This remains to be seen. In addition, what will be the relationship between the listed tokens and the voting rankings? Odaily Planet Daily will continue to follow up and bring the latest reports.

Off-platform Vote Manipulation Heat Surpasses the First Round

Despite the less-than-satisfactory short-term performance of the tokens listed in the first round in the market, the listing of projects on Binance's spot trading is still widely regarded as a strong endorsement and liquidity boost. Once the market heats up, the potential for gains is considerable. It is precisely because of this that, despite the current overall cold market sentiment, the coin listing voting process still attracts a lot of attention, with continuous activities around "vote manipulation."

The heat of this round's voting even surpassed the first round. According to feedback from many off-platform trading users, the demand for voting in this round has significantly increased, and the market price for "receiving votes" has also surged—while the prices mostly stayed around $5 in the first round, they have generally risen to $7 in this round, and if votes are sold in bulk, the price can even reach $7.5 or higher.

Off-platform Vote Receiving Situation

In addition, the three projects IP, ATH, and SAFE not only received a lot of endorsements from KOLs in the community media but also saw exceptionally strong off-platform "vote-receiving" demand.

Coin Listing Voting's "Governance Experiment" Is Still in the Exploratory Stage

Finally, let us look forward to the future direction of Binance's coin listing voting mechanism, which may present three completely different scenarios.

The ideal scenario is for community members to vote based on true consensus, driving genuinely promising projects to stand out; at the same time, the platform's anti-cheating mechanism comes into play, effectively curbing fraudulent voting behavior, thus creating a governance paradigm that the industry can learn from.

However, in a more pessimistic scenario, whales manipulate the voting results, inadvertently putting low-quality projects in the spotlight on the trading platform; some speculators may even profit by shorting all candidate projects, thereby triggering a massive drop in the market capitalization of mid- and small-cap tokens, disrupting the market order.

What is more likely to occur is a complex and ambiguous middle ground: although occasionally able to select promising high-quality projects, fraudulent activities such as voting manipulation still occur from time to time, prompting Binance to continuously revise mechanisms and optimize rules to maintain the credibility and participation of the voting process.

Overall, this listing voting "self-governance experiment" is still in the exploration stage, and its success or failure will directly impact Binance's degree of openness in the listing mechanism and community participation model.

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