Binance's new round of voting for listing coins sees off-exchange vote manipulation prices soar
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Binance's new round of voting for listing coins sees off-exchange vote manipulation prices soar
Covering a broader range of areas, voting-based listings may become a standard Binance listing method.
Navigating Web3 tides with focused insightsAuthor: Asher, Odaily Planet Daily
Binance Launches Second Round of Token Listing Vote
Listed Tokens and Market Capitalization Overview
According to official announcements, Binance has launched its second round of token listing voting, running until April 10. Users can participate in the vote via Binance Square. Winning projects will be reviewed and subsequently listed for spot trading. The candidate tokens include: VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, PLUME—12 popular crypto projects in total.
Unlike the first round, where most candidates were meme projects based on the BNB Chain, this round spans multiple sectors including AI, DeFi, infrastructure, and RWA. This shift may signal that the voting-based listing mechanism is becoming a regular approach for Binance listings. At the time of writing, chain data shows the current price, circulating market cap, and fully diluted market cap of these second-round candidates as shown in the table below:
Secondary Market Data of Second-Round Candidate Tokens
It's evident that compared to the first round, the current batch of candidate tokens generally have higher market valuations. Among them, ONDO currently has a circulating market cap as high as $2.4 billion, topping all candidates. Even the lowest-market-cap token, BIGTIME, exceeds $100 million. This suggests Binance is now favoring mid-sized projects with established market presence and community consensus, aiming to boost engagement and competition within the voting process.
How to Participate
Real users who hold at least 0.01 BNB can easily join the vote. Simply go to the "News" section on Binance, navigate to "Square," locate the official Binance Square account, find the pinned post labeled "Vote," and select your preferred project from the 12 candidates in Phase Two. The detailed steps are illustrated below:
Binance Voting Process Diagram
Review of Binance’s First Token Listing Vote
According to official results, BANANAS31 (19.4%) and WHY (18.8%) ranked first and second in Binance’s initial vote. However, surprisingly, WHY did not appear on the final listing list. Instead, Binance listed four projects at once: MUBARAK, BROCCOLI 714, TUT, and BANANAS31—exceeding most users’ expectations.
In terms of price performance, due to the overall bearish market, insufficient liquidity, and lack of strong narratives, the newly listed tokens failed to generate a noticeable “wealth effect.” Notably, MUBARAK, the most hyped meme project during the voting phase, saw its price decline after listing and continued weakening.
As the second round concludes on April 10, it remains to be seen whether Binance will follow the same pattern by listing four projects or adjust its strategy. Additionally, what will be the relationship between final listings and voting rankings? Odaily Planet Daily will continue to monitor and report the latest developments.
Off-Exchange Vote-Buying Hype Surpasses First Round
Despite underwhelming short-term market performance of the first-round listed tokens, being listed on Binance spot markets is still widely seen as a strong endorsement and a significant boost in liquidity. If market conditions improve, the potential returns could be substantial. As such, even amid generally cold market sentiment, the listing vote continues to attract intense attention, fueling widespread off-exchange vote-buying activities.
The demand for votes in this round has exceeded that of the first. Multiple over-the-counter traders report significantly increased demand, with the market price for purchased votes rising accordingly—while prices in the first round hovered around $5, they have now risen to $7 on average. For bulk purchases, prices can reach $7.5 or higher.
Off-Market Vote Acquisition Activity
Additionally, projects such as IP, ATH, and SAFE have not only received strong endorsements from KOLs across community media but also show exceptionally high demand for off-exchange vote purchases.
The “Self-Governance Experiment” of Voting-Based Listings Is Still Evolving
Finally, let’s consider the future trajectory of Binance’s voting-based listing mechanism, which could unfold in three distinct scenarios.
In the most ideal case, community members vote based on genuine consensus, allowing truly promising projects to rise. Meanwhile, the platform’s anti-cheating mechanisms effectively prevent manipulation, establishing a governance model that could serve as an industry benchmark.
In a more pessimistic scenario, large holders manipulate voting outcomes, pushing low-quality projects onto the exchange. Some speculators might even profit by shorting all candidate tokens, potentially triggering broad declines among mid-cap tokens and disrupting market order.
More likely, however, is a complex and ambiguous middle ground: while occasionally spotlighting high-potential projects, the process still sees recurring manipulation like vote-buying. Binance would then need to continuously refine its mechanisms and optimize rules to maintain credibility and user engagement.
Overall, this “self-governance experiment” in token listings remains in its exploratory phase. Its success or failure will directly influence Binance’s openness in listing mechanisms and the depth of community participation moving forward.
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