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 Investors may take or propose. OKEx said that it will delist projects who gained a listing by providing incorrect information, upon discovery of such fact.
Voting is open
Project teams may already start applying for listings under the revised listing rules. When voting starts, each round will last for seven days and three projects will be selected in each round. OKEx will initiate one vote per week.
Participating in the listing process will be available to OKEx users who hold platform’s OKB tokens, and to Prime Investors. OKEx has distributed a number of OKB tokens as a part of the “community building effort.”
The ability to vote on listing candidates are one of the many features that the token will have.
First and foremost, 50 percent of OKEx fees received during the week will be distributed to OKB holders as a bonus every Friday.
The list of possible uses of the OKEx token includes privileged trading fees. According to a statement issued by OKEx management, the exchange plans to build a “global ecosystem” based on the OKB token. OKB will act as a base token for global blockchain teams to utilize in the construction of the ecosystem. It will also be used by listing candidates to pledge security deposits. This deposit is required to finalize the listing process.
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