Binance has announced the first batch of tokens in its “vote to list” campaign, among them are the memecoins Mubarak and Broccoli.
The announcement follows the recent unveiling of the community co-governance campaign by Binance, the world’s largest cryptocurrency exchange.
Users within the Binance ecosystem can vote to help decide which tokens list on the exchange or are removed as per set due diligence guidelines. Holders of BNB (BNB), welcomed the move and Binance has now released the first batch of “vote to list” tokens.
According to the exchange, this inaugural list will exclusively feature tokens in the BNB Chain ecosystem. However, this will expand in future voting rounds, with tokens in Binance Alpha also added.
Binance will consider several metrics or factors before adding tokens to the pool, including project fundamentals, user adoption, tokenomics and technical risk assessment. A review of the team and compliance are also key considerations.
“We are now opening Vote to List for the following projects, from which two tokens will be selected for listing on Binance after completing our official due diligence and procedures,” the exchange noted in the announcement.
Which tokens are in Binance’s “vote to list” batch
Nine tokens have made the cut for the first batch. These include the recently explosive BNB Smart Chain memecoins MUBARAK and Broccoli.
Others are Banana For Scale, CreatorBid, CZ’S Dog, Koma Inu, SIREN, Tutorial and WHY.
Most of these tokens have experienced notable price gains in the past 24 hours, with CZ’s Dog up 104% and Bananas For Scale +27%. Mubarak, which exploded amid Changpeng Zhao-driven upward pressure, has paired some of the gains. The memecoin traded -32% at the time of writing.
But while traders look to catch the next memecoin gem, some industry experts have observed that most of these viral tokens will fade into obscurity.
In a recent interview with Bloomberg, ARK Invest chief executive officer Cathie Wood, expressed sentiment that most of these internet meme and animal-themed memecoins will end up ‘worthless’. Only a handful could ride the rollercoaster and emerge as ecosystem mainstays.
