Cryptocurrency exchange Binance has released the results of its Vote to List program and is set to begin spot trading of selected tokens. The quartet with the most votes includes MUBARAK, BROCCOLI, TUT, and BANANA, memecoins with thriving ecosystems.
Binance Releases Vote To List Results
Binance has released the official results of its Vote To List program, disclosing plans to list four projects. Per the announcement, the selected projects garnered the highest number of votes and scaled Binance’s due diligence.
The quartet includes CZ’s Dog (BROCCOLI), Banana For Scale (BANANA), Tutorial (TUT), and Mubarak (MUBARAK). Going forward, selected cryptocurrencies will be moved from Binance Alpha to the Spot Market.
MUBARAK received the highest number of votes with 8,251 valid votes with Binance stating that the four tokens will be marked with seed tag. Binance applies seed tags to high-risk tokens as a measure of protection for users.
Apart from the votes, Binance says a final decision to list the tokens hinged on historical token performance, risk assessment, and organic voting patterns. While CreatorBid (BID) came second in the voting, it appears the project was excluded based on further evaluation.
Binance excluded Pi Network from the Vote to List initiative, limiting eligible projects to the BNB Smart Chain Network.
Memecoins Are Having A Field Day
The selected tokens in the Vote to List program are all memecoins with pundits predicting the rise of the tokens. Despite the soaring enthusiasm, a cross-section of users has expressed displeasure at the choice of tokens to be listed.
Critics say the selected memecoins do not have the same cult following as memecoins from 2021. They argue that the memecoins are mere random words mentioned by thought leaders in the cryptoverse. However, Ark Invest’s Cathie Woods says memecoins will lose value in the near future after the hype cycle wanes.
“Short-term volume gets them listed and then they wonder why the hype dies in a few weeks and retailers start talking bad about memes,” said one critic.
In other exchange news, Binance has released an update on six tokens, reducing their collateral ratios under portfolio margin.
The post Binance Announces Vote To List Results, Set To List MUBARAK, BROCCOLI, TUT, BANANA appeared first on CoinGape.
