Should crypto exchanges give a chance to community-driven crypto projects? We are seeing a rise in popularity of participatory mechanism which allows exchange users to vote on their favorite coin to be listed.
Advantages Of Voting For Coin Listing On Exchanges
First of all, the voting system is mutually useful for both the project and the exchange. A candidate project usually brings thousands of people to the exchange, and part of them remain active users. Further, especially useful for the exchange is if the coin is not listed on other exchanges, but rather already has a vibrant community of miners and supporters.
One such coin is Safex Cash (SFX), which has recently been proposed for voting on CoinDeal exchange. Safex Cash is a mineable privacy coin, and above all it will be used for the purchase of goods and services on a marketplace. The Safex marketplace is envisioned to become a “decentralized Amazon”. Furthermore, it will also use Safex Token (SFT) as a utility coin.
Organic Growth, Exposure, And Liquidity
In addition, the project’s leader, Daniel Dabek, says that listing community voted coins encourages the organic growth of a project:
By voting, the community helps cryptocurrency grow, giving it exposure and liquidity. This kind of competition incites team spirit and engagement among coin communities as they join forces to achieve their goals.
It is worth noting that CoinDeal trades in EUR, GBP, and PLN pairs. Furthermore, it is one of those exchanges that is quite supportive of its users. Apart from the already listed BTC, ETH, and other heavy-weights, they are also enrolling two new coins every month. Based on the votes, the top two coins are listed on the exchange. That’s how NANO, Monero, Doge and DeepOnion got listed, among others. Coins supported by the majority of those registered to vote will be traded on this platform.
Finally, listing coins that are voted by the community is a way of showing that exchanges respect the opinion and interests of the members and want their voices to be heard.