Will Pi Network Get Listed As Binance Launches Decentralized Listing Mechanism?
Highlights
- Binance has adopted a new listing model that will involve community members
- Users with 0.01 BNB can vote to list or delist a token
- Pi Coin is in the spotlight amid previous conflicted listing demand
With just about 24 hours for the PI Network Coin migration to the mainnet, the conversations around the token’s listing on Binance Exchange have grown. This chatter is even boosted by the exchange’s newly launched decentralized token listing model.
The exchange said the launch of this new offering is based on user feedback, through which its system has improved over time. With this new community model, holders of BNB can now co-decide which assets get listed or delisted from its platform.
The New Binance Listing Model
As the trading platform announced, users with at least 0.01 BNB can now participate in its “Vote to List” and “Vote to Delist” mechanisms. Binance said that once a project has a defined listing budget, it will disclose this in its listing announcements and distribute these defined tokens through airdrops and other forms.
Binance said that the listing and delisting mechanisms would prioritize community decisions with the highest popularity. Projects with the highest pools may get listed or delisted. As Binance revealed, projects will be placed in the voting pool from the market and observation pool.
Meanwhile, the trading platform recently announced plans to delist non-compliant stablecoins like USDT in the EU. Drawing on this trend, the exchange said it would only list tokens voted by the community that meet “regulatory compliance standards.”
Binance and the Quest to List Pi Network Coin
One of the assets in the market that might benefit from this new Binance initiative is the Pi Network. Despite its controversial background, the Pi Coin project has gained popularity in the market.
Conflicting on whether to list PI or not, Binance recently conducted a community poll. The majority of participants pushed for the listing. While the trading platform is yet to list the coin, the latest decentralized listing mechanism might give PI a chance.
Despite not trading on Binance, PI has climbed as one of the most capitalized coins. As of writing, the coin’s price is $1.782, down by 5.94% in 24 hours. According to expectations, a Binance listing might trigger a $100 price rally and push it into the top 10 most capitalized coins.
Major Precedence for Centralized Exchanges
Besides leading the centralized crypto exchange niche per liquidity, Binance also set important precedence for its peers. Following the collapse of the FTX Derivatives Exchange, the trading platform launched the Proof-of-Reserve (PoR) mechanism. Today, other exchanges have adopted this PoR mechanism.
Experts suggest that if this community listing approach is successful, other platforms might adopt it in the future.
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