Large Crypto Exchange Invites Users to Vote on Token Listing Proposals
A Hong Kong-based exchange has implemented a mechanism which gives a priority listing review option for projects supported by a majority of users and approved by a review committee.
OKEx, a Hong Kong-based prominent crypto assets exchange and a top 3 trading floor in many crypto assets, implemented a participatory mechanism that allows its users to vote on token listing proposals. Under the scheme, projects supported by a majority of OKEx users will have the option for a priority listing review.
To vote, the user must hold exchange’s own OKB token, that is used as a ballot - 0.1 OKB counts for one vote.
OKEx has also introduced another method of fast-tracking tokens to get listed called “Community Building”. If a candidate project manages to bring at least 50,000 new users to the OKEx exchange, and at least 20,000 of them remain active during a certain time frame, the listing application of its token will be also given a priority for the review.
Nevertheless, before being submitted for a users’ vote, the projects will be reviewed by the exchange’s listing review committee, under a set of criteria. A part of the consideration criteria is published on the OKEx website, but the committee can also consider other factors it deems fit.
The committee’s decision will have a 50 percent weighting in the overall listing decision - this means that only those projects that have favorable opinions of both the committee and exchange users will pass the selection. Draws will be resolved by OKEx management.
Furthermore, a privileged class of users called Prime Investors, is being created on OKEx to ensure self-oversight of listing-related issues. According to OKEx, Prime Investors are “reputable and experienced institutions or individuals in the blockchain industry”, who are not a part of the core team of any token project. Holding at least 500,000 OKB is required for Prime Investor status.
Prime Investors will serve as OKEx’s “Elders”. For a project approval, at least 3 Prime Investors must endorse the project. Prime investors will also be entitled for the direct-listing option - a project backed by OK Blockchain Capital, and at least 5 Prime Investors, will be listed on OKEx, subject only to Review Committee approval. Prime Investors’ powers are limited though - they may endorse only one project, irrespective of amount of OKB tokens they may hold.
OKEx’s management also reserves a right to veto whatever decision the committee, user base or Prime Inve