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On Thursday (April 25), Binance unveiled guidelines for listing tokens on Binance DEX, its new decentralized exchange, and said that these guidelines would enable Binance DEX "to facilitate a larger number of crowd-vetted projects, hopefully listing 10x more tokens than currently listed on Binance.com."

Despite what some people think, issuing a token on Binance Chain does not mean that the new token will automatically get listed on Binance DEX. Binance, which has been criticized like most other centralized exchanges for having an opaque listing process, is hoping that the new "transparent and community-driven" listing process for Binance DEX will finally satisfy most if not all of its detractors.

The Binance DEX listing process consists of the following steps:

• 1. Proposal
  • "It is recommended that Token Issuers first create a thread under the “Token Issuance & Listings” category in the Binance Chain Community Forum."
  • "It is recommended that this public thread contain full answers to the Binance DEX Token Listing Submission Criteria..."
  • "Token Issuers must initiate an on-chain Proposal Request (fee of 10 $BNB) to list a trading pair for a token."
  • "Token Issuers must request $BNBas the quote asset for their first trading pair. For example, ABC/$BNB."
  • "Once the proposal request is submitted, Token Issuers must post the Proposal ID to their proposal thread in the forum as a ‘reply’."
• 2. Deposit
  • "Once the proposal request is sent, Token Issuers will need to deposit at least 1,000 $BNBwithin 2 days."
  • "Proposals that do not receive sufficient deposits within this timeframe will not be able to move on to the voting stage and their deposit will not be refunded."
  • "If the Vote passes in Step 3 (majority 'Yes'), the 1,000 $BNBdeposit will be refunded."
• 3. Vote
  • "At least half of the voting power is required to vote 'Yes'?for the proposal to be accepted."
  • "Binance Chain Validators can vote for either 'Yes', 'No', 'NoWithVeto', or 'Abstain'?within the time period specified in the proposal request."
  • "The 1,000 $BNBdeposit will be refunded if the majority of Validators vote for 'Abstain'."
  • "Proposals are denied if one third of the Validators vote 'NoWithVeto' or if half of the Validators vote 'No'."
  • "Denied proposals will lose all the funds deposited, however this result will only occur in rare circumstances when there is relatively clear fraud, scam or spam."
• 4. List
  • ???????"If the vote is passed, the Token Issuer will need to initiate a 'List'?transaction on-chain (2,000 $BNBfee) within the timeframe specified in the proposal, while the previous 1,000 $BNBdeposit will be refunded back to the proposing user."
  • "The trading pairs will be live immediately after this request is completed."

Binance says that the "listing application,?project information, vote results and all community interaction will be public on the Binance Chain Community Forum," that the decisions of the Binance Chain Validators (who are the only ones with the power to vote) are "purely based on public information in the forum," and that there is no other way "for?projects to contact Binance Chain Validators."

One interesting thing to point out is that although the Binance DEX listing fee has been set to 2,000 $BNB(currently, according to CryptoCompare, worth around $45,580), originally Binance CEO Changpeng Zhao (aka "CZ") was thinking of making the listing fee on Binance DEX be around $100,000, as he mentioned in his first Ask Me Anything (AMA) session on February 7:

"There will be a listing fee on the DEX. I actually deliberately want to set that a little bit high, just so we reduce the number of spam or scam projects. And there’s also a voting process by the validators to be listed on the DEX. So there’s a fee, I think the fee will be probably close to $100K US, so we’ll see. But the fee is adjustable over time, it’s quite easy to change."

All Images Courtesy of Binance

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